NBLO presented the Bulgarian CBI program in Mumbai

5 February 2020

Nestor Suarez and Desislava Simeonova, associates at New Balkans Law Office, were invited to the Global Investment Immigration Summit that took place in Mumbai, India on 1st February 2020.

As a law firm working in both Bulgaria and the United Kingdom, and specialized in immigration, New Balkans Law Office has accumulated considerable experience in citizenship by investment applications in Bulgaria. Nestor Suarez on behalf of the firm provided in-depth insights on the Bulgarian investment immigration programme.

Mr. Nestor Suarez, was received with great interest as the first speaker in the history of GIIS presenting the Bulgarian Residency & Citizenship by Investment programme.

The Bulgarian Citizenship by Investment Programme enables the acquisition of the citizenship of Bulgaria, a member of the European Union, by making an investment. This can be in Bulgarian sovereign eurobonds which is an important advantage, as other programmes require the applicant to make a donation to the government, buy a property of uncertain market value or the creation of jobs.

A further advantage is the option of a Fast Track, which allows the applicant to obtain citizenship in 1.5 years.

For more information, please contact us at cbi@newbalkanslawoffice.com

Bulgaria has become more attractive among CBI investors and is now considered to be the third most desired destination for investment based migration. Having a flexible structure, no requirement for a donation and various investment classes, it has captured the attention of many people, including HNWIs, who have already acquired Caribbean citizenship.

In 2019 investors from St Kitts and Nevis, Dominica, Antigua appeared along with the usually active CIS investors.

The number of Chinese applications for permanent residence permit doubled and the opportunity to invest in shares of a Bulgarian company traded on the Bulgarian stock exchange enjoyed a great amount of interest with applications increasing nearly 12 times compared with 2018.

As anticipated Bulgarian government bonds continue to be the most popular option.

Bulgaria met all conditions to join the Schengen area in 2011 and it being admitted received overwhelming support by the majority of the EU Parliament members in 2018. Still the country is not yet part of it and as the world faces a  global pandemic crisis, it would appear this to be for the benefit of the country’s residents taking into account the recent travel ban imposed by the US president to all foreign nationals who have been in the Schengen Area at any point for 14 days prior to their scheduled arrival to the United States.

Recent work:

Stopping the improper use of insolvency proceedings

A client of our dispute resolution team (led by Kamen Shoylev and Yordan Neshkov) was recently the subject of an indirect claim by a Bulgarian bank with which this client has been engaged in a multi-stage dispute. Unusually, the bank acted through a vehicle registered in an African state, which made an unfounded claim in the tens of millions of euros against our client and sought the commencement of judicial insolvency proceedings against this client. The offshore vehicle was chosen to isolate the bank from liability and create certain evidential difficulties for our client's representation.

NBLO succeeded in terminating the insolvency proceedings, with direct loss fully awarded to our client. A second claim to recover our client's indirect losses is currently under way.

Where targeted in this way through insolvency proceedings, a company may be prevented from trading properly (e.g., by suffering restrictions on its financing or being unable to participate in public procurement).

Through our considerable experience in insolvency litigation, both entirely domestic and where there are European and cross-border elements, we are ideally placed to assist clients in resisting such attacks and recovering the real and considerable losses that may be suffered.

© New Balkans Law Office 2020