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.
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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.
Bulgarian branch set up for Adam Smith International
NBLO assisted the UK-based consultancy Adam Smith International in setting up an active Bulgarian branch whose presence would be engaged in the highly lucrative Bulgarian development market.
© New Balkans Law Office 2020