The Bulgarian government adopts new Regulations for CBI pre-clearance process

26 April 2023

Private Clients, Citizenship by Investment

Following amendments to the Aliens in the Republic of Bulgaria Act (“Act”) in March 2021 which overhauled the CBI investment classes in Bulgaria, the Bulgarian government has now adopted new Regulations implementing the Act, which clarify the so-called pre-clearance administered by the Bulgarian Investment Agency. 

These Regulations are a belated but necessary element to the 2021 legislation and permit applications for permanent residence to be made efficiently.

Pre-clearance Documents

Under the new Regulations, applicants who wish to obtain pre-clearance for investment activities so that they can obtain permanent residence in Bulgaria under Section 25 (1), item 6 of the Act have to apply to the Bulgarian Investment Agency, along with the following documents in the original or as a notarized copy, translated into Bulgarian where applicable:

  1. Certified copy of the details page of the applicant’s passport;
  2. Bank reference for an BGN/EUR account opened in the name of the applicant in a credit institution in the Republic of Bulgaria, another EU member state, or a state-party to the Agreement on the European Economic Area, or the Swiss Confederation, or a third country under Section 27(3) of the Preventions against Money Laundering Act, containing information on the available funds in an amount not less than the minimum threshold for the relevant investment;
  3. Declaration for the source of the funds in the template approved by the Executive Director of the Bulgarian Investment Agency, signed personally by the foreigner;
  4. Declaration about the applicant’s PEP status in the template approved by the Executive Director of the Bulgarian Investment Agency, signed personally by the foreigner;
  5. Documents related to the person’s employment, professional and investment activities, submitted at their discretion;
  6. Criminal record certificate from the country of origin or the country of permanent residence;
  7. Notary-certified power of attorney, if the application is not submitted personally. 

By clarifying the process, the new regulations also aim to attract more foreign investment to Bulgaria, which can help to stimulate economic growth and create new job opportunities. 

Bulgarian R/CBI Investment Classes

For those seeking a better quality of life, a more favourable tax regime, or simply the opportunity to invest in a growing economy, the Bulgarian residence-by-investment program is an excellent opportunity. With this programme, foreign investors can obtain a Bulgarian residency permit by investing in one of several qualifying investment options, such as listed companies, UCITS (mutual funds and ETFs) and Alternative Investment Funds (eg, venture, hedge and private equity funds or family offices) from as little as EUR 513,000. You can learn more about the eligible classes by reading our article on the topic.

NBLO’s expert immigration team is here to assist and advise applicants on the process, so please do not hesitate to contact us.

© New Balkans Law Office 2024

The Bulgarian and dual-qualified lawyers of New Balkans Law Office are regulated by the respective Bar of their registration. New Balkans Law Office is a brand name of Legal Services EOOD, a company registered under Bulgarian law. Reg’d No. 202331677. Further details are available here.

© New Balkans Law Office 2024