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Bulgaria

Immigrant Investor Program

The Foreigners in the Republic of Bulgaria Act and the Citizenship Act allows the acquisition of Bulgarian citizenship by investment to a foreigner in a total period of no more than two years.
The process consists of 2 stages. First, you must obtain a permanent residency permit under the Investor Visa The procedure takes from 4 to 6 months. After one year, you can apply for citizenship by doubling the investment or investing in a priority investment project certified as per the Investment Promotion Act. Citizenship application may be carried out in a maximum period of 6 months. So, in about 20-24 months you could get your Bulgarian passport.

investment


Immigrant Investor Program Property Fast

According to Foreigners in the Republic of Bulgaria Act, Chapter 3, Article 25, one must invest into Bulgarian Stock Exchange Listed Equity, or into Bulgarian Government Bonds to meet the investment requirements of the program. We have created worldwide unique Property products, which have an underlying financing of Equity for our applicants to receive their permanent residency within 6 months and their citizenship in 18, or in 66 months.

Our Property is located in Sofia, in the capital of Bulgaria, in the residential area near the main office district. We co-operate with a Bulgarian project manager and work with the biggest and very well-known Bulgarian developer.


Our Property concept is new to Sofia and describes as follows:
  • Each building has a height of 26 m, has 5 floors and 20 apartments with a ceiling height of 5.35 m;

  • The apartment size of 129 sqm gross, and 113 sqm net, perfectly meets the requirements of our typical tenants, which are international companies providing accommodation for overseas employees, international students, as well as affluent locals;

  • The Price per sqm is EUR 1,597 gross, and EUR 1,823 net, which is incredible low for what you get;

  • But now it comes; each apartment can be divided into two single units / apartments which is approved by the fire brigade. You can choose between keeping the standard apartment size or splitting it into two independent apartments;

  • The standard apartment looks as follows:

    • Each apartment has a mezzanine floor stretching over half the ground floor space;

    • Access to mezzanine floor via stairs;

    • Two bathrooms per apartment, one on ground floor and one on mezzanine floor;

    • Elevator and external stairs to each of the internal apartment floors;

    • Ground floor (70 sqm): Open kitchen, living room, bathroom, entrance to elevator and stairs;

    • Mezzanine floor (43 sqm): 2 bedrooms, bathroom, entrance to elevator and stairs;

    • Floor to ceiling windows are triple glazed;



  • In general, you can customize your apartment/s according to your preferences.


Each Property comes with a buy-back guarantee after seven years. In addition, there is a rental guarantee of 5% per year, but note that these returns are used to co-finance the underlying investment into Equity. You will not receive any returns for the first seven years.



Property Standard

Applicant invests in 1 Apartment for EUR 206,000 and holds it for 84 months

  • Time to Permanent Residency – 6 months

  • Time to Bulgarian Citizenship – 66 months

  • Investment in EUR (Refundable) – 206,000

  • All-in Handling Fee in EUR (Non-refundable) – 88,000


Property Fast

Applicant invests in 2 Apartments for EUR 412,000 and holds them for 84 months.

  • Time to Permanent Residency – 6 months

  • Time to Bulgarian Citizenship – 18 months

  • Investment in EUR (Refundable) – 412,000

  • All-in Handling Fee in EUR (Non-refundable) – 88,000


Property Fast Two Main Applicants

Both partners of a legally married couple can apply simultaneously. Two main applicants invest in total 3 Apartments for EUR 618,000 and hold them for 84 months.

  • Time to Permanent Residency – 6 months

  • Time to Bulgarian Citizenship – 18 months

  • Investment in EUR (Refundable) – 618,000

  • All-in Handling Fee in EUR (Non-refundable) – 88,000


All costs, such as management fee, VAT and other taxes, associated with your Property are already paid with your investment. You will have no additional costs for the first seven years.

Assuming that you keep your Property after year seven, which means that you will not make use of our buy-back guarantee, you will have to cover all costs associated with your Property.
Documentation & Further Information

If you want to know further details about this program apply now for a free private consultation call.

Requirements


- Be over 18 years old
- Be a Non-European Union citizen
- Do not suffer from contagious diseases and / or serious health problems.
- Proof of net worth greater than €511,292
- Investment Certificate confirming a direct foreign investment of BGN 1,000,000 (€511,292), as per the statutory procedures, in a guaranteed governmental bond portfolio for a period of 5 years
- Proof of legitimate source of funds
- Clean criminal record in the country of residence and the country of birth
- Personal net worth greater than € 1,000,000 is required by the banks for the financed investment option.
- Power of Attorneys and Investment Agreement signed in a Bulgarian Consular service

Restricted Nationalities


No nationality is officially restricted

dual citizenship


Dual citizenship is recognized in Bulgaria. You are not required to renounce your previous nationality to become a citizen of Bulgaria.


Documents Required


  • Original or Certified copy of Marriage Certificate (if applicable)
  • Original or Certified copy of Birth Certificate (if applicable)
  • Certified copy of passport
  • Original Police Clearance Certificate
  • Medical Certificate
  • Documents certifying Business Investment
  • Proof of net wealth
  • Proof of payment of nonrefundable processing and due diligence fees
  • Limited Power of Attorney
  • Statement of Source of Funds
  • Titles of Financial assets purchased
  • dual citizenship Yes
  • Family members included Yes
  • land ownership Yes
  • Physical residence required No
  • Personal visit required Yes
  • Language skills required No
  • Interview required No
  • Investment Single €500,000
  • Investment Family 4 €500,000
  • Minimum annual income -
  • Time to citizenship 18
  • Time to permanent residency 6
  • Visa-free countries 154
  • Financing available Yes

Country details

Bulgaria
BGN
359
Sofia
Europe
Bulgarian
7148785
The Republic of Bulgaria is a country located to the southeast of the European continent, member of the European Union. It borders Romania to the north, Serbia and the Republic of Macedonia to the west, Greece and Turkey to the south and the Black Sea to the east. Although being a relatively large country, its population is just over 7 million inhabitants. Most is concentrated in cities, mainly in its capital Sofia and to a lesser extent the UNESCO World Heritage Site’ Plovdiv and Varna. So, there are abundant large undeveloped natural areas. Bulgaria is well-known for its ski resorts in winter, its thermal water springs and its almost 200 km of Dead Sea’s beaches.

Its official language is Bulgarian and its official currency is the Bulgarian Lev (BGN), pegged to the EUR at a 1.95:1 ratio.

Visa Free Travel

With your new passport from Bulgaria you'll be able to access 154 countries visa free
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Taxes

Become a permanent resident or citizen of Bulgaria does not automatically make you a tax resident. To be a tax resident an individual must reside 183 days in Bulgarian territory in a tax year, or have a permanent address in Bulgaria, or have its center of vital interests in Bulgaria. The criterion of center of vital interests prevails for the one of permanent address. That is, someone who has a permanent address in Bulgaria, but whose vital interest center is in another country, may not be considered a resident for tax purposes.

Bulgaria has one of the lowest tax burden in the European Union. Tax residents are subject to tax on their worldwide income at a flat rate of 10%. A tax credit for foreign tax paid is usually available. Dividends and interest are subject to a final tax of 5% and 8%, respectively. Capital Gains are taxed at the standard PIT rate. Being exempted those gains derived from companies listed in the Bulgarian or a European regulated stock exchange, and those from properties held 3 years (1 property) or five years (other 2 properties).

Bulgaria does not have Controlled Foreign Company rules (CFC), which means that profits retained in foreign companies owned by tax-residents may not be subject to taxation.

Bulgaria levies a real property tax of between 0.01% and 0.45% on the tax value of the property. There is an inheritance and gift tax of between 0.4% and 6.6%, depending on the relationship of the beneficiary. There are no net worth and transfer taxes.

On corporate taxation, resident companies are subject to a 10% flat tax on their worldwide income. Dividends received from a Bulgarian resident entity or an EU/EEA company are not taxable. Dividends received from a non-EU/EEA resident are included as taxable income. A tax credit or exemption may apply under a tax treaty or a domestic tax credit if there is no tax treaty available. Capital Gains are considered ordinary income and therefore subject to CIT. However, capital gains from the disposal of shares listed in the Bulgaria Stock Exchange or in any EU Stock Exchange are fully exempted. If there is no tax treaty available, payments to non-residents are usually subject to a 10% withholding tax. Learn more about Bulgaria’s corporate taxation, legal framework and tax treaties at incorporations.io/bulgaria.

This should not be construed as tax advice. Flag Theory | Passports.IO has access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. Contact us for further information.

  • Property tax Yes
  • Transfer tax No
  • Inheritance tax Yes
  • Net worth tax No
  • CFC law No
  • Tax residency days 183
  • Personal income tax rate 10%
  • Capital Gains tax rate 10%
  • Investment income tax rate 8%
  • Territorial taxation No

Procedures

Flag Theory | Passports.IO and our local law firm in Bulgaria, will handle all paperwork, and guide you through each step of the process to ensure that it is as fast, efficient and pain free as possible.

1. The applicant travels to the Bulgarian embassy in the country of residence.
2. The applicant applies for a Visa D at the Bulgarian embassy. The passport is returned on the same day with a stamp.
3. After 3 to 4 weeks, the applicant can pick up the Visa D at the embassy.
4. Using the Visa D, the applicant travels to Bulgaria to apply for permanent residency status, which is completed in 1 day.
5. After 4 to 6 weeks, the Bulgarian government issues an approval letter, granting permanent residency status.
6. The applicant has the option to return to Bulgaria to apply for the permanent residency card.
7. 12 months after the date of permanent residency status approval, our law firm files the citizenship application.
8. Up to 6 months later, the applicant receives the government approval letter of citizenship.
9. The applicant can pick up the passport by traveling to Bulgaria, or visiting the local Bulgarian embassy.

For further information on Bulgaria’s immigrant investor program and fast-track citizenship, and detailed procedures, contact us for a free private consultation.

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