Bulgarian Lawmakers End Citizenship Program as Amendments Pass After Second Reading
March 25, 2022
After years of back-and-forth, Bulgaria’s semi-direct citizenship by investment program has sung its last verse.
Note: This program was discontinued in March 2022.
Bulgaria
Residence and Citizenship by Investment Program
The Bulgarian Residence and Citizenship by Investment Program provides a two-step, expedited route to Bulgarian citizenship.
Along with Malta’s MEIN policy, the Bulgarian RCBI Program is the fastest and most direct investment-based route to EU citizenship.
This Program Page is sponsored by New Balkans Law Office
Program at a glance
| Program Type | Semi-Direct Citizenship Program |
| Time to citizenship | 2 years (fast-track option) |
| Time to permanent residency | 3-6 months |
| Minimum investment | BGN 1m (approx. EUR 512,000) |
| Physical presence requirement | None |
| Application processing time | 3-6 months |
| Citizenship grants visa-free travel to | 173 destinations, including Schengen |
| Contribution types available | Business Investment, Securities Investment, Fund Investment |
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How to Qualify
Salient Benefits
Path to Citizenship
Program Authority
Program Legal Basis
Program Statistics
Program FAQ
How to Qualify
General program requirements
Applicants may choose between a standard and a fast-track to citizenship. The standard track leads to citizenship in about six years, while the fast-track enables naturalization within as little as two years. The fast-track option requires twice the investment of the standard track.
Eligible investments
Mutual funds with a strategy focused on Bulgaria:
Standard Track BGN 1m – Fast-Track BGN 2m
Alternative Investment Funds focused on Bulgaria:
Standard Track BGN 1m – Fast-Track BGN 2m
Participation in a Bulgarian company carrying on a Certified Priority Investment Project (CPIP):
Standard Track BGN 1.5m – Fast-Track BGN 3m
Publicly traded stocks or corporate bonds traded in Bulgaria:
Standard Track BGN 2m – Fast-Track BGN 4m
Salient Benefits
Program benefits
- Increased visa-free travel;
- Settlement rights in multiple countries (beyond the program country itself);
- Freedom of movement (but not settlement) within Schengen;
- Path to citizenship;
- Minimal physical presence requirements;
- Permits dual/multiple citizenship;
- Lower taxes;
- Lower cost of living;
- Enhanced business access to large economies;
- Short processing time
Path to Citizenship
Requirements to qualify for citizenship
Steps:
- Go through pre-approval;
- Make a qualifying investment;
- Procure an investment certificate;
- Apply in person for a Type D visa at a Bulgarian Consulate;
- Apply in person for a permanent residence status and Bulgarian permanent resident’s ID in Bulgaria;
- If applying under the Fast Track, hold the permanent residence for 1 year, then make a second qualifying investment.
- Apply for Bulgarian citizenship.
Program Authority
Program Legal Basis
Legislation upon which this program is based:
The Bulgaria Citizenship by Investment Programme is based on provisions in the Bulgarian Citizenship Act (“Citizenship Act”) and the Foreigners in the Republic of Bulgaria Act (“Foreigners Act”).
Program Statistics
Statistics are not yet available for this program.
Program FAQ
| CATEGORY | QUESTION | ANSWER |
| GENERAL | Who can apply for PR status and citizenship? | Any foreign citizen of legal age and with a clean criminal record who is not considered a threat to national security and can invest a minimum of 1,000,000 BGN, thus making him or her eligible to apply for Bulgarian citizenship. |
| GENERAL | Are applicants required to be able to speak Bulgarian? | No, applicants are not required to speak Bulgarian. |
| GENERAL | What’s the difference between permanent residence and citizenship? | A permanent resident is a foreigner who immigrated legally and has the right to live and work in another country only for a certain period of time, but he/she cannot obtain a passport, nor vote, and he/she can be deported under certain circumstances. A citizen can obtain a passport, vote and live in the country forever. |
| GENERAL | What’s the difference between the standard track application and the fast track application? | On the Standard Track, the applicant can acquire permanent residence after making the investment, and would hold the investment for a period of 5 years. At the end of the 5 years the applicant can apply for citizenship. On the Fast Track, the applicant can make an additional investment of 1,000,000 BGN (approximately 513,000 EUR) one year after the initial investment and he/she is immediately eligible to apply for citizenship. |
| GENERAL | Can the investor applicant’s spouse and children obtain citizenship as well? | The spouse and any children of the applicant (from any marriage or none) are eligible to acquire citizenship as well. Uniquely with the Bulgarian programme, children regardless of age and marital status can apply for citizenship. |
| GENERAL | Do applicants have to travel to Bulgaria? | Yes, but only for twice. The applicant will have to travel only to apply for his Permanent Residence Permit, and later to apply and obtain his ID card, which can be a short trip of 4 business days. The applicant can apply for citizenship at a consulate abroad. |
| GENERAL | Are applicants required to have previous business management experience? | No. No previous business management experience is required. |
| GENERAL | Are there any minimum educational requirements? | No. There is no minimum educational requirement. |
| GENERAL | Are there any job creation requirements like for the US EB-5 Investment Programme? | No. There is no requirement for job creation, like the US EB-5 Investment Programme. |
| INVESTMENT | What’s the minimum investment amount? | The minimum investment size is relatively low – 1,000,000 BGN (approximately 511,000 EUR). Please note that the BGN is pegged to the EUR and Bulgaria is expected to join the Eurozone in the next 3-4 years. |
| INVESTMENT | What kind of investment profiles are there? | There are a number of different qualifying investments, including but not limited to: A) UCITS (mutual funds) or ETFs, B) AIFs (VC and Private Equity funds), C) shares of a Bulgarian listed company, D) investment in a private company. |
| INVESTMENT | What is the safest investment profile? | The different types of UCITS (mutual funds), ETFs and AIFs have different risk profiles. The asset manager of the fund will be able to provide you with more information about the risk profile of the investment. |
| INVESTMENT | Can the investment be financed by borrowing? | Yes. The investment can be financed by borrowing. However, evidence of source of funds will be required. However, the acquired investment cannot be used as collateral by financial and credit institutions. |
| INVESTMENT | How long do I have to wait for the investment verification? | The investment verification takes at least 14 working days. |
| INVESTMENT | How long do applicants have to wait for the Investment Certificate? | The Investment Certificate is issued in about 14 working days after making the application with the Bulgarian Investment Agency. Applicants will need to procure certain documents from the bank/brokerage executing the investment, but we will assist with the issuance of those. |
| INVESTMENT | Do applicants need to open an account in Bulgaria or transfer funds to Bulgaria? | No. Applicants are not required to purchase the bonds in Bulgaria. As long as they purchase eligible government bonds issued by the Bulgarian State, they will be able to certify the investment. Applicants can use their existing banking relationship or we can refer them to private banks/brokerages around the globe. We have previously worked with financial institutions in the States, the UK, Switzerland, Russia, Singapore, Hong Kong, among others. |
| PROCESS | How long will it take me to obtain Bulgarian citizenship? | Depending on the track chosen the time varies. The Standard Track qualifies an applicant for naturalization after 5 years of holding a valid residence permit. The Fast Track qualifies an applicant for naturalization after the first year of issue of the residence permit. |
| PROCESS | What’s the difference between the Standard Track Application and the Fast Track Application? | On the Standard Track, the applicant can acquire permanent residence after making the investment, and would hold the investment for a period of 5 years. At the end of the 5 years the applicant can apply for citizenship. On the Fast Track, the applicant can make an additional investment of 1,000,000 BGN (approximately 511,000 EUR) one year after the initial investment and he/she is immediately eligible to apply for citizenship. |
| PROCESS | When do I have to enter the country after obtaining the visa? | The validity of the visa is 6 months after the date of issue. The applicant can enter the country when he or she wishes within the first 4 months in order to apply for the permanent residence permit. |
| PROCESS | How long is the Permanent Residence ID Card valid for? | The Permanent Residence ID Card is valid for five year or for the same duration as the applicant’s passport if that is shorter than 5 years. |
| PROCESS | Should I apply for a Permanent Residence Permit, Permanent Residence ID Card and citizenship in Bulgaria or at a Bulgarian diplomatic mission abroad? | The applicant must apply for a permanent residence permit and ID card in Bulgaria. If eligible, the investor can apply for citizenship in Bulgaria or at a Bulgarian consulate abroad. |
| PROCESS | After obtaining a permanent residence permit, do I have to reside in Bulgaria for the whole process? | No. Applicants are not required to be in Bulgaria during the whole process. However, when applying for a permanent residence permit and ID card the investor is required to be present in Bulgaria. |
| PROCESS | What kind of documents do I have to prepare? | There are a number of documents that have to be prepared and legalized including, but not limited to, criminal record certificate, marriage license, proof of funds, etc. |
| PROCESS | Are there any additional legal fees or application fees? | Standard application fees include: visa fees (approximately 130 EUR), residence permit and ID card application fees (approximately 650 EUR), legalisation fees, etc. A rough estimate is about EUR 2,500 per applicant through the entire process. |
| PROCESS | How long do I have to wait for my citizenship application to be approved? | The citizenship application is usually approved by the Citizenship Council within a period of 6 months, but additional background checks and due diligence can lengthen the process a bit. |
For more answers to your questions about Bulgarian residency and citizenship, contact New Balkans Law Office.
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Explore Programs
Direct Citizenship Programs
Programs that offer citizenship within months in exchange for investments or donations, with minor/no physical presence requirements.
Semi-Direct Citizenship Programs
Programs that offer citizenship in exchange for investments following a 1-2 year period, with minor/no physical presence requirements.
Bulgaria Investor Program (discontinued)
Malta MEIN
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Programs that offer residence permits within months in exchange for passive investments, with limited physical presence requirements.
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Brazil Investor Visa (VIPER)
Cayman Islands Investor Visa
Costa Rica Investor Visa
Curaçao Investor Permit Program
Cyprus Golden Visa
Greece Golden Visa
Guernsey Investor & Entrepreneur Residency
Ireland Immigrant Investor Program
Italy Investor Visa
Latvia Investor Visa
Luxembourg Investor Visa
Malaysia M2H Visa
Malta Permanent Residence Program
Mauritius Permanent Residency Program
Monaco Carte de Séjour
Netherlands Investor Visa
New Zealand Investor Visa
Nicaragua Investor Permanent Residency Program
Panama Qualified Investor Visa
Philippines Special Investor Residence Permit
Portugal Golden Visa
South Korea Investor Visa
Spain Golden Visa
Thailand Elite Residence Program
UK Investor Visa (discontinued)
United States EB-5
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Argentina Rentista and Pensionado Residency
Greece FIP Visa
Indonesia Retirement Visa (KITAS)
Italy Elective Residency Visa
Jersey High Value Residency
Mexico Legal Residency Visa
Nicaragua Pensionado and Rentista Visas
Panama Rentista Retirado Visa
Paraguay Permanent Residency Program
Portugal D7 Visa
Spain Non-Lucrative Visa
Uruguay Independent Means Visa
Active Investor Visas
Programs that offer residence permits within months to those who physically relocate to start and/or run a business. Startup and entrepreneur visas fall under this category.
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