Bulgaria boasts a strategic location at the crossroads of five European transport corridors and the free access to the single European Union (EU) market, as the country is a full EU member state since 2007. Furthermore, Bulgaria can be used as a bridge between European and Asian markets. This Balkan country with a coastline on the Black Sea is a cultural melting pot with strong Slavic, Greek, Ottoman and Persian traces.
RESIDENCY BY INVESTMENT
- Strategic location of the country
- The main applicant for the BIIP can include his/her family members in the application:
- Children under the age of 18 years old.
- Dual citizenship allowed;
- No need to learn Bulgarian language;
- No obligation to open bank account in Bulgaria;
- Applicants are not required to live or work in Bulgaria to apply for citizenship;
- Easy to qualify for Tax resident in Bulgaria;
- One of the lowest taxes in EU;
- No restrictions to buy agricultural land in Bulgaria;
- Free movement, education and healthcare within the EU
- Citizenship can be descended by future generations;
- Bulgarian passport holders enjoy a visa-free travel to 172 countries and territories around the world, including:
- Europe’s Schengen Area;
- the United Kingdom;
- Canada, Mexico and most of Latin America;
- Almost all major Asian hubs.
The official name of the Bulgaria’s citizenship by investment scheme is the Bulgarian Immigrant Investor Program (BIIP) and it was incepted in June 2009 by amending legislation in the Foreigners in the Republic of Bulgaria Act and the Citizenship Act. The government had developed the BIIP to encourage foreign direct investments and boost economy grow. The scheme allows Investors from a non-EU countries to obtain permanent residence permit in Bulgaria, with an option to apply for a Fast Track Citizenship.
Investors and their family members can obtain a status of permanent resident in period of 6 to 9 months with all the advantages of a European Union (EU) permanent residence. Furthermore, for non EU nationals it is one of the fastest routes to Bulgarian and thus to EU citizenship.
The main applicant and his or her family members are granted physical exemption during the 5-year residency period. This means that they can live, work, or study anywhere and still maintain their permanent residency status as long as the investment is kept in Bulgaria. The program requires from the investor two statutory trips to Bulgaria – the first to file for residency permit and second to receive identity documents.
The Bulgarian citizenship by investment scheme have many advantages, including no requirement from applicants to pass the Bulgarian language test; there is no physical residency requirement and investors are not obliged to renounce their present citizenship.
Applicants for the BIIP must be at least 18 years old and non-EU national. They are required to proof legal origins of funds to be invested. At the same time they should be in a good health and have a clean criminal record.
Due diligence for main applicant € 7,500 Due diligence for spouse € 5,000 Due diligence for dependent child aged 14 to 18 € 3,500 Due diligence for dependent aged above 18 € 5,000
STEP 1 : Bayat legal Services’ compliance team will conduct an internal due diligence. Qualification assessment, KYC and background security check.
STEP 2: Understanding the program, signing the retainer, prepare tailor made list of documents and application preparation.
STEP 3: Submission. Pay the application fees and Appointment at Bulgarian Consulate for signing of the documents
STEP 4: Investment transfer by the applicant.
Month 2 - 3
STEP 5: Investment certificate issued.
STEP 6: Second appointment at a Bulgarian Consulate for Visa D application.
Month 4 – 5
STEP 7: Visa D granted followed by a fist trip to Bulgaria for Submission of PR application.
STEP 8: PR approval followed by second trip to Bulgaria.
Month 6 - 9
STEP 9: Receipt of Bulgarian PR card.