Bulgaria offers immediate permanent residency for third country nationals who make significant economic contribution to the state under Immigrant investor program.

Bulgaria joined European Union in 1 January 2007.  Its currency: Bulgarian lev BGN but committed to adopt the euro once it fulfills the necessary conditions.  Bulgaria is not in Schengen, currently in the process of joining the Schengen area.

• Immediate Permanent residency in Europe
• Low corporate and personal income taxes
• Powerful EU passport with visa free to 170 countries
• EU Citizenship after 5 years of living.
• No residence requirements or compulsory living required.
• Low cost of living.
• Cheapest property prices in EU

The Bulgarian Immigrant Investor Programme started in 2005 when article 25(1), § 6 of the Foreigners Act was amended to allow the granting of permanent residency in Bulgaria to foreigners who invested more than 1 million Bulgarian leva (BGN) (about US$561,000 in 2005) in the Bulgarian economy by purchasing Bulgarian government bonds or shares of a publicly traded company, or by investing in a government-owned company or in intellectual property. After holding the investment and permanent residency for a period of five years, the investor was eligible to apply for Bulgarian citizenship.

On March 5, 2021, the president of the Republic of Bulgaria, Rumen Radev, signed into law Decree No. 80 on Amendments to the Law on Foreigners in the Republic of Bulgaria and Decree No. 81 of the President of the Republic of Bulgaria on the Amendments and Additions to the Law on Citizenship. The laws entered into force on March 12, 2021.

The new rules altered the previous requirement that investors invest in bonds or shares in a listed company, diversified investors’ investment options, and increased the amount required for investment.

Under the amendments, it is compulsory for applicants to obtain a permanent residence permit before applying for citizenship. Also, investors are required to meet several conditions before applying for a permanent residence permit, such as owning the investment for a full five years as a resident, not having a criminal record or being under criminal investigation in Bulgaria, and proving sufficient income to support themselves and their family.

Qualifying Investments

To obtain a permanent residence permit under the amended Foreigners Act, investors are required to

• buy shares or bonds in a Bulgarian company that is traded on a regulated market or in a multilateral trading system and is worth not less than BGN 2 million (about US$1,243,000);
• acquire rights under a concession agreement at a cost of BGN 1 million (about US$621,602);
• buy shares in Bulgarian collective investment schemes at a cost of BGN1 million, provided that the net asset value of each scheme exceeds BGN 5 million (about US$3,108,000) and their investment strategy is mainly focused on shares or bonds in Bulgarian companies employing 10 or more Bulgarians;
• invest a minimum of BGN 1 million (about US$621,602) in alternative investment funds, including private equity funds, venture funds, and hedge funds, part of whose focus is on improving the economic outlook of Bulgaria though increased direct foreign investments in Bulgaria and on potentially increasing jobs, provided that the assets of each fund are worth at least BGN3 million (about US$1,865,000) and the investment strategy focuses mainly on Bulgarian companies;
• invest BGN 2 million (about US$1,243,000) in a Bulgarian company engaged in a Certified Priority Investment Project;
• invest a minimum of BGN 500,000 (about US$310,000) if the foreign investor holds shares of the Bulgarian company and owns 50% or more of its capital. (Foreigners Act art. 24, para. 1; art. 25, para. 1(6).)

The investment amount must stay for 5 years

Citizenship

Bulgarian citizenship can be acquired under naturalization after legally living for 5 years with permanent resident status.