If you would like more information, please feel free to contact us at office@bulgarian-citizenship.com . This is a matter that is of great interest to most foreign nationals living in Bulgaria or having long-term interests related to the country. A: The Bulgaria Citizenship by Investment Program provides the applicant with several investment options starting at EUR 512,000 for European citizenship and passport after five years in residency status. However this scheme is active and still running as of 2019. There were cases where applicants had no c… The Bulgarian passport opens virtually unlimited visa-free travel opportunities across the EU, Japan, New Zealand, South Korea, South America, Canada. The Bulgarian fast track citizenship scheme requires EUR 1 million investment and citizenship possible after 12-15 months. The new changes effective from Jan 1, 2019. The Bulgarian Citizenship by Investment Program currently remains the only feasible EU fast-track CIP, although its conditions have also tightened and are probably going to be tightened even more later in the year. We remind our clients that declaring false circumstances may lead to criminal prosecution and is certainly not a thing to even consider doing during the citizenship application process. Bulgaria allows dual citizenship, so you do not need to relinquish your current nationality. Bulgarian citizenship by investment - 2019 update! Bulgarian retains its CIP - latest 2019 news (VIDEO), Bulgarian citizenship for residents of Hong Kong, Special time limited offer 2020 - OFFER EXPIRED, Citizenship application – denied or delayed. The European Commission has sent a letter to Bulgaria expressing its concerns about the acquiring of citizenship by investment regime.. Brussels wants further details from Sofia. The respective national EU governments and/or parliaments were forced to take legislative measures in order to ensure not only ultimate AML zero tolerance policy, but to also prevent the so called "Sale of citizenship" whereby the citizenship applicant obtains an EU passport solely by monetary contribution, without the establishment of any sustainable bond with the respective EU country. From January 1 2019 (1/01/2019), all applicants will have to present a certificate of no criminal record issued by their home country, and a no criminal record from their country of permanent residence. Benefits of Bulgarian Citizenship Lifetime European citizenship for the whole family and next generations. So far, around 64% of all Fast Track applications have been approved by the Ministry of Justice. In January 2019, under mounting pressure, Bulgaria revoked the citizenship of Russian telecoms millionaire Sergei Adoniev, who … In 2019. © 2021. Bulgaria’s citizenship by investment programme was introduced with amended rules in late 2013. The Bulgarian government had been planning for changes to their citizenship law and they published a draft Bill of the proposed changes on 22 March 2019. 1, items 1 and 3 i.e. Changes to Citizenship by Investment in Bulgaria. Cyprus: The Cypriot CIP falls the first victim of the tightened regulations introduced by the EU authorities. In this context, we would like to point out that at the beginning of 2019, the Bulgarian Ministry of Justice submitted a proposal for the removal of the option for acquiring of Bulgarian citizenship through a short-term investment. 1 there are also other investment options beside the most frequently utilized bond purchase. Bulgaria Citizenship by Investment and second Passport Program from Dubai, UAE in 2019 - The Bulgarian Investor Program for Residence and Citizenship is a fast-track pathway to permanent residency and citizenship in the youngest EU nation for high net worth individuals and their families. Art 14a of the Law for the Bulgarian Citizenship states that a Person who is not a Bulgarian citizen and meets the conditions of Art. Prior to 2019, some of our clients were experiencing a delay of up-to 3-5 months for their citizenship interview to be appointed. In recent months, the CRBI industry has been the backdrop for controversy in several cases. Here’s all you need to know to buy the best second passport in 2016. Below we will explain in more detail each of the amendments. The legislative texts are a bit vague as to whether this is acceptable, however common sense indicated that this should be allowed (and so it was). In this, regularly updated guide, we will keep you informed about the amendments in the Bulgarian Citizenship by Investment program as of the start of 2019. 25 (1) of the Foreigners of the Republic of Bulgaria Act “Permit for permanent residence may be obtained by the foreigners who: have invested over BGN 1 000 000 or increased their investment by this amount by acquisition of: (b) bonds and treasury bills, as well as derivative instruments issued by the State or municipalities, with a residual term to maturity of not less than 6 months;”. The Bulgaria Immigrant Investor program was created in 2009 to offer foreign investors permanent residence in Bulgaria. Residency & Citizenship by Investment Programs Worldwide Bulgaria Office: Sofia 394A / 395A, Triq il-Kbira San Guzepp Santa Venera SVR 1016, Malta Phone: +356 9950 5515 WhatsApp: +356 9991 4125 WeChat: ZenturoSupport Skype: Zenturo Ltd. Support Company Registration No. Additionally, the government of Cyprus introduced increased investment threshold of 2,5 million Euro, a non-refundable contribution of 150 thousand Euro, as well as other restrictive measures. over 18 years of age and no criminal record, may acquire Bulgarian citizenship by investment if: (a) has increased its investment under the same terms of the law to a value of at least BGN 2 million;.”. Hong Kong: "EU Citizenship by Investment" - lecture by our lawyer at the annual gathering on March 18th 2018. Read more. Read more. An applicant with a Russian name and birth place with a passport of Dominica for example will be certainly asked to explain the status of his assumed Russian citizenship. It is interesting to note, Bulgaria CBI scheme takes fourth spot in our best citizenship by investment rankings for 2020. 5 Apr 2019 . This started to change in 2017, and now we have only one bank that offers financing and only one broker who would like to assist with it. This can be accomplished through different types of investment options including real estate, government bonds, establishing a business, development programs, etc. The success rate of the applications for Bulgarian citizenship by investment has increased dramatically in 2018. While you can still finance bonds in Bulgaria, there are now amendments in the bank regulations that make the financing more expensive. Read more. Cambodia Citizenship by Investment March 21, 2019. Read more. | XML SITEMAP |, Bulgarian Citizenship by Investment Program, Bulgarian citizenship by investment (fast-track). China: Our participation at the "Emigration & Luxury Property" EXPO in Shanghai on 22-23 March 2018. Read more. The Bulgarian Citizenship Investor Program is an attractive opportunity for foreign investors and wealthy individuals to enjoy visa-free access or visa-on-arrival access to 157 countries and territories, Bulgarian citizenship for … So what has changed for the applicants for Bulgarian Citizenship by Investment in 2019? Employment Citizenship and Investments LTD advises the Bulgarian Government... BCCI supports the Bulgarian Citizenship by Investment Program, The Cypriot CIP falls the first victim of the tightened EU regulations, Our participation at the "2018 Fall EB-5 Expo" in Ho Chi Minh, Vietnam, Our speaker at the "Emigration & Luxury Property" EXPO in China - 2018, Lecture in Hong Kong by our lawyer at the annual gathering on March 18, Our panellist at the "2018 Uglobal Investment Immigration Expo" in Vietnam, Rising number of US citizens applying for Bulgarian CBI, Bulgarian fast-track Citizenship vs other Countries Investment Citizenship Programs, More about the the eligibility of your investment - Government Bonds, EU Citizenship - do you need one? The Bulgaria Citizenship by Investment Program is a two-stage procedure. Although Bulgaria doesn’t impose restrictions on candidates, based on their nationality, the Bulgarian banks and financial institutions will refuse to open bank accounts to nationals of some countries. To qualify for the Bulgaria Citizenship by Investment Program investors are required to make direct investments of least €512,000 in one or more of the following investment choices: shares of Bulgarian companies, Bulgarian State Bonds, fiduciary investment or intellectual properties. Changes to Citizenship by Investment in Bulgaria The Bulgarian government had been planning for changes to their citizenship law and they published a draft Bill of the proposed changes on 22 March 2019. Because of recent amendments in some Bulgarian legal acts, most importantly the Bulgarian tax codes, all citizenship applicants are legally obliged to declare if they have multiple citizenships upon opening of a bank account in Bulgaria. If you apply to open a bank account with your US passport, and it mentions that you were born in TEH (short for Tehran, Iran) the bank may ask you to declare your Iranian passport or present a certificate of cancelled Iranian citizenship. This will have an effect for example to an applicant who is convicted of serious crime in his home country, but is currently living in another state. About 50% of the applications approved by the Ministry of Justice have passed the final checkpoint in the process, the Vice Presidential decree. In past years, the Ministry of Justice did not care much about the mix of investments that totaled 1,024,000 EUR. Applicants can finance through a local investment broker who will apply for financing on their behalf. 12, para. Bulgarian citizenship by investment - 2020 update! Vietnam: Our participation at the "2018 Fall EB-5 Expo" in Ho Chi Minh, Vietnam. 2019 Changes. What is even more important is the extremely negative stance of the authorities towards any attempts to finance the investment. Although Bulgaria doesn’t impose restrictions on candidates, based on their nationality, the Bulgarian banks and financial institutions will refuse to open bank accounts to nationals of some countries. Inheritance The Bulgarian program is stipulated in the articles of two important Bulgarian laws, namely the Law for Foreigners in the Republic of Bulgaria and the Law for the Bulgarian Citizenship. This guide will cover the following: Bulgaria to retain its Citizenship by Investment (CBI) program in 2019. In fact, by this indicator, Bulgaria is in the top 20 in the … The same rules apply when, for instance, a citizen of Syria has obtained a Dominican passport by investment. Read how to get it by yourself. Currently, there are only a few players on the market who have succeeded into maintaining high standards of service and who can provide legally compliant service. Bulgaria is similar to Malta. We on our part are proud to state that none of our pre-approved clients has had his citizenship or permanent residency application being rejected. Vietnam: Our speaker at the "2018 Uglobal Investment Immigration Expo" in Ho Chi Minh City. Bulgaria Golden visa scheme is active and running costs EUR 500,000 investment in bonds/share or rea lestate. T he Bulgaria citizenship by investment application process is extremely efficient, and the government of Bulgaria is committed to the highest standard of due diligence and vetting of investor applicants ensuring only persons of impeccable standing and repute will be admitted. How to evaluate a second passport Let’s talk first about how to evaluate a second passport. In October 2018, Bulgarian officials were found guilty of selling forged documents, allegedly allowing thousands of individuals to buy European passports illegally. The investment citizenship sector has undergone many changes over the last year. by Sam Hussain | posted in: Articles | 0 . The General Naturalization Route – Obtaining Citizenship Through Residency The total number of countries to which a Bulgarian passport holder can travel without a visa is: 169. According to Art 14a of the Citizenship Act “a person who is not a Bulgarian citizen and meets the conditions under Art. Many of our clients, after purchasing sovereign bonds in the first stage, were opting to invest in Bulgarian stocks in order to spice up their returns. Bulgaria Citizenship and Residence by Investment. Read more. And very soon the US is expected to be on this list. In many cases, the bank will not accept a mere verbal declaration that the applicant doesn’t posses citizenship if its current passport differs from his place of birth or origin (ie name). There is no list of restricted nationalities that cannot apply for Bulgarian citizenship by Investment 2019. The portfolio valuation certificate and the investment confirmation certificate have to be legalized and dispatched to our office. RSS, Legal Basis for the Bulgarian Citizenship by Investment Program, New requirements about certificates of no criminal record, Restricted Nationalities Lists of Bulgarian Citizenship by Investment 2019, Reduction in the time taken to attain Bulgarian citizenship by investment, Substantial increase of the rate of successful applicants, Following several scandals centered around the attainment of Bulgarian citizenship through investment by individuals who had been investigated or sentenced in their home country, the, The client is required to declare the origin of funds used to purchase, If you would like more information, please feel free to contact us at, Bulgaria to retain its Citizenship by Investment program in 2019, Overview of Bulgarian citizenship by investment, Foreigners in the Republic of Bulgaria Act, Brokers traps to avoid when buying a real estate in Bulgaria. The client has to mention the company name, address, periods and amounts of distributed dividends. Recent data shows that the vice-President’s office has approved as many citizenship applications in 2018 as during the previous 4 years combined. Investors preferred to combine low-risk government bonds and medium-risk shares of private companies to create a well-balanced portfolio. Bulgarian Citizenship by Investment. The Bulgarian CBI Program is an attractive opportunity for foreign investors and wealthy individuals to enjoy visa-free access or visa-on-arrival access to 157 countries and territories, Bulgarian citizenship for … Citizenship and Investments LTD advises the Bulgarian Government on the draft for amendment of the Bulgarian Citizenship Law (05.04.2019) Strong support by the AEOB for the Bulgarian Citizenship by Investment Program (01.04.2019) The latest (25.03.2019) on the draft amendments to the Bulgarian … Before January 1 2019, all applicants had to submit their citizenship application and then wait three to six months to attend an interview. The lower end of the investment grade. Portugal Citizenship by Investment As of September 2018, Bulgaria had received 193 applications for citizenship by investment. If that is the case, we will provide guidance as to how to buy the investment products through either a bank in the candidate’s home country or through a bank located in an international financial jurisdiction. | Hand Sanitizer Producer in Europe | Brokers traps to avoid when buying a real estate in Bulgaria | Антибактериален дезинфектант | Antibacterial Hand gel Member of VD&A. Facebook The new changes effective from Jan 1, 2019. The legal foundation of the Bulgarian Citizenship by Investment program; The eligible investments, namely concerning the mix of investments, which is no longer allowed; The new requirements about the certificates of no criminal record (lack of criminal convictions); List of restricted nationalities who can (not) apply for Bulgarian Citizenship by Investment as from 2019; Shortened time to obtain Bulgarian Citizenship by Investment; Stricter policy on the infamous "financed option"; Increase of the rate of successful applications; More information about the proof of funds and the zero tolerance AML policy. Most banks in Bulgaria will now either reject such requests or will provide financing conditions that are so unfavorable that are de-facto a show-stopper. The best second passport is […] (This money is held for five years, then returned to investors without interest.) LinkedIn Following several scandals centered around the attainment of Bulgarian citizenship through investment by individuals who had been investigated or sentenced in their home country, the Bulgarian government had to make amendments in the Bulgarian Citizenship Act. Find more about the benefits of the Bulgarian Citizenship by Investment and 通過投資獲得保加利亞公民身份. 25 (1) of the Law for Foreigners in the Republic of Bulgaria states that a Permit for permanent residence may be obtained by a foreigner who: has invested over BGN 1 000 000 or increased its investment by this amount by acquisition of: (b)1 bonds and treasury bills, as well as derivative instruments issued by the State or the municipalities, with a residual term to maturity of not less than 6 months. Bulgaria: The latest Bill(s) and legal amendments of the Bulgarian Citizenship by Investment program. Bulgarian citizenship is a life saver. On 22.01.2019 and 23.01.2019, the Government of Bulgaria ( GoB ) announced intended amendments to Bulgaria’s citizenship law. In this ultimate guide, we will tell you everything that you need to know about the amendments in the Bulgarian citizenship by Investment 2019. ), the banks in Bulgaria have started, gradually from 2018 onwards, to reject applications to finance monetary instruments that are being used for the Bulgarian CIP. Usually presented as a citizenship by investment program, Bulgaria actually offers a residence by investment program with a fast-track option for citizenship. 01.07.2019 amasing facts for Bulgaria, Bulgaria, Bulgarian citizenship, business opportunities Bulgaria Bulgarian Citizenship by Investment , Company formation Our SE Asia Special Offer Bulgaria’s citizenship by investment programme was introduced with amended rules in late 2013. You will not get any interest, but you do get your initial investment back at maturity, which is 5 years. 1, item 6 or 7 of the Law for Foreigners in the Republic of Bulgaria and: (a) has increased its investment under the same terms of the law to a value of not less than BGN 2 million. It will add some additional costs for translation and legalization of the documents, but this is only a minor obstacle that should not have any detrimental effect. For more information, please read the Bulgarian Citizenship by Investment Program section. We are actively advising our clients as to the particularities of the Bulgarian legislation in this respect and how to ensure ultimate legal compliance. Not bad, right? The client has to mention location and value of the property, sale number and year of sale. The draft Bill will focus solely at citizenship rather than permanent residency. The origin can be: Company dividends Up and until 2019, the Bulgarian authorities didn’t object if the citizenship candidate used different investment categories (ie bonds and shares) in order to fulfill the legal requirements and to reach the total investment threshold (1 or 2 million Bulgarian Lev). Why and how to get Bulgarian citizenship by investment. Buying the bonds through your local bank does not make the procedure any harder. Bulgaria Citizenship by Investment. Bulgarian Citizenship by Investment Program was introduced back in 2014 by changes in Bulgarian Citizenship Act and Foreigners in the Republic of Bulgaria Act and since then it has been offering different opportunities to foreign business investors to gain fast track Bulgarian citizenship in a … The process for obtaining a Bulgarian investment passport typically takes 2 years. the United States or the Russian Federation. To shorten the time to acquire citizenship and obviously reduce bureaucratic hassle, the Bulgarian government has resolved that the submission of application and interview will take place at the same time. Bulgaria boasts a rich and diverse culture, temperate climate, and ideal location in Southeast Europe With money in Bulgaria now in large supply, the government officials deem any financing of the required investment to be an attempt to circumvent the law (although, strictly speaking, it is not). This reduces the process of obtaining a Bulgarian citizenship by investment by at least 3 months. From January 1 2019, a mix of investments is no longer allowed. In other words, if you have invested 512,000 EUR in Bulgarian government bonds, you cannot increase your investment by bank deposits or shares of private companies traded on the Bulgarian Stock Exchange. Due to changes in the Bulgarian Tax Code, all applicants have to declare other citizenships when they apply to open a private bank account in Bulgaria. As from 2019, it is now required from all citizenship applicants to provide a certificate of no criminal record that is issued by their home country as well as by their country of current residence. This is now resolved by the Bulgarian authorities and the submission of the application and the interview is to take place at the same time. Following several scandals centered around the attainment of Bulgarian citizenship through investment by individuals who had been investigated or sentenced in their home country, the Bulgarian government had to make amendments in the Bulgarian Citizenship Act. : C-39472 VAT ID: MT-18142026 . 25, para. After a series of controversies at the end of 2018 about Bulgarian citizenship candidates who appeared to be either investigated or even sentenced for criminal convictions and have still managed to submit their Bulgarian citizenship applications, the Bulgarian authorities made the necessary adjustments in order to put a hold on this possibility. The client has to mention names of ancestor, dates of birth/ death, value of the inheritage and date of inheritance. over 18 years of age and has no criminal record, may acquire Bulgarian citizenship by investment if: 1) not later than one year ago has been granted a permanent residence in Bulgaria on the grounds of Art. You can contact us by email for all general enquiries. The programs of Malta and Cyprus were most harshly criticized, which has resulted in the Malta’s program rejection rate to increase even further, making it virtually impossible to qualify for, although it comes with extremely high price tag (about 1 million Euro on non-refundable fees). “The Investment Immigration opportunities in Bulgaria are regulated by Bulgarian law: The Foreigners in the Republic of Bulgaria Act, the Bulgarian Citizenship Act, and the Investment Promotion Act.” The legal basis of investor naturalization in Bulgaria appears to be sound, but that does not a CIP make. This is great news for the candidates for Bulgarian Citizenship by Investment as it effectively shortens the overall process by at least 3 months. For the most part, applicants are only interested in the fast-track to a European passport, so we’d understand if you mistook it for a regular CBI program. Bulgaria offers EU passport with full citizenship rights in the Union, as it is a full EU member state. Bulgarian banks can no longer finance private individuals against bond security. Proof of investment agreements and power of attorneys certified by Apostille. | Legal Notes | Site Map | Bulgarian Citizenship Fast Track | Bulgarian Companies | Tax residence of Bulgaria | Contact | 通過投資獲得保加利亞公民身份 | How to buy a property in Bulgaria | Accounting services in Bulgaria | Buying a property in Plovdiv | 購買保加利亞房產 | 在保加利亞購買房產須知 Like Malta and Cyprus, Bulgaria’s citizenship by investment program begins with residency. The client is required to declare the origin of funds used to purchase Bulgarian government bonds. Under an enormous pressure from the European Commission, all European Union citizenship (and residency) by investment programs were (and will still be) tightened in the course of 2019. You may also have to hurry up, as lately there has been a talk that bulgaria mulls suspending citizenship scheme for investment. 1, items 1 and 3 i.e. The origin of funds can be various and should total to the value of the purcahsed bonds. According to Art. Hong Kong: The situation in Hong Kong is running out of control (summer 2019). You can double your investment to get your passport within 2 years. Non-EU citizens first deposit 1,000,000 Bulgarian lev (about $560,000) into a government bond portfolio. It’s a way to obtain a second citizenship and passport in another country by investing in its economy. Unlike many (mostly Caribbean) programs, the Bulgarian route to obtaining fast-track citizenship by investment is not a stand-alone document, rather than a solid legislative act. Posted on August 13, 2019 September 13, 2019 Author bulgarian-citizenship.org 6 Comments Bulgarian (EU) Citizenship by Investment – the ultimate choice for HK nationals to obtain FREEDOM How about getting EU passport in only about one year, in return for 100% guaranteed investment that … With the legal framework still allowing financing of the investment for the CIP (ie buying bonds on margin, etc. Likewise, in case your initial investment is in shares or other instruments, the second investment needs to be from the same financial category. Economic citizenship is essentially the same thing as citizenship by investment. The new President’s office is also actively improving its administrative facilities in order to enable faster applications’ approvals and better service. From January 1 2019 (1/01/2019), all applicants will have to present a certificate of no criminal record issued by their home country, and a no criminal record from their country of permanent residence. The law is believed to be too beneficial for the citizenship candidates (and in fact it is, especially compared to Malta and Cyprus) and we expect further restrictions to be imposed towards the financed option later this year. While there are still no specific requirements as to what should be provided as a proof of funds, nor is residential address required in order to open a bank account in Bulgaria, the AML regulations have became much stricter in 2019. You are buying government bonds. If we look at the past, this financing was quite popular, with more than half of the banks in Bulgaria offering this kind of service. For more specific questions, we recommend getting in touch with us through the contact section from the main menu above. The Ministry of Justice of Bulgaria has announced new changes for obtaining Bulgarian citizenship through investment. Further substantiating the improved administrative capacity and procedural familiarity, the data shows that so far in 2018, the Vice President’s office has granted as many citizenships as in the previous 4 years combined. The European Commission in its report on investor citizenship schemes estimated, Bulgaria received only EUR 162 million through Citizenship by investment and Golden visa scheme. Read more. Follow us on Facebook Bulgarian authorities are claiming that Ctizienship by investment in this country might come to an end. This is of course mainly because of the highly increased interest of the international community for the Bulgarian citizenship, but also because of far better administrative support by the new President’s office. How to obtain Bulgarian citizenship by investment program? The client is not required to provide hard copies of documents as employment contracts, dividends distribution protocols, inheritance notice or else. Bulgarian citizenship by investment is available for you through a secure investment of 512,000 euro into government bonds. Bulgaria Citizenship by Investment Program. Bulgarian Citizenship Process: Once residency status has been held for a period of 12 months, the immigrant investor can apply for Bulgarian citizenship, provided that the initial eligible investment of €512,000 has been doubled to €1,024,000. Summing up, a EU passport for €200,000 in 24 months, sounds a good deal! All rights reserved by "Citizenship & Investments" LTD. The Bulgarian citizenship by investment program is stipulated in two Acts – The Foreigners of the Republic of Bulgaria Act and the Citizenship Act. The "fast track option" starts at EUR 390,000 and shortens this period to only 18 months. Our team of citizenship lawyers has already successfully assisted a large number of ultra-high net worth, high net worth and affluent applicants, and our clients have so far had a 100% success rate. 12, para. © 2013 - 2020 Bulgarian Citizenship | All rights reserved. The purchase of the investment products from a non-Bulgarian bank is perfectly legal. Art. If you have already invested in Bulgarian bonds and have obtained your permanent residency, the second investment tier has to be again in the same category, namely bonds.