Bulgaria is an EU members state with buoyant economy and a powerful passport, and as a result ownership of Bulgarian citizenship would be greatly beneficial to many foreign investors. But is there a Bulgarian Citizenship by Investment program, and if not, what is the best way to gain its citizenship?
Bulgaria – officially known as the Republic of Bulgaria – is a nation of 7.2 million inhabitants located in Southeastern Europe’s Balkan region. While Bulgaria borders five countries in Romania, Serbia, Macedonia, Greece and Turkey, its only coastline is to the Bulgarian Black Sea. Bulgaria has some 378 km’s of coastline, of which 130 km are golden sandy beaches, a significant factor in the country’s burgeoning holiday market.
Bulgaria is well known for its complex geography and diverse terrain: It is a mountainous country, one third of which is covered in dense forest. Wildlife is abundant, including grey wolves and brown bears.
Bulgaria’s landscape is crisscrossed with multiple rivers, the largest and most well-known being the Danube, which is Europe’s second-longest river after the Volga. Historians theorize that Bulgaria may be the oldest country in Europe, and its capital city Sofia can trace its history back to the 5th century B.C.
Following WW2, Bulgaria was absorbed into the “Eastern Bloc” of countries influenced/controlled by the former Soviet Union, and in a similar fashion to Poland, Romania, Hungary and Czechoslovakia, was classed as an “allied state”. In 1989 after a succession of communist governments, the collapse of the Soviet Union led to open elections in Bulgaria, and in 1991 they adopted the democratic constitution and market-based economy that remains in place today. Bulgaria subsequently become a member of NATO, the UN Security Council, and in 2007 joined the European Union as a member state.
According to the World Bank, Bulgaria is an industrialized, upper-middle-income nation which in recent years has seen rapid economic growth. Historically Bulgaria’s economy was based around the industrial and agricultural markets. While those remain intact and vital today, they have been superseded by the services industry and tourism as the country’s main economical contributors and largest employers
Bulgaria’s industries include electricity, gas, water, base metals, chemical products, refined petroleum and nuclear fuel. While 30% of the workforce is employed in industry, more than 60% work in services (banking, finance and commerce, tourism (bars, restaurants and hotels), arts and entertainment, health, education, transportation, information technology, and telecommunications etc.
In recent decades, Bulgaria has become increasingly popular as a tourist and holiday destination. Bulgaria is known as an ideal summer holiday destination, and thanks to its mountainous regions and snowy winters, is also perfect for skiing vacations (pictured). With some 10 million annual visitors, tourism accounts for 15% of Bulgaria’s GDP and supports a workforce of over 50,000 people.
Historically Bulgaria has been influenced by Ottoman, Persian, Greek and Slavic settlers whose influences still remain in its rich heritage of music and dance, costumes and craft, which is greatly enjoyed by today’s tourists. Bulgaria has fabulous beaches and high quality hotels, bars and tourist resorts which make it more than a match for the far more expensive Mediterranean destinations like Spain, France, Italy and the Greek islands.
Acquiring Bulgarian Citizenship
At the moment Bulgaria does not have a citizenship by investment program as such. Instead, what it has is the Bulgarian Immigrant Investor Program, which allows non-EU foreign investors to obtain permanent Bulgarian residence, with the opportunity of claiming full Bulgarian (EU) citizenship after five years.
The program requires an investor to buy €512,000 (BGN 1 million) in Bulgarian Government Bonds. These bonds will be held for 5 years, and then paid out to the investor with 0% interest.
The Bulgarian Immigrant Investor Program guarantees an investor (and their family) Bulgarian residency for five years.* They will then be eligible to apply for and receive Bulgarian (and EU) citizenship and its passport.
Benefits Of Bulgarian Citizenship
While the process of obtaining Bulgarian citizenship is lengthy in comparison to a nation with a citizenship by investment program, the end result will be worth it, resulting in the following benefits:
- The respect gained from being a citizen of an EU member state
- As an EU citizen, you are free to live, work and remain without restriction in any other EU country
- The Bulgarian passport has visa-free access to 154 countries, making it the 20th most powerful passport in the world
- Aside from North America which requires an additional visa, a Bulgarian passport grants its holder access to the most important commercial markets in the world, including those of Europe, Latin America (including Central America and the Caribbean), Southeast Asia, Australasia, plus parts of Asia and Africa
- Bulgaria offers extremely favorable personal and corporate tax rates for foreign investors
- Real estate in Bulgaria ranks favorably in Europe in terms of quality of construction and value for money, and it is currently a “buyers’ market”
- The standard of living in Bulgaria including healthcare and education is among the highest in Europe
*2ndPassports.com’s Assistance In Your Bulgarian Citizenship
2ndPassports.com are the market leaders in the second citizenship industry, and our goal is to find the perfect CBI (Citizenship By Investment) or Investor Visa program for individuals who are looking for a greater freedom of movement. Wealthy individuals from the Middle East, Asia and Africa increasingly find themselves restricted by their nationality and their passport, and the acquisition of second citizenship – ideally to an EU country – and subsequent ownership of a vastly more powerful passport will be a life enhancing occurrence.
For more information on becoming a Bulgarian citizen and receiving a Bulgarian passport, contact 2ndPassports.com today. We can give you all the information you require on Bulgaria’s current program, and explain how we can speed up the residency process, effectively delivering you your Bulgarian passport in a fraction of the normal time.
Feel free to contact us via email, WhatsApp or Telegram. If you prefer you can chat to one of our expert representatives directly – you can call us using our encrypted phone and Skype lines. All of our contact details are listed at the top of the 2ndPassports.com homepage.
REQUEST A FREE CONSULTATION
Fill out the form below to receive a free and confidential consultation.
This is a secure online application protected by SSL encryption