Bulgaria and EU Citizenship by investment is achievable through the immigrant investor program in the investor immigration family – the one for Bulgaria.
The Bulgarian Immigrant Investor Program (BGIIP) is based on the Canadian immigrant investor model and has been in operation since June 2009.
The program is offered in accordance with the Foreigners in the Republic of Bulgaria Act. The program is based on the Canadian model. The program delivers permanent residency, and also enables investors, subsequently, to attain Bulgarian citizenship.
Its population of 7.4 million is ethnically diverse. 72% of the population is urban, and approximately 62% is of working age. They have a reputation for a strong work and community ethic. Most high school students study a foreign language. Sofia, the capital, is an ancient Thracian settlement. It lies approximately midway between the Black Sea and the Adriatic Sea, although it is closer to the Aegean.
Bulgaria has transitioned to a market economy following the collapse of the Soviet Union, and is considered to be upper middle in range. It enjoys low labor costs, low business operating costs, and the lowest tax regime in Europe. Corporate income tax and personal income tax is calculated at a flat rate of 10%. There are additional tax incentives, through accelerated depreciation, for investing in new capital equipment.
All corporate tax is eliminated for five years after establishing a manufacturing facility in a government-determined depressed area. In addition, some corporate entities, such as special purpose investment companies, are exempt from corporation tax.
80% of the country’s GDP is generated by the private sector, which has seen strong growth recently. Bulgaria has the lowest public debt of any country in the European Union (EU). Its economy is based, primarily, on heavy industry, power engineering and agriculture. Industrial production is expected to grow by 3.1% in 2015 and by a further 3.5% in 2016.
Bulgaria joined the EU in January 2007 but is not a member of the Eurozone. Its currency, the Lev, referenced as BGN in financial reports is pegged at 1.96 BGN to the €. Bulgaria’s government is based on a parliamentary democracy. As a member of the United Nations, it has been part of the Security Council three times; it is also a member of the North Atlantic Treaty Organization (NATO), The World Trade Organization (WTO) and was a founding member of the Organization for Security and Cooperation in Europe (OSCE).
Benefits of Residency include:
Benefits of Citizenship include:
The Bulgarian Citizenship Act enables a foreign investor, who holds a permit of permanent residence for a period of five (5) years to apply to become a naturalized citizen.
The qualifying requirements, in addition to the original residential investor requirements are:
On December 21, 2013, the government announced a ‘Fast Track’ option. This option is recommended for anyone who does not want to complete a five-year residence qualification, or who has dependents over 18 years of age, because they can apply for citizenship immediately after the primary investor becomes a citizen. The qualifying requirements for this option include those above (excluding the five year requirement) plus:
