Is this program approved by the Bulgarian government?
Yes, the legislation for the Investor Program for Residence and Citizenship are set forth in the Foreigners in the Republic of Bulgaria Act where all legal requirements and conditions for permanent residence in Bulgaria are described. The latest changes in the FRBA which put in place the benefits of the BG IIP were promulgated in the State Gazette, issue 36 of 15 May 2009.
The promotion of this Program is endorsed by the InvestBulgaria Agency, a division of the Ministry of Economy, Energy and Tourism (website). Furthermore, the Foreign Ministry is publishing the details of the legislation for Permanent Residence for Foreign Investors on their website. Every Embassy and Consulate of Bulgaria abroad can confirm the legislation.
Is this program in line with the EU legislation?
Yes. Before being implemented in Bulgaria, all legislative acts should go trough a process of hearings between the Bulgarian Parliament Commissions and once the final text is approved, it must be submitted to the EU Commission. The latter verifies whether the recommended changes are in accordance with the EU legislation.
Do I have to live in Bulgaria to maintain my permanent resident status?
No. The uniqueness of the program is that the applicant and his qualifying family members are exempted from having to live in Bulgaria during their 5 year residence period, unless they want to.
Do my family members automatically qualify for the program?
Yes, the main applicant’s spouse and single children under 18 automatically qualify for the program.
Are there any criteria pertaining to management and work experience, education, or age limit to apply for this program?
No, there are no statutory requirements related to education, or management and work experience. The only mandatory requirement for a person to apply for the Bulgarian business immigration program is to be over 18 years old.
Is there a qualification criteria pertinent to the minimum amount of assets that the main applicant should demonstrate?
Yes. Please refer to the Bulgarian Immigrant Investor Program Qualifications and Procedures section of this website.
Do I need a physical address in Bulgaria?
Yes. The main applicant must have a physical address when he applies for a Bulgarian visa D and other statutory stages within the program. Arton Capital can assist in arranging an address for each applicant.
Once I obtain the permanent residence permit, do I have to pay taxes in Bulgaria?
No, unless you decide to conduct business in Bulgaria or to physically reside in Bulgaria for more than 183 days within 12 consecutive months.
Can I finance the investment through a non-Bulgarian bank?
No, the investment should be financed through a chartered Bulgarian bank.
Is real estate an acceptable investment for the Bulgarian Immigrant Investor Program?
No, the qualifying investment for the Bulgarian Immigrant Investor Program is in portfolio of government bonds under trust management for 5 years.
Do I have to make the investment under my name?
Yes, the investment must and is made under your personal name.
Do you have other questions concerning the Investor Program for Residence and Citizenship in Bulgaria? Write to us and we will gladly respond to all your enquiries.