Bulgaria could prove to be the smartest decision that you’ll ever make – obtaining European citizenship for a rather low price in a country that’s soon going to be part of the Schengen and the Eurozone. The program was nearly canceled not long ago, which has forced the government to consider reforming it. Registering the notary deed with the right registry agency to ensure rights in the case of third party claims regarding the property. A minimum investment of BGN 1 million (€511,292) in bonds is required to become a permanent resident of Bulgaria – a financial asset class that’s considered quite low-risk. Pack your bags and get ready to see your new country of residence! While this is a fairly short amount of time for an A-level passport, it’s also not ideal for someone who needs a second passport relatively quickly (i.e., in months). While you get permanent residency (and all of the benefits that come with it) almost immediately, you need to wait at least two years before officially becoming a Bulgarian citizen. Let’s talk about each of them in more detail. Once you obtain the passport, it’s yours for life. If you’re trying to renounce as quickly as possible, then that’s certainly not a bad deal. Box 2849, Jerusalem, 9102801, Israel, Tel:(+972)2-3810013, Fax: (+972)2-6447602, Visa and Bulgarian citizenship by real estate options, Cohen, Decker, Pex, Brosh stories on other sites, UAE NGO Permits to the Palestinian Territories, Registration for Foreign NGOs Operating in Israel, Registration of an Israeli Social Business, Amuta vs Community Interest Company (CIC) in Israel, Why an Israeli Nonprofit Organization Is Being Audited. . Foreigners can now buy property through one of the government’s schemes: the Permanent Residence Scheme (PRS), Integrated Resort Scheme (IRS), and Scheme to Attract Professionals for Emerging Sectors (SAPES). And, that’s not including interest, which can add up to around $320K. You can have a really comfortable life for cheap in Sofia or any of its ski or beach resorts. You can get Latvian citizenship in 10 years. The visa will be valid for six months after it’s issued, so you must plan to visit Bulgaria in those six months. Also Bulgaria was founded in 681 and is the oldest country in Europe. Question in relation to the EU ‘swooping in’ to levy citizenship-based taxation. Colombia offers a lot of promise if you know what you’re doing, and investors can get instant permanent residency with about $165,000 in real estate. When we hear the term “real estate,” we immediately think of hefty tag prices, mortgages and using up life savings. Talk about privacy and having a low profile. That’s absolutely not true. This makes it an attractive option if you’re looking to permanently leave the US or want to expand your children’s educational opportunities as an emerging world citizen. It has survived not only five centuries. Like all foreign investment programs, you won’t have to actually reside in Bulgaria to maintain your residence permit there. : a residence program that will lead to citizenship in the vast majority of cases. Work in Bulgaria. Its low tax rates and freedom from citizenship-based taxation means that you won’t have to pay terribly much in taxes – especially compared to other countries in the EU. And those who do know wish that it would stay this way. And when compared to countries like Greece or Portugal, where you can become a resident (but not a citizen) for half the price of Bulgaria, the attractiveness of Bulgaria wanes. That’s exactly why we’ve prepared this step-by-step guide to getting Bulgarian residence and citizenship by investment. At the same time, investors might be put off by how shrouded in mystery the program is. BULGARIAN PROPERTIES and our team of lawyers can assist in obtaining a Bulgarian residence permit for NON EUROPEAN CITIZENS who have bought real estate properties in Bulgaria through our company. There are two ways you can obtain citizenship: While the regular five-year timeline to naturalization is still much faster than most other European programs, the vast majority of applicants go for the fast-track option. You will be able to apply for Greek citizenship in seven years’ time. Or, you can just visit it for holidays – you choose. Here at Nomad Capitalist, we can help you figure out if Bulgaria fits well in your holistic financial plan, and help you with the entire process of obtaining residence and eventually citizenship there too. . Most foreigners in Bulgaria are buying properties (overpriced) that will be able to fetch no more than 70% of the purchased price if mortgaged immediately after the acquisition. Plus, Greece just has that Mediterranean charm that Bulgaria often lacks. You can travel to Bulgaria’s capital Sofia to apply, but you can also do so at your nearest Consulate or Embassy. Another requirement is that the designated government authority recognizes the real estate property for this purpose. Permanent residence in the country leads you down the path to obtain citizenship. Alongside this, you should have confirmation through a Cyprus bank that you have saved a minimum capital of 30,000 EUR from abroad. Bulgaria has similar requirements. Because you must travel to Bulgaria to obtain your residence permit, you will first need to get a travel visa to begin the application process. There is another type on investment visa program offered by the French Government, but it … We strongly recommend renting a property in Bulgaria first, before you buy. That’s not the case with Bulgaria at the moment, although it’s widely accepted that it’s only a matter of time until Bulgaria becomes part of the Schengen area. There are also no longer any restrictions on the type of property a foreigner can buy. To learn more about these options, you can read about them here, or better, contact our law firm and get all the specific details. This rural real estate is situated in a small and quiet village included in Makresh municipality, Vidin district. We will help you! In fact, Bulgaria offers favorable tax rates for both individuals and businesses – a flat 10% corporate tax rate, anyone? Citizenship or residency can be bought in these 23 countries, ranging from $15,253 to $2.57 million. Lorem Ipsum is simply dummy text of the printing and typesetting industry. Bulgaria offers the fastest and the cheapest way to obtain a European passport via residence and naturalization at this time, but it’s highly likely to change soon. . One more thing to note about spouses is that your marriage must be legally recognized in Bulgaria, which is a homophobic way of saying no LGBTQ couples are allowed. The Bulgarian Citizenship by Investment Program offers straightforward routes to acquiring European Citizenship for the entire family with freedoms to live, work and study in any of the 28 EU member states. From the shores of the Black Sea to the snowy peaks of the Balkan Mountains, Bulgaria is a country with a stunning natural beauty and property to match! Unlike countries such as Portugal, which require your children to re-apply, Bulgarian citizenship is passed on automatically. Bulgaria’s history is rich and fascinating. , it’s hard to give up one of the world’s strongest passports. You may find more tips on how to buy a property in Bulgaria in 2020. By acquiring a business or real estate worth not less than 300,000 euros, an investor may apply for a temporary residence permit in Bulgaria, which does not lead to permanent residence or citizenship. Bulgaria is also a member of the European Union, which is both a benefit and a drawback in a sense. Once it does, you will be free to travel all over Europe visa-free when you’re a resident. It will take approximately 4-6 months to obtain residence by investment in Bulgaria. We’ve already mentioned that the Bulgarian residence-to-citizenship program isn’t like other comparable programs. There are a few other eligibility criteria, for example, you cannot be deemed a threat to national security and need to be of good financial standing (read, a high-net-worth individual). And even though Bulgaria does offer a quick and cheap way to obtain European citizenship, the obscurity of this program has put a dent in its reputation. Once it does, you will be free to travel all over Europe visa-free when you’re a resident. It’s not as fast as the six months it will take to get citizenship by investment in Cyprus, but for a substantially lower investment of. the right to acquire land or immovable property in Bulgaria and a number of other EU countries which may otherwise restrict access to foreign nationals; various rights to access the education systems of Bulgaria and the member states of the EU (including eg, to pay fees at “home/EU” rates at institutions of higher and further education, to receive student loans and financial assistance; . Plus, the Cypriot residence eventually leads to citizenship too. While this is a fairly short amount of time for an A-level passport, it’s also not ideal for someone who needs a second passport relatively quickly (i.e., in months). The final straw that made the Bulgarian government take some kind of action to save its RBI program was the EU Commission. Yes, but with some restrictions depending where you come from. If you are considering buying off-plan in Bulgaria there are a number of points to consider. While it’s nowhere near as complicated as German or French citizenship, you still need to ensure that you go about it correctly to avoid getting caught in red tape. For example, while Bulgaria’s tax burden is reasonable now, the EU could easily swoop in and raise rates or impose some form of citizenship-based taxation. 150 Menachem Begin st., Tel Aviv, 6492105, Israel, Tel: (+972)3-3724722, Fax: (+972)3-6979486, 23 Hillel St,. The biggest perk of a European residence is being able to travel all over Europe visa-free. We will further disclose how investing in real estate can even grant a person the right to Bulgarian citizenship. Latvia. This is a document that will be required to obtain your investor visa. There won’t be any interest accrued, however. Your spouse (of at least five years) and underage children can all be added to the application for the same price. There are many factors to take into consideration when you’re making the decision whether Bulgaria’s residence-to-citizenship program is the right one for you, here are just a few of the positive points to consider: It’s a cheap program. Plus, Greece just has that Mediterranean charm that Bulgaria often lacks. The plus side is that you’ll be able to travel freely and invest in property throughout the EU. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. Throughout its history, it has been part of the Roman Empire, the Byzantine Empire, the Ottoman Empire, and spent many centuries as the independent Bulgarian Empire. The uptake has been so low that it has almost killed the program off. Buying real estate property in Bulgaria. However, Bulgaria has favorable credit ratings (BBB and BAA2) as well as a positive economic outlook. Thanks to the Nomad Capitalist team for pointing it out – I’ve got my fast-track second passport in just two years.”, “Expanding my business to Europe has only been possible by becoming a Bulgarian resident. There is no Schengen access. It remains to be seen if these changes will pass through the legislative apparatus and be made a reality. Advocate Markov recommends that all transaction details should be clarified before signing the preliminary contract. If push comes to shove and you find yourself needing to work in Bulgaria, you can legally do so as a permanent resident and a citizen. “Important to clarify would be if the sale price is subject to 20% VAT or what sale price will be put on the final sale contract. However, with a Bulgarian residence and eventual citizenship, you can give up your US citizenship without giving up a solid passport. Rent in Bulgaria on average is 74.06% lower than in the UK. We should state that there are many other related issues and things that should be considered regarding the subjects dealt with in this article. Your personal worldwide income won’t be taxed. Life could be worse. ENQUIRE NOW. However, the sooner you go, the sooner you will obtain your residence permit. So can your dependants. However I would like to add something to the historical part. Greece. Getting Bulgarian citizenship by investment is a relatively easy process. If those things are important to you, you’ll be glad to know that Bulgaria doesn’t publish the names of its applicants or residents either. ⤅ Bulgaria’s Residence by Investment Program, ⤅ Problems Plaguing the Bulgarian RBI Program, ⤅ How to Become a Resident and Citizen of Bulgaria, ⤅ The Step-by-Step Bulgarian Residence by Investment Application Guide, ⤅  The Pros of the Bulgarian Residence Program, ⤅  The Cons of the Bulgarian Residence Program, ⤅  Bulgarian Residence by Investment – FAQs. It’s imminent that Bulgaria joins the Schengen area. Is Bulgarian Residence and Citizenship For You? Yet, it’s a relatively safe loan since it’s financed through official channels. Like Eastern Europe? It is, however, expected to join both within 3-4 years. Yes, your spouse (of at least 5 years) and all underaged dependent children can be added to the same application. Out of respect to those who engage our services, we don't provide personalized advice or referrals unless you engage us. Agricultural land can be purchased only by a Bulgarian citizen. But Bulgaria’s main goal was to boost its dwindling population numbers. If you’ve never visited Bulgaria before, this will be the first chance that you get. 3. Fast-track citizenship. The rate of home ownership in Bulgaria is high, at close to 90 percent, with many Bulgarians inheriting land … Your immediate family members are also eligible to apply for permanent residence and the subsequent citizenship, if you so wish. You can have a really comfortable life for cheap in Sofia or any of its ski or beach resorts. Positive noises from the Spanish authorities about how they will treat British citizens when the UK leaves the EU (although we of course haven’t, yet) has no doubt helped cement our love of Spainand our desire to move there. There are three popular residency programs in Asia. And, we have this option for an extremely good price.”. Therefore, properties registered with parts of land cannot be purchased directly. Easiest Countries To Get Citizenship In Europe. In the UK, buying and selling property happens pretty sharpish. Required fields are marked *. One of the most preferred is the purchase of a real estate property in Bulgaria. Whether it is a rental agreement, a declaration from a landlord permitting the applicant to live in his property, or proof of a purchased real estate property. If you choose this way, then all you will need to do is pay an up-front deposit, which is normally around $195,000. At least they will not be able to buy such estate as physical persons. I have a question: I’m a British citizen and my wife-to-be is a non-EU citizen. The biggest perk of a European residence is being able to travel all over Europe visa-free. This obscure program is actually a hybrid one – a residence-to-citizenship by investment program that offers a chance to become a European resident in two short years and for the best price too. If you are interested in doing business in either sphere or both, Bulgaria could be the perfect fit. Buying property in Portugal and citizenship. The cost of living in Bulgaria is one of the lowest in Europe. However, what sets Spain apart is its large economy and worldwide status. You won’t have to relinquish the citizenship you already hold in order to become a Bulgarian citizen. At the moment, Bulgaria isn’t part of the Schengen, nor does it have the Euro. If you need a residence or a company in the EU for business purposes, then Bulgaria is ideal. Must have maintained permanent resident status and a valid residential address for the past five years. While this may seem an unlikely step, it is one that some EU governments already place on other non-EU nationals who wish to buy a property … Bulgaria also does not appear to be all that special at first glance. This one is an interesting option. The program isn’t widely known. It’s cheaper to get residence in Portugal than in Bulgaria. If you would like to go deeper into the matter, please do not hesitate and contact our law firm. Buy Bulgarian IP including trademarks, patents, models, etc. Renting will allow you to get familiar with the area and make sure it works for you all year round. Or, you can just visit it for holidays – you choose. 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. You can either maintain your permanent residence for a minimum of 5 years, then apply and receive Bulgarian citizenship. What has the British railing is the fact that through the Bulgarian deal, “non-Europeans can buy European Union citizenship entitling them to live and work in Britain for as little as £150,000.” Procedure for buying a property in Bulgaria Bulgarian law allows non-EU citizens to buy property in Bulgaria with some limitations. 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