At the end of this month, March 31, 2024, Bulgaria will become part of the Schengen zone starting with lifting controls at air and sea borders. This means that holders of Bulgarian residence will be able to travel to Germany, France, Spain and other countries of the zone without a visa. Members of the European Commission decided that Bulgaria’s inclusion in Schengen would promote the development of trade and tourism. In addition, new conditions for traveling around Europe may return The Bulgarian Residence by Investment program to the Golden Visa map.
Note that Bulgaria joined the EU in 2007 but wasn’t the part of the Schengen zone until 2014. The Schengen area includes 27 countries and extends over an area of more than 4 million square kilometers with a population of almost 420 million people. Together with Romania and Bulgaria, the Schengen area will grow to 4.5 million square kilometers with a population of 450 million people.
Once Bulgaria was famous on the market of immigrational services for HNWI because of its fast-track citizenship by investment. But that option is no longer on the cards, you can only obtain Bulgarian Residence by Investment.
Bulgarian Residence by Investment aka Golden Visa terms. Investment options
BGN 1 million investment in UCITS, ETFs and AIFs funds
focused on Bulgarian market. Most requested option so far – about 511,494 Euro.
BGN 2 million investment in Stocks
of a listed company traded on the Bulgarian Stock Exchange-Sofia (about 1,022,892 Euro)
BGN 2 million investment in companies
involved in Certified Priority Investment Project.
BGN 500,000 investment in companies employing Bulgarian staff
(not less than 10 employees). Investment sum is about 255,645 Euro.
BGN 6 million investment in local private companies
about 3,067,764 Euro.
Bulgarian Residence by Investment process
- Undergo pre-clearance via the Bulgarian Investment Agency (BIA). Procedure aims to provide assurance for anti-money laundering law purposes.
- Present a bank reference for Bulgarian account (local currency or in euro).
- Apply for a long-term D visa.
- Visit Bulgaria to apply for Bulgarian Residence (PR).
Other options in Europe
Portugal is now offering a similar investment scheme. A golden visa can be obtained by investing 500,000 Euro in an authorized venture fund. But the wait for a decision on the application will definitely be more than a year. If investing in securities is not for you, we recommend taking a look at the Greek program, where you can still purchase personal property for an amount starting from 250,000 Euro to apply for a Golden Visa.
