Bulgarian authorities have announced the terms of the updated program “Bulgarian Citizenship for Investments” (CIP). On February 26, 2021, the Bulgarian Parliament approved а Bill amending the Bulgarian Citizenship Act. Recall that the investment was previously made for 5 years in a special package of government bonds guaranteed by the Bulgarian government. There were no other options, including it was impossible to choose real estate for the program. However, the investment was completely refundable. This is a very significant factor that was a distinctive feature of the program. But now Government/sovereign bonds are no longer eligible.
Since March 2021, there are more options for obtaining a Bulgarian passport, and not all of them at the previous minimum investment rate.
- Stocks traded in Bulgaria ~USD 1,240,000
- UCITs (EU regulated fund vehicles) including exchange-traded funds (ETFs) with a focus on Bulgaria ~USD 620,000
- Investing in any way in Alternative investment funds (AIFs) (including private equity, venture and hedge funds), a part of whose focus is on Bulgaria ~USD 620,000
- Participation in a Bulgarian company carrying on a Certified Priority Investment Project (CPIP) – these are analogues of EB-5 Regional Centers ~USD 1,240,000
- Participation in a Bulgarian company employing 10 Bulgarian persons or more ~USD 310,000
- Investment in a Bulgarian private company, invested in any sector or geography ~USD 3,700,000
- Investment in a Certified Investment Project (CIP) (this is different to CPIP above). Exact amount and conditions are project-dependent.
Investments are shown in dollars only approximately, since you will need to invest in local currency.
Please note that for the real start of the program “Bulgarian Citizenship for Investments” on new conditions, opportunities for choosing options should be created. That is, when, for example, a list of companies that have received a CPIP certificate appears. In addition, clear procedural instructions for registration have not yet been received. Follow the news on the apexcapital.partners
What Bulgarian citizenship gives you?
Despite all the changes, the investor can obtain Bulgarian citizenship according to the standard or accelerated procedure. The choice is for the applicant. So, to follow the accelerated path, you need to either double the chosen type of investment (any of the declared). Or initially choose an option that goes exclusively at a double rate. For example, one of the state-certified investment projects, the so-called CPIP (Certified Priority Investment Project). You will need to invest USD 1,240,000. In this case, the Bulgarian government wants to adopt the US experience by analogy with regional centers for the EB-5 program.
“I note that the updated program, contrary to expectations, has not turned out much easier, not faster. As well as investors interested in the Bulgarian program, it is worth remembering that this country has not yet entered Schengen. And this means that with the permanent residency of Bulgaria, which you will receive at the first stage of registration in this investment program, you will not be able to travel around the EU. You can only stay in Bulgaria. Unlike, for example, the history of Malta’s PR, that you can get through the MEIN program on the way to citizenship», commented Sofya Silina, Apex Capital Partners’ expert.