Benefits and advantages of obtaining residence permit in Bulgaria
November 5, 2016
Bulgaria is a country-member of the European Union and provides good business environment for starting your own projects and enjoying low tax burdens.
Since there is only 10% Capital Gain tax for individuals and corporate entities, Bulgarian tax regime is one of the most beneficial within the EU and the country is a preferred place for moving and starting business by many foreign investors. In addition, qualified and experienced labor hand could be hired on reasonable wages too. Recently there are many international companies within the IT sphere, which have opened offices in Bulgaria and are doing business here.
The country is also known for the kind hospitality of the locals and with the good conditions for living – on one hand, home rental prices in the big cities are acceptable, and on the other hand prices of houses in the countryside are attractive to people who would like to escape from the fast city life. On top of the above, the local airports connect the country with the rest of the world quickly and easily with many attractive flight rates.
Long-term or permanent residence in Bulgaria is available on different legal basis under the provisions of the Foreigners Act. Rules are very strict and different legal regime applies for obtaining residence permit towards the citizens of EU (as well as Iceland, Liechtenstein, Norway and Switzerland, etc.), who wish to reside here for more than three months, and foreigners from other countries outside the EU, who wish to stay in Bulgaria on a long-term basis.
The citizens of EU benefit from a less-complicated procedure for obtaining residence permit in Bulgaria, because the European Union regulations for free movement apply, while the rest should proceed through obtaining visa paths in order to apply for residence permit. There are different conditions also for citizens of countries that have mutual recognition with Bulgaria about non-visa entry. Foreigners and EU-citizens, who would like to settle in Bulgaria and become Bulgarian residents, should consider some of the benefits of obtaining residence permit:
- Process of obtaining residence permit is fast and does not take too much time (as long as the legal criteria have been met by the applicant).
- It entitles its holder to leave and entry the country multiple times, visa-free.
- Its holder gets most of the rights available to the local citizens, including the right to do business and to work (including the right to be employed on labor contract) in Bulgaria.
- The residence permit could be subject of renewal and after particular period of uninterrupted stay, and then under meeting specific conditions, applying for Bulgarian citizenship is also available by the Law.
- Local address is not a burden and could be changed during the period of validity of the permit.
- Spouses, children аnd other relatives of the residence permit holder are entitled to apply for Bulgarian visa as well, and the procedure is fast.
If you wish to move to Bulgaria and become local resident via obtaining residence permit, feel free to contact us for consultation and assistance. We have a wide range of experience dealing with all the different options for every client.