PERMANENT RESIDENCE IN BULGARIA THROUGH GOVERNMENT SECURITIES – STEPS, PROCEDURE

January 7, 2020

Buying Bulgarian government securities is one of the ways to obtain a permanent residence permit in Bulgaria, which has been gaining popularity in recent years.

A permanent residence permit issued by the local migration services in Bulgaria allows foreign nationals to reside in Bulgaria without restrictions during the relevant period. Obtaining a permanent residence permit is regulated by the Law on Foreigners in the Republic of Bulgaria and a number of by-laws related thereto.

Holders of a permanent residence permit issued by the respective Bulgarian authorities receive a number of benefits. The benefits are:

– The foreign citizen shall enjoy all legally guaranteed rights. Examples are – to easily open bank accounts, conduct their own business, etc., except those for which Bulgarian citizenship is explicitly required.

– employment in Bulgaria without the need for obtaining an explicit permission from the Ministry of Labor and Social Policy;

– reunification of all members of the foreign national’s family (spouse and children aged under 18) in Bulgaria. Where they can obtain a permanent residence permit too (or a long-term residence permit depending on the specific circumstances);

– after the expiration of 5 years from the date of obtaining a permanent residence permit, the foreign citizen shall be entitled to apply for a Bulgarian passport (citizenship);

Bulgarian laws provide for 17 basic options for a foreign national to apply for and obtain a permanent residence permit in Bulgaria. In this article, we present more details about one of the most popular of these options. Namely obtaining a permanent residence permit by investing in government securities, treasury bills or shares:

Permanent residence in Bulgaria through investment in government securities, treasury bills and shares.

The possibility of obtaining a permanent residence permit for Bulgaria through investments is regulated in Article 25, Paragraph 1, item 6 of the Law on Foreigners in the Republic of Bulgaria.

This option allows foreign nationals to apply for and obtain such a permit by investing an amount of at least BGN 1 000 000 equivalent to EUR 512 000. A foreign citizen may buy government securities in return for such investment. And it should be noted that the amount invested will not be lost by the foreign citizen and it is also guaranteed by the Bulgarian authorities.

By using this method to obtain a permanent residence permit, a foreign national can more easily meet the criteria for obtaining a Bulgarian passport (citizenship). The investment must be kept for a certain period of time (5 years), or be increased to its double amount (up to an amount of at least EUR 1 024 000) after 12 months.

Under this option, there is no requirement for the foreign national to reside physically in the country for a certain period of time. Or to speak Bulgarian, as required by other more general naturalization options.

What you need to know about permanent residence in Bulgaria through investment:

Required amount for investment: EUR 512 000 (equivalent to approximately BGN 1 000 000);

Time for completion of the procedure – approximately 6 months after carrying out the investment;

Time period prior to applying for Bulgarian citizenship: 5 years (standard procedure) or less than 2 years (fast procedure);

Family members who can obtain permanent residence with the main applicant: children aged under 18; spouses if the marriage was concluded at least 5 years ago;

Main steps of the procedure for obtaining a permanent residence in Bulgaria through investment in government securities:

Step 1 – To buy Bulgarian government securities or treasury bills through a Bulgarian bank licensed by the Bulgarian National Bank. Or through a foreign bank or an investment broker offering Bulgarian government securities or treasury bills;

Time for completion of this step: From 1-2 days to 1 month depending on the bank / investment broker you choose;

Step 2 – To apply to the Bulgarian Investment Agency and obtain a certificate confirming the investment;

Time for completion of this step: approximately 14 business days;

Step 3 – To prepare all documents required for the application of the foreign national for the issuance of a long-stay (D) visa. The application shall be submitted to the nearest Bulgarian diplomatic mission (embassy or consulate). Typically, issuing a D visa takes about 30 days from the date of submission of all required documents;

Step 4 – To visit Bulgaria and apply for a permanent residence permit.

Time for completion of this step: It takes 1 day to submit the documents;

The permanent residence permit is issued within a period of 2 months after the submission of the documents;

Step 5 – To pay a state fee relating to the decision received from the Migration Directorate approving the application for a permanent residence permit. As well as issuing letters of confirmation by the Migration Directorate to be used by the foreign national for the purposes of their registration with the respective municipal administration;

Time for completion of this step: 2-3 days;

Step 6 – After the foreign national is registered with the municipal administration, he/she must appear at the Migration Directorate to provide fingerprints/photograph, and obtain the issued permanent residence card;

Time for completion of this step: 3 days;

If the foreign national wants to bring their family members to Bulgaria, the reunification process can start only provided that the main applicant has received their permanent residence card. The family reunification procedure is prepared in advance by our legal team. So that once the green light is given to start it, the entire family reunification procedure can be completed within 3 months.

Please contact us through the „Contacts” section for more information.

You can read more about this topic here:

BENEFITS AND ADVANTAGES OF OBTAINING RESIDENCE PERMIT IN BULGARIA

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