Although EU citizens can travel and work freely throughout the EU member states, there are still some restrictions in place for those who wish to relocate permanently and for those who are from “third countries”, meaning non-EEA countries and people who are not Swiss citizens. Did you know that if you bought a Bulgarian property or business you can obtain permanent citizenship? The recommended way, is to hire a specialist law firm to arrange for immigration and deal with work permit requirements before you arrive. In addition to dealing with your permanent residency needs and work permit issues, a law firm based near your future home can also deal with arranging family permits for non-EU national family members who wish to join you. In this issue we would like to introduce you to such an opportunity. A law firm in Sofia that offer full planning services from buying or renting property, both residential and commercial all the way to assisting you with child care and education if needed.
CITIZENSHIP BY INVESTMENT
Since 2013, Bulgaria’s government has offered a immigration program that can lead to long term residency and, where applicable, to full citizenship. Since that year, foreign investors have been spending more than 500,000 Euros or 1,000,000 BGN on amazing residential properties that represent excellent value for money and in due time they have been enjoying the benefits of being EU citizens without limitations.
Recently many have discovered the beneficial ways to obtain residency by investment is to either start or buy a company that is registered in Bulgaria. There are certain advantages doing this, as Bulgaria has one of the lowest flat tax rates in the EU (10% at the time of writing). Once the legal period of actually living in the country has been met, it is possible for non-EU residents to apply for full citizenship. If you happen to be from a third country, investing in a Bulgarian business or investing in Bulgarian real estate can provide you with EU nationality and visa free travel throughout the whole territory of the EU. One advantage of choosing Bulgaria is that the investment is 100% refundable, if you purchase, for example, Bulgarian shares on the stock exchange or buy government bonds or similar investment vehicles. Doing so means you gain unlimited living and working rights throughout the EU territory.
It is also possible to acquire permanent residency status by investing more than 1,000,000 BGN in a Bulgarian licensed credit institution for a time of no less than 5 years or by investing at least 6,000,000 BGN in the capital of a Bulgarian company, where shares are not traded on a regulated market. Investors who get involved with large-scale development projects, such as infrastructure for example, are also able to obtain long-term residency rights.
If you are planning to invest in Bulgaria, be it in a company formation, a trade representative office, a second residency opportunity for you and family or simply to retire, live and work in Bulgaria, one must consult a specialist law firm about residency, inheritance and taxation issues. A-CHOICES recommend our legal partners DP Law Firm, who are one of the most reputable and leading multilingual law firms in Bulgaria. To familiarize yourselves review the published company profile in this issue. When contacting them quote ref: a-choices magazine.
DP
DIMITROV&PARTNERS
Evlogi Georgiev Blvd. 65, apt.7, fl. 3
+ 359 2 987 61 51 or + 359 2 987 61 88
+ 359 888 21 51 60 – adv
. Dimitro
+359 2 987 61 44 (Fax)
office@dp-lawfirm.com
Author: Albena A. Jones
Associate Editor
Sofia Bulgaria