What You Should Know About Bulgaria’s Golden Visa

Located in Southeast Europe, Bulgaria is another country in the region that offers the Golden Visa. It is a developing country and an upper-middle-income economy. Presently, it serves as a member of many prominent international organizations such as the European Union (EU), the United Nations, North Atlantic Treaty Organization (NATO), and the Council of Europe. Its Golden Visa, therefore, is an opportunity for investors to tap the potential of a developing economy and maximize their returns.

The Bulgarian Golden Visa is an opportunity to be not missed. However, you should know that its Golden Visa is more of a residency by investment program, which means you can become a permanent resident through an expedited process upon investing a certain sum in the economy. To know more about it, you should continue reading the article for a few more minutes. Here are a few things you should know before applying for the Bulgarian Golden Visa: 

Basic Eligibility criteria

To become eligible for the scheme, you will have to satisfy several conditions, of which the most important ones have been mentioned below:

• • You should be a minimum of 18 years old. 
  • You must not be a member of the EU. 
  • It is mandatory to maintain a clean criminal record, and the same will have to be shown through a clearance certificate. The same applies to the family members who come along with you. 
  • You should maintain good health, with medical records submitted to the authority for the same. 
  • You will have to make investments whose sources you will have to provide. Moreover, you should have enough funds to sustain yourself during your residence in the country. 

Investments to be made

Investment is vital to the scheme. Only certain kinds of investments can be made under the scheme. The applicant will have to invest at least BGN 1 million in any of the pre-approved investment programs. These programs are stocks traded in the country, private equity funds, venture capital or hedge funds, or companies involved in real estate management. Once you invest in any of these areas, you must maintain the investments for five years. After the said period, the funds invested will be returned to you. 

A general overview of the process

The first thing you will have to go through is a background check from the Bulgarian Investment Agency. This background check aims to determine whether your investment will be prejudicial to the country’s interests. Once you have been cleared, you should make your investment. Your physical presence is not essential.

Whatever investment you make, you will be issued an investment certificate essential for making the visa application. Apply for the Type D investor visa at the Bulgarian consulate/embassy. With this visa, you can enter the country to apply for permanent residency. As soon as you are there, apply for the issuance of a permanent residence card. Once you have this card, you will no longer need the Type D investor visa.

Documents you will have to submit

You must carefully make a portfolio of all the necessary documents. These documents will have to be submitted to the relevant authorities. To name a few, you must submit the application form, certificate of investment, proof of payment of visa fees, passport-size photographs, certified copies of the birth certificate, marriage certificate (if applicable), police certificate, and insurance papers. You will also have to submit proof of funds indicating sufficient funds to sustain yourself during the residency period. 

Benefits of the Golden Visa Scheme 

• • The Bulgarian Golden Visa is a fast-tracked scheme, so you will be able to become the country’s citizen without hassles. 
  • The investment levels are comparatively lower than many European counterparts. 
  • Visa-free access to more than 180 countries. 
  • Freedom of movement within the European Union.
  • No residency requirement for the scheme. 
  • Your funds maintained throughout the five years will be returned to you afterward. 

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