Acquiring Bulgarian Citizenship By A Foreign National
What Are The Benefits Of Acquiring Bulgarian Citizenship?
However, the sooner you go, the sooner you will obtain your residence permit. This is a document that will be required to obtain your investor visa. You will be required to make the investment that would qualify you for obtaining Bulgarian residence.
They acquired citizenship by buying government securities, but sold them as soon as they received their new passports. The scheme was launched in 2013, when the Bulgarian Citizenship Act introduced the possibility to buy citizenship against investment. “Golden passports” started being sold in 2016 during the second government of Boyko Borissov. An investigation by EURACTIV Bulgaria shows that Bulgarian citizenship has been available for sale for eight years now, but has not brought any significant foreign investment in the country. The “profits” are dubious, while the risks of infringement, and of opening the EU doors to fraudsters, are significant.
St Lucia Economic Citizenship Program
The immigration through investment in real estate option usually requires a large purchase of local real estate, plus a hefty government application fee ranging from $25,000 to $50,000… or more. Most citizenship by investment countries offer two or more options to purchase a passport. In addition to quickly gaining a passport for as low as $145,000 the Caribbean countries offer the most affordable citizenship by investment programs. At SmartMove Immigration we provide assistance to EU and non-EU nationals to obtain Bulgarian citizenship by investment. Investors are required to invest in government bonds or shares of Bulgarian companies traded on the Bulgarian Stock Exchange.
It is also the second most expensive passport in the European Union. As a foreigner, you will need to invest €10 million in a recognized business or make a donation of €2 million to €4 million. There is no minimum amount required to invest, but at least €2 million is needed for the approval of the application. The investment program may vary slightly from one country to another, but comes with its own merits and demerits. Foreign investment also plays a significant role in improving and stabilizing global economy, and for this reason, many countries are encouraging foreign investment in their economy. Official data indicates only 50 applicants have qualified for citizenship under the two programs between 2013 and 2019.
Why Would A Citizen Leave Their Country For Residency In Another Country?
The total price of EUR 500,000 provides our applicants and their immediate family with Bulgarian permanent residency within 6 months and with citizenship in 18 months. It also includes all legal and handling fees regarding the purchase of the golf course villa and the condominium. This standard track product involves a waiting period of 60 months after Bulgarian permanent residency has been granted, until the applicant can submit the application for citizenship. Turkish staying permit The applicant can opt to shorten the waiting period by investing another EUR 250,000, which alters the standard track product to a fast track product. It is possible to further finance the applicant with EUR 500,000, which raises the total insurance premium from EUR 750,000 to EUR 1,500,000. The applicant can immediately submit the application for Bulgarian citizenship, unless permanent residency status has been granted less than 12 months ago.
- The programme typically requires an eligible business investment of between €350,000 and €500,000, however a key benefit of the programme is the fact that the capital investment can be staged over a number of years.
- The island is so beautiful in fact, that its Morne Trois Pitons National Park has been designated a UNESCO World Heritage Site.
- Canada’s Quebec immigrant investor program have been running for almost three decades.
- Furthermore, we also provide a supplemental offering that allows a spouse to apply for fast track citizenship simultaneously with the main applicant.
- In some countries, there is a passport that allows immigrants to travel to other countries in the European Union.
Belgium fluctuated a bit on the list of countries that allow dual citizenship. Up until 2008, Belgian citizens were not allowed another citizenship. When you become a citizen of Bangladesh, you need to keep a clean criminal record for five years. If in those years you get sentenced to imprisonment or incur a criminal fine, your citizenship will be taken away.
Dozens of countries around the world attract investment and new residents through immigration programs. On Prian.ru you will find information about the most popular options. Oman has announced a new investment immigration program that will allow foreign investors to live in the gulf state for up to 10 years starting from this fall. In a resolution adopted on 10 July 2020, the European Parliament reiterated its call on the Member States to abolish as soon as possible all existing schemes for citizenship by investment or residence by investment. As President Von der Leyen said in her speech on the State of the Union on 16 September 2020, “European values are not for sale”.
As before, a five-year investment holding period remains, after which investors can liquidate their assets should they wish to. The investor is eligible to apply for Bulgarian citizenship if he has held a permanent residency card which can be obtained in 4-6 months, for 12 months and has doubled the initial investment. This means that on the Fast Track, the applicant can make an additional investment of 1,000,000 BGN one year after the initial investment and he/she is immediately eligible to apply for citizenship. Bulgaria offers a two-step process to obtain citizenship and a Bulgarian passport.
Court Battles Ahead And The Bill To Be Paid By The Bulgarian Tax Payer
It’s also important to determine how much capital you are willing and able to invest, whether you’re willing to reside in a different country, and the type of investment you’d like to make. There are several key ways to get the most out of your citizenship by investment. Citizenship by investment is a means to secure a second citizenship and passport in another country by investing in its economy.
On the other hand, if you’re Estonian by birth, you technically can’t lose your Estonian nationality even if you get foreign citizenship. This is because the Estonian government determines that nationality by “blood”. Technically as a foreigner, you can become a citizen law firm turkey of Andorra, if you live there for 20 years. Additionally, Andorran citizens who take another citizenship lose their Andorran Nationality. Now that we’ve talked about countries that allow dual citizenship, what about countries that don’t allow citizenship?
Several countries had programs in place at different times in the past that were specifically designed to attract foreign investors in return for citizenship. These include Ireland, whose program was terminated in 2001, Belize , Grenada , Cape Verde, Seychelles, Slovakia, and several others. Citizenship by investment programs offer you the opportunity to legally acquire a new citizenship quickly and simply, without onerous, typical visa and passport application processes. With the receipt of your EU passport, you will benefit from almost worldwide visa free travel and recognition.
While you may be able to freely travel and buy property throughout Europe, you’re also subject to EU laws and regulations, which are becoming increasingly burdensome by the moment. Unlike Spain or Portugal, Bulgaria is not romanticized enough to garner much attention on its own, and its residence-to-citizenship process isn’t as quick or easy as Cyprus, whose citizenship process takes just two to three months. The biggest perk of a European residence is being able to travel all over Europe visa-free. That’s not the case with Bulgaria at the moment, although it’s widely accepted that it’s only a matter of time until Bulgaria becomes part of the Schengen area. Once you obtain your Bulgarian passport, you will get access to 170 different countries – visa-free.
Advantages Of Bulgarian Citizenship By Investment Program
Even after deciding on an economic citizenship by investment, another crucial decision is which country to apply to. The Bulgarian Citizenship By Investment Programme was created to promote foreign investments by giving special considerations to investors from non-EEA countries. In return for their financial efforts, investors are offered the chance to secure a permanent residence permit, and can also appeal for Bulgarian citizenship by investment and passport using turkish citizenship by investment the Fast-Track Citizenship. In July 2015 the Portuguese government introduced a new investment solution that open the doors for more foreign investors. It is now one of the fastest and most transparent investor visa program in Europe, ensuring low property investment level, fast processing and a minimal requirement for residency. In 5 years, investors and their families become eligible for permanent residency and qualify for EU citizenship one year later.