1. IntroductionIn the present article we will first take a look at the conditions under which foreigners can receive a permit for continuous and permanent residency in Bulgaria. After that we will discuss the steps which a foreigner who has received a permanent residency permit may undertake to acquire Bulgarian citizenship. This is done under a more beneficial legal regime compared to the general case.
You can read about the general rules which regulate the acquiring of Bulgarian citizenship in our article here and here
2. Receiving a residency permit
2.1. Continuous residency permit
Eligible for a continuous residency permit are foreigners who:
1. have invested a sum no less than BGN 600 000 – for each foreign citizen for the acquisition of ownership over immovable properties on the territory of the Republic of Bulgaria, or the foreign citizen owns more than 50 percent of the capital of a Bulgarian trade company, has invested that amount in the company’s capital and as a result of this the company has acquired ownership over immovable properties in the country to that amount; as of the date of filing of application for long-term the residency permit the foreign citizen or legal person must have paid the whole amount, which must have been received in a bank account in a licensed credit institution, and, if the immovable properties have been acquired through loaned means, the unpaid amount of such loans must not exceed 25 percent;
2. have made investments in economically disadvantaged areas within the meaning of the Investment Promotion Act by contribution to the capital of a Bulgarian trade company a sum of no less than BGN 250 000, where the foreign citizen is a partner or shareholder with registered shares and owns no less than 50 percent of the company’s capital, and as a result of the investment new long-term tangible and intangible assets have been acquired to the amount of no less than BGN 250 000 and at least 5 job positions for Bulgarian citizens have been opened and maintained during the residency period. This fact is verified by the Ministry of Economy, Energy and Tourism.
2.2. Permanent residency permit
Eligible for a permanent residency permit are foreigners who:
1. have invested more than 1 000 000 BGN or increased their investment with this amount through the acquisition of:
а) shares in Bulgarian commercial companies, traded on a regulated Bulgarian market;
b) shares and treasury bonds and derivative instruments issued by the State or by municipalities, with a residual maturity no less than 6 months;
c) ownership rights over a defined part of the property of a Bulgarian commercial company with more than 50 percent state or municipal share of the capital under the Act on Privatisation and Post- privatisation Control;
d) shares or stocks owned by the state or municipalities in a Bulgarian commercial company in compliance with the Act on Privatisation and Post- privatisation Control;
e) Bulgarian intellectual property - objects of copyright and related rights, patent protected inventions, utility models, trademarks, service marks and industrial design;
f) rights under concession contracts on the territory of the Republic of Bulgaria;
2. have invested the sum under pt. 1 in a licensed credit institution in Bulgaria under a trust agreement for a period of at least five year, when the deposit is not used for the same period for the securing of other loans from a credit institution in Bulgaria;
3. have invested an amount no less than BGN 6 000 000 in the capital of a Bulgarian commercial company whose shares are not traded on a regulated market ;
4. carry out activities and are certified under the Investment Promotion Act, which fact shall be verified by the Ministry of Economy, Energy and Tourism in accordance with art. 25c of the Law on Foreigners in the Republic of Bulgaria;
5. have made an investment in the country by contribution to the capital of a Bulgarian trade company and amount of no less than BGN 500 000, where the foreign citizen is a partner or shareholder with registered shares and owns no less than 50 percent of the company’s capital, and as a result of the investment new long-term tangible and intangible assets to the amount of no less than BGN 500 000 have been acquired and at least 10 job positions for Bulgarian citizens have been opened and maintained during the residency period. This fact is verified by the Ministry of Economy, Energy and Tourism;
6. have been granted permission for continuous stay on one of the two grounds mentioned above and who have maintained the investment over 5 years.
3. Acquiring citizenship
A foreigner who has received a permanent residency permit under pt. 1, 2, 3 or 5 of the above mentioned may acquire Bulgarian citizenship if he or she meets the following cumulative criteria. The foreigner has to:
1. be over 18;
2. have received a permit for long-term or permanent residency in Bulgaria no less than 5 years ago;
3. not have been convicted by a Bulgarian court of a premeditated crime of a general nature and not have a criminal procedure instituted against him or her for such a crime, unless he or she has been rehabilitated;
4. have an income or occupation which allows him or her to support himself/herself in Bulgaria
There is no requirement in these cases for the foreigner to have a grasp on the Bulgarian language and to renounce his or her current citizenship.
A foreigner who meets the criteria of pt. 1 and 3 of the previous paragraph may acquire Bulgarian citizenship if:
1. before no less than 1 year ago he or she has received a permanent residency permit on the grounds of pt. 1 or 2 of the section above regarding permanent residency, and:
a) he or she has increased the investment under the same legal requirements up to a sum of no less than BGN 2 000 000, or
b) he or she has invested in the capital of a Bulgarian commercial company no less than BGN 1 000 000 for a priority investment project of the company which has been certified under the Investment Promotion Act.
2. no less than 1 year ago he or she has received a permanent residency permit in Bulgaria under pt. 4 of the section above regarding permanent residency in relation to Art. 25c, par. 2, pt. 1 of the Law on Foreigners in the Republic of Bulgaria, during which period the investment made has been put into exploitation and has been maintained above the threshold necessary for the issuing of a class A investment certificate under the Investment Promotion Act. This is verified by the Ministry for the Economy.
The investment required here is much larger, however not only is there no requirement for the foreigner to have a grasp on the Bulgarian language and to renounce his or her citizenship, there is also no requirement for 5 years to have passed since he or she has received a permanent residency permit. The requirement here is only 1 year.
If you have questions regarding the issuing of residency permits or the acquiring of Bulgarian citizenship for investment, do not hesitate to contact us – your Online legal consultant!
Vladimir Slavov
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