• Investment: €511,292

  • Financing Option: €195,000

  • Net Worth Requirement: €1,000,000 (for financing option)

  • Physical Residency: None required (waived under law)

  • Citizenship: Eligible after 5 years of Permanent Residency

  • New Fast Track Option: Double your investment and get citizenship after only 1 year of PR

Since joining the European Union in 2007, Bulgaria’s economy has been one of the fastest growing economies in the region. The temperate climate, beaches, relaxed lifestyle and beautiful countryside make it a classic spot for individuals.

In order to encourage immigration to Bulgaria, the Bulgaria Immigrant Investment Program was introduced. This program is ideal for those investors who wish to obtain citizenship for themselves and their family members without having to live in Bulgaria.

Investment Requirements:

To meet the eligibility criterion for the Bulgarian Investor Program, investors are required to make an investment of €511,292 in a portfolio of Bulgarian Government bonds, excluding the interest, with a maturity of 5 years. The bonds are pledged by the government of Bulgaria and carry an investment credit rating of BBB by S&P and Baa2 by Moody’s.

In case the investors want to avoid the risk of tying up their capital for a period of 5 years as well as the currency and investment risk, the alternative option available to them is that of financing through a Bulgarian or European bank. In this case scenario, to be able to secure Bulgarian citizenship by investment, the investors will simply have to pay €195,000 upfront, as prepaid interest. The bank will require the investor to show and prove a net worth of €1 million in order to exercise the financing option. If the investors are successful in proving this, the bank will make the investment on their behalf. The same option can be utilized again for the Fast-Track process, where the investors double their investment and receive citizenship after 1 year of PR.

The investors will have to prove the legitimate source of funds for the investment, whether they choose to make the full investment of €511,292 or they select the financing option. Lalani & Associates’ qualified Chartered Accountants will work with the investor or his accountant to prove the required source of funds.

Moreover, the investors must also clear all background checks and have a clean record.

Eligible Family Members

  • Principal Applicant

  • Spouse

  • Children under 18

Timeline for Process

  • The Principal Applicant’s process is conducted first, followed by the family.

  • The processing time for the Principal Applicant is currently 8-12 months, resulting in Permanent Residency status.

  • Once the Principal Applicant’s process is completed, the family’s processing begins and lasts for a period of 6-8 months.


Maintaining Permanent Residence Status

In order to maintain permanent residence status for the required 5 year period until citizenship, the investor and his family must fulfill the following criteria:

  • Annual representations to the state and municipal authorities that investment is still fully invested.

  • Have a residential address in Bulgaria.

  • File an annual tax assessment.

Lalani & Associates and Arton Capital can provide a turn-key solution to fulfill these criteria, unless the investor has purchased additional assets, set up a business or moved his family to Bulgaria, which would require a more detailed tax assessment and will bear an additional cost.

It is recommended that the investor and his family visit Bulgaria at least once a year, during the 5 year period.


Bulgaria only taxes the worldwide income of residents who spend 183 days or more in a year within the country. If the investor does not plan to spend 183 days or more in a year in Bulgaria, then he will not be subject to tax on any income outside Bulgaria. However, we recommend our clients to seek independent tax advice.

Any personal or corporate income earned in Bulgaria is taxed at a flat rate of 10%.


Bulgarian citizenship requirements for investors are as follows (the requirements have been amended after the Bulgarian immigration law changed in 2013):

  • Be of the age of majority (note: children under 18 obtain citizenship when one of their parents becomes a citizen).

  • Has not been sentenced by a Bulgarian court for a premeditated criminal offence and is not subject to criminal proceedings for such an offence.

  • Possesses an income and occupation allowing him or her to subsist in the Republic of Bulgaria.

  • Possesses an income and occupation allowing him or her to subsist in the Republic of Bulgaria.

As per the amendments made to the law in 2013, the knowledge of Bulgarian language and intent to renounce original citizenship requirements has been waived for investors and their family members.

Fast Track Citizenship Options

In December 2013, the Bulgarian Parliament passed legislation and made changes to the Bulgarian citizenship Act, according to which investors who have been PR holders for more than 1 year and have already made an investment of €511,292 in government bonds (or used the financing option of €195,000), are required to:

  • make an additional investment of €511,292 in government bonds for at least 2 years

  • or make another one-time payment of €100,000

If they utilize any of the above mentioned options, they will be eligible for citizenship within 6 months of the additional investment. This means an investor can get Bulgarian citizenship within just 2.5 years, without any physical residency requirements for a one-time financing cost of €295,000 plus professional fees.


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