Get a permanent visa by investing in real estate
- In order an investor to acquire a Bulgarian permit through real estate investments, must make an investment equal to 310,000 euro.
- The permit has to be renewed every 12 months, and after 5 years the investor can apply for a permanent permit.
Before applying for a Bulgaria residence permit, foreign you have first obtain a visa under Art 15 para.1 of the Foreign Nationals in the Republic of Bulgaria Act.
After you obtain the visa under Art 15 para.1, you can apply for one of the three types of Bulgarian residence permits. The most common type of permit for foreign investors, is the continuously renewed residence permits, which have a maximum validity period of one year. The continuously renewed resident permit can be obtained by foreigners who:
- Hold a visa under Art 15 para.1 of the Act, and
- Have deposited no less than BGN 600 000 (aprox. €306.000) per each foreigner for acquiring ownership of real estate within the territory of the Republic of Bulgaria, or the foreigner owns more than 50 % of the share capital of a Bulgarian trade company, has deposited the same amount in the capital of the company and as a result the company has acquired ownership of real estate in the country of this value; by the date of submission of the application for durable residence the foreigner or the legal entity must have paid the full amount in the account of a Bulgarian licensed credit institution, and where the real properties are acquired with borrowed funds, the outstanding loans should not exceed 25 percent.
The continuously renewed residence permit is renewable annually, and if the investor maintains the investment for 5 years, then he/she can be converted into a permanent resident.
Advantages of the continuously renewedresident visa
Even with a continuously renewed resident visa of a validity of 6 to 12 month, there are various advantages:
- ID cards are provided to you,
- You can renew your stay (annually) for up to 5 years, and then you will be allowed to apply for permanent residency,
- You can enjoy the benefits of traveling to Schengen Area Countries (including the possibility of visiting Cyprus, Croatia, and Romania without any visa for up to 90 days)
- You can become eligible for Bulgarian citizenship if you live in Bulgaria for 183 days every year in a period of 60 months,
- Family members can be eligible to join you in Bulgaria.
The applicable legislation which foreign investors may apply for a residence permit, is the Investment Promotion Act. Under this Act, foreign citizens must register a company with the Bulgarian Commercial Register or invest in real estate in order to obtain a residence permit.
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