Bulgaria has introduced new rules for its Golden Visa program, which replaces its citizenship-by-investment scheme that ended in 2021.
The Bulgarian government at the end of April approved amendments to the Law on Foreigners, which define the general rules for foreign investors to obtain a residence permit in Bulgaria through investment.
The new rules mainly relate to the process of filing and processing documents for applicants, as well as the requirements for applicants for Golden Visas themselves.
It is specifically spelled out how exactly the investments should be made.
Applicants must submit a bank statement from an account opened in their name in Bulgaria or any other European Union country.
In addition, they are required to provide a declaration confirming the source of the funds using a template approved by the government. This requirement was introduced as part of the fight against money laundering to ensure that funds come from legitimate sources.
Foreigners will also be asked to answer the question of whether they represent any political party or work in government structures. You will need a certificate of good conduct, detailed documentation of professional and investment activities. Those who cannot apply in person will issue an appropriate power of attorney at the notary.
According to the developers, the new measures are aimed at regulating and optimizing the process of obtaining Golden Visas in Bulgaria. However, some industry professionals remain skeptical due to the ongoing political turmoil in the country.
They suggest that the current political situation, including the opposition of senior officials to citizenship by investment programs, may create problems.
Thus, the current Minister of Justice is one of the ardent opponents of investment citizenship, and he is unlikely to change his point of view. In principle, political sentiment is largely directed against any kind of investment-oriented immigrant.
On the one hand, recent changes position Bulgaria as a potential alternative to other EU countries with their Golden Visa programs. Moreover, a similar program in Ireland was suddenly suspended in February, and in Portugal, it is being phased out due to rising property prices.
On the other hand, the Bulgarian Golden Visa program may face competition from other countries offering cheaper investment options.