The value of the Bulgarian citizenship and passport
When Bulgaria joined the EU in 2007, the thing that changed the most was the value of the Bulgarian citizenship. The Bulgarian passport quickly became the “hot ticket” for everyone with free spirit. Everyone who wanted to travel the world visa-free, dreamed to get hold of Bulgarian citizenship. The same was true for everybody who wanted to live hassle-free anywhere in Europe.
How feasible is the Bulgarian CIP
And it is not that the German, French or Italian passports (also EU passports) were not as good as the Bulgarian passport. On the contrary, all EU passports provide the same rights anywhere in the EU. It is just that few years after it joined the EU, Bulgaria introduced its Citizenship by Investment program, making the Bulgarian passport – feasible, for some…
Obtaining Bulgarian citizenship – not necessarily by investment
Many investors and entrepreneurs have since, applied for Bulgarian citizenship by investment. Most of them (not all) have already got their citizenship approved and are now smiling with glee when they realize how much their lifestyle has changed.
But obtaining citizenship by investment is definitely not for everybody. The Bulgarian program requires a net-worth of 2 million Bulgarian Lev, roughly one million Euro. For many businessmen from China, Russia or the Gulf region, this is laughable amount. But unfortunately, there are many free-spirited men out there, who simply don’t have that money. And they still need freedom, to travel and to live wherever they wish to. So what should they do?
Bulgarian citizenship through standard naturalization
Those who don’t have the required net-worth for investment citizenship, have basically three options:
- Obtain citizenship by investment via the “semi-fast” track that requires net-worth of half a million Euro (instead of one million for the “full” fast-track);
- Apply for financing (basically obtain credit to finance the required by the Bulgarian CIP investment);
- Obtain Bulgarian citizenship through standard naturalization.
The first option, going through the “semi-fast” track is not a bad one. But it still requires an investment of half a million Euro – an amount that is not within the reach of many. That leads to the second logical choice – the financed option, which is a very dangerous undertaking. Therefore we strongly advise against using any financial schemes in order to finance your investment. You can read more about why you should avoid using financing schemes for your Bulgarian citizenship by investment application.
And lastly, we are left with the standard naturalization that can lead to full Bulgarian citizenship. Although the time-frame for obtaining Bulgarian citizenship is longer than the time-frame of the investment (fast-track) option, we are actively recommending it to many of our clients.
Basically, if you can not qualify for Bulgarian citizenship by investment, cheer up. We can assist you to first apply for Bulgarian long-term residency. After some time (can be optimized significantly), you will become eligible for permanent residency and full Bulgarian citizenship. All in all, the process is quite straightforward and very transparent.
The result, and you may be surprised how soon this may be, is again – Bulgarian citizenship and Bulgarian passport. For more information, please visit Bulgarian citizenship by Posolstvo.eu or contact us for additional information.