One should always consider the different aspects of a place before he/she thinks of moving and living there. So before you think of moving to any different place, we would like to let you know some of the amazing facts about this beautiful country Bulgaria, situated in Europe. More and more people are choosing Bulgaria as their home country and the numbers are just growing since 2009. Well it is not because of only one reason but the reasons are numerous.

Bulgaria offers quality of life to its inhabitants and the locations of the country are to die for! From an apartment in the city, house in the suburbs, a new home on the beach or the ski resorts to an old vintage house in the countryside, the choice range of a house is extensive. The decision is completely yours that whether you would want a laidback countryside lifestyle or a cosmopolitan city chic style for your family. The commute to different places is very easy even if you live in a village of Bulgaria you would have access to local shops, post office, restaurants, gas stations, and a health service provider or chemist.

You would be surprised to know that Bulgaria is the country which has one of the lowest property cost in the world and not just that but the cost of living is cut to third as compared to that in UK. Clothing, electrical goods, furniture and food all have pricing placed at a very low level. However, it would be a wrong decision if one comes to Bulgaria without any income but, having said that, many individuals came to the country and now they have find ways of generating money to support their lifestyle in Bulgaria.

Bulgaria has welcomed everyone with open arms and has given them employment opportunities. People who are coming with having a prior extensive experience are welcomed by employers of IT, banking and business management sectors. Other than that business opportunities are numerous too; newspaper publishing, renovation, home maintenance services, import of food items are just few examples of successful expat enterprises.

Someone who is coming from a much stressed working environment then he/she is going to fall in love with this place. The place has known to give people plenty of opportunities to enjoy the better and the beautiful things in life. Going to the beach in the summer with the tall mountains scenery right in front of you, skiing in winters, walking in the mountains, horse riding, football, bird watching, photography, theatre, opera, club, concerts would give you a time of your life along with your family. The people of Bulgaria are very humble and they would not let you feel that you are new in the country.

All the people living in Bulgaria are required to pay medical insurance and their medical facilities are monitored by National Health Service and the Regional Health Service centers in the country. The education system of Bulgaria is of high standard, your children could go to the local schools of Bulgaria or you could choose one from an international school.

The Bulgarian cuisine is an absolute gem, you would get a variety of tasty food; baked pastries for breakfast to a rich salad and cheese for lunch and a Bulgarian grilled meat for dinner with some soothing music, doesn’t get any better than this, does it?

The climate of Bulgaria offers the best of both worlds. You would get a dry and warm climate during the summers and it would be chilly and cold during the winters. But in both the seasons, you would get different activities to indulge your time in.

Considering all the factors, it would be safe to say that Bulgaria could be your dream place and would provide your family with an amazing quality of life.

Lalani & Associates brings you a plan namely, Bulgaria Immigrant Investment Program in which you and your family would get a chance to gain the citizenship of Bulgaria without having to live there.

To become eligible for the Bulgaria Immigration Investment Program, one has to meet certain criteria starting with the investment aspect, requiring the applicant to make an investment of €511,292 in a portfolio of Bulgarian Government bonds, not including the interest, and with a maturity of 5 years. The government of Bulgaria pledges the bonds and also provides an investment credit rating of BBB, S&P and Baa2 by Moody’s.

If an individual doesn’t want to bind their money for five years there is another option available to invest their funds and that is to finance through a Bulgarian or European bank. However, in the second option, the applicant would be obliged to pay €195,000 as a prepaid interest. The investor would be asked to show and also to prove that they withhold a net worth of €1 million before exercising the financing option. The bank will invest on the behalf of the applicant, if they are successful in proving the net worth. The same option can be utilized in Fast Track where the applicant who doubles their investment would get a citizenship after 1 year of the PR.

In both the cases, the investor would have to prove that they have legitimate source of fund for the investment. Lalani & Associates would provide you with the services of qualified Chartered Accountants working with you or your accountant to get the requirement for the source of funds right.

It is also obligatory for the investor to have all background checks clear and an assuring previous record.

Members of the Family:

  • Principal applicant/investor
  • Spouse
  • Children under the age of 18

Process:

  • The principal applicant is first processed followed by the family members
  • The process time for the applicant is between 8 -12 months eventually gaining the permanent residency
  • After the applicant’s process, the processing for the family members begins lasting for 6-8 months

After gaining the permanent residency by the applicant and the family members, the applicant has to obey certain rules to maintain the status of permanent residency. It must be noted that permanent residence status has to be maintained for five years prior to getting citizenship. In order to do so, the applicant must;

  • Show and prove annual representations to the government and the municipal authorities that the funds are still invested
  • Possess a residential address in Bulgaria
  • Also, file an annual assessment of tax

If one doesn’t want to purchase additional assets as moving to Bulgaria, purchasing additional assets would require a detailed assessment of the taxes along with additional costs. Lalani & Associates and its principal can provide solutions to fulfill these criteria.

The applicant and family members must visit Bulgaria at least once a year, during the five year period prior to citizenship.

It should be known that Bulgaria only incur taxes on individuals who live or spend more than 183 days in the country and if someone spend less time there then they are not subjected to pay any taxes on income outside Bulgaria. Income earned in Bulgaria by personal or corporate sources would incur 10 per cent tax rate. It is highly recommended that our clients get independent tax advice from experts.

Citizenship Requirements:

  • Children under the age of 18 would gain citizenship, if one of their parents get citizenship in Bulgaria
  • The applicant or the family members must not have been sentenced by any Bulgarian court for a criminal offence and/or not subjected to criminal proceedings anyhow
  • Have sufficient funds and occupation in Bulgaria

As per the amendment made to the law in 2013, the obligation to acquire the knowledge of Bulgarian language to obtain citizenship documents has been removed.

Fast Track Citizenship:

After the changes done to the Bulgarian citizenship Act, the investors who have been the PR holders for a more than a year along with making an investment of €511,292 in government bonds, are now required to:

  • Invest in the government bonds for two years, amount of €511,292
  • Could also make another one-time payment of €110,000

Applicants exercising any of the options mentioned above would eventually become eligible to get citizenship within 6 months after the additional investment. It means any applicant making a one-time investment of €295,000 plus professional charges could get citizenship in just 2.5 years.

 

Posted in Law