Bulgaria is one of the oldest states in Europe, which can be traced back to the 7th century. The Republic of Bulgaria is formally called Bulgaria and is located on the eastern European continent and borders Romania, Serbia, North Macedonia, Greece and Turkey.
The population of this eastern Balkan country is 6.687 million. The capital, Sofia, is located in the western part of Bulgaria. The native tongue is Bulgarian, and following Russian, English is the second popular foreign language adopted in Bulgaria.
There are two general categories of residence permits available in Bulgaria to non-EU citizens: Bulgarian temporary residence and Bulgarian permanent residence. These alternatives serve various demands and needs, and they have various advantages and requirements.
Bulgarian temporary residence
The Bulgarian temporary residence permits have limited purposes that include work, study or family reunion. They have an expiry date ranging between 6 months and 1 year, after which they can be renewed. Applicants are supposed to show that they have financial capability, health insurance cover and a valid reason for staying. Although with this permit, people can legally live in Bulgaria and travel within the Schengen area, they are deprived of access to the state services.
Among the most popular means of getting a Bulgarian temporary residence is opening a trade representative of the company which is registered abroad.
Those people who would like to invest more than BGN 600,000 in properties in Bulgaria would also have the opportunity to acquire Bulgarian temporary residence.
Bulgaria permanent residence
Conversely, the Bulgarian permanent residence is long-term oriented. It is available by either 5 years of temporary residence, Bulgarian descent or a significant investment.
Owners of Bulgarian permanent residence have unlimited citizenship, the right to free health care, education and the labour market, and the free right of movement within the EU. Also, they have the right to apply to become Bulgarian citizens upon fulfilling the eligibility requirements.
Bulgaria residence by investment program: The simplest way to the Schengen
With the possibilities that these developments offer, Bulgaria is an ideal choice to go for, as a Residence by Investment opportunity as offered in Bulgaria has opportune and appealing results to non-EU nationals wishing to reside permanently. The program needs an initial investment amount of BGN 1,000,000 (~ 512,000,000) in permitted Undertakings for Collective Investment in Transferable Securities (UCITS). or Alternative Investment Funds (AIFs). The minimum net asset value of such vehicles is BGN 5,000,000 (for UCITS) or BGN 3,000,000 (for AIFs), and the general emphasis should be on Bulgarian, which provides a comfortable and smooth mechanism for obtaining permanent Bulgarian residence.
Having permanent residence in Bulgaria, people can have free access to the Schengen Area, which does not require separate visas. The chance to obtain a Bulgarian residence is especially valued as a passport to Europe.
The major difference between the two is the long-term and short-term advantage. Bulgarian temporary residence is suitable during a short stay with fewer rights, whereas Bulgarian permanent residence is more stable with a wider range of privileges and an opportunity to become a citizen. These differences are important to understand to make a proper decision based on personal objectives.
Conclusion Bulgarian residency
As a tourist in Bulgaria, you have a maximum limit of stay that is usually 90 days, but this would depend on your country of origin. The Bulgarian law requires you to apply for a temporary or permanent residency to stay in Bulgaria.
A temporary Bulgarian ID card can belong to you in case:
- Open a business representative office.
- Established Bulgarian firms which provided ten jobs to the citizens of the country.
- Buy €312 000 worth of property through a company registered in Bulgaria
In case your target is to settle permanently, you need not bother about installing a trade representative office.
opening a business and spending at least 500,000 Bulgarian Leva (about 256,000 Euro) on long-life assets and creating ten job opportunities for the local population
To invest at least 6,000,000 Bulgarian Leva (approximately 3,068,000 EUR) in the capital of a Bulgarian company whose securities are not registered on a regulated market
Having a Bulgarian ID card, which demonstrates that you have permanent residence in the country, is a handy Plan B.
You can freely enter Bulgaria several times and transfer your family to the country.
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Finding a job in Bulgaria as an expat
Assessing social benefits and welfare as an immigrant in Bulgaria
Preparing for the immigration interview in Bulgaria