The Bulgaria Golden Visa, formerly known as Bulgarian citizenship by investment, offers non-EU nationals permanent resident status and the chance to acquire Bulgarian citizenship in return for an investment. After fulfilling a five-year requirement for permanent residency, applicants are eligible to receive a Bulgarian passport and begin living there permanently.

Following the end of its Citizenship by Investment programme in 2021, Bulgaria has implemented new regulations for its Golden Visa programme. On April 25, the Bulgarian government approved modifications to the Aliens Act that set down the procedures for foreign investors to acquire residency in Bulgaria through investment.

New Regulations for Bulgaria Golden Visa

Bulgaria has put new regulations into place to control the pre-clearance procedure for Residency by Investment (RBI) applicants. Successful applicants must adhere to these rules even though the investment level and procedures have not changed.

The need for applicants to secure a bank reference from an account created in their names, either within Bulgaria or outside the European Union, is one of the main prerequisites. A declaration confirming the source of their finances must also be provided using a template that the government has approved.

Additionally, applicants must sign a form using a government-approved template declaring whether or not they are politically exposed. Also required is evidence outlining the applicant's professional and investing endeavours.

Criminal background checks are required as part of the application procedure, just like with other RBI programmes. A notary-certified power of attorney is necessary if applicants cannot submit their applications in person.

In addition, there is now a duty on investors to alert the authorities right away if their investment changes. This requirement guarantees that the relevant authorities are kept up to date and enables efficient oversight of the investments made as part of the RBI programme.

Implications of the New Regulations

The recent modifications to the nation's programme add much-needed clarity to the procedure after a time of confusion in Bulgaria's Golden Visa industry. These changes could allow Bulgaria to attract foreign investors seeking mobility inside the European Union (EU).

Interestingly, Bulgaria's programme gaining popularity at a time when two significant EU golden visa programmes have ended. Ireland's Investor Visa programme was abruptly discontinued in February, while Portugal's hugely famous golden visa programme is also being phased out due to worries over soaring real estate prices.

However, rather than creating new obstacles, the new regulations are seen as a step towards legal compliance. Given the recent modifications in Portugal and Ireland visa policies, Bulgaria can now compete with the other EU nations that provide Golden Visa programmes. 

Conclusion

Bulgaria has demonstrated its dedication to openness and integrity by introducing an improved framework for Golden Visa applicants. This new legislation aims to speed up the application procedure and make Bulgaria appealing to investors seeking European residency through investment.

FAQS

Why were these modifications made?

The adjustments are made to increase transparency, prevent money laundering, and guarantee the legitimacy of monies invested in the initiative. They also increase the credibility of the Golden Visa programme and offer candidates a more precise framework.

Will the new restrictions alter the investment threshold?

No, the minimum investment requirement does not change. The program's financial features are mainly left untouched by the revisions, which instead concentrate on the pre-clearance procedure and documentation requirements.