Let’s now look at some of the advantages of choosing a jurisdiction like Bulgaria for a second passport:
It’s one of the youngest EU member states and has the lowest tax rate of all EU member states: both corporate and personal income tax has a flat rate of 10%.
So, from a tax perspective, it’s quite an attractive place to do business. If you need any advice on this front, get in touch with me as I have tax lawyers who can assist with any tax planning.
It also offers you and your business access to the EU market, so it’s an good option for people who want their company to have access to the EU.
There is no requirement to be physically resident in Bulgaria to maintain your status as a permanent resident.
There are also no language requirements to apply for citizenship.
You don’t need to renounce your current citizenship either – from the point of view of the Bulgarian government at least, as Bulgaria allows citizens to hold dual citizenship and second passports.
In terms of mobility, EU residency allows you to travel, without visa restrictions throughout the EU.
Once you’ve secured Bulgarian citizenship for you and your family, you can then live, work and study in any EU country.
When you compare this program to other EU residency and citizenship-by-investment programs, this offers the option to invest in government bonds instead of real estate. So, if you’d prefer this kind of investment, perhaps due to some of the risks associated with investing in real estate, then Bulgaria is an interesting option for securing EU residency.
It’s worth pointing out that Bulgaria isn’t the only EU country offering programs for residency and eventual citizenship through investment.
Some other programs offer more structured routes to citizenship. Bulgaria’s program isn’t the clearest in terms of how to secure citizenship. I’d be happy to discuss your options with you in more detail if you’re considering securing EU citizenship through Bulgaria’s program.
Some of these programs also have shorter timescales than Bulgaria’s program. For example, Cyprus has a citizenship-by-investment program where you can secure an EU passport after less than 6 months through an investment in real estate.
There are also other programs outside of Europe with lower minimum investment amounts, for example, those in the Caribbean. They also offer EU access along with access to other countries, such as China. So they’re definitely worth considering too.
In summary, for either 511,100 euro investment into a Bulgarian Government Bond or a 195,000 euro contribution into their financed investment scheme, you can secure permanent EU residency in Bulgaria and potentially citizenship for you and your family.