Individual investors who now wish to invest in Bulgarian funds may be eligible for permanent residence if the investment strategy is focused on Bulgaria among other requirements.
In April 2023 the government adopted the final piece of legislation to allow non-EU nationals to benefit from the options provided for in the Aliens in Bulgaria Act – the pre-clearance process. Similar to other countries such as Malta and multiple Caribbean countries applicants ought to undergo AML and availability of funds check before proceeding with the investment.
Applicants must provide:
1. A valid passport
2. Bank reference from an EU/Bulgarian bank containing information on the available funds in an amount not less than the minimum threshold for the relevant investment
3. Source of funds declaration
4. PEP (politically exposed person) declaration
5. Employment, investment or professional-related documents
6. Criminal Record Check
The new regulations also aim to attract direct foreign investment to Bulgaria, which is hoped to lead to economic growth and create new job opportunities.
You can read a more detailed analysis of the pre-clearance process on our website: https://www.newbalkanslawoffice.com/the-bulgarian-government-adopts-new-regulations-for-cbi-pre-clearance-process/
NBLO is an experienced advisor to HNWI and Family Offices and we will gladly assist with any additional questions you may have.
You can read more publications from the New Balkans Law Office at the links below.
Alternative Investment Funds as a Tool for Diversifying Investments
Bulgaria’s start-up visa: a route into EU markets
Benefits of Shareholders’ Agreements
How to prove my Source of Funds/Source of Wealth from crypto asset profits
Investor protection before the European Court of Human Rights