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Bulgarian Citizenship by Investment – How to Obtain Passport

Bulgaria- one of the best second passport and citizenship by investment program for 2016

The investment citizenship sector has undergone many changes over the last year. 

Here’s all you need to know to buy the best second passport in 2016.

How to evaluate a second passport

Let’s talk first about how to evaluate a second passport. The best second passport is the one you can afford (b) which allows you to travel without a visa in most countries. The smaller the number, the less desirable the countries, the less you have to pay.

For example, a second Austrian passport is the fourth most valuable travel document in the world and the second most valuable passport you can buy. Indeed, it gives you visa-free access to 171 countries.

In other words, a second Austrian passport is a Group 4 travel document. A Group 1 passport allows you to travel without a visa in 174 countries. Group 1 passports are those issued by the United States, the United Kingdom, and Germany. Group 2 offers trips to 173 countries, including Canada. Group 3 gives you access to 172 countries and is a passport to Belgium and the Netherlands.

Because an Austrian passport gives you visa-free access to 171 countries, it’s a 4th level passport and the best second choice passport you can buy … if money is not an object. In comparison, Dominica allows you to travel without a visa in 91 countries and ranks 41st.

A second passport from an EU country (Bulgaria, Hungary, Malta, Cyprus or Austria) also gives you the right to live and work anywhere in the European Union.

Finally, the number of visa-free travel countries tells you how your new passport will be received by global banks. A European passport will allow you to open an account anywhere in the world. A Saint Kitts passport will have fewer options but generally accepted. I expect it to be almost impossible to open an account abroad with a Comoros passport.

A word of advice to US citizens on the second passport

If you are a US citizen, note that having a second passport does not change your tax return or your US tax obligations. As long as you are an American citizen, you must pay taxes on your worldwide income. In addition, offshore banks will continue to report to the IRS under FATCA.

A second passport will allow you to travel and invest with more privacy. It is also the first step to give up your American citizenship. You must have a new passport in hand before emptying your blue travel document.

You may be thinking of yourself, how will the bank know that I am American? What happens if all my documents come from, for example, Saint Kitts? What will bring me back to the United States? What happens if I change my name to further frustrate the search for documents?

Uncle Sam and the IRS are ahead of you. All second passports now show your country of birth. If you are born in the United States, the bank will see it on your second passport and tell you that you are an American until you provide evidence that you have renounced your citizenship.

This was a big problem in 2014. Countries started blocking the entrance of Saint Kitts citizens on the grounds that the passport could be used to facilitate terrorism. Of course, it was at the request of the United States who was trying to apply its FATCA system.

As a result, Saint Kitts was forced to recall all passports issued from January 2012 to July 2014 … perhaps up to 16,000 documents. He republished them with the holder’s birthplace and any other name under which he was known.

A second passport has many benefits, but it does not allow you to cut Uncle Sam.

Best Passports for Sale

Russia, in 4th position, is a unique opportunity. Citizenship requires that you establish or invest in an active business in the country. Due to the weakness of the ruble against the dollar, Russia is currently a value proposition.

Bulgaria

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I note that Bulgaria No. 1 is the second best passport available because it is one of two programs where the investor is likely to review his investment- check this site https://offshorecitizen.net/citizenship-by-investment/bulgaria-citizenship-by-investment-program/. This offer allows you to invest € 512,000 in government bonds in exchange for a residence. Then, after one year, invest another € 512,000 to win citizenship. There are also investment options for companies. It’s about $ 1.2 million.

The program of Bulgaria binds your money for 5 years without interest. True, government bonds do not pay interest. It will take you two years to get your passport and you will have to go to Bulgaria twice. The residence is granted with acceptance and treatment of your background check.

Bulgarian citizenship – how to get and where to start

Bulgaria, Poland, Latvia, Hungary attract Russian-speaking immigrants with a common culture and ease of adaptation. And besides, in these countries, it is often easier to open a business and get a residence permit, as the government does its best to develop a market economy and needs investment.

How to open a business in Bulgaria and obtain a residence permit

Registering your own company is an opportunity to get a residence permit, and subsequently, apply for citizenship. The easiest way to buy a ready business in Bulgaria. Prices may vary. For example, in Sofia, it is realistic to buy a small cafe for 80,000 dollars, and for 3,000,000 to purchase a dairy plant in the same city. A small hotel will cost from 700 000 to 1 000 000 dollars.

It cannot be said that registering your own company will be cheaper. That is, the procedure itself is not so complicated and costly, but the subsequent maintenance of the company will cost a pretty penny. Everyone who decides to open his own business is obliged to provide a minimum of jobs to Bulgarian citizens in order to obtain a residence permit. However, you can simply open a representative office of a Russian company, then you will not have to create jobs.

Let’s look at the options for the organizational form of your future enterprise. Each of them has advantages and disadvantages. On average, the cost of registering a company will cost you 800 euros, and this amount does not include the share capital.

Although Bulgaria has been a member of the European Union since 2007, its territory has its own currency – the Bulgarian Lev.

Individual entrepreneur (sole proprietor or ET)

This is the simplest form of organization, similar to the Russian IP. The company name must contain the full name of the owner.

Features:

  • No share capital;
  • The founder may be a non-resident who already has a permit for permanent residence in the country;
  • Bears full responsibility with all its property;
  • Tax – 10% of the profits.

For emigration, this option is not suitable, since the risk of being left without money and property is too great, and, moreover, you must already have a residence permit in Bulgaria to register an ET.

By registering a company of another form of ownership, you can apply for a residence permit.

Full partnership (exaggerated friendship, or CD)

Features:

  • There is a statutory capital but is not regulated by law, and it must be at least 2 leva;
  • The organizers can be at least two people;
  • The founders are responsible for all their property ;
  • The relations of the founders are governed by the memorandum of association;
  • Participants have the right to enter into transactions only with the full consent of other members of the partnership.

This very specific option is also not suitable for a business organization by a non-resident. He is quite risky and requires full confidence in the partners.

Limited partnership (Commando Friendly, or KD)

Features:

  • The founders are kommanditeri, who can lead the community, and limited partners, who initially make a contribution to the share capital (original shareholders);
  • Only the kommanditers bear full responsibility with their property and the limited partners are only responsible according to the contribution to the authorized capital;
  • Share capital can be any.

This form of enterprise is used mainly in the family business among the Bulgarians themselves. For immigration, it is risky.

Joint-stock company (it is Joint-Stock Friendship or AD)

Features:

  • The authorized capital is at least 50,000 leva, which is equivalent to about 1,350,000 rubles;
  • Founders may be non-residents, including legal entities;
  • The authorized capital of any financial organization is regulated at the state level;
  • The founder is at least one person;
  • The founders are fully liable with all the assets of the Company (not personal, as opposed to CBA, SD or ET).

The minimum value of each share is at least 1 lev, and the Company is governed by a shareholders meeting. This option is more preferable and allows you to hope for a residence permit. True, you first need to get a special visa, and only after that deal with the issue of obtaining a residence permit.

Please note that a business visa to Bulgaria is one of the short-term visas provided for entry into the country at the invitation of business partners. When organizing a business in Bulgaria, you should get a so-called long-stay visa (type D), it’s also an immigration visa.

Limited Liability Company with Shares (Limited Partnership with Shares, or KDA)

Features:

  • The authorized capital is at least 50,000 leva, but here you can initially deposit only half, and only then begin to raise the remaining funds;
  • The founder is at least one committer (manager) and three limited partners (shareholder);
  • The commanders bear full responsibility with all their property, including personal property, and the commanders-only in proportion to the share of each in the share capital.

Limited Liability Company (A partnership with limited responsibility or solely A partnership with a limited responsibility)

Features:

  • The minimum share capital is 2 levs;
  • At least one founder, including a legal entity;
  • Full responsibility for all property of the Company.

This option is most preferable for non-residents since it does not require large financial expenditures at the initial stage. However, it should be remembered that to obtain a residence permit, you need to create 10 jobs for the Bulgarians.

There is another opportunity to get permanent residence in Bulgaria immediately. To do this, invest in the economy at least $ 500,000 at a time.

Do not forget about the taxes that have to pay. Income tax is 10%, corporate tax is 10%, and VAT is 20%, which should be taken into account when setting pricing policies.

The most promising niches for your business in Bulgaria

The most attractive area for organizing your own business may be Burgas. It is here that the special economic zone is based on the possibility of duty-free movement of goods to the countries of Europe and the Middle East. And the city itself is a major commercial and cultural center of the country.

In Burgas it is advantageous to organize enterprises of the following orientation:

  • Tourism;
  • Transport and transportation;
  • The property.

In the area of Bourgas is Sunny Beach, one of the most popular resorts on the Black Sea. This allows you to earn well on the delivery of real estate for rent, cargo transportation, on tourism in general.

Varna is another paradise on the Bulgarian coast, where tourists from all over the world flock to. And although the cost of real estate here is quite high, it can quickly pay for itself due to the large flow of people willing to rent or buy housing. It is also advantageous to open hotels, restaurants and cafes, entertainment facilities.

Bulgarian citizenship

It cannot be said that the procedure for obtaining citizenship is very simple. Persons of interest to the government in the field of science, art, sports or economics, as well as those with ethnicity, can apply for citizenship.

The remaining foreigners can receive permanent residence, which is actually equivalent to citizenship. To obtain a permanent residence in the Republic of Belarus, you must meet one of the following requirements:

  • To reside in the country for at least 5 years on the basis of a residence permit (initially it is issued for 1 year with a subsequent extension);
  • Have a Bulgarian origin;
  • Adopt a child-citizen of Bulgaria;
  • Invest in the economy of at least $ 500,000;
  • Marry a citizen of this country;
  • Have Bulgarian parents (only for minors).

The Bulgarian Republic is happy to accept and secured pensioners. To do this, they just need to provide documents about the presence of a high pension or buy residential real estate.

Every citizen who has ancestors (usually parents or grandparents) of Bulgarian origin can be granted citizenship on the basis of ethnicity. To do this, you must provide the following documents to the Sofia Immigration Service:

  • Passport and its copy, notarized;
  • International passport and copy;
  • 4 color photos 3,5×4,5 cm;
  • Birth certificate (the original document is submitted for consideration, which is then returned to the owner);
  • Original certificate of good conduct;
  • Autobiography;
  • Information about spouses, children, parents and other close relatives, including their names and birth data;
  • Official petition for citizenship (“plea”);
  • Medical certificate form 286, information about the absence of AIDS, sexually transmitted diseases and mental diseases.

Such applications are considered within two months.