More and more American Citizens Applying for Bulgarian Citizenship by Investment

American flags
"Remember, remember always, that all of us, and you and I especially, are descended from immigrants and revolutionists." - Franklin D. Roosevelt

The Bulgarian Citizenship by Investment Program is traditionally being used by citizens of countries who have limited visa-free travel opportunities. Clients from India, China and Russia alongside with those from the MENA region formed the largest client base for Bulgarian fast-track citizenship. In recent years though, the amount of applicants from the US picked up dramatically. Although the American passport is a pretty viable document for unrestricted by entry visa travel, there are still many benefits of having EU citizenship.

For all Americans who want to live long term in Europe (in any of the EU countries), the comprehensive and expensive bureaucratic procedures are a real hurdle. Currently, US citizens are allowed to remain without the need to apply for EU visa for no longer than 3 months, after which period they have to leave. Even during their 3-months stay, unless the legal immigration formalities are fully arranged, the US citizen is not allowed to work, study, have access to the social security system, nor to perform any other activities, which are preserved only for the citizens and legal residents of the EU.

Another very important advantage is the extremely low taxation in Bulgaria. The Bulgarian tax codes offer the lowest personal and corporate tax rate in the EU. Bulgarian tax-payers need only pay 10% flat tax on their revenues. Inheritance tax can be in many cases legally avoided altogether, which makes succession planning an important reason for obtaining Bulgarian citizenship.

Our partners at Vasilev-Dobrinov & Associates have contributed for a very informative article on the topic. You can also download the text in PDF format.