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"You can leave Hong Kong, but it will never leave you." - Nury Vittachi
Our partner – lawyer Mr Hristo Vasilev addressed in Hong Kong the advantages of the Bulgarian Citizenship by Investment Program and the related issues for the holders of British Overseas Citizenship. How is dual citizenship arranged if one holds BOC passport, is he considered to be EU citizen for the purpose of the Bulgarian fast-track program and what are the tax consequences if Bulgarian citizenship is acquired through the semi-fast-track citizenship option.
During the lecture, Mr Vasilev responded to questions about the particularities of the different Bulgarian citizenship programs as well as the impact of the Common Reporting Standard to residents of Hong Kong and Mainland China if they obtain Bulgarian citizenship without establishing permanent residency in Europe.
During the lecture, and from the questions asked, it became apparent that the biggest drawback for the Chinese (both mainland and overseas) clients to participate in the Bulgarian CIP is the poor understanding of the program as a whole. The lack of marketing by the Bulgarian government (we urge you to read the commentary to the article the truth about Bulgarian Citizenship by Investment) has obviously resulted into a bunch of misinterpretation that are being spread by different citizenship agents.