Why you need (EU) Bulgarian Passport?
There is a saying in Bulgaria: „In look they will welcome you, but in mind will send you away ”. Ask yourself: how do you want to be welcomed at the “entrance” of each country you visit? What attitude do you want to receive? Welcome with a smile or suspiciously frowned eyebrows? Because it’s important what passport you have. It’s very important whether you enter the country with a “Golden passport” or with a “golden visa.” The first option gives you full EU citizenship rights for you and your family. Visa-free travel, security. While with the second option you get limited rights.
The Golden Passport of Bulgaria vs. others golden surrogates
For many years, Malta (along with Cyprus) has been selling passports and running corruption schemes along its citizenship by investment program. Finally, the EU activated the guillotine and “cut off the head” of their program. The same happened with the Cypriot CIP.
But even before that, the Maltese were not looked upon with particular kindness at border crossings. The country is a former (and current) offshore paradise. For many years, Malta has been a money launderer of income from all sorts of dubious activities and companies. After the country’s accession to the EU, this activity, which bypasses international law, has diminished. But by no means has it stopped. Malta continues to be associated as one of the largest offshore areas, along with the Marshall Islands, Belize and Cyprus.
At the same time, since the country’s accession to the EU in 2007, Bulgaria has built a strong reputation. Reputation of a country in which the basic European laws and values are observed. In recent years, Bulgaria is among the safest in financial and political terms countries in the EU. And after the closure of the Citizenship by Investment programs of Malta and Cyprus, Bulgaria remained the only country in the EU to have a properly functioning CIP (a.k.a. Golden Passport). Bulgaria’s citizenship by investment Program guarantees applicants full EU citizenship. This also applies to their family members. And after the changes in the Bulgarian Program “Golden Passport”, adopted by the country’s parliament in March 2021, it is better than ever!
Despair is not a good advisor
Due to the closure of the Maltese CIP, the island nation is trying to ease the conditions for acquiring citizenship by origin. But even in the best case – and it turns out that you have some unknown, distant, Maltese relatives. And you can apply for this program. You will still have to wait 5 years for EU citizenship! That is why Malta is vigorously promoting its “golden visa” program (residence by real-estate investment). They do so in all possible ways, sending false messages to EU citizenship applicants. They want to equate the possibilities of a “golden visa” with those of a “golden passport”. In vain. People are not so stupid anymore. Information is everywhere, and you can access it with just a few clicks on your phone. You can’t mistake “Black Widow” with “Superman”! Right? You must either be blind or brainwashed.
Let’s imagine for a moment…(Bulgarian Passport vs. Maltese Passport)
But let’s imagine for a moment that the Maltese CIP still exists and make a comparison between the Bulgarian passport and Maltese passport. The main criteria will be:
- Geographical location, climate, taxes, international and geopolitical significance of the country.
- Cost, fees, transparency and ease of the citizenship process.
- What benefits will the new EU citizen receive with one or the other passport?
Both Bulgaria and Malta are EU member states. Unlike Malta, however, Bulgaria is also a member of NATO. Which gives the holders of Bulgarian passports additional security (and possibilities for visa-free travel).
Summer in Malta is long, hot and dry. Only 2 seasons change in the country – summer and winter. Bulgaria is in the temperate climate zone with 4 seasons. The country has world-famous summer and winter resorts.
Malta has access to the Mediterranean Sea. Bulgaria on the Black Sea. In terms of area and population, Bulgaria is a significantly larger country. It is located at a vital geopolitical crossroads between East and West. From here pass the most important trade roads, road and railway arteries, strategic gas pipelines. All these networks connect China, Turkey, Russia and the former Soviet republics (Asia) – with Central and Western Europe.
Bulgaria has the lowest taxes in the EU (including those in Malta). Income tax in Bulgaria is flat – 10%, both for citizens and companies. The standard of living is not high. This means lower prices for all important food, clothing and goods.
A very important difference
It is very important, when we talk about the “golden passport” programs, to distinguish between the price of the service and the investment. Bulgarian citizenship fees and services are the lowest in Europe.
The Bulgarian Citizenship by Investment Program requires a total investment of at least EUR 1,024,000. As investment opportunities are really numerous: shares, bonds, Bulgarian concession contracts and rights, Shares of investment funds (EU regulated UCITs and ETFs), Participation in certified investment project, and others.
The Maltese naturalization program requires the applicant to pay a heavy fee (contribution) to the Maltese government. The main applicant must be charged with the amount of EUR 650 000. But that’s not all. His wife and minor children need to additionally pay 25,000 EUR each! Аnd his other (adult) children will pay 50 000 EUR per person. These amounts are costs – not refundable money paid to the Maltese authorities for the privilege of being their future citizen!
The other danger is you come across dealers on a “golden visa” to Malta, Cyprus or Portugal. These programs offer only one investment opportunity – in real estate. The sole purpose of gold visa agents is to get a hefty commission from companies that sell real estate. They have no other interest. And these are private companies and there is no one to guarantee your investment.
At the same time, your investment in Bulgaria is guaranteed by both the state and the EU.
And which program has a more transparent and secure procedure for acquiring citizenship? The answer to this question is simple: one of the two programs no longer exists because it was stopped due to corruption.
If someone else has not understood…
If anyone still hasn’t figured it out: Malta, like Cyprus, no longer has a Golden Passport program. They were stopped by the EU for practicing corruption schemes. Only the Bulgarian CIP remained. Their Program was updated in 2021 and now offers even better conditions for those wishing to obtain an EU Golden passport. You get Bulgarian (=EU) citizenship right after your first investment. Duration of the whole procedure: 14-18 months.