Why and how did the Bulgarian 2021 CIP survive and improve?
In March 2021, the Bulgarian Parliament adopted amendments to the citizenship law concerning the Citizenship by Investment Program (CIP). The expectations (of some external “factors”) were that the Bulgarian CIP would follow the fate of the programs of Cyprus and Malta accused of enormous corruption. However, the Bulgarian deputies took a nationally responsible position and defended the Bulgarian economic interest. There were not enough arguments for the Bulgarian program to suffer a more serious sanction. The Bulgarian program has had violations over the years, but has never been accused of participating in large-scale corruption schemes. As is the case with the Cyprus and Malta programs. That is why the Bulgarian CIP not only survived, but now, after the changes, it is better than ever. There is no other program in Europe that still offers a “Golden Passport” by investment. European Golden Passport!
What are the main changes in the Bulgarian 2021 CIP?
New, more flexible investment thresholds have been added. The procedure is even simpler and more transparent. The application, from the moment of submitting the documents – until the second investment and obtaining the Bulgarian citizenship – lasts from 12 (fast-track) to 18 months.
In the interest of investors, the investment in government bonds was dropped. The legislator decided that this was a “hollow” investment. It did not bring any interest to the investor. And this, in the conditions of inflation and intensive printing of money due to the global economic crisis, is an absolutely unjustified option.
At the same time, investment opportunities have been expanded.
The investor will now be able to choose from 8 really good options. Including Exchange Traded Funds (ETFs).
What are Investment opportunities under the Bulgarian 2021 CIP?
- Participation or creation of Bulgarian trading company, for 256 000 EUR and employing 10 Bulgarians.
- Investment in shares of Bulgarian listed companies.
- Investment Bulgarian corporate bonds, traded on regulated market.
- Bulgarian concession contracts and rights investment.
- Investment in shares of alternative investment funds (AIFs) with investment focus on Bulgaria.
- Participation in certified investment project.
- Investment in Bulgarian company carrying on a Certified Priority Investment Project (CPIP, basically an analogue of the EB5).
- Exchange Traded Funds (ETFs) investment.
With the new amendments to the Citizenship Act, the Bulgarian state reaffirmed its commitment to the Citizenship by Investment program. And as an EU citizen, you will also enjoy the full protection of all EU institutions.
But the main protection for your investment is the fact that it will always be in your name. It is your decisive protection. If someone is asking you or offer you to invest by transferring the investment amount to someone else – you should immediately seek legal advice or assistance.
Our legal experts and lawyers are at your disposal 24/7 for any problems and assistance related to applying for the Citizenship by Investment program. And any other legal issues.
What means fast-track citizenship?
According to the law, Bulgarian citizenship under the CIP can be acquired in only 12 months. Or this is the so called “fast-track” citizenship. But the truth is that due to different administrative and bureaucratic procedures – the duration of the process can last a little longer.
Once all the requirements have been met (the second investment has been made), a formal procedure for exchanging applications between our lawyers and the Ministry of Justice follows. Citizenship decree is being delivered by the vice president over the office of the President of the Republic of Bulgaria. It`s important to know that the fast-track 2021 CIP doesn’t require the candidate to pass any language, history or other tests. You don’t even have to give up your existent citizenship. You do not need to reside in Bulgaria for a period of time to secure your citizenship.
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