The Republic of Bulgaria

Ministry of Foreign Affairs

INVESTORS’ STAY IN BULGARIA

The new legislation in Bulgaria effective since May 2009 gives foreign investors in Bulgaria significant benefits both in terms of their business in this country and in personal terms as foreign citizens. On the one hand, the investors’ business is supported by investment promotion measures provided for by the Investment Promotion Act and the Rules on its implementation. On the other hand, foreign investors who have invested in Bulgaria more than BGN 1 million (EUR 511,292) are granted a special status by the government in accordance with the laws currently in force.

Under that programme, foreign investors may obtain a permanent residence permit and, together with their families, enjoy the unique privilege to be exempt from the obligation to settle and physically reside in Bulgaria, as provided for by Article 40, Paragraph 1, Items 5 and 6 of the Foreigners in the Republic of Bulgaria Act (FRBA). That exemption applies only to foreign investors covered by the provisions of Article 25, Paragraph 1, Items 6, 7 or 8 of the FRBA, and the members of their families. A permanent residence permit is issued by the Ministry of Interior based on a certificate by the Ministry of Finance proving the amount and type of the investment made. Foreign investors holding such permits may freely enter and leave Bulgaria for unlimited periods just because they have made a significant investment in the local economy according to the abovementioned article. To apply for a permanent residence permit, a foreign investor shall enter Bulgaria with a visa type D. Strict legal procedures are in place and shall be observed. The first step is the issuance of a certificate by the Ministry of Finance, the second one – the issuance of a visa type D, and finally – the issuance of a permanent residence permit. The procedures are provided for by the Foreigners in the Republic of Bulgaria Act, the Rules on its implementation and the Ordinance on the Terms and Procedure for Visa Issuance and Visa Regime Determination. These legal instruments regulate the entry and residence in, and the leaving of the Republic of Bulgaria by non-EU citizens; it is those citizens that the above residence benefits apply to. The rights of EU citizens are regulated by the European Union Citizens and Members of Their Families Entry and Residence in and Departure from the Republic of Bulgaria Act.

You can find additional information on the requirements, the relevant investments, investment funding and the legal terms and conditions concerning the Investment Programme, residence and citizenship on the website of the InvestBulgaria Agency (IBA).

The IBA’s task is to support potential and existing investors in researching investment opportunities in Bulgaria and implementing greenfield projects. Its team includes 35 specialists in Sofia and a few more abroad, all of them working in accordance with the highest project management, business confidence and integrity standards. The IBA is authorised to contact directly all government institutions in Bulgaria with a view to facilitating the entry and development of investors’ business in Bulgaria. The IBA is the authority issuing investor certificates and applying the investment promotion measures under the Investment Promotion Act. It provides custom administrative and information services to investors with regard to the investment environment and the business climate in Bulgaria, as well as the locations and industrial areas to invest in.
Useful links

You can find detailed information on exchange rates on the official website of the Bulgarian National Bank
You can find information on currency control on the website of the InvestBulgaria Agency.