VISAS, RESIDENCY AND CITIZENSHIP PROGRAMS IN BULGARIA FOR PROPERTY OWNERS FROM TRIRD PARTY COUNTRIES

1. SHORT-TERM VISAS FOR OWNERS

1. Any foreigner owner of property in the Republic of Bulgaria is entitled to a short-stay visa for a stay of no longer than three months within any six-month period from the date of first entry into the territory of the Republic of Bulgaria.

Foreigners who wish to reside in Bulgaria for a long period (more than three months within any six-month period) must apply for the residence permit.

LONG-TERM RESIDENCE PERMIT

2. Long-term residence permission can receive foreigners who have invested an amount not less than € 300,000 – for each foreigner to acquire ownership of real estate in Bulgaria, or foreigner who owns more than 50% the capital of a Bulgarian company, invested the same amount in capital and as a result, the company has acquired ownership of real estate in the country this value.

3. Long-term residence permission shall be issued to a foreigner – a sales representative of a foreign company registered in the Bulgarian Chamber of Commerce.

The long-term residence permission may be renewed if the grounds for its issuance are still in force at the time of renewal. After having acquired a long stay permission foreigner can live and travel on the territory of Bulgaria while the permit is valid. The foreigner may freely choose domicile may leave and re-enter the country.

Foreigners who have acquired a long-term residence permission shall have all rights and obligations granted to Bulgarian citizens, except those for which Bulgarian citizenship is required. For example, may be employed by Bulgarian employers to obtain insurance, health insurance, etc.

CERTIFICATE OF PERMANENT RESIDENCE

4. A certificate of permanent residence is issued to foreigners who have made investments in Bulgaria over € 512,000 through the acquisition of:

• Shares of Bulgarian companies traded on the Bulgarian regulated market
• Bonds and treasury bills and derivative instruments issued by the state or municipalities with a residual maturity of not less than six months
• Ownership of a separate part of the property of the Bulgarian company with more than 50 per cent state or municipal participation in the capital under the Law on Privatization
• Units or shares owned by the state or municipalities Bulgarian company under the Law on Privatization
• Bulgarian intellectual property – subject to copyright and related rights protected by patent inventions, utility models, trademarks, service marks and industrial designs
• Rights under concession contracts in the Republic of Bulgaria
• Deposit in a licensed credit institution in Bulgaria under a trust for a period not less than 5 years, for the same period the deposit is not used to secure other cash loans from credit institutions in Bulgaria

CITIZENSHIP

5. A foreigner can acquire citizenship by naturalization, five years after receiving a permit for permanent or long-term residence in the Republic of Bulgaria;

CITIZENSHIP BASED ON INVESTMENT – no earlier than one year from the receipt of a permanent residence permit, provided that the investment is increased to a value not less – less than € 1,024,000.

The standard payment plan for ready-to-move-in villas is as follow:

• Stop – deposit – 2000 euro, paid on the day of the offer accepted
• Signing preliminary purchase agreement – 10 days from the offer accepted
• 30% – 30 days from signing preliminary purchase agreement
• The rest – 3 – 4 even payments within next 6 – 12 months, according current agreement.
• The transfer of ownership rights is done upon payment of 100% of the due amounts.

Deposit may be paid with CC payment

All payments are done through bank transfer

Individual plans are available for all villas

Payment plan for villas under construction:

• Stop – deposit – 2000 euro, paid on the day of the offer accepted
• Signing preliminary purchase agreement – 10 days from the day of the offer accepted
• 10% – 30 days from signing preliminary purchase agreement
• The rest – individual plan of payment within next 12 – 18 months.
• The transfer of ownership rights is done upon payment of 100% of the due amounts.

The process of buying an house in Bulgaria is very simplified.

1. Payment of deposit & signing a preliminary purchase agreement
2. Payment of the rest of the amount through bank wire.
3. Signing the title deed at a local notary.

Here is a list of documents, usually needed for the transfer of the ownership:

1. Notary deed of the land on which the villa is built
2. Scheme of the purchased property
3. Actual tax evaluation of the property
4. Act of construction stage completion done by official authorities
5. Certificate of absence of 3rd parties claims issued by the Registry Agency (Property Register)
6. The required package declarations by each side:
   • Declaration of marital status
   • Declaration for the origin of funds for purchasing
   • Declaration of paid taxes on property
7. POA in case that any of the parties can not be present at the signing in person
8. Last paid receipts for taxes, water, electricity, where applicable.

Victoria Residences prepares all the necessary documents for the final signing.

The solicitor prepares and sends the draft of the title deed to the buyer, for review and questions, at least 1-week prior of the date of signing.

• The solicitor prepares and sends the draft of the title deed to the buyer, for review and questions, at least 1-week prior of the date of signing.
• Victoria Residences prepares all the necessary documents for the final signing.