Bulgaria Issues New Conditions for its 2021 Citizenship by Investment Programs

Bulgaria’s government recently amended its Citizenship Act and Citizenship by Investment Program (CIP). Under the new amendments, investors will only be able to invest in businesses and exchange-traded funds in Bulgaria.

Bulgaria’s parliament had recently rejected proposed amendments to the Citizenship Act, Citizenship by Investment Program (CIPs), and Residency by Investment Program.

However, work on the amendments resumed after pressure from the European Commission, which considers that Bulgari’s CIP violates EU law.

Three current features of Bulgaria’s investment program will be canceled.

  1. Government/sovereign bonds are no longer eligible;

  2. Investments in intellectual property are no longer eligible;

  3. Bank deposits are no longer eligible;

Bulgari’s previous requirement for government bonds depended on their availability which at best, didn’t particularly incentivize investors.

Abolishing the requirement for purchasing government bonds creates more incentive for example, for alternative fund managers or IPOing businesses in Bulgaria.
This requirement will enable investments to at least partly be set by the more public markets - which are also more transparent.

Eligibility requirement highlights

Investment Type



Participation in a Bulgarian private company, invested in any sector or geography

~ 3,075,000

Stocks traded in Bulgaria

~ 1,024,000

Investment in a Bulgarian company carrying on a Certified Priority Investment Project (CPIP)

~ 1,024,000

Investment in an Alternative Investment Fund (AIF) with a focus on Bulgaria

~ 512,000

Investment in UCITs (EU regulated fund vehicles) including exchange-traded funds (ETFs) with a focus on Bulgaria

~ 512,000

Investment in an Alternative Investment Fund (AIFs) with a focus on Bulgaria

~ 512,000

Bulgaria’s new investment program improvements

Its recent amendments offer a sophisticated mixture of investment categories that would be ideally positioned for sophisticated investors. Processing timelines are expected to be expedited. Another improvement had been made to facilitate citizenship for the applicant’s family.

Under the new rules, spouses of applicants on the Fast Track are able to apply for citizenship in 1 year after the main applicant’s citizenship instead of 3 years, which it was previously.

The changes are expected to be implemented in early 2021, possibly as early as March, but there hasn’t been a confirmation on the date as of yet.

For more information contact a Global Pass consultant. We’re ready to help with any questions you may have about Bulgaria’s program and many other citizenship by investment programs we offer.

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