AKROS & Partners International Residence and Citizenship Planning Inc Yonge St., Suite #1600 Toronto, ON, M4P 1E4, Canada Telephone:

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2 BULGARIA - EU CITIZENSHIP INVESTOR PROGRAM Bulgaria-EU immigrant investor program AKROS & PARTNERS International Residence and Citizenship Planning Inc. and our team of professionals can assist in obtaining a Bulgarian-EU permanent residence through the Bulgarian Investor Program, a pathway to Bulgarian-EU Citizenship. The legislation for the Investor Program for Residence and Citizenship are set forth in the Foreigners in the Republic of Bulgaria Act where all legal requirements and conditions for permanent residence in Bulgaria are described. The latest changes in the FRBA which put in place the benefits of the BG IIP were promulgated in the State Gazette, issue 36 of 15 May The promotion of this program is endorsed by the Invest Bulgaria Agency, a division of the Ministry of Economy, Energy and Tourism. Furthermore, the Foreign Ministry is publishing the details of the legislation for Permanent Residence for Foreign Investors on their website. Every Embassy and Consulate of Bulgaria abroad can confirm the legislation. 2

3 Citizenship investor program In order to be considered a qualified investor under the Bulgarian-EU IIP, an applicant should invest 511,292 into a five year government bond. The applicant can chose between the following investment options: Full Investment: 511,292 is invested into a Government bond portfolio over a five year period. After the five year period, 511,292 is returned to the investor without interest. The investment is guaranteed by the Bulgarian Government Financing Option: A convenient financing option is readily available in which the investor will pay a onetime fee of 180,000. This is remitted to a Bulgarian Chartered Bank who will grant a loan for the full amount. At the end of the five year period, no funds are returned to the applicant. Applicants who chose this option must demonstrate the ownership of worldwide net assets of 1,000,000 3

4 Application fees The application fee associated with the program is 30,000. This will cover government fee s for you and your entire family (no matter how many children), Bulgarian lawyer fees as well as Bulgarian-EU health insurance. General benefits Invest in Bulgaria, become resident of EU member country Permanent residence issued four to six months after application is submitted Government approved investment and available financing options from Banks Special exemption from physical residency enforced with legislation Opportunity to apply for Citizenship after 5 years as a permanent resident Highly-skilled labour force at Europe s lowest operational cost Strategic geographic location, linking Europe to Asia, Middle East and Africa Favourable tax rates and free trade environment within EU Benefits of permanent residence Access to free healthcare in Bulgaria and EU Access to free education in Bulgaria Free movement within Schengen countries Tax exemption on world-wide income Easier to obtain visa to Non-EU countries 4

5 Benefits of citizenship Visa free travel / visa on arrivals to up to 150 countries (estimate) Unrestricted rights to live / work / study in the EU Access to free education within the EU Supporting documents and eligibility criteria The Bulgarian-EU IIP is strictly for Non-EU citizens. Investors are not subject to the following requirements common under other investor programs: management experience, education, age, language or requirements of personal net worth if the full investment option is chosen (below). Together with government application forms, the following basic documentation should be submitted: Passport with applicable visa Basic ID documents CV of Main Applicant Passport photos Investment Certificate issued by the Ministry of Finance for the amount of Proof of personal net worth of over 1,000,000, if Main Applicant chooses financing option for the Investment (this is a requirement of the chartered Bulgarian Bank financing the investment of ) Statement of the Source of Funds Power of Attorneys and Investment Agreements have to be notarized in the appropriate Bulgarian Consulate or Embassy or to be certified by a Notary Police clearance from country of residence 5

6 Bulgaria Frequently Asked Questions Location Bulgaria is a Balkan country in southeastern Europe. It is bordered by Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, and the Black Sea to the east. Population Population is around 7,364,570. Language Bulgarian is the official language. Climate Bulgaria has a temperate-continental climate with moderate features which is characteristic for Central Europe, with hot summers, long, cold winters and very distinct seasons. Abundant snowfalls may occur throughout the country from December to mid-march, especially in the mountainous areas. Economy Bulgaria has an emerging market economy in the upper middle income range. The economy of Bulgaria functions on the principles of the free market, where the private sector accounts for more than 80 per cent of GDP. The currency is Bulgarian lev (BGN). Do I have to live in Bulgaria to maintain my permanent resident status? No. The uniqueness of the program is that the applicant and his qualifying family members are exempted from having to live in Bulgaria during their 5 year residence period, unless they want to. 6

7 Do I need a physical address in Bulgaria? Yes. The main applicant must have a physical address when he applies for a Bulgarian visa D and other statutory stages within the program. AKROS & Partners can assist in arranging an address for each applicant. Once I obtain the permanent residence permit, do I have to pay taxes in Bulgaria? No, unless you decide to conduct business in Bulgaria or to physically reside in Bulgaria for more than 183 days within 12 consecutive months. 7

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