Properties in Bulgaria are also considered as a good investment for foreigners, as Bulgaria’s real estate market is pointed as highly dynamic.
With an average of 41% growth in sales and 18% rental growth, the luxury property market is dynamically marking the first half of 2017, according to latest statistics. Up to November 2017, the increase in the prices of the properties in the capital – Sofia from the beginning of the year is approximately 14%. Another 10% is anticipated in 2018.
On the other hand, through acquiring a property in Bulgaria, every non-EU citizen could receive a permanent residency and long-term visas. The regular scheme is to obtain visa D, which is a 3-month single entry visa for Bulgaria and when they arrive here, they apply for an extension of this visa into a 1-year multiple entry visa. After that, they continue to extend the visa.
Property as the first step to obtaining a visa in Bulgaria
A long-term stay visa D for Bulgaria is issued to a foreigner who wishes to settle for a long-term or permanently in the Republic of Bulgaria. The stay duration of a long-stay visa D is up to 6 months and a right to stay of up to 180 days is issued to foreigners who wish to settle for a long-term or permanently in the Republic of Bulgaria (under article 15, paragraph 1 of the Foreigners in the Republic of Bulgaria Act). Definition The long-term stay visa entitles the holder to multiple entries in the territory of the Republic of Bulgaria within its validity term.
The purchase of a real estate can take place before the visa D application has been filed. It is permissible for a foreigner to arrive in Bulgaria and buy a property with visa type C (tourist visa) and afterwards to return to his country and apply for visa D. In Bulgaria it is legally impossible to get long stay or permanent stay residency permit if Bulgarian Visa D has not been granted before that. The children of the foreigners who obtain visa D can easily obtain residence permits in Bulgaria only because their parents (or at least one of them) already have such permit. Spouses of persons who have obtained Bulgarian residence permits also have the right to use this privilege.
Obtain a Bulgarian citizenship through investment
After obtaining an extended stay Visa D and permanent residency permit through investment in real estate in Bulgaria, you have an option to obtain a Bulgarian citizenship. Usually, getting the citizenship takes around five years, but our law also provides a second opportunity – Fast-track. The fast-track option allows investors to apply for citizenship faster by doubling their investment. The requirements for this option are as follows:
- Have at least one year of permanent residency status.
- Double the investment by €512,000.
- Hold a second additional investment for two years.
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