Bulgaria has made changes to its “Golden Visa” program following the termination of the Citizenship by Investment program in 2021. We learned the details.

On April 25, the Bulgarian government approved amendments to the “Foreigners Act,” which established new conditions for foreigners wishing to obtain a residence permit in Bulgaria through investments.

The new rules mainly concern the pre-selection procedure for applicants for the “Golden Visa” program, and each applicant must meet these requirements in order to have his or her application considered successfully.

According to the changes, applicants must:

1) Provide a bank statement from an account opened in their name in Bulgaria or in any other EU country.
2) Show a declaration confirming the origin of their funds according to a government-approved template. This requirement was introduced in order to combat money laundering and ensure the legal origin of funds.
3) Disclose their status as politically exposed persons.
4) Provide certificates of no criminal record.
5) Demonstrate documentation of their professional and investment activities.
5) Provide a notarized power of attorney if you are unable to apply in person.

Investors should also immediately inform the authorities of any changes in their investments.

These new measures are aimed at regulating and improving the Golden Visa process in Bulgaria. Nevertheless, some experts are somewhat skeptical and suggest that the political situation and opposition to investment citizenship and residence permit programs may become an obstacle to the success of the Golden Visa program.