Obtaining a permanent residence permit through investment

Under Article 25, para. 1, item 6 of the Foreigners Act, a permanent residence permit may be obtained by foreign nationals who have made investments. One of the investment options is the acquisition of rights under concession contracts on the territory of Bulgaria with a contract value of no less than BGN 1 million.

A concession contract is a form of partnership between the state and a private company under which the concessionaire obtains the rights to create, reconstruct and use state-owned assets for a period specified in the contract. The concessionaire invests its own funds and in return receives the opportunity to operate the concession asset and derive income from it for the term of the contract.

To make such an investment, you need to apply to the Bulgarian Investment Agency and submit the following documents:

• passport and other identification documents;
• information on the funds available in the bank account;
• evidence of the origin of the funds;
• a declaration stating whether the foreigner is a politically exposed person (under Art. 36 of the Measures Against Money Laundering Act);
• documents on employment, professional and investment activity;
• a certificate of criminal record or absence thereof from the home country or the country of permanent residence.

After checking the documentation, the Bulgarian Investment Agency approves the application and the foreigner can conclude a concession contract. After that, he obtains the right to a permanent residence permit on this ground.

To obtain a permanent residence permit, a package of documents must be submitted to the migration service:

• Passport and a copy of it.
• A certificate of no criminal record from the home country and/or the country of residence.
• Evidence of available accommodation.
• Evidence of available funds (no less than one Bulgarian minimum salary).
• A certificate from the grantor confirming the right under the concession contract (requested from the Bulgarian Investment Agency).

Additional documents certifying the circumstances of the acquisition of rights under concession contracts are requested by the migration service from the Bulgarian Investment Agency through its own channels.

The investment in this case must be no less than BGN 1 million and must be maintained for at least 5 years from the date the permanent residence permit is granted. The Bulgarian Investment Agency notifies the migration service of any changes. Foreigners are also obliged to report any changes immediately themselves. During the same period, the rights and assets arising from the concession contract cannot be used as security for loans.

After 5 years this condition no longer applies, and the foreigner can continue to live in Bulgaria with a permanent residence permit regardless of any concession contracts or other investments.