Obtaining a long-term residence permit in Bulgaria on the basis of a property purchase

What kind of property is required

Bulgaria’s immigration legislation is gradually becoming stricter. Whereas previously anyone could open a representative office of their company in Bulgaria and obtain a long-term residence permit, today this route has become far more thorny. Nor is the ground once favoured by many foreigners — starting a business in Bulgaria and hiring ten local citizens — popular any more: it turns out to be very troublesome and expensive. As a result, other options have to be explored, and fortunately the Law on Foreigners lists a large number of grounds for obtaining a residence permit in the Republic of Bulgaria.

One such ground is the purchase of Bulgarian property (Art. 24, para. 1, item 19 of the “Law on Foreigners”). It is becoming increasingly popular, since it allows you to kill two birds with one stone — to obtain a long-term residence permit in a European country and to acquire European property in ownership. The number of transactions is constantly growing, but there are certain nuances you need to be aware of before buying.

First of all, you need to bear in mind that the Bulgarian authorities will not grant a residence permit for the purchase of just any property. You can forget the stories about fabulously low prices for village cottages and studios at the resorts. Budget options do exist in Bulgaria, but they are not for those planning to obtain a long-term residence permit on the basis of buying a home. To obtain a long-term residence permit you must invest at least 600000 leva (a little over 300 thousand euros) in property on Bulgarian territory. Only in this case can you receive the coveted pink permit card.

It should also be noted that by the time the documents for the long-term residence permit are submitted, the entire amount must be paid in full. If the property was acquired with borrowed funds, at least 75% of the debt must be repaid.

You do not have to limit yourself to a single property. The law does not prohibit buying several apartments, houses or villas — the main thing is that their total value is at least 600 thousand leva. This way you can buy a home, an apartment to rent out, an office or a guest house that will subsequently be used to generate income.

The property can be registered in the name of a legal entity. In that case the foreign citizen must own more than half of the company’s capital and invest at least 600 thousand leva in it.

Other conditions

To obtain a type D visa, and then a long-term residence permit, other conditions must be met in addition to purchasing property. The standard package of documents includes:

• Health insurance for foreigners for the period of stay.
• A bank certificate confirming an account holding an amount equal to six or twelve (depending on the period for which the permit is needed, six months or a year) Bulgarian minimum wages. At present the minimum wage is 610 leva.
• A certificate of good conduct (submitted only the first time).
• A document confirming provision of housing.
• International passport.
• Receipt for payment of the state fee.

Copies must be made of all documents (except the receipt). A decision on issuing the permit is taken within two weeks. After that you need to pay a fee of 500 leva and order the permit card, which confirms the foreigner’s right to reside in Bulgaria for 6 or 12 months. Two weeks before the end of this period the long-term residence permit must be extended by submitting the same documents to the migration service.

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