Permanent residence permit for €511,292 under a trust management agreement with a Bulgarian bank

The Bulgarian law on foreigners provides several ways of granting a permanent residence permit to foreigners in exchange for investment in the country's economy. One such legal option is trust management with a licensed bank.

The essence and conditions of the investment

Amount of investment: a sum of at least €511,292 (the equivalent of BGN 1,000,000) must be deposited by the foreigner with a licensed Bulgarian credit institution.

Form of placement: the funds are placed under an official trust management agreement.

Term and restrictions: the agreement is concluded for a term of at least 5 years. Throughout this period the deposit cannot be used as security for obtaining other loans or credit in Bulgaria.

The procedure step by step

Obtaining the status consists of several consecutive stages:

Stage 1: Obtaining the type D visa (in your home country)

To obtain a permanent residence permit you must first enter Bulgaria on a long-term type D visa, which is issued by the Bulgarian consulate.

Cost of the visa: €100.

Set of documents: the same as the list for the permanent residence permit, but with the mandatory addition of health insurance for foreigners.

Stage 2: Submitting the application for a permanent residence permit (in Bulgaria)

After entering the country, the investor applies in person to the regional office of the Migration Directorate at their place of residence.

Filing deadlines: the application must be submitted at least 2 months before the end of the period of legal stay in Bulgaria.

Fee for processing the documents: €5.11 (the equivalent of BGN 10).

Stage 3: Obtaining an EGN and an identity card

The migration service issues a decision within 2 months. If the outcome is positive:

The foreigner applies to the municipality at their place of residence for the assignment of a Unified Civil Number (EGN).

After that, a plastic identity card for the holder of the permanent residence permit is ordered from the migration service.

Card production time: 30 days.

Cost of the card: €23.01 (the equivalent of BGN 45).

Validity: the plastic card is issued for 5 years, after which it is renewed.

List of required documents

All foreign documents must be translated into Bulgarian and officially legalised.

International passport: a valid passport and copies of the page spread with personal details, as well as the page with the stamp of the latest entry into Bulgaria. The passport must remain valid for at least 3 months from the date the documents are submitted.

Proof of investment (grounds): before applying for a permanent residence permit, the foreigner must provide the Investment Agency with:

The original of a valid agreement with a licensed bank on trust management for a term of 5 years or more (the officer will make a copy on the spot);

Or an official certificate from the relevant credit institution confirming that such an agreement has been concluded.

Note: the final confirming document may be requested by the migration service through official channels directly from the Investment Agency.

Bank statement: a certificate confirming that the personal account holds funds sufficient to live in Bulgaria without resorting to state social assistance.

Housing: a document confirming owned or rented accommodation in Bulgaria.

Certificate of no criminal record: issued in the home country or the country of permanent residence (with a legalised translation). The document is valid for 6 months.

Receipt for payment of the document processing fee (€5.11).

Important obligations of the investor and supervision

Bulgarian legislation imposes strict supervision over the preservation of the grounds for the investment:

Annual declaration: the investor is obliged to declare each year (strictly by 1 December) that there have been no changes in the structure of the investment. This information is recorded in a special register.

Notification of changes: the foreigner is obliged to notify the Investment Agency immediately of any change in the circumstances that served as grounds for issuing the permanent residence permit.

Cancellation of the status: the Investment Agency informs the migration service of all changes without delay. If the investor withdraws the money early or breaches the terms of the agreement, the grounds for the permanent residence permit will cease to exist and the status will be cancelled.