Obtaining a residence permit in Bulgaria can prove to be beneficial for those interested in either settling down in the country, starting a business, or expanding an existing company.
In many ways, Bulgarian residency can open doors to new markets in Europe, offer better value for money, access to a cheaper labour force for companies, and an attractive tax law that will allow you and your company to maximise your profit.
There are many good reasons to move to Bulgaria. Yes, we have mentioned the low taxes, and that has made it a destination many consider when looking to relocate themselves or their businesses. But the country also has many beautiful features to offer, a friendly local community, a historical background with a rich culture, an excellent educational system, and an overall lower living cost than other European countries.
There are many opportunities for those looking into making the move and settling in Bulgaria, especially due to the fact that Bulgaria belongs to the European Union.
In this article we will discuss the latest requirements to obtain a Bulgarian residency permit, as well as the many benefits this strategic step can bring you as an individual and as a business owner.
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Benefits of having a residence permit in Bulgaria
We have already glimpsed some of the benefits of having a Bulgarian residency permit. Yes, the country is beautiful, full of history, culture, and a lively and stimulating environment, especially in cities like Sofia.
Most people considering Bulgarian residency, think of the fact that the cost of living in Bulgaria is a lot lower than in many other countries in Europe.
Additionally, labour is much cheaper too, which is an attractive point for entrepreneurs. Worth to notice, Bulgaria is well known for having a skilled and multilingual labour force.
Another aspect that can be a motivating factor behind applying for a residency permit in Bulgaria is the flat income and corporate tax rate of 10%.
Individuals that do not have European citizenship may find it appealing to obtain a residency permit in Bulgaria, as it will open doors around Europe (Bulgaria joined the European Union in 2007).
Others may be interested in obtaining a permanent residency permit in Bulgaria, which can be achieved after 5 years of staying in the country, or even citizenship, which requires additional five years in order to qualify.
The process to get a residence permit in Bulgaria
There are several different kinds of visa permits for people coming into Bulgaria. As the country belongs to the European Union, EU citizens have it easy to make a move into the country, though they still are required to have proof of address in order to get residency.
For people from other countries beyond the EU, the most common visas are A, which allows a short layover in the country, visa C, ideal for those intending to visit the country for a short period of time, or visa D, the one that we are more interested in here as it allows you to stay in the country long-term, especially if looking into moving a company to Bulgaria.
Requirements for a residency permit in Bulgaria
A Bulgaria temporary residency permit is valid for 5 years. In order to obtain it, applicants must first have a visa D permit. Then they need to put together the following:
- Passport photocopy
- Photocopies of other visas
- A photograph
- Proof of medical insurance valid for all the EU for the length of the trip
- Either transport tickets as proof of entry and exit or a copy of the technical passport of the car used to enter Bulgaria
There are certain exceptions and specifications for families of members of the EU or Bulgarian residents.
Bulgaria is also interested in receiving foreigners and allowing them to become residents as long as they are committed to opening a business and promoting it within Bulgaria, start a company in Bulgaria that will create a minimum of ten jobs in Bulgaria, or invest in real estate in Bulgaria.
Remember that once the residency is granted, you will need a reliable accounting service to help you invest or register a company in Bulgaria. Accountancy Bulgaria is your best bet, with over 35 years of experience, a highly experienced team that speaks multiple languages, they are the partners you need to achieve success after getting your Bulgarian residency.
Conclusion
There is a lot you need to know if you are interested in applying for a Bulgarian residency permit. The amount of time foreigners are allowed to spend in Bulgaria depends on what country they come from, however, it’s usually 90 days.
For those interested in company registration in Bulgaria, opening a branch for a foreign company and promoting business in Bulgaria, or maybe investing in real estate, becoming a Bulgarian resident is a must. Not to mention, the incredible opportunities it opens within the European Union.
The residency permit in Bulgaria is valid for 5 years. After five years in the country, you qualify for a permanent residency permit in Bulgaria. For those with strong capital to invest in the country, there is the possibility of applying directly towards permanent residency.