The New EASY Citizenship Program is Here
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- เผยแพร่เมื่อ 28 ก.พ. 2024
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Summary of this video:
💼 Bulgaria's New Citizenship Program
- Bulgaria introduces a citizenship program with no physical presence requirements, offering EU passport and immediate European permanent residency.
- Investment starting at €250,000, with the process taking approximately 3.5 months.
- Citizenship attainable in 5 years without residing in Bulgaria, making it attractive for investors seeking a Plan B in the EU.
🚩 Considerations and Issues
- Despite the attractive offer, Bulgaria's living conditions might not appeal to everyone.
- Potential changes in program requirements after Bulgaria joins the Schengen Area could affect citizenship eligibility.
- Caution advised due to reported negative experiences with Bulgarian lawyers and uncertainties about program sustainability.
💰 Tax Benefits and Market Competition
- Bulgaria offers a flat 10% tax rate, making it appealing for individuals seeking tax advantages.
- Bulgaria's citizenship program could outshine competitors like Spain, Portugal, and Greece if executed effectively.
- Opportunities for obtaining a second passport with minimal residency requirements and favorable tax regimes are available in other countries as well.
DISCLAIMER: This video is not tax and/or financial advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I'm not a financial advisor nor do I pretend to be. Always do your own research.
To naturalize, you need to pass a test in Bulgarian. Not sure if there is an explicit exemption for investors. Also, PR is lost after 12 months of absence. So, you need to spend at least 1 day a year in the EU.
I don’t this is the case for the golden visa. Most of what you mentioned is for the normal naturalisation route.
Bulgarian is the easiest slavic language
Hey man, as someone who applied to this program with my family, I can tell you with complete confidence that you need to (1) Pass the Bulgarian language test (2) Renounce your other passport once you get your Bulgarian Passport (3) Possess an income or occupation enabling you to subsist in Bulgaria.
Also, these were the points that my lawyer in Bulgaria told me so I'm just relaying the information. I could be wrong but I hope it helps someone who might be looking to know more about this program.
P.S. My application was rejected and there were some 5-6 families that applied with me whose applications were also rejected and no valid reason was given by the government as to why it was rejected. A lot $$$ was wasted on our part as well.
I see remarkably few Asians in Bulgaria (East Asia + South East Asia).
On average, about 1 person per month.
But the country is very friendly towards people regardless of appearance, so that's not a concern.
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500k instant and passport after 5 years , i guess the wait period is too long. Policies can change over night.
Exactly. Sounds like ponzzi scheme.
Very true
I have seen there website and multiple lawyer there it takes 1 years for that. Bulgaria doesn't give lot of citizenship like Portugal or malta.
I had Bulgarian lawyers who were actually referred to me that tried to charge me $3,000 for a $300 service.
Even the government is former Mafia. What do you expect?
I was just thinking about you and this video is up
Thank you, as always, Rafael. Really appreciate your content.
What potential future countries are likely to be invited/join the schengen area. Is it worth an investment with the potential countries prior to the joining. Would the investment be lower and maybe quicker to obtain citizenship?
Cheers Alan
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But Bulgaria doesn't allow dual citizenship. The dual citizenship option available only for native Bulgarians
Only for natives, other EU citizens, and people who are spouses of Bulgarians
I guess for those who apply for the golden visa, dual citizenship is allowed
@@WealthyExpat you guess
Dude I have Bulgarian roots, my father has Bulgarian passport but I don't, and it took over 5 years to get the citizenship, so it isn't as fast as you said (At least with roots)
can you get it with real estate investing? have you looked at other countries in the region like albania, macedonia
Never visited that country, it definately needs major development thats for sure, and promotion.
Malta is the safer bet .. 1 year passport compared to SPAIN 5 YEARS!
Hey, you really miss something out. There is now a proof of Bulgarian language pro efficiency requirement, and a renunciation requirement; as Bulgaria does not allow dual citizenship under this band. Under the Bulgarian Citizenship by Exception/Special Merit; the language requirement doesn’t apply and dual citizenship applies.
Thanks,Rafael. I think 5 years is too long of a wait! With 300K more, someone can get the US green card and be eligible for the US citizenship in 5 years! I know that the US passport disadvantage is worldwide income tax, but at least it is a country that you can live, study, and work in. As such, I think that the Caribbean passports by investment is still more lucrative, compared to this Bulgarian new program, it is cheaper and allows travel to quite big range of countries. I might be wrong, but this is how I see it for now.
also us is english speaking which for 99% of people looking to invest, rather invest in that. foreign languages are a pain in the ass to deal with for the wealthy. alternatively u can get a canadian passport in 3 years and visit america for 6 months visa-free which is probably faster & easier than american passport
@@pures1n Agree, English language is a huge advantage as well.
Why would you want to be a US citizen and pay tax to the US government wherever you go for life…. Savvy US citizens are looking to get out of the US, whilst folks from poorer nations are still looking to get in
@@NigelHyphenJones america is a special place, with more opportunities than anywhere else actually to make it big, of course if what you do doesn't rely on america then obviously it isn't the choice for you. but for a lot of people their skillset would fall within america to make them wealthy
@@pures1n That's very true, for example, if you are a lawyer or a doctor, the money you will make in the USA cannot be compared to any other place in the world. You can definitely be well off in the USA by being a lawyer there compared to other places around the world, like France or the UK or South East Asia. The working environment in the US is cut throat, but at the end the return is better.
I’ll rather go with the Malta or Caribbean route. Safer bet and it’s shorter.
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Thanks Rafael!
Is it just me or have all of these "golden visa" programs significantly increased in the last couple of years? From SE asian countries to europe and in between these prices are huge, 250K euros just for the visa not even including moving, living expenses paperwork legal etc is not doable for most people.
The number of programs does seem to be rising, but the quality of programs in general isn't as high as it used to be.
For example, well-regarded countries like Singapore used to be quite popular, but the Singaporean government has now made it very difficult even for the 'average' millionaire to move there. In Colombia you used to get instant permanent residency if you bought a home there - not anymore. The UK's non-dom program would also be axed once Labour is in power.
As for the prices, wealth in recent years has increased a lot among the millionaires of the world, so they have a lot more money now to spend on golden visas than they did before. These programs are only for those that can easily afford all the legal expenses.
Europe has always been the place, but easiest way become way more expensive!
If you can afford it, then go for it..
Great content.
Sir kindlly tell me Which is very cheap and tex free country in near india
Will they ever get ESTA to the US?
It is quite the jump, but I’d rather just invest in Malta which is already proven to work and much faster to receive citizenship. Paying half the price but receiving twice the headache just isn’t worth it in my opinion.
Money to be invest?
What if you are already a EU citizen? But would like to become Bulgarian resident (no passport needed)? What is the best and easiest and cheapest way to do that?
doesn't make any sense, if you EU citizen you want to live in Bulgaria? you just rent a place and live there you don't if you don't want the passport
@@Z-ns8ln no passport, but I want to become a resident. What should I do then?
I just want the permit residency
EU is usually pissed about CBI and will likely pressure Bulgaria into a strict "do not even dare to accept applications from" list of countries.
For cbi only not for golden visa. Portugal has same 7days. A years. Still it is there. For cbi it can bit for golden visa nahi. Granting residency and citizenship is on the country not eu.
will australia be apart of that list
Me, as a Nigerian, going "From jollof rice to banitsa.
🇳🇬➡️🇧🇬
Lagos to Sofia Let's do this! 💪🏾💼 #NaijaToBulgaria #CitizenshipGoals"
Caribbean is the best so far
What are your thoughts about the malaysian: My 2nd home program?
do you need to renounce current citizenship? (non EU)
If this is still valid, yes:
"Dual citizenship (also known as dual nationality) is permitted in Bulgaria only for native-born citizens. This means that naturalized citizens are required to give up all other nationalities."
From my understanding the golden visa provides an exemption around the normal naturalisation rules that do require renunciation.
@@RomilCPatelDo you have a citation for that?
Do you have problems visiting the US?
You will need a visa for the US.
@@kays1370 I was wondering if it was hard to get visa.
@@workinprogress3609 Oh my mistake, I wouldn't know if is hard to get a visa to come to the US.
hehehe I'm Bulgarian !
Hey, you missed something here. You need to learn the Bulgarian language.
Rafael the best Which ever told was Mexico. The investment never will be returning to you from Bulgaria
no thanks
did you know people who received the greece citizenship? i have haven't heard a single legitimate claim to it. this bulgarian citizenship sounds it's on the verge of changing, only the appeal of MAYBE proposaL
You will be very sorry at the end of your 5 years waiting time😂😂😂 Your citizenship application will be put on an eternal waiting list😂😂😂
Americans retiring abroad: because life's too short to spend all your golden years stuck in traffic.😅
the editing that doesn't allow for natural lulls between sentences is annoying
Nope
Yep. Turkish citizenship would be a better idea for someone with a username Turk.
too bad they are always too much money
Bulgaria is dreaming. LOL
Hahaha I will see how you will wake up when you”ll move to belarus lol
If i have 500k i will be stupid to invest and go there😂
Why? Is Bulgaria that bad?