Bulgaria Golden Visa preferred over Portugal

Why the Bulgaria Golden Visa is Preferred Over the Portugal Golden Visa

The Bulgaria Golden Visa offers significant advantages over the Portugal Golden Visa, making it the preferred choice for investors. It is possible that the high commissions paid by real estate developers and fund managers to promoters of the Portugal Golden Visa program overshadow the benefits of the Bulgarian Golden Visa program.

Indefinite Permanent Residency in Bulgaria

Bulgaria grants indefinite permanent residency status with a residency card valid for 5 years. You are not required to visit Bulgaria annually to maintain your permanent residency! This makes the process simpler and more stable for investors, as there are no frequent renewals or compliance checks required once permanent residency is granted.

Frequent Renewals and Compliance in Portugal

In contrast, the Portugal Golden Visa program requires multiple renewals of the residency cards. The first residency card is valid for 2 years, during which you have to spend at least 7 days in Portugal in the first year and then 14 days during each subsequent two-year period. You need to renew your residence permit three times within a 5-year period, each time requiring the resubmission of up-to-date documentation (e.g., criminal records), biometrics, and paying the necessary application processing fee. This frequent renewal process hides risks of denials. If any legal issues arise, such as being sentenced during the 2-year period, you may be unable to renew your Golden Visa.

Cost Comparison of Golden Visa Programs

Additionally, the Portugal program is offered at approximately 15,000 EUR for the main applicant and 5,000 EUR for each family member, making it quite expensive compared to Bulgaria’s program, where you can handle your entire family’s application within a service fee of 15,000 EUR, including all state and related fees.

Investment Value in Bulgaria vs. Portugal

The 500,000 EUR REIT Fund investment in Portugal may not bring much profit. The Portugal real estate market has been booming for so long that there is little room for further growth, especially considering higher interest rates and the expected worsening of the financial markets in Western Europe.

On the other hand, Bulgaria shows promise for continued growth in its property market, mainly fueled by Bulgaria’s accession to the Schengen zone in April 2024, and the upcoming conversion of the Bulgarian lev to EUR in 2025. Additionally, Bulgaria offers the lowest taxation in Europe, making it an attractive manufacturing hub. This natural economic growth, rather than artificially fueled by negative interest rates, further enhances the investment environment.

Superior Value with Bulgaria Golden Visa

While the Portugal Golden Visa program may appear attractive, the Bulgaria Golden Visa program offers a simpler, more stable, and cost-effective solution for investors. The lower service fees, fewer renewals, and indefinite permanent residency status make Bulgaria a superior choice for those seeking long-term residency benefits. Additionally, permanent residency holders can apply for Bulgarian citizenship upon reaching an A2 level of proficiency in the Bulgarian language.