Pre-Approval Process for the Bulgaria Golden Visa

The new Bulgaria Golden Visa program requires a due diligence procedure before any investment is made, unlike the previously cancelled Bulgarian Citizenship by Investment program. This ensures transparency and significantly reduces the risk of disappointment.

If an applicant does not meet the program’s requirements, they will receive a decision before making a significant investment and effort. Therefore, no investments should be initiated until receiving official approval from the Investment Agency.

Any investments made before pre-approval carry the risk of invalidation, requiring the applicant to repeat the investment process at their own expense.

Required Documents for Pre-Approval with the Investment Agency

To proceed with the pre-approval process, applicants must submit the following:

1️⃣ Copy of ID Document

  • The ID document must be valid for at least six months.

2️⃣Bank Reference Letter

  • A bank reference letter must be provided from an account held in the investor’s name, showing a balance of at least €512,000 in EUR, which corresponds to the minimum required investment for the Fund..
  • Please note that the investment must be made from the same bank account provided and verified during the pre-approval stage.
  • The bank must be located in a country fully compliant with FATF (Financial Action Task Force) standards. You can check compliance by referring to the official FATF “black and grey” lists.
  • The bank reference letter must be properly legalized in accordance with applicable regulations.

3️⃣Source of Income

There are no restrictions on the source of funds, provided they are legally obtained and supported by appropriate documentation. All documents must be submitted in original hard copy format and duly legalized. Acceptable sources include (but are not limited to):

  • Dividends – A financial statement for the fiscal year in which dividends were distributed.
  • Inheritance – A certificate proving the applicant’s legal status as an heir.
  • Sale of Property – A notarized or certified property sale agreement.
  • Employment Income – Employment contract and/or recent payslips.
  • Investments – A brokerage account statement showing the nature and value of the investment (e.g., crypto, ETFs, stock indices).
  • Other Legitimate Sources – Any other verifiable and lawful source of funds.

Multiple sources of income may be combined to meet the minimum investment requirement of €512,000.

4️⃣Declaration of Anti-Money Laundering (AML) Compliance

  • A standard declaration prepared by our team, based on your professional and business background.
  • This declaration must be certified.

5️⃣Declaration of Politically Exposed Person (PEP) Status

  • A basic declaration confirming whether the applicant is a Politically Exposed Person (PEP).
  • This extends only up to the second-degree relatives.
  • Example: If your uncle is a President or Prime Minister, you are still eligible to apply.

6️⃣Employment, Business, Investment Background and CV

  • You are not required to provide documentation for all of the above sectors. Instead, you may focus on your most notable achievements and any information that highlights your strengths and positively supports your application.

7️⃣Criminal Record Certificate (No Criminal Conviction Certificate)

  • The document must be issued by both:
    • Your home country
    • Your country of permanent residence (if different)
  • It must be valid for at least three months at the time of submission and legalized in the issuing country.

You are not required to provide a criminal record certificate from your country of permanent residence unless you intend to apply for the D visa from that country.

This certificate will also be required later for D Visa and Permanent Residency application. Ideally, the certificate should be valid for at least six months, allowing smooth progression through all stages of the application process.

8️⃣Power of Attorney (POA) – The process requires certifying a POA, which grants our team authorization to assist you with the pre-approval stage. No physical presence in Bulgaria is required and the entire process is completed remotely on your behalf.

Eligibility for Applicants with Previous Convictions

The Bulgaria Golden Visa program may still be available to individuals who were previously convicted if their criminal record has been erased through a legal rehabilitation process.

Erasure of Conviction (Rehabilitation):

If you have previously been convicted in your home country and have served your sentence, there may be an option to erase the conviction and obtain a clean criminal record, regardless of your past legal history. This process is commonly referred to as Erasure of Conviction or Rehabilitation.

Upon completion of a sentence, rehabilitation is intended to eliminate both the legal consequences and the social stigma associated with a criminal conviction. In practice, this means the conviction is removed from official criminal records and will not appear on your certificate of criminal record.

Please consult a legal advisor in your home country to determine whether this process is available and applicable in your specific case.

Pre-Approval Costs

Our team will assist with the Pre-Approval stage at no additional cost if you choose to invest in a Fund managed by Bulgaria Fund Management Company.

  • You are only required to make a non-refundable deposit of €2,500 as a commitment.
  • If you decide to invest with another fund management company, we will charge our standard service fees, deducting the €2,500 deposit from the total cost.
  • If you continue with Bulgaria Fund Management Company, your fund management fees for the first year will be reduced to offset the €2,500 deposit.

 

If you have any questions about the Bulgaria Golden Visa pre-approval process, eligibility requirements, or need assistance with the necessary documents, feel free to contact us! 🚀