Attorney Joel Nagel ( talks about a newly inaugurated European Visa Program in the country of Bulgaria. The best time to take advantage of a government program is during its inception since, if it becomes a success, newer rules and roadblocks will be added to the program to make sure less people become a part of it – like in Costa Rica.
— This lecture was given at the Offshore Wealth Summit, in June 2017. For information about the 2018 conference visit —
Bulgaria may not be the first place you think about when you think about Europe, but it is a country rich in history and culture. The Eastern European country was an important part of the Ottoman Empire for over 500 years. After gaining its independence, Bulgaria went through many different shifts in its government structure. Between 1946 and 1989, Bulgaria held a communist regime, at one point forming part of the Soviet Satellite. In 1990, Bulgaria began to adopt more western tendencies and officially became part of the European Union in 2007. You’ll find that attorney Joel Nagel is an avid historian and a big fan of Bulgaria.
The main reason Bulgaria decided to adopt this program is to attract capital – capital flows where it is treated best. Bulgaria’s Residency and Second Citizenship Program is very similar to the programs offered by some of the Caribbean Islands. In fact, St. Lucia’s bond program was modeled after Bulgaria’s program.
At 10%, Bulgaria has the lowest personal and corporate tax rates in Europe, along with a 5% dividends tax rate. Many German citizens have already begun to take advantage of this program, as can be noticed in some of Bulgaria’s big cities, which already display signs spelled in German. Local towns have had to adapt to the sudden influx of German residents.
Following is the basic documentation needed to apply for Bulgaria’s Residency and Second Citizenship program, according to attorney Joel Nagel:
A valid passport, both a marriage and a birth certificate, a CV, documents showing your educational background, employment letter, bank reference letter, police clearance report and an FBI clearance report. These documents may vary according to your situation, but this is usually what will be asked of you.
In order to qualify for the program, you must prove that you possess more than One Million Euros in Assets. The program does not cost a million euros, you only have to prove they are in your possession. You will be asked to present your Bank Statements, Corporate Documents, stock certificates, titled property deeds, and any other proof of wealth.
There are a number of ways to obtain residency status in Bulgaria, and multiple ways to qualify for citizenship, but one of the most interesting is to invest in a government bond for a period of 5 years. To qualify for this program you must invest 1,000,000 BGN or $625,310 (depending on the exchange rate) in government bonds. The interest you generate for government bonds in Bulgaria is close to 2%. This 2% interest goes directly to the government, at the end of the 5 years you get your investment back. This whole process takes approximately 14 months.
Another program is called Fast Track. In this program you must invest at least half a million Euros and obtain no less than 50% of a Bulgarian Company. You need to create and maintain at least 10 jobs for Bulgarian Citizens under a labor contract. After this is done you receive both a green card and a citizenship.
It is important to take advantage of this program, as with many similar programs in other countries the requirements become stricter with time.
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