Bitcoin has gone mainstream. And Bitcoin knows no borders. But are there any particular things to consider when it comes to dealing with BTC in Bulgaria?
Spread margins in Bulgaria – way too high
Buying and selling BTC through Bulgarian intermediary is expensive, very expensive. At times, the spread between buy and sell can exceed 10%.
There are many international scammers who will lure you with “irresistible offers” to buy BTC in Bulgaria at sharply reduced prices. They may tell you that the “mining costs” in Bulgaria are so low that BTC can be bought with 50% discount. Of course, all this is plain scam and you will be deprived of all your money. VD&A is assisting many victims of similar scams, so you can contact them for assistance.
Bitcoin is legal in Bulgaria
Bulgaria is not El Salvador and Bitcoin is not legal tender in the EU country. However, Bitcoin is perfectly legal as financial asset and is taxed the same way as shares and bonds are taxed.
Bulgarian banks don’t like Bitcoin
This is no surprise of course, but banks don’t like clients who deal with Bitcoin. Bulgarian banks are no exception. It may happen, probably it will happen, that the bank in Bulgaria may close the account of anyone who is heavily involved in BTC transactions.
Bitcoin can be used to obtain Bulgarian citizenship (fake news or not?)
Bulgaria and Malta are the only two EU countries who have citizenship by investment programs. And on the internet, there is a lot of talk how Bitcoin can be used to get Bulgarian passport. Unfortunately this is not quite true. However, the new citizenship law and the law of foreigners from March 2021 do have some provisions that can be exploited in this respect. Please contact us for further information on whether Bitcoin can be used to obtain Bulgarian citizenship by investment.