Buy a ready-made business in Bulgaria or create your own?
Prices for an existing business in Bulgaria can seem very attractive to a Russian citizen. $ 80 thousand for a cafe in Sofia. A dairy plant in the suburbs of the capital for only $ 3 million. Or a small hotel for $ 700 thousand. These are real offers. Having made such an acquisition, the entrepreneur receives not only the possibility of a stable income, but also a residence permit in one of the EU countries with the prospect of citizenship.
Two circumstances need to be carefully considered:
- firstly, not every entrepreneur has such money;
- secondly, there is a natural doubt about the reasons motivating the sale of a “cash cow”, which brings a stable profit.
Therefore, before concluding a transaction for the purchase of a ready-made business in Bulgaria, it is necessary to carefully study the financial situation of the enterprise. It is also highly desirable to understand the intricacies of core production.
Our hot tip is to hire a trusted local consulting firm to help you with the deal. And we recommend VD&A, a consulting and law firm specializing in dealing with immigrant cases and corporate services for foreigners.
Troublesome, but more reliable – to create your own company.
How to get citizenship? (Do you remember VD&A?)
A foreigner legally living in the country can establish his company in Bulgaria (he can do it even if he does not currently live in the country). In order to obtain fast-track citizenship, an applicant must meet one of the following three criteria:
- be a Bulgarian by nationality or marry a representative of this ethnic group;
- be of interest to the country as an outstanding and recognized figure in science, art or other fields of activity;
- meets the criteria for participating in the Citizenship by Investment Program (CIP).
In other cases, you can’t count on the quick receipt of a Bulgarian passport.
After five years in the country with a residence permit (residence permit is issued for a year with an extension), a foreigner can apply for permanent residence status (permanent resident).
It`s provided to persons of the following categories:
- ethnic Bulgarians;
- adoptive parents of Bulgarian orphans;
- investors with a total amount of $ 500 thousand;
- wealthy retirees.
Ethnic Bulgarians living in other countries prove their nationality. An appropriate check is carried out by the immigration service (office in Sofia) after providing the following documents:
- application (petition, in Bulgarian “pleas”) for citizenship;
- national and foreign passport (plus copies);
- color photographs (for documents, format 3.5×4.5, 4 pcs.);
- birth certificate (a copy is certified by the immigration service) of the applicant and his Bulgarian relatives;
- certificates of no criminal record (in the original);
- details of family members and immediate family members;
- medical certificates (form 286 stating that the applicant does not have AIDS, sexually transmitted diseases and is mentally healthy).
So, an ethnic Bulgarian, having passed a number of instances, can obtain permanent residence, and later citizenship. All the rest had to act according to the scheme: residence permit – permanent residence – citizenship (if such a task is set).
A petition for a residence permit is possible after the registration of an enterprise of any form of ownership, except for an individual entrepreneur (sole trader, ET, in Bulgarian – sole trader).
But for this, you must first enter the country with a special business visa, issued on the basis of an invitation from business partners. Its conditions require a short stay. Allocated time should be used as efficiently as possible to design your own business. After this, you should get an immigration visa type “D”, allowing you to stay in Bulgaria for a long time.
The next stage
The next stage is the status of a resident, that is, a permanent resident. Permanent residence gives almost the same rights as a citizen, with some exceptions (participation in elections, military service, etc.) that do not affect the conduct of business.
To be Continued…