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Bulgaria: Country and Foreign Investment

Entry and Residence

As a member of the European Union, Bulgaria has started the process of moving towards membership of the Schengen Area, thereby easing border controls. This is expected to happen in 2013 at the earliest.

If a person wishes to reside in Bulgaria for a period in excess of 180 days, a residence permit will be issued. A long-stay visa must first be obtained. The authorities can issue either a long-stay residence permit or a permanent residence permit, though the latter requires that the person has first been resident for a period of five years.

Anyone resident in the country for more than 183 days in a calendar year will be classed as a resident for purposes of tax and will therefore be liable to pay tax on their income in Bulgaria and worldwide. Double taxation treaties with several countries should ensure that tax is not paid twice on the same income.

 

 

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