OECD issues consultation documentation regarding the investment schemes involving misuse of residence for circumventing the Common Reporting Standard

A growing number of jurisdictions are offering Citizenship by investment (CBI) or Residence by investment (RBI) schemes allowing foreign citizens to obtain local citizenship or permanent or temporary residence rights in order to take advantage of the local flat fees or in exchange for local investments. These individuals may be interested in these opportunities for a number of legitimate reasons such as taking advantage of visa free travelling, increased mobility or better job or educational opportunities, or the choice of living in an economically stable country. But at the same time the information which is released on the market and obtained by the OECD CRS public disclosure facility stresses on the various RBI and CBI misuse schemes which are aimed at circumventing the requirements for reporting under the Common Reporting Standards (CRS).

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Bulgarian temporary residence permit – Questions and Answers

What are the benefits of getting a Bulgarian temporary residence permit?

  • Foreigners will get a Bulgarian ID card allowing their stay in Bulgaria and multiple entries into the country.
  • Your Bulgarian ID card can be extended for up to 5 years and foreigners can later apply for permanent residence and full citizenship.
  • Access to a simpler visa process for Schengen Zone.
  • You can take your family to Bulgaria.

What duration of living does a temporary residence permit allow me in Bulgaria?

A Bulgarian temporary residence permit allows you to stay for either 6 or 12 months. You can renew yearly for up to 5 years.

When do I become qualified to apply for a Bulgarian permanent residence permit?

To be eligible for a permanent residence permit, a person should hold a valid Bulgarian temporary residence permit for a minimum of 5 years. Foreigners can get their temporary residence permit through the trade representative office in Bulgaria. The permit is issued for a duration of one year and can be renewed annually for up to five years.

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