New analysis by Posolstvo.eu
A new analysis on the need for preliminary approval when applying for a Bulgarian Golden Visa has been published on the Posolstvo.eu website. The authors explain why, in practice, a procedure is required that is not actually clearly provided for in the law.
What is preliminary approval for investment?
Investors often ask whether they need to obtain preliminary approval for their investment in order to start the Golden Visa procedure. The question arises because such a requirement is provided for in the Regulations for the Implementation of the Foreigners Law. Without preliminary approval from the Bulgarian Investment Agency (BIA), the administrative authorities refuse to even accept the applicant’s documents.
What does the Foreigners Law require?
The Bulgarian Foreigners Law provides for the check and evaluation of investment documents by the Bulgarian Investment Agency (BIA). This includes checking the origin of funds, accounts, documents, and other evidence. However, the legislation does not expressly require the agency to give “preliminary approval” but only to carry out checks and evaluation.
Discrepancy with subordinate legislation
The regulations governing the process stipulate the need for preliminary approval and coordination with the Ministry of Interior and the State Agency for National Security. However, this contradicts the law and creates uncertainty for investors, as the authorities in practice refer precisely to the regulations.
What happens in practice
The authorities often require preliminary approval, even though the Foreigners Law does not provide for this. This hinders the Golden Visa procedure and places applicants in a situation where they must comply with a requirement that has no clear legal basis.
For more information
You can read more about the case in the article Preliminary approval for investment, Ministry of Interior and State Agency for National Security.