The most compelling Passport Program… which you can get with Bitcoin and other cryptocurrencies
Flag Theory Weekly Letter – Thursday, July 5th, 2018
During these last 6 years, we have talked continuously about how powerful is to get the Second Passport.
Depending on where you were born your opportunities, business restrictions and individual freedoms may vary.
Moreover, being tied to a single country exposes you to the future of that country. The aforementioned opportunities, restrictions and individual freedoms of that country may vary over time.
A second citizenship and passport can be your freedom insurance.
It can open the door to a large number of countries and potentially eliminate travel restrictions your native passport has.
With a second citizenship you are no longer subject only to the wrong political and economic decisions of a single country, if something goes wrong you always have a place to go and call home.
Some citizenships can even empower you with the ability to freely move, live and work in 27 countries.
Bulgaria is one of those citizenships, being one of the few EU countries which actually has a fast-track citizenship by investment option.
Bulgaria is perhaps the most compelling citizenship by investment program that exists today.
And, through Flag Theory, you can acquire Bulgarian citizenship paying with cryptocurrencies…
Bulgaria Citizenship by Investment Program
First, let’s look at what are the requirements are to obtain Bulgarian citizenship.
The country grants permanent residency to individuals who invest EUR 512,000.
After one year, permanent resident investors are eligible for citizenship provided that they make another investment of EUR 512,000.
This means that in 18 (6+12) months you can become an EU and Bulgarian citizen with all the benefits that it entails.
Investment can be in non-interest bearing government bonds, Bulgarian listed companies or government-owned companies. Government bonds are currently the most popular choice. The investment holding period is 5 years.
There is no physical residency requirement and spouse and descendants can apply for permanent residency/naturalization right after the main applicant receives theirs.
At Flag Theory, we offer you a series of financing products to make this program the most attractive worldwide.
If you do not have enough liquidity to face a cash outlay of EUR 1,024,000, we can help you obtain financing for your bond purchase for a one-time fee of EUR 270,000 which also includes all legal, government and processing fees.
If you want to acquire a physical asset, you can look at unique properties which have an underlying financing of equity.
With an investment of EUR 412,000 in two apartments in Bulgaria’s capital Sofia, you will receive your permanent residency within 6 months and your citizenship within 18.
If you are looking for more sophisticated options, you can invest in a fully secured Unit Linked Life Insurance with an underlying investment in Bulgarian Government Bonds.
These Life Insurance products have been designed together with a Swiss Family Office, a major insurance provider, and insurance brokerage companies.
The available insurance investments that lead to citizenship are EUR 750,000 (via financing) and EUR 1,500,000. Here is where it becomes more interesting for crypto investors.
Obtain a Bulgarian Passport Bitcoin and other Cryptocurrencies
The cryptocurrency space has generated billionaire profits during the last 5 years. Early adopters have their investments increased up to 100x, 1000x and even 10000x in some cases.
During the last years, we have received dozens of inquiries of wealthy crypto investors looking for options to cash out their profits, especially in jurisdictions that allow them to protect their assets.
That is why in Flag Theory, we have been working to finally be able to put at your disposal a unique product:
A cryptocurrency investment of EUR 750,000 (via financing) or EUR 1,500,000 in a Life Insurance that will lead you to Bulgarian Citizenship in as little as 18 months.
Our Life Insurance company allows you to directly pay into their crypto wallet held in a fully licensed bank.
Once the Life insurance premium invoice is settled in crypto, it will be converted to EUR to purchase the underlying government bonds.
This means that if you have abundant crypto liquidity and you are looking for a second passport option, Bulgaria and our Life Insurance product is what you are looking for.
You can pay some portion of your investment in crypto and other in fiat, or, if you wish, you can keep the remaining part of your Life Insurance investment in crypto.
This product is unique throughout the world. You won’t be able to find another program in which you can obtain an EU passport by using your crypto.
What you get with Bulgarian Citizenship
With your Bulgarian passport, you will enjoy visa-free travel or visa on arrival to 169 countries, including the Schengen Area, Turkey, Australia, New Zealand, Southeast Asia, Japan, South Korea, South America, Mexico, and the Caribbean, among others.
You will have access to the European market and freedom of movement.
You will have the right to settle and/or do business in any EU/EEA country or in Switzerland, including the right to buy land.
Bulgaria is also qualified to be a member of the Schengen Area.
Your children will have access to the educational system in Bulgaria and other EU member states and you and your family will have the right to obtain medical care and social benefits in Bulgaria and in the European Union.
In addition, unlike other residency and citizenship programs, there are no physical residency and language skill requirements to obtain or maintain your naturalized citizen status.
Although there is no physical residency requirement and acquiring Bulgarian citizenship does not automatically make you a tax resident, you might want to set up your home base there considering that it has one of the most tax-friendly environments in the EU.
The following is not tax advice and you should always consult with a qualified tax advisor for your specific circumstances and situation.
But, if you spend more than 183 days per year in the country and you qualify as a tax resident you may pay as little as 10% for your worldwide income and capital gains, and as little as 8% and 5% for your interest and dividend income, respectively. Bulgaria does not have Controlled foreign company laws.
In addition, capital gains derived from companies listed in the Bulgarian or a European regulated stock exchange and those from properties held 3 years (1 property) or five years (other 2 properties) may be tax exempt.
There is also no inheritance tax in Bulgaria.
The Bottom Line
Bulgaria’s immigration by investment program together with our unique financing products may be the most compelling second passport option that we know of.
Now, through Flag Theory, you can cash out your crypto profits and obtain a second citizenship in an EU low tax jurisdiction.
Although other EU citizenship by investment options are available, namely Cyprus and Malta, you must invest about EUR 2.5-3M (Cyprus) or EUR 1.2M (Malta), being EUR 650,000 a non-refundable contribution.
Bulgaria’s investment is EUR 1,024,000, but through Flag Theory, you can get it for a total cash outlay of EUR 270,000.
You can get citizenship investing in a property. Or you can look to some of the Life insurance products, with which you can optimize your returns.
And above all, in Malta and Cyprus (and in any other country) you cannot pay with crypto…
For further information, you can consult our dedicated guides and brochures, or contact us, we are happy to go through the program’s details with you.
- EU, Bulgarian Citizenship by Investment Program
- EU, Bulgarian Citizenship by Investment Product Overview
- EU, Bulgarian Citizenship by Investment Case Studies
- EU, Bulgarian Permanent Residency and Citizenship Procedure
- EU, Bulgarian Citizenship by Investment via Property
Would you like to receive the Flag Theory Weekly Letter in your email?
NOTICE: The contents of this article are not to be considered as a legal opinion or tax advice and should not be relied upon as such. Far Horizon Capital Inc does not hold itself out as a legal or tax advisor. If you wish to receive a legal opinion or tax advice on the matter(s) in this article please contact our offices and we will refer you to an appropriate legal practitioner. Use of our website FlagTheory.com is subject to our terms and conditions.