Bulgaria and Romania’s Inclusion in Schengen Facilitates Visa-Free Travel by Air and Sea for Residence Permit Holders Starting April
The European Union has reached an agreement with Bulgaria and Romania, as evidenced by the adoption of the Council Decision on December 30, 2023. This decision, formalized by the EU Council, paves the way for Bulgaria and Romania to conclude their integration into the Schengen zone.
Commencing March 31, 2024, Bulgaria and Romania, along with EU member states and associated countries such as Switzerland, Norway, Liechtenstein, and Iceland, will abolish identity checks at their respective internal air and sea borders. This landmark development is expected to streamline travel, fostering increased tourism and enhanced business prospects across the participating nations.
The elimination of routine border checks represents a significant enhancement in the travel experience and operational efficiency for international travelers.
Notably, Bulgarian and Romanian visas will now carry Schengen recognition, affording travelers unrestricted access to the entire Schengen zone, which comprises 27 European countries.
Furthermore, the Council Decision has implications for foreign nationals holding residence permits in Bulgaria and Romania. Certain provisions of the Convention implementing the Schengen Agreement of June 14, 1985, will now apply to these two countries.
According to Article 21 of the Convention, individuals with residence permits in Bulgaria and Romania can now travel visa-free within the Schengen Area for a duration of up to three months. This privilege is extended to aliens possessing valid Bulgarian or Romanian residence permits and valid travel documents, namely passports.
Bulgaria presents an attractive avenue for non-EU nationals seeking permanent residence. By investing BGN 1,000,000.00 (approximately €512,000.00) in approved Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs), applicants can secure residence in Bulgaria. The designated investment vehicles must possess a net asset value (NAV) of at least BGN 5 million, with a primary focus on investments within Bulgaria. These funds may either be pre-existing products or tailored to meet the specific requirements of individual investors or small groups.
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