Attorney Joel Nagel speaks at the Offshore Wealth Summit about a new European program for residency in Bulgaria and the potential for obtaining second citizenship there. Nagel describes how the very fact that the program is new is what makes it attractive. He contends that Bulgaria is the best deal on the market for those interested in a European passport. Since the country is a member of the EU, it gives its citizens the ability to live and work anywhere in Europe. Using the phrase “capital flows to where it is treated best,” he asserts that countries looking to attract capital have to come up with a good deal. Bulgaria, he argues, has been doing just that with the lowest personal and corporate tax rates in Europe, including just a 5% dividend tax.
Bulgaria had been part of the Ottoman empire and was controlled by the Turks from the 14th to the 19th century. Although it was a Soviet country until 1989, it has since been making significant strides towards the West, becoming a member of NATO in 2004, joining the EU in 2007, and working towards becoming a member of Schengen.