Bank account in Bulgaria

WHY YOU SHOULD OPEN A BANK ACCOUNT IN BULGARIA in 2024?

Chances are, you haven’t considered banking internationally and it’s probably because offshore bank accounts have a chronic association with corruption and shady practices.

However, opening a bank account in Bulgaria, and in general abroad, has many advantages that are worth considering. 

1

INTERNATIONAL BANKING OFFERS POLITICAL RISK DIVERSIFICATION 


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2

YOU WON’T LOSE ASSETS THAT EASILY 


Is your government broke? 

The United States is an absolute champion of debt, having run up a tab of $127 trillion dollars in national debt and unfunded liabilities. It’s a ticking time bomb, really.

Governments have a history of needing more than their citizen’s tax money to pay their bills. And if the situation is bad enough, they don’t shy away from targeting your personal assets.

Don’t believe me? It’s happened, rather recently, in Cyprus, Ireland and Poland.

3

DIVERSIFY THROUGH CURRENCIES 


The western world is in a ‘currency war’ that’s destroying trillions of dollars of wealth held by high-net-worth individuals like you. 

Sure, holding hard assets like gold and silver is a good way to diversify. But are you up for even more risk and reward?

4

TAX OPTIMIZATION BECOMES MORE ATTAINABLE 


An international bank account can enable you to enjoy the tax benefits of a holistic wealth diversification strategy. 

Chances are you’ve landed on this page because you’re interested in lowering your tax burden in a completely legal way.

OPEN A BANK ACCOUNT IN BULGARIA

Bank account in Bulgaria

Our Law Office undertakes the procedure for opening a corporate or personal bank account in Bulgaria.

You do not need to have a company in Bulgaria to open a bank account in Bulgaria. Individuals can also open a bank account in Bulgaria, have e-banking and a withdrawal card ONLY with the indication of their identity card or passport. At the same time, a bank account can be opened for companies that do not have their headquarters in Bulgaria.

Opening of a bank account in Bulgaria

The process of setting up a bank account does not require the physical presence of the person and can be done remotely. Our Law Office offers the service of opening of a bank account in Bulgaria, saving you time and money. There are currently about 30 banks operating in Bulgaria, 6 of which are branches of foreign banks. The rest are fully licensed and conduct international transactions. There is an increased use of credit and debit cards as well as e-banking.

  • Free constultation
  • Translation if necessary
  • Representation before the Bank
  • Business account
  • Personal account
  • e-banking to have access 24/7 from around the world.
  • International Bank Card

WHAT WE OFFER?

Steps of opening of an account

  • Contact us and send ou your ditails
  • We will send you a power-of-attorney in two languages (english and bulgarian) for you to notarise.
  • Send us the power-of-attorney along with our expenses.
  • Within a week you will recieve a confirmation that your account has been opened.
  • Within 10 days you will recieve e-banking codes.
  • You will operate you account though your phone by recieving an SMS by the Bank.
  • Personal account: 800
  • Bank account of local company: 1000
  • Bank account of a company registered by our Office: 500
  • Bank account- foreign company: 2000

PRICING

General Information

Personal and business bank account opening

In order to open aCurrent Bank Account in Bulgaria you would need to go through a few hurdles but with our help this would be an easy task to be accomplished. Since 1st August 2019 banks are known to refuse to open personal bank accounts for non-residents and you would be required to hold a residency permit in order to open a personal bank account. If you don’t have one we would be happy to assist you with obtaining a residency permit 

Account can be opened in different currencies – BGN, USD, EUR, GBP and CHF.            

If you have any questions or queries please contact us using the form, email or telephone.

It can be a burdensome exercise if you are not aware of the laws that banks have to follow and their internal policies and requirements. We have a number of years of experience with large and medium sized banks in Bulgaria such as UniCreditBulbank Bank, Raiffeisen Bank, First Investment bank, ProCreditBank and others. Through our legal practice we have managed to help a number of foreign and Bulgarian Nationals to open a Business Bank Account and manage their finances.

 

For business accounts: During the opening process the banks also require information about your clients, invoices, expected payments in and out of the account. Banks may also require the Articles of Incorporation of the company. Once opened the account is usually monitored for the first year to check whether the information matches the reality of the day-to-day transactions.

 

If all of the above sounds too complicated for you, we would be happy to help you with opening a Business Bank Account and should you need help with the physical management of the bank account we can prepare a Powers of Attorney in accordance with your instructions where you would authorise someone to act on your behalf. You would also have the ability to operate the bank account through Online banking and Mobile banking in some cases.

recommendation

GEORGI PETKOV INTERNATIONAL LAW OFFICE

included in the list of suggested lawyers of the US Embassy in Bulgaria

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