News: Open a bank account in Bulgaria

Opening a bank account in Bulgaria

Fulfilling the terms for becoming a member of the European Union, Bulgaria has amended certain provisions of its banking legislation in accordance with the rules of the European banking system. Nowadays, all those who intend to establish business in the country, enter educational institution or obtain residence permit should have the account in the Bulgarian bank.

Documents for opening bank account in Bulgaria

The client of the Bulgarian bank can be citizen of any country who has provided valid identity documents, namely: passport and document confirming the address of residence (for example, paid utility bills).

What bank is better for opening bank account in Bulgaria?

Determining the bank to be selected in Bulgaria for registering the account, pay attention that the cost to open bank account in Bulgaria varies significantly and ranges within 500-700 USD. Further, be guided by convenient tariffs for you regarding the type of account being opened, because all subsequent services in particular bank are subject to different commission.

Registration of the account will take 5-8 days in any case, and upon completion of the formalities you may be offered to deposit considerably small initial amount into the account.

Non-residents can open bank account in Bulgaria in any currency convenient for them, manage funds, process international debit or credit card, and receive consumer credit or residential loan.

What bank accounts can we open for non-residents of the People's Republic of Bulgaria in the Bulgarian bank?

Settlement account for legal entities

The foregoing is an operating account for settlement transactions without restriction. Legal entity should have settlement account in the Bulgarian bank:

• For obtaining residence permit in Bulgaria;in order to obtain the foregoing, you need to contribute funds on the account for obtaining the status of residence permit and visa of "D" type;

• For purchasing real estate at the cost of more than 7,5 thousand euros; You are required by law to pay to the tenant builder or the seller only by means of the bank;

• For paying bills for electricity and water; the amount of expenses will be automatically charged from your account;

• For receiving money from abroad to Bulgaria;

• For conducting business of the company.

Personal account

If you want to open the account remotely, in this case we will accomplish the process for you; in contrast to legal entities, you will need only to provide power of attorney and copy of your passport in order to do the foregoing.

If you visit the bank personally, you need to produce only international passport.

Bulgarian banks practice electronic banking.

The lawyers of Law&Trust International can assist in opening a bank account in Bulgaria.