How to open an account in Bulgaria?
A citizen of any country, including a non-resident of Bulgaria, can open a bank account in Bulgaria. Therefore, it is quite easy for a non-resident to open an account in Bulgaria.
If we are talking about a legal entity, then the company must either be registered in the territory of Bulgaria in order to open a bank account in Bulgaria, or it can also be outside the jurisdiction of Bulgaria.
An account in a Bulgarian bank can be opened both remotely and in person. Compared to most other European jurisdictions, having proper documentation, the account can be opened in a single day. Moreover, recently, the management of a bank account in a Bulgarian bank has become as convenient as possible: clients can manage their accounts online, through the Internet banking and the mobile application.
What documents are required?
The package of documents required to open an account in Bulgaria depends on the person who opens the account.
How to open a bank account in Bulgaria for a foreigner? – for this, a foreign individual must submit the following documents to the bank:
- application for opening an account;
- identity documents – personal ID card, international passport;
- a document confirming the address of residence (for example, paid utility bills);
- power of attorney – if an intermediary helps a non-resident to open an account in Bulgaria without the personal presence of a non-resident in Bulgaria.
In case you wonder how to open a bank account in Bulgaria for a citizen of Ukraine – VigoLex draws your attention to the fact that in Bulgaria the general procedure for registering bank accounts by foreigners is applicable to the citizens of Ukraine.
In the case of opening a corporate account of a Bulgarian company, the latter must submit the following documents:
- documents certifying the identity of the account beneficiary;
- copies of the founding documents of the company;
- documents confirming that the company has an officially registered legal address;
- if there are requirements for obtaining permits/licenses for the conduct of the company activities – copies of such licenses or permits;
- power of attorney – if a representative acts on behalf of the legal entity when opening an account in a Bulgarian bank.
In addition, the Bulgarian legislation provides an opportunity to open an account in Bulgaria for a non-resident legal entity. For this, the foreign company must provide the following documents:
- original or notarized copy of the company registration certificate;
- documents certifying the identity of the bank account beneficiary;
- constituent documents of the company; translated into Bulgarian and legalized in the established by law order;
- if there are the requirements for obtaining permits/licenses for the company activities – copies of such licenses or permits;
- power of attorney – if a representative acts on behalf of the legal entity with outhority other than the director when opening an account in a Bulgarian bank.
When is it necessary to open an account?
The Bulgarian legislation establishes a number of cases in which opening a bank account in Bulgaria is obligatory. So, it is imperative to open a bank account in Bulgaria in the following situations:
- in order to obtain a residence permit in Bulgaria: in order to obtain a D type visa and a long stay in Bulgaria, you must open a personal account in a Bulgarian bank, deposit the necessary amount of funds, request the bank to issue a document that confirms that the person has a sufficient amount of funds on the account;
- for the execution of a transaction, the amount of which exceeds 10,000 levs (about 5,000 Euros – this requirement also applies to transactions that themselves do not reach the limit of 10,000 levs, but are a part of a total transaction, the amount of which exceeds 10,000 levs;
- to pay the cost of utilities such as electricity and water;
- to receive bank transactions from other countries;
- to conduct the operational activities of the company.
List of banks
As in any other country of the world, how to open an account in Bulgaria and the terms, convenience and simplicity of opening a bank account are influenced by the procedures of a particular bank. Non-residents who are going to open an account in Bulgaria can use the services of the following banks:
- TBI Bank;
- UniCredit Bulbank;
- United Bulgarian Bank;
- Bulgarian Postbank; –
- First Investment Bank;
- INC Bank.
Open an account quickly and easily with VigoLex
The specialists of VigoLex team have extensive experience in opening bank accounts for individuals and companies in different jurisdictions, including Bulgaria. Our specialists will explain to you and help you understand how to open a bank account in Bulgaria for a foreigner, how to open a bank account in Bulgaria for a Ukrainian, what is the procedure for opening an account, as well as tell you the cost and the approximate terms of such a service.