Updated: June 2026

Case study · Bulgaria · Citizenship

What Bulgaria's passport opened for business in theEU: from freedom of establishment to banking

An EU passport is not just about travel. Our client obtained Bulgarian citizenship by descent with a focus on business: he wanted to work in the European Union as a citizen, not as a foreigner for whom half the doors are closed or open with difficulty. The practical difference is enormous—from company registration to opening bank accounts. We explain what exactly the Bulgarian passport changed for his business in the EU.

Sergey EvdokimovSergey EvdokimovManaging Partner, BRIDGESReading time9 min readVerificationReviewed by an expert

This case is based on a real matter. The name and certain identifying details have been changed to protect confidentiality.

BRIDGES client story - What Bulgaria's passport opened for business in the EU: from freedom of establishment to banking
Contents

Case at a glance

Situation, solution and outcome in seven lines

Client
Entrepreneur with Bulgarian ancestry, objective—business in the EU
Objective
To work in the European Union as an EU citizen, not as a foreigner
Program
Bulgaria, citizenship by descent (by Bulgarian ancestry, EU passport)
What the passport opened
Freedom of establishment of a company, access to banks and SEPA, single market
Strategy
First citizenship by descent, then business structure in the EU
Result
Company in the EU and bank accounts with citizen status

Client story

Client's story

Where they started

The client came not seeking a passport for its own sake, but for business purposes. He had Bulgarian ancestry and viewed Bulgarian citizenship as a key to the European Union: he planned to develop his business in the EU and wanted to do so from the position of a citizen, not a foreigner. He had already experienced how differently EU citizens and third-country passport holders are treated: the former receives standard procedures, while the latter faces additional checks, restrictions, and rejections.

Why the standard route did not work

The difference is not abstract. An EU citizen enjoys freedom of establishment: he can register a company and conduct business in any EU member state on the same terms as locals, without the permits required from foreigners. Banking is simpler for him: opening a corporate account and a personal account for an EU citizen is significantly easier than for a non-resident from a third country, whom banks often reject on compliance grounds. He operates within the unified SEPA payment zone, within a single market with its freedom of movement of goods, services, and capital.

What BRIDGES had to solve

Therefore, the project logic was two-tiered: first—Bulgarian citizenship by descent, then—a business structure in the EU established with citizen rights. Without the first step, the second would be hampered by foreigner status with all its restrictions; with an EU passport, the same actions became routine procedure.

Why a standard answer would not do

At BRIDGES, we managed both parts. First, we obtained Bulgarian citizenship by descent, then we helped leverage the new status as intended: register a company in the EU with citizen rights and open accounts without the barriers the client faced as a foreigner. The passport became not a souvenir, but a working tool.

I needed the passport not for a checkmark, but for business. I had already learned in practice that EU citizens have doors open to them that are either closed to foreigners or open with difficulty: registering a company, opening an account—everything is different. BRIDGES first secured my Bulgarian citizenship by descent, then helped me launch my business as an EU citizen: freedom of establishment, proper banking, SEPA. What previously slowed me down as a non-resident became a standard procedure. For me, the Bulgarian passport is a working tool, not a souvenir.

Alexander · EntrepreneurThe name and certain identifying details have been changed to protect confidentiality.

What was at risk

What was at risk

Not a catastrophe, but missed opportunities: without an EU passport, the client would have remained a foreigner to the single market—with restrictions on company establishment and constant banking barriers. The danger was underestimating the difference between a citizen and a non-resident and attempting to build an EU business from a third-country position. The key was first to secure citizen status, then expand the business.

Freedom of establishment: a company can be opened in any EU country with local rights, without permits required for foreigners;

  1. 01Bank access: opening an account for an EU citizen is easier than for a non-resident from a third country;
  2. 02Presence within SEPA and the single market (freedom of movement of goods, services, capital);
  3. 03Absence of certain compliance barriers that foreigners face;
  4. 04Right to live and work in any EU member state without a separate permit.

The logic of the solution

How the matter progressed: from checks to result

The chart is built from the facts of this matter and shows the logic of the work without decorative or unverified data.

  1. 01
    Stage 1

    Fixed the business objective, not just a passport. First, we clarified that the client needed not a passport in itself, but a tool for business in the EU - and structured the project around that goal, in two steps.

  2. 02
    Stage 2

    Obtained citizenship by descent. We processed Bulgarian citizenship by descent - the crucial first step, without which all subsequent actions would be hampered by foreigner status.

  3. 03
    Stage 3

    Analyzed what citizen status provides. We showed the client the concrete difference: freedom of establishment, access to banks, SEPA, the single market - everything that a foreigner obtains with difficulty becomes available to an EU citizen.

  4. 04
    Stage 4

    Registered the company as a citizen. We helped establish a company in the EU already as a citizen - without the permits and restrictions applicable to third-country nationals.

  5. 05
    Stage 5

    Opened accounts without barriers. We facilitated opening of company and personal accounts as an EU citizen - where non-residents are often rejected on compliance grounds, the procedure proceeded smoothly.

Takeaway. Conclusion: Bulgarian passport opens up EU citizen status for business - freedom of establishment, access to banks and SEPA, the single market. The rational approach: first citizenship by descent, then business as a citizen.

How we solved the task

How we solved the task

The work was split into verifiable stages so that every conclusion rested on documents.

  1. 01

    Stage 1

    Fixed the business objective, not just a passport. First, we clarified that the client needed not a passport in itself, but a tool for business in the EU - and structured the project around that goal, in two steps.

  2. 02

    Stage 2

    Obtained citizenship by descent. We processed Bulgarian citizenship by descent - the crucial first step, without which all subsequent actions would be hampered by foreigner status.

  3. 03

    Stage 3

    Analyzed what citizen status provides. We showed the client the concrete difference: freedom of establishment, access to banks, SEPA, the single market - everything that a foreigner obtains with difficulty becomes available to an EU citizen.

  4. 04

    Stage 4

    Registered the company as a citizen. We helped establish a company in the EU already as a citizen - without the permits and restrictions applicable to third-country nationals.

  5. 05

    Stage 5

    Opened accounts without barriers. We facilitated opening of company and personal accounts as an EU citizen - where non-residents are often rejected on compliance grounds, the procedure proceeded smoothly.

  6. 06

    Stage 6

    Launched business in the single market. As a citizen, the client gained access to SEPA and the single market and expanded operations in the EU. The passport worked as an operational tool: the barriers faced by foreigners disappeared.

Expert comment

This case clearly demonstrates that an EU passport is not about a stamp in a document, but about the status from which you operate. The client understood this from the outset: he wanted to conduct business in the European Union as a citizen, not as a foreigner. And the difference is enormous. An EU citizen enjoys freedom of establishment - registers a company in any EU member state on equal footing with locals. Banks are more accessible: non-residents from third countries are often rejected on compliance grounds, while citizens have accounts opened through standard procedure. They operate within SEPA, within the single market. Therefore, the logic is always: first citizenship by descent, then business as a citizen. We obtained Bulgarian passport for the client, then helped structure operations - company and accounts - already in the new status. What previously blocked him as a foreigner became routine. That is why people with roots obtain EU passports.

Sergey Evdokimov, Managing Partner, BRIDGESSergey EvdokimovManaging Partner, BRIDGES

Outcome

What the client received

What was required
How we did it · Result
Enter the EU not as a foreigner
Citizenship by descent · EU citizen status
Establish a company
Registered as a citizen · Freedom of establishment
Open accounts
Opened without barriers · Standard procedure
Work in the single market
Access to SEPA and EU · Business launched

What was: a client with Bulgarian roots wanted to conduct business in the EU as a citizen, not a foreigner with partial and restricted access to the single market. What we did: fixed the business objective; obtained citizenship by descent; analyzed citizen rights; registered company as a citizen; opened accounts without barriers; launched business in the single market. What the client received: a company in the EU and accounts as an EU citizen.

Practical takeaway

What matters in a similar situation

  • Conclusion: Bulgarian passport opens up EU citizen status for business - freedom of establishment, access to banks and SEPA, the single market. The rational approach: first citizenship by descent, then business as a citizen.
  • The client's business in the EU stopped being hampered by foreigner status - because we first obtained citizenship, then launched operations already as an EU citizen.

FAQ

Questions people ask in a similar situation

01What does Bulgarian passport provide for business in the EU?

It is an EU passport, and it changes status from foreigner to citizen: freedom of establishment to set up a company in any EU member state, straightforward access to banks and SEPA, the right to live and work in the EU without separate permission, the single market.

02How does an EU citizen differ from a foreigner when establishing a company?

A citizen enjoys freedom of establishment - registers a company on equal footing with locals, without permits required for third-country nationals. A foreigner often faces the same actions with restrictions and additional checks.

03Is it true that an EU citizen finds it easier to open a bank account?

As a rule, yes. Non-residents from third countries are often subjected to enhanced due diligence by banks, whereas EU citizens can open accounts under standard procedures. Specifics depend on the bank and nature of business.

04What is the project logic—citizenship first or business immediately?

It is more prudent to obtain citizenship by descent first, then establish business operations as a citizen. Otherwise, the same actions are hindered by third-country national status with all associated restrictions.

05Is it necessary to reside in Bulgaria to conduct business in the EU under its passport?

No. An EU citizen has the right to reside and conduct business in any EU member state. The specific corporate structure and tax matters should be addressed individually with a consultant.

06Do you want to conduct business in the EU as a citizen rather than a foreign national?

We will obtain Bulgarian citizenship by descent, then assist you in establishing business operations as an EU citizen—registering a company under freedom of establishment and opening accounts without the barriers that third-country nationals encounter.

About the author

Sergey Evdokimov

Author: Sergey Evdokimov

Managing Partner, BRIDGES

As Founder and Managing Partner of BRIDGES, I am responsible for the firm's strategy and personally lead its most complex client matters, including cases in which citizenship or residence decisions require a strategic view and consideration of capital.

I begin by defining the objective: the outcome the client needs, the facts that affect the choice, and the matters that require further review. I then establish the available directions, the sequence of work, and the key decision points.

Once the strategy has been agreed, I oversee the BRIDGES team's key decisions and remain involved at the stages that shape the course of the matter. The purpose is to give the client a clear rationale for the chosen direction and a precise understanding of the next steps.

Prepared on the basis of BRIDGES practice and reviewed by a subject-matter expert.

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Dmitry NagyInternational Tax Consultant, BRIDGES
Dmitry Nagy, International Tax Consultant, BRIDGES

Names and certain details have been changed to protect client confidentiality. The result described reflects one specific situation and is neither a public offer nor a guarantee of a similar outcome. Programme terms are stated as of 2026 and may change - please confirm current parameters with a BRIDGES consultant.