Opening Bank Accounts in Bulgaria: Principles and Requirements

   Opening bank accounts in Bulgaria is an important step for businesses and individuals, and our agency facilitates this process with ease. We have deep knowledge of local legislation and extensive experience in opening accounts in Bulgarian banks. We ensure the efficient and secure completion of all necessary procedures, providing clients with maximum convenience and confidence in the successful conclusion of their business.

    Key Points:
  • According to Bulgarian law, any real estate transactions require a bank account for financial operations, making account opening mandatory for anyone planning to invest in property.
  • Therefore, opening a bank account in Bulgaria is a vital procedure for the financial activity of both individuals and companies, making this process essential for successful operations within the country.
Foreigners can open accounts in Bulgarian banks in both the national currency (Bulgarian Lev) and foreign currencies (euro).

Documents Required to Open an Account:
Personal Account:
  • Passport.
  • Document confirming residence.
  • Tax identification number (if applicable).
Business Account:
  • Company registration documents (extract from the trade register).
  • Proof that the company is active (certificate from government authorities).
  • Identification of the company's beneficiaries.
  • Passport or ID of the company’s directors and owners.
Procedure for Opening an Account:
  • Visit the Bank: To open an account, a personal visit to the bank is required, or a representative can be authorized.
  • Submission of Documents: All documents must be translated into Bulgarian and notarized, especially if the client is a foreigner.
  • Bank Verification: After submitting the documents, the bank conducts a compliance check and verifies the source of the funds.
  • Account Activation: After successful verification, the client receives a bank account and can use it for financial transactions.
Requirements for Foreign Nationals:
Foreigners who are not Bulgarian residents must meet additional requirements:
Tax Identification Number (TIN) or the tax number of their country.
Proof of the legality of the funds to be used in the account may be required.

Benefits of Opening an Account in Bulgaria:
  • Convenient access to European financial services.
  • Reliability of the Bulgarian banking system, which operates according to EU standards.
  • The ability to open accounts in various currencies, which is convenient for international transactions.
  • Favorable conditions for doing business due to access to fast and secure transactions both in and outside Bulgaria.