Venezuela
Bulgaria
Few Venezuelan founders look at Bulgaria, but it has two practical advantages: Venezuelans enter the Schengen area without a visa, and an EOOD costs EUR 1 of capital in an EU country. Bulgarian law registers a company owned by a Venezuelan with no local partner.
The Venezuelan side sets the limits: worldwide taxation, a transparency regime for low tax countries that Bulgaria falls into, dollar access and US sanctions on the payment chain.
Who this page is for
| You are | What decides your case |
|---|---|
| A Venezuelan tax resident | Worldwide taxation, the transparency regime, dollar access, sanctions on the payment chain |
| A Venezuelan living and taxed elsewhere, for example in Spain | The rules of your country of residence; Venezuela matters mainly for documents |
What Bulgaria asks
- One owner and one manager, both of whom can be Venezuelan.
- EUR 1 of capital, deposited in a Bulgarian bank before registration.
- An apostilled power of attorney with a certified Bulgarian translation: both countries apply the Apostille Convention.
- A registered address in Bulgaria.
The steps are in how to register a company in Bulgaria.
3 questions
Which jurisdiction fits you?Answer three questions and get the three jurisdictions that match your situation.
The transparency regime: the decisive rule
A Venezuelan resident is taxed on income of any origin. The international fiscal transparency regime adds that income from investments in low tax jurisdictions is taxed as it accrues, even if nothing is distributed, with an annual informative return.
| Test in SENIAT ruling SNAT/2004/0232 | Wording | Bulgaria |
|---|---|---|
| General test, Article 1 | Tax nil or at a rate of 20% or less | 10%: within the test |
| Named list, Article 2 | About 80 jurisdictions | Not checked; the general test already applies |
| Treaty exclusion, Article 3 | A treaty partner exchanging information is never low tax | Not available: no treaty |
Our reading is that an EOOD owned by a Venezuelan resident falls under the regime: its income is taxed in Venezuela as it accrues. The ruling dates from 2004 and the law's articles have been renumbered; have a Venezuelan adviser confirm before investing.
No tax treaty
| From Bulgaria to Venezuela | Bulgarian tax | Treaty relief |
|---|---|---|
| Company profit | 10% corporate tax | None |
| Dividend | 5% withholding | None |
| Interest or royalty | 10% withholding | None |
| Technical and consulting services | 10% withholding | None |
Any credit for Bulgarian tax in Venezuela is unilateral. See Bulgarian corporate tax.
Dollars and sanctions
- 1Where are the funds?Already abroad is simplest; from Venezuela depends on dollar supply
- 2Which banks are in the chain?Sanctioned Venezuelan state banks raise questions
- 3Document the sourceA Bulgarian bank asks before opening the capital account
- 4Recheck sanctionsOFAC licences change often
- Exchange control: Exchange Agreement No. 1 of 21 August 2018 restored free convertibility; moving capital abroad is lawful, but buying dollars depends on supply, and foreign currency payments through the national system are reported to carry a 3% tax.
- US sanctions target the Venezuelan state and listed persons, not Venezuelans as such. They reach an EOOD through the dollar payment chain; General License 57 of 14 April 2026 covers financial services for four state banks.
- Bulgarian banks apply EU and their own screening; see the bank account guide.
Travelling to Bulgaria
- No visa for Venezuelan citizens for stays of up to 90 days in any 180 in the Schengen area, which Bulgaria fully joined on 1 January 2025.
- ETIAS: an online travel authorisation for visa-exempt travellers is announced for the last quarter of 2026; check the EU portal before booking.
- Living in Bulgaria as manager of your EOOD needs a D visa and a residence permit; see non-resident founders.
The bottom line
For a Venezuelan resident, a Bulgarian EOOD is easy to set up and to visit, but at 10% it falls under Venezuela's transparency regime, and there is no treaty. It suits a founder whose funds and clients are already outside Venezuela, or one planning to live in the EU. Recheck sanctions and dollar access on the day you move money.
corpsec registers the EOOD and provides its registered address. See the Bulgaria formation service, or read what the company costs.
Frequently asked questions
Can a Venezuelan open a company in Bulgaria?
Yes. An EOOD can have a single Venezuelan owner and manager, with EUR 1 of capital and an apostilled power of attorney.
Do Venezuelans need a visa for Bulgaria?
No, for stays of up to 90 days in any 180 in the Schengen area. An ETIAS travel authorisation is announced for the last quarter of 2026.
Is Bulgaria a low tax jurisdiction for Venezuela?
Under the general test of SENIAT ruling SNAT/2004/0232, yes: its 10% rate is below 20%, and without a treaty the exclusion for treaty partners does not apply.
Does Venezuela have a tax treaty with Bulgaria?
No. Bulgarian domestic rates apply in full: 5% on dividends and 10% on interest, royalties and technical services.
Do US sanctions stop a Venezuelan from owning a Bulgarian company?
No, unless the person is listed. Sanctions affect the dollar payment chain, so banks may ask more questions.
Sources
- PwC Worldwide Tax Summaries, Bulgaria, Foreign tax relief and tax treaties (reviewed 2 August 2026): Venezuela is not among Bulgaria's treaty partners
- SENIAT Administrative Ruling SNAT/2004/0232, Official Gazette No. 37.924 of 26 April 2004: the 20% test for low tax jurisdictions, the named list, and the exclusion of treaty partners that exchange information
- OFAC Venezuela-related sanctions page and General License 57 of 14 April 2026: financial services for four named Venezuelan state banks, with no unblocking of property
- European External Action Service, 2 June 2025: ETIAS to start operations in the last quarter of 2026 for visa-exempt travellers
- Deloitte, Bulgaria Highlights 2026: 10% corporate income tax, 5% withholding on dividends and 10% on interest, royalties and technical services paid to non-residents
Read on 5 October 2026 for this series: SENIAT ruling SNAT/2004/0232, the Venezuelan Income Tax Law in its 2001 text (articles since renumbered), Exchange Agreement No. 1 of 21 August 2018, the OFAC programme page and General License 57, and the HCCH status table. Read on 26 October 2026: PwC's Bulgarian treaty list, Deloitte's Bulgaria Highlights 2026 and the EU's ETIAS notice. Our reading: Bulgaria's 10% is within the ruling's 20% test and, without a treaty, its exclusion cannot apply; whether Bulgaria appears on the ruling's named list was not checked and does not change the result. Venezuela's visa exemption for the Schengen area should be confirmed on the EU portal, and the exact ETIAS start date was not announced on the day of writing. Secondary: the 3% tax on foreign currency payments. This is not legal or tax advice.