Bulgaria is Going to Cancel the Citizenship by Investment Program

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The Council of Ministers has already adopted the bill. Now it will be considered by the parliament.

What's going on? On January 12, 2021, the Council of Ministers of Bulgaria has passed a law on the abolition of the investment citizenship program. The government will submit it to Parliament for consideration, where the Movement for Rights and Freedoms (ALDE) has already made a similar proposal.

Reasons. The Ministry of Justice officially stated that the "golden passports" did not lead to real investments in Bulgaria. Third-country nationals obtained citizenship through the purchase of government securities or bank deposits. However, these investments do not develop the economy nor create jobs.

The pressure of the European Union also played an important role. In June 2021, the European Commission called on Bulgaria once again to stop selling citizenship. It obliges other EU member states to recognize foreigners from third countries as citizens of the alliance.

According to unofficial information, the Bulgarian citizenship by investment program is one of the reasons why Bulgaria is still not a member of the Schengen area, and the United States does not want to cancel visas for Bulgarians.

Context. According to EURACTIV, 96 foreigners have "golden passports" in Bulgaria. A significant part of them are Russians, and the second largest group is citizens of the Middle East.

Check out available citizenship programs:
Malta Individual Investor Program
Citizenship For 15 months
from 700 000 €
Turkey Citizenship by Investment - Real Estate
Citizenship For 3 months
from 400 000 $
Vanuatu Citizenship by Investment Program
Citizenship For 1 month
from 130 000 $
Saint Kitts and Nevis
Saint Kitts & Nevis Citizenship by Investment
Citizenship For 2 months
from 150 000 €
Bulgarian Investment Immigration Program
Citizenship For 24 months
from 512 000 €
Saint Lucia
Saint Lucia Citizenship by Investment Program
Citizenship For 3 months
from 100 000 $
Montenegro Сitizenship by Investment
Citizenship For 3 months
from 450 000 €
Antigua and Barbuda
Antigua and Barbuda Citizenship by Investment Program
Citizenship For 3 months
from 100 000 $
Grenada Citizenship by Investment Program
Citizenship For 4 months
from 150 000 $
Dominica Citizenship by Investment
Citizenship For 2 months
from 100 000 $

Photo by Son Tung Tran, pexels.com

Quoting conditions of Prian.info materials

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Tags: Bulgaria, Residence permit and citizenship, Immigration

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