Bulgaria is Going to Cancel the Citizenship by Investment Program

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

Malta Individual Investor Program

Citizenship For 15 months

from 700 000 €

Turkey

Turkey Citizenship by Investment - Real Estate

Citizenship For 3 months

from 400 000 $

Vanuatu

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 €

Bulgaria

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

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

Grenada Citizenship by Investment Program

Citizenship For 4 months

from 150 000 $

Dominica

Dominica Citizenship by Investment

Citizenship For 2 months

from 100 000 $

Source: EURACTIV
Photo by Son Tung Tran, pexels.com

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