Easier gain of Bulgarian citizenship
The process of granting citizenship for foreign investors will be much easier when the law comes into force. Bulgaria is expected passing this law will boost the country’s ailing economy.All foreigners, who come from non EU countries, ready to invest at least 500 000BGN, will be offering citizenship. This is under amendments to the Investment Encouragement Act proposed in response to the presidential veto at the end of last year.
The amendment was scheduled to be put on vote at the economic parliamentary committee on today 6th of February , but the meeting was failed because of unexpected situations. The meeting was postponing for the following weeks.
The candidates for Bulgarian citizenship would have to invest in a Bulgarian company involved in a high-priority investment project in infrastructure, tourism, transport or industry, according to the new amendment.
There is also a require – the investor to have had residence status in the country for at least one year.
Another proposal is lowering the investment amount threshold for foreigners to be granted Bulgarian residence and permanent residency status down to 250 000BGN, when the money are invested in regions with high unemployment.
Another way to gain permanent residency status according to the new proposals is to purchase a real estate property, worth at least 600 000BGN.
According to the current legislation, foreigners gain permanent residency if they invested over 1 Million in public companies or joint ventures or has deposited the money at a Bulgarian bank for a period of five years.
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