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Bulgaria has passed an amended law that would ease the process for granting permanent residence to foreigners who have invested at least BGN 1 M.
The amendment to the Foreigners Act also envisions easier access to Bulgarian citizenship for foreigners who have made an investment above BGN 2 M, as well as for their families.
The law concerns investments made in public companies or joint ventures or deposited money at a Bulgarian bank for a period of five years. The control and oversight of the criteria will be done by the Bulgarian Investment Agency.
For the first time, it will be made possible to revoke the permanent residence of foreigners, whose investments have been suspended or transferred to a third party prior to the expiration of the term.
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