Foreign Nationals Will Be Granted Bulgarian Citizenship for Hefty Investment

Business | February 26, 2021, Friday // 13:26
Bulgaria: Foreign Nationals Will Be Granted Bulgarian Citizenship for Hefty Investment

Foreigners will be entitled to acquire Bulgarian citizenship if they invest at least BGN 2 million on the stock exchange, decided the National Assembly, which adopted at second reading amendments to the Bulgarian Citizenship Act.

They must have bought shares in Bulgarian commercial companies, bonds and treasury bills, rights under concession contracts, or invested so much money in a licensed credit institution in Bulgaria for a period of at least 5 years. Such persons will be able to apply for Bulgarian citizenship.

The condition is that they received the permanent or long-term residence permit at least 5 years ago, are not investigated or convicted by a Bulgarian court, and have income to support themselves. They must also have maintained the investment made for at least 5 years. If they manage to acquire Bulgarian passports, their family members will also have the right to apply for citizenship.

The proposal came from Yordan Tsonev from the Movement for Rights and Freedoms and was supported by GERB MPs.

"The proposal is related to investment citizenship only, i.e. those who earlier maintained the investment for a period of 5 years without withdrawing it and, as they have the right to apply, have obtained permanent residence, have the right to apply for citizenship. It aims to prevent them from suing the state for having their rights taken away, once they have been bona fide in relation to the obligations they have, nothing else.

The circle is narrow - about 60-70 investors who, if they decide to sue us, will demand indemnity per day worth at least 1 million", explained Tsonev, as quoted by BNT.

 

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Tags: Bulgaria, citizenship, investment, foreigners
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