Bulgaria’s Cabinet approved on October 2 draft amendments to the Bulgarian Citizenship Act aimed at eliminating the possibility for foreigners who have acquired permanent residence status in Bulgaria for short-term investments to subsequently obtain citizenship under significantly facilitated conditions.
The same will apply to their family members and to business people who have increased their investment under the same terms of the law to a value of at least two million leva (about a million euro). This was reported today by Sofia News Agency and other media outlets in Bulgaria
After several reports of foreign nationals receiving Bulgarian citizenship through false investments (in bonds, bank deposit) in the country, the Council of Ministers on Wednesday decided to remove citizenship opportunity from short-term investors.
The draft slaw tipulates that the applicant should be obliged to notify the Ministry of Justice of any changes in circumstances related to Bulgarian citizenship and to submit the relevant documents. If the change is not notified, the naturalization of the person is canceled.
Bulgaria has previously revoked citizenship for number of investors who did not maintain their investments.
In 2019, Bulgaria Ministry of Justice announced draft law proposals to eliminate citizenship for short term investments as the citizenship for investments scheme did not bring any economic benefit to Bulgaria and almost no applications received for citizenship investment scheme
