Bulgaria updated conditions for granting citizenship to investors
Citizenship Bulgaria

What has changed in the conditions for granting Bulgarian citizenship to foreign investors?

30 March 2021
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On February 26, 2021 the Bulgarian Parliament voted for several changes in the immigration law of the country. The government body made adjustments to the Foreigners Act and the Bulgarian Citizenship Act. The President of the Republic approved the amendments, which were published in the State Gazette on March 12, 2021.

So, the authorities actually created new program of granting Bulgarian citizenship by investments (CIP), and on March 15, 2021 it came into force.

Bulgaria remained the only EU country with ongoing and progressing citizenship programs for foreign investors. Cyprus and Malta, which previously also had CIP programs, abandoned them in favor of issuing Golden Visas. Due to the fact that the previous Golden Passport program of Bulgaria was economically unprofitable for the state, the government decided to make a number of radical amendments to the immigration legislation regarding CIP.

The first step on the way to obtaining a Bulgarian passport is to make one of the following investments:

  • 1200000 USD in shares of Bulgarian public companies.
  • 1200000 USD in corporate bonds.
  • 1200000 USD in a certified investment project (CPIP).
  • 600000 USD in Alternative Funds (AIF).
  • 600000 USD in concession contracts.
  • 600000 USD in collective investment funds (UCIT and ETF).
  • 300000 USD in a Bulgarian business, providing employment for 10 citizens of Bulgaria.
  • Cooperation with a certified investment fund (the amount of investment is individual for each project).

Making an investment by a foreign citizen is the basis for granting them permanent residence in Bulgaria. Further, the foreign investor has an opportunity to acquire Bulgarian citizenship in two ways:

  • Fast-track option: after 1 year since obtaining a permanent residence permit, the applicant can double the amount previously invested in the Bulgarian economy.
  • Less fast-track option: without making any additional investments, foreign investor has the right to obtain Bulgarian citizenship 5 years after receiving permanent residence.

Legislation of the country, as well as before, does not require participants of the program to pass the examination on knowledge of the Bulgarian language and history of the state, and also does not oblige to renounce previous citizenship.

Source: UGlobal

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