Government wants an end to fast track procedure for citizenship to investors

The government will require changes to the law aimed at putting an end to the fast track procedure for acquiring Bulgarian citizenship. The decision of the ministers from 23^rd of January coincides with the criticism expressed by the European Commission to Bulgaria for issuing citizenship and residence documents in exchange for investment, the so-called “golden visas””, but the Minister of the Economy stressed that the decision was made on the basis of a one-year analysis and was not a response to Europe.

At present, foreign citizens who have invested at least a million BGN in Bulgaria, although not in real productions, have the right to receive permanent residence documents, and for another million they have the right to get Bulgarian citizenship under a fast track procedure.

Emil Karanikolov - Minister of the Economy: The Council of Ministers decided that it would propose to abolish the texts on the granting of the right of residence and the citizenship of the so-called quick investments. Once again I say - in cases where government securities are paid, when bonds and shares are bought by companies, usually public companies, and in the cases where these 1 million BGN are put into accounts.

Minister Karanikolov further explained that an analysis made by an interdepartmental group (appointed last year in February) shows that this type of investments does not lead to actual effect for the Bulgarian economy.

Fifty people have Bulgarian citizenship under this procedure. There is no legal basis to be withdrawn, the Deputy Justice Minister commented. The origins of these investors come from different parts of the world, mainly from Pakistan, Egypt, Russia and other countries.

The changes requested by the government will not concern the issue of Bulgarian citizenship documents to investors in the real business in Bulgaria. Since 2014, a total of 12 investors have received documents under this procedure.

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