site.btaParliament Refutes Conclusively “Golden Passport” Bulgarian Residency Option

By passing conclusively revisions to the Bulgarian Residency Act on Thursday, Parliament cut off the option for acquiring resident status in return for investment. The National Assembly revoked provisions, according to which third-country nationals could obtain a permanent resident status if they invested at least 1 million leva and could be granted Bulgarian citizenship for a minimum 2 million leva investment without going through the cumbersome and time-consuming standard procedure.

According to a new provision, within six months after the enforcement of this law, the State Agency for National Security should check the veracity of all arguments in case files involving the acquisition of Bulgarian citizenship. The results shall then be handed over to the Justice Minister for consideration. 

All current applications for issuance of what is popularly known as “golden passports” submitted under the previous legislation, are to be scrapped. 

MP Peter Petrov of Vazrazhdane commented that the applications filed under the previous procedure should be considered and resolved, for all steps were taken in line with the law. Any decisions to terminate the procedure would generate legal insecurity in respect to all such future procedures, he argued. This is a matter of over 100 submitted applications and investment in state securities for over 200 million leva, he added. 

MP Krum Zarkov of BSP for Bulgaria said that the passage of the new legislation would remove Bulgaria from the EU and European Commission blacklist. 

With the passage of this act, society puts the lid on the long-drawn argument of whether such citizenship should be granted or not. However, the question of residence on grounds of investments remains unsolved.