Bulgaria cabinet adopts bill to abolish golden visa program

By Uglobal Staff

The Bulgarian cabinet has approved a bill to abolish the country's golden visa program for foreign investors, citing the reason that the CBI program did not significantly boost the country's economy or create many jobs, according to various media reports quoting the Bulgarian premier's office.

The Bulgarian Ministry of Justice submitted a draft law to amend the Bulgarian Citizenship Act at a meeting of the Council of Ministers on January 12 during which the bill was adopted. The draft law will now be presented to the country's parliament where it is expected to be debated and approved.

In a statement issued after the Council of Ministers meeting, the Bulgarian cabinet said the bill to abolish the golden passport program in Bulgaria was being pushed because of "the absence of real investments in the economy, likely to lead to job creation," according to the French wire service AFP.

The Bulgarian golden visa program allows foreign investors to gain permanent residency and eventually citizenship following an investment of at least 500,000 euros.

The Bulgarian move to end its golden visa program came on the same day as the European Commission announced that it was partially suspending its visa waiver deal with Vanuatu because of security risks caused by the island nation’s investment immigration program.

Bulgarian investment immigration professionals approached by Uglobal were guarded in their comments, stating that the emerging situation remained fluid since there were still many uncertainties following the government cabinet's adoption of the bill.

It remains unclear for how long foreign investors would have the option to apply for Bulgaria’s golden visa under the current rules and what would happen to pending applications.

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About the Author

Uglobal Staff
Uglobal Staff
Uglobal.com, along with its peer-reviewed magazines and conferences series, focuses on the global investment immigration market, offering the latest trends and analyses. Uglobal.com is a media platform built to provide professionals involved with global programs with the most comprehensive and credible sources of information in digital, print and seminar mediums. The platform was created out of the need for marketplace transparency and to more efficiently connect individuals interested in learning about the global programs - either as a potential capital source or as a solution for their immigration needs. The Uglobal publication collaborates with a network of leading experts and an authoritative board of advisors to uphold a high standard in all content delivered and events hosted by the organization.

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