The Bulgarian parliament adopted in the last reading amendments to the Citizenship Law, abolishing “golden passports” to invest in the country’s economy. The amendments will enter into force within six months.
According to the Bulgarian legislation, a “golden passport” can be obtained by investing at least 1 million leva or 568,000 dollars.
Sophia Globe noted that having a “golden passport” allowed investors to enjoy all the rights of EU citizens, including freedom of movement within the EU. The possibility of issuing this document has received close attention from the European Commission (EC). Also in the field of vision of the European Commission came a similar scheme for obtaining citizenship in Cyprus and Malta.
Within 6 months from the date of adoption of the amendments, the Bulgarian authorities will check the citizenship already issued under this scheme to determine whether there is a need to revoke it.