The Bulgarian Cabinet of Ministers passed a bill abolishing the RBI program
February 7, 2022
2 minutes read
The Bulgarian Cabinet of Ministers approved a bill to abolish the Golden Visa program, on the grounds that it had not had a positive effect on economic growth. On January 12, 2022, the Ministry of Justice presented a proposal to amend the Bulgarian Citizenship Act at a meeting of the Council of Ministers. The draft was adopted and will now be presented to parliament, where it is expected to be discussed and approved.
According to the French Telegraph Service AFP, in a statement issued after the Council of Ministers session, the Bulgarian Cabinet said that the bill is being pushed due to the "lack of actual investment in the economy, which could have helped create jobs."
As a reminder, Bulgaria Golden Visa program allows foreign investors to obtain a residence permit and future citizenship in exchange for investment of 500,000 EUR and more. The decision to stop it was made on the same day that the European Commission announced the partial suspension of the visa-free agreement with Vanuatu, due to security risks caused by the state investment immigration program.
Bulgarian investment immigration experts say the emerging situation is unstable, as many concerns remain after the bill is passed. It is also a question of how long foreign investors will be able to apply for residence permits under this program, and what fate awaits pending applications.
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