Golden Passport Program in Bulgaria Will Be Limited

Bulgaria refused to close the Golden Passport program, despite the fact that the European Parliament insists on its rejection for all EU countries. The government of the country decided to go the other way and impose only some restrictions, retaining the possibility of obtaining citizenship through investment in the country's economy.

The European Commission previously published a report stating that three EU countries openly “sell” citizenship. This list includes Malta, Cyprus, and Bulgaria. The Bulgarian authorities decided to limit the possibility of issuing passports through short-term investments in the country's economy. For example, if earlier it was possible to count on a passport after investing in short-term bonds, there would be no more such possibility.

The European Parliament is concerned about the policies of states that issue passports for investment. According to officials, these countries do not conduct sufficient checks to prevent unscrupulous investors. The regulatory authorities pay insufficient attention to the verification of capital origin, so the EU is taking all possible measures to convince countries to abandon such a scheme.

Law & Trust offers services to all who wish to obtain Bulgarian citizenship. Our lawyers will advise you on how to get a passport and help you choose the objects for making investments.