2013-02-14 |www.novinite.com, February 13, 2013
Bulgaria has passed a law that will ease even further the process of granting citizenship to foreign investors in a bid to boost the country's ailing economy.
Bulgaria will be offering citizenship to foreigners, who come from non EU states, ready to invest at least BGN 500,000 (EUR 256,000) and create ten jobs for Bulgarians, under amendments to the Investment Encouragement Act adopted conclusively on Tuesday by parliament in response to the presidential veto at the end of last year.
Under the amendments, the candidates would have to invest in a Bulgarian company involved in a high-priority investment project in industry, infrastructure, transport or tourism. The investors will not be required to have had residence status in the country for at least one year.
Parliament backed the proposal by the right-wing Blue Coalition and lowered the investment amount thresholds for foreign investors in poorer regions. These will be granted permanent residency status and Bulgarian citizenship if they pour BGN 250 000 (EUR 128,000) and hire five Bulgarians in regions with high unemployment.
The purchase of real estate, worth at least BGN 600,000 (EUR 307,000), is another way to gain permanent residency status, according to the new law.
The draft legislation provided permanent residency status to a foreigner who has invested over BGN 1 M (EUR 512,820) in public companies or joint ventures or has deposited the money at a Bulgarian bank for a period of five years.
Bulgaria already is handing out passports to ethnic Bulgarians outside its borders, the main beneficiaries being citizens of Macedonia, Serbia, Ukraine and Turkey.
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As a seasoned expert in immigration policies, particularly those related to economic incentives and citizenship acquisition, I bring a wealth of knowledge to shed light on the content presented in the provided article. My understanding of global immigration trends, legislative changes, and economic motivations positions me to provide insightful analysis.
In the article dated February 13, 2013, from www.novinite.com, Bulgaria is reported to have passed a law aimed at stimulating its struggling economy by facilitating the process of granting citizenship to foreign investors. The key points and concepts in this legislation are:
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Citizenship for Foreign Investors:
- Bulgaria is offering citizenship to foreigners from non-EU states willing to invest at least BGN 500,000 (EUR 256,000) and create ten jobs for Bulgarians.
- The investment is required to be made in a Bulgarian company involved in high-priority projects in industry, infrastructure, transport, or tourism.
-
Permanent Residency Options:
- Foreign investors in poorer regions who invest BGN 250,000 (EUR 128,000) and hire five Bulgarians can attain permanent residency status and Bulgarian citizenship.
- Another pathway to permanent residency is the purchase of real estate worth at least BGN 600,000 (EUR 307,000).
-
Investment Thresholds:
- The article mentions a reduction in investment amount thresholds for foreign investors in poorer regions, making it more accessible for them to obtain permanent residency status.
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Diverse Investment Avenues:
- The legislation allows for various investment avenues, including investments in high-priority projects, real estate, public companies, or joint ventures.
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Residence Status Requirements:
- Notably, under the amended law, investors are not required to have had residence status in Bulgaria for at least one year before applying for citizenship.
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Ethnic Bulgarians:
- The article mentions that Bulgaria is already granting passports to ethnic Bulgarians outside its borders, with citizens of Macedonia, Serbia, Ukraine, and Turkey being the main beneficiaries.
This legislative move aligns with a global trend where countries seek to attract foreign investments to stimulate economic growth. It reflects Bulgaria's strategic approach to leveraging its citizenship as an economic asset and the use of targeted incentives to encourage investments in specific sectors and regions. The amendments in investment thresholds and residency requirements demonstrate a nuanced and flexible approach to attract a diverse range of investors.
