Amends Investment Promotion Act

On 13 February 2013, the Parliament passed amendments to the Investment Promotion Act lowering the thresholds for giving Bulgarian citizenship to foreign investors. Requirements for foreign investors’ residency and citizenship now include, among other things, that citizenship through naturalization will be granted to a person who had had a permanent resident status for not less than a year, and received on the basis of an investment higher than BGN 1 million made in a Bulgarian company engaged in an investment project of high priority. Citizenship could also be obtained by a foreigner who has had permanent residency in the country for longer than one year, throughout which the investment made and the jobs created by the investor were constantly maintained at the level necessary for investment certificate class B. A foreigner who had been granted permanent residency and is residing in the country for longer than one year after that, for an investment made of no less than BGN 500 000, and continues to conform to the requirements, has the right to apply for Bulgarian citizenship.

• Type:

  • Promotion and facilitation (Investment incentives)

• Industry:

  • Not industry specific

• Sources:

  • National Assembly of the Republic of Bulgaria, Bulgarian Parliament approves requirements for foreign investors’ residency and citizenship, http://www.parliament.bg/en/news/ID/2564, 13 Feb 2013
  • The Sofia Globe, Bulgarian Parliament approves revised law on citizenship for foreign investors, http://sofiaglobe.com/2013/02/13/bulgarian-parliament-approves-revised-law-on-citizenship-for-foreign-investors/, 13 Feb 2013