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Is this the end of the “golden passports”?

On 11th of January 2022 a Bill amending and supplementing the Bulgarian Citizenship Act (“the BCA Bill”) was submitted to the National Assembly. Currently, the BCA Bill is distributed in the leading Committee on Constitutional and Legal Affairs for discussion and voting.

The BCA Bill provides for the elimination of the possibility to acquire Bulgarian citizenship due to investments or the so-called “golden passport”.

In particular, the BCA Bill provides for the elimination of the possibility of acquiring Bulgarian citizenship under a simplified procedure by:

The BCA Bill also provides for changes in the Foreigners in the Republic of Bulgaria Act. It is proposed to eliminate the grounds for issuing a permanent residence permit related to investments, as described above.

The proponents of the BCA Bill point to the real possibility of a security breach across the European Union regarding the right to free movement, as well as the perception of the “golden passport” as a major obstacle to the abolition of the US visa regime applicable to some EU Member States.

The news above is for information purposes only. It is not a (binding) legal advice. For a thorough understanding of the subjects covered and prior acting on any issue discussed we kindly recommend Readers consult Ilieva, Voutcheva & Co. Law Firm attorneys at law.