Bulgaria Mulls Scrapping Residence-to-Citizenship Program Due to Lack of Interest

Reuters reports that the Bulgarian Ministry of Justice plans to terminate its residence-to-citizenship by investment program, citing a lack of interest from investors and dubious economic benefit to the country as their motivations.

“The data shows that the aim to increase real foreign investment and economic development has not been achieved. As a result new jobs have not been created or economic growth been boosted,” the ministry said in a statement.

Read also: The Truth About Bulgarian Citizenship by Investment – An Expert Panel Comments

Justice Minister Tsetska Tsacheva’s appointed working group has drafted a proposal to be discussed internally within the government next week, following which it will become the subject of a public discussion, reports IBNA.

“It is very common that an investment exists until the person is granted the citizenship, but then it is not maintained,” said the Deputy Minister of Justice, Desislava Ahladova, according to BNT.

Only about 50 individuals had obtained citizenship in Bulgaria by way of investment, the Ministry told Reuters.

Read also:Bulgaria Reportedly Receives 193 Applications for Citizenship by Investment

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Christian Henrik Nesheim is the founder and editor of Investment Migration Insider. He welcomes readers to connect on Linkedin.

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