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
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
Only about 50 individuals had obtained citizenship in Bulgaria by way of investment, the Ministry told Reuters.
Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 16 years in the United States, China, Spain, and Portugal.