The Bulgarian cabinet approves a bill to abolish the golden visa program.
The Bulgarian cabinet has approved a bill to abolish the country's golden visa program for foreign investors, citing that the CBI program has not significantly boosted the country's economy or created many jobs, according to numerous media reports citing the Bulgarian prime minister's office.
The Bulgarian Ministry of Justice submitted a draft law amending the Bulgarian Citizenship Act at a meeting of the Council of Ministers on January 12, which was subsequently approved. The draft law will now be presented to the country's parliament, where it is expected to be debated and passed.
In a statement issued after a meeting of the Council of Ministers, the Bulgarian cabinet said that the bill to abolish Bulgaria's golden passport program is being pushed forward because "there are no real investments in the economy that could lead to job creation," according to AFP.
Bulgaria's Golden Visa program allows foreign investors to obtain permanent residency and eventually citizenship after investing at least €500,000.
Bulgaria's move to end its golden visa program came on the same day that the European Commission announced it was suspending part of its visa-free agreement with Vanuatu due to security risks posed by the island nation's investment immigration program.
It remains unclear how long foreign investors will have to wait to apply for a Bulgarian golden visa under current rules, and what will happen to pending applications.
(According to UGlobal)