The Bulgarian Parliament has ended the practice of issuing passports and citizenship for investment, known as the “golden passport”.
WHY IT CAUSED REACTIONS
The practice, which provides advantages such as free movement in the European Union (EU), of which Bulgaria is a member, to third-country nationals who have invested approximately 1 million euros in the country, has been causing a strong reaction from the European Parliament in recent years.
According to the amendment made in the foreigners law, the State National Security Agency (DANS) was also given the task of conducting research on all golden passports issued so far. According to the results of the research, a new decision can be taken regarding each passport. Bulgarian Socialist Party (BSP) MP Krum Karkov from the ruling coalition said that with this decision Bulgaria will be removed from the EU’s “black list”.
WITH CITIZENSHIP, INVESTMENTS WITHDRAWAL
Like the Greek Cypriot administration and Malta, the issue was brought to the parliament after Bulgaria, which issued a golden passport, came under criticism from the EU. It has been determined that Russian oligarchs and some other people, who have obtained more than 200 passports in accordance with the practice in force in the country since 2013, withdraw their investments, down to the last penny, as per the procedure, as soon as they acquire citizenship. (AA)