Bulgaria moves to end practice of ‘golden passports’

Bulgaria’s new authorities on Wednesday handed a invoice geared toward eliminating “golden passports”, a programme that enables folks to grow to be residents in change for giant investments.

The European Fee has repeatedly expressed concern about this follow and launched infringement proceedings towards Malta and Cyprus over it.

It considers that it presents dangers for the EU, which “relate particularly to safety, cash laundering, tax evasion and corruption”.

In June 2021, Brussels despatched a letter to the Bulgarian authorities asking them to abolish such passports of comfort.

Foreigners investing the minimal sum of 1 million leva (€500,000) can receive a everlasting resident title.

For double that, they’ll receive citizenship with out going via the extra tedious phases of a standard process. However the authorities detected irregularities in 47 instances, nearly half of the entire.

The Ministry of Justice cites particularly the instance of traders having resold titles or a property lately acquired simply after their naturalisation.

Prime Minister Kiril Petkov’s cupboard, which has been in workplace since mid-December, mentioned they might finish the follow because of “the absence of actual investments within the financial system, prone to result in job creation”.

The invoice, supported by a big a part of the political class, has but to be permitted by parliament.


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