Citizenship and Investments LTD advises the Bulgarian Government on the draft for amendment of the Bulgarian Citizenship Law

Bulgarian Parliament inside view
"Sometimes you need a little crisis to get your adrenaline flowing and help you realize your potential." - Jeannette Walls

"Citizenship and Investments" LTD is actively engaged in the ongoing discussions on State level of the proposed draft for amendment of the Bulgarian Citizenship Law. The amendments are likely to limit the investment options for the candidates for fast-track Bulgarian Citizenship by Investment.

We are publishing bellow a shortened and simplified English translation of the letter. The original text (in Bulgarian) is published on the Portal of the Council of Ministers.


Statement by CITIZENSHIP AND INVESTMENTS LTD

To: THE COUNCIL OF MINISTERS OF THE REPUBLIC OF BULGARIA

Ladies and gentlemen,

We are addressing you in order to focus on the subject of the Law on Bulgarian Citizenship and the proposed draft to reduce the options offered by the Bulgarian investment immigration program.

The Republic of Bulgaria is making significant effort to attract foreign direct investment, also by offering an investment-immigration program. Currently there is not only a constant interest in the Bulgarian investment program, but also a steady annual increase in the number of candidates who are willing to participate in it.

Investment immigration programs are globally driven industries that, in a passive way, attract a significant volume of investments in government securities. This, on the other hand, gives the state a stable budget resource that can be utilized for different expenditures.

Taking into account the results of countries such as Cyprus (EUR 6 600 000 000 total attracted foreign investment) and Malta (EUR 1 200 000 000 total attracted foreign investment), Bulgaria ranks in one of the last places despite the strong advantages of its investment citizenship program. The resources from these investments could be transformed into a serious economic boost for our country, and all that can be achieved through a passive economic program such as the investment immigration.

In order for the implementation of the Bulgarian investment program to be accelerated even further, the public support of the state authorities has to be enhanced, as well as the administrative procedures simplified. All countries that have a strong policy to promote their (citizenship) programs pay close attention, providing full transparency for all procedures and processes, official statistics and a rigorous preliminary analysis of all candidates. These same countries actively support their investment programs through legislative changes that are balancing the public and the interests of the investor. They are clearly aware of the tremendous financial benefits that these programs provide to the countries concerned, and are vigorously developing the opportunities they provide to the applicants.

Currently, the (Bulgarian) investment program seems to be working extremely well, as there is a growing interest on the part of the investor-candidates, and the state authorities are also carrying out numerous and rigorous checks to ensure the national security objectives, to prevent money laundering and tax abuses.

Taking into account the constructive assessments and the guidelines of the European Commission in its Report of January 23th 2019, aimed at achieving compliance with the European legislation and the protection of supranational interests, we believe that any limitation in the investment options of the program would have an extremely negative economic impact.

We, Citizenship and Investments Ltd, are among the leading consultancy agencies that act as intermediaries between the citizenship candidates and the state administration and we have direct monitoring of the economic benefits for our country from the immigration program through investments, as well as huge experience through our participation in various seminars across Europe, Asia and the US, including international conventions on immigration through investment.

We draw your attention to the fact that the 14-day time-limit that is foreseen for legislative debate is far from sufficient for the parties concerned, in order to prepare and present their competent statements.

Sincerely: The Team of Citizenship and Investments Ltd