The Bulgarian Golden Passport scandals could cost the country billions

Renowned consulting companies are already redirecting multimillion-dollar foreign investments to Portugal. This is because Portugal is offering predictable and sustainable alternatives to the sinking Bulgarian “golden passports”

The “Golden Passports” – the apple of discord in parliament, at the expense of the Bulgarian people

In recent weeks, we have witnessed fierce accusations on the political scene about so-called “golden passports”. The term “golden passports” is used for the Bulgarian legislation, which allows investors to obtain Bulgarian citizenship through a fast-track procedure. The latter is provided for in the Foreigners’ Law and the Law on the citizenship. Foreigners (in theory) can apply for Bulgarian citizenship, one year after they have made an investment of at least BGN 2 million.

Zero support from the Bulgarian state

Unfortunately, so far, and unlike other EU countries, the Bulgarian state does not in any way support the procedures for obtaining investment citizenship. As a result, those who have received “golden passports” in the last ten years can be all accommodated in two buses. But even these two buses seemed too much for the Bulgarian politicians. There have been even some remarks that these two buses are the obstacle to the Bulgaria’s Schengen membership and visa-free regime with the USA. We believe this is a complete absurd.

Bulgarian companies are already redirecting foreign investors to Portugal

Hundreds of millions of euros are currently expected to be diverted from Bulgaria to Portugal. The government in Lisbon, unlike in Sofia, is welcoming wealthy foreigners, who want to settle in the EU and transfer their capital to Portugal. The Portuguese Golden Visa program allows investors to residence permit, which gives them unlimited access to all Schengen countries. After 5 years, the program also provides for the opportunity to obtain Portuguese citizenship.

Unfortunately, Bulgarian politicians basically have already destroyed the image of the Bulgarian citizenship for investment program. They seemingly have forgotten that the program was revamped in March 2021. Instead, they stated their clear intention to put an end to it. Unfortunately, they did not even realize that the new law of 2021 couldn’t even be launched before it was declared “harmful” and “corrupt”. As a result, the multimillion-dollar investments that the new law aimed to attract, will now go to… Portugal. Meanwhile, Bulgaria will be issuing new debt that we will bequeath to the Bulgarian children so they can remember how their country drove out the bad foreigners who had a lot of money.

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