Bulgaria abandons passport for investment practice

Bulgaria plans to end practice offering wealthy foreigners to obtain citizenship against investment, the justice ministry said on the 22 of January,  adding the scheme had failed to bring any significant economic benefits.

The legal changes come a day after the media reports about the European Commission plans to warn against such an application schemes, which could be used by foreign organized crime groups to infiltrate the EU. It also increases the risk of money laundering, emblazonment, corruption and tax evasion.

Bulgaria is one of three EU countries, along with Cyprus and Malta, that currently grant citizenship against investment. The other 20 member states, including these three, also offer the resident permits on similar conditions.

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