Presidential veto to return the Investment Promotion Act for reconsoderation

President Rosen Plevneliev will return for further consideration the provisions of the Investment Promotion Act, stipulating that big foreign investors will get Bulgarian citizenship under certain conditions, announced the administration of the Head of State.

Plevneliev will make public his motives next week because the texts should also be considered by the legal council of the presidential institution. Under the new provisions, foreign investors may acquire Bulgarian citizenship if granted permanent resident status at least a year ago and having invested at least BGN 1 mln in the capital of a Bulgarian company, implementing a priority investment project. There is also a provision that permanent resident status will be granted to investors who have paid at least BGN 4 mln in the capital of a Bulgarian commercial company in their capacity of partners or shareholders with no less than a 50% stake in the capital, as a result of which investments have been made for acquisition of new tangible and intangible assets amounting to no less than BGN 4 mln and at least 50 jobs for Bulgarian citizens have been created. A permanent residence permit in Bulgaria will also be granted to a foreigner implementing or maintaining class A and B investments or a priority investment project.

According to President Plevneliev, however, the adopted legislative amendments do not encourage but rather place additional obstacles to investors by introducing unnecessarily stringent requirements. Plevneliev also believes that citizenship as a political and legal relationship of the person with the State has not been taken into consideration either.

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