MOSCOW (Pakistan Point News / Sputnik - 04th February, 2022) Bulgarian Prime Minister Kiril Petkov pledged on Friday to put an end to so-called golden passports, which allow people to obtain Bulgarian citizenship in exchange for investments in the country's economy.
Earlier in January, the Bulgarian Ministry of Justice proposed canceling the golden passports, saying the practice is ineffective. Under nationality regulations, which have been in effect since 2013, foreigners can obtain the country's passport in exchange for investing at least 1,000,000 Bulgarian levs (about 568,000 Dollars).
"The end of these 'golden passports' will surely come soon. This is one of major obstacles to (joining) the Schengen, in my opinion, and to visa-free travel with the US. 'Golden passports' are a vice, and getting rid of it is our priority," the prime minister said in parliament, as quoted by the Bulgarian National Television.
In 2019, the European Commission asked Bulgaria, Malta and Cyprus to increase the transparency of citizenship-for-investment schemes.
