The Bulgarian government has approved changes to a law which will more strictly regulate the residency by investment program for foreign nationals. The new rules require applicants to obtain preliminary approval from the Bulgarian authorities for making an investment; a bank reference for an account opened in their name either in Bulgaria or elsewhere in the European Union; a declaration attesting to the source of funds in a government-approved template, and evidence of their professional or investment activities, among other documents. These changes are intended to streamline and prevent fraud in the residency by investment process. As always, those individuals who obtain residency by investment are eligible for Bulgarian citizenship after five years as long as they renounce their current citizenship and show proof of their knowledge of the Bulgarian language. As a reminder, the golden passport program remains closed as of 2021.
Source: Fragomen
