Bulgaria’s Parliament approved on March 24 the second and final reading of amendments to the Bulgarian Citizenship Act that abolish “golden passports” – citizenship in return for investment.
Bulgaria, Cyprus and Malta have been the target of concern by the European Commission because of “golden passport” schemes, given that those who receive citizenship in this way acquire all the rights – including freedom of movement – that go with being a citizen of an EU country.
The amendments shut down all pending proceedings under the scheme.
Within six months of the amendments becoming law, the State Agency for National Security must check whether there are grounds to revoke any citizenships that were granted on the basis of the scheme.
The granting of residence on the basis of investments remains in place.