The internationals will now not be able to take benefit of ‘Bulgaria’s Golden Visa’, as the country’s Prime Minister Kiril Petkov announced the previous week that the government is abolishing the scheme. 

The hints to repeal the programme were already given by the Bulgarian government the previous month after the same plans to submit the bill to the parliament. The prime minister stated, “the absence of real investments in the economy, likely to lead to job creation”, as the reason behind this decision taken by Bulgaria’s government. 

Although, this bill has witnessed the support of the numerous politicians of the European country, which is yet to be approved by the country’s administration.  

PM asserted, “This is one of the main obstacles to (joining) the Schengen, in my opinion, and to visa-free travel with the United States Golden passports are a vice, and getting rid of it is our priority“. 

The ‘Golden Visa’ scheme of Bulgaria is often seen as the primary path of illicit affairs such as – corruption and money laundering, keeping aside the fact that a large amount of revenue is generated, which eventually significantly contributes in the economy of the country. The golden visa passports will also not be valid in the forthcoming time (of which the date yet has not been announced by the government).  

What is the Golden Visa scheme: 

This programme offers individual citizenship of Bulgaria after they make an economic investment of at least 1,000,000 Bulgarian levs or 568,000 dollars, which provides an applicant to obtain the passport of Bulgaria. 

Survey findings reveal that majority of the international citizens who are holding the passports of Bulgaria are Russians, then followed by the middle east countries.  

European Union has called on several countries, including Bulgaria, to end their economic citizenship programme over numerous loopholes in it, such as 0 money laundering, wean due diligence, corruption, tax evasion, and other illicit affairs.