/ world today news/ The new government of Bulgaria has announced that it is abandoning the practice of issuing “golden passports” – to the delight of the EU, writes Der Spiegel. Until now, anyone who has invested and made a serious contribution to the country’s economy could count on being granted Bulgarian citizenship, which gives the right to free movement in the Schengen area. As the newspaper noted, this program was especially popular among wealthy citizens of China and Russia.
The new Bulgarian government, led by Prime Minister Kiril Petkov, announced the end of the practice of issuing so-called golden passports. The government stated that the relevant program “has not led to significant investments in the Bulgarian economy”. The European Commission has long criticized the practice of granting citizenship for money and calls for its end, writes Der Spiegel.
The “Golden Passport” program has been operating in Bulgaria since 2013. It was especially popular among wealthy citizens of China and Russia: for investments in the Bulgarian economy equal to 500,000 euros, they receive the right to permanent residence in the country, and for twice as much a large amount – Bulgarian citizenship.
However, in almost every second case, the authorities found violations. First of all, the Ministry of Justice cited the example of investors who resold their securities or newly acquired real estate immediately after naturalization. Kiril Petkov came to power in late 2021, promising to fight widespread corruption.
For years, the European Commission has been criticizing the practice of issuing “golden passports” in various EU member states. In 2020, it launched breach of contract proceedings against Cyprus and Malta. In June 2021, Brussels sent a letter in which it threatened to file a case in the European Court for Sofia as well.
Part of the sanctions imposed last year by the American administration against Bulgarian citizens and companies for their participation in “corruption” in the country are also related to the practice of issuing passports. Washington accuses one of the sanctioned Bulgarian citizens of having created an illegal system for quickly obtaining Bulgarian citizenship, writes Der Spiegel.
Translation: ES
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