Bulgaria offers citizenship to foreign investors to help ailing economy
SOFIA, Bulgaria (AP) - Bulgaria is offering citizenship to foreigners ready to invest at least half a million euros (S$794,034) in the Balkan country's ailing economy.
Under the newly approved amendments, the candidates would have to invest in a Bulgarian company involved in a high-priority investment project in industry, infrastructure, transport or tourism.
The investors are also required to have had a permanent residence status in the country for at least one year. Bulgaria, which joined the European Union in 2007 and is the bloc's poorest member, is trying to reverse the severe drop in foreign direct investment from 6.55 billion euros in 2008 to 1.75 billion euro in 2011.