A Bulgarian parliamentary committee has approved the first reading of changes to the Foreigners Act to decrease the property value ownership qualification for permanent residence from 600 000 leva (about 300 000 euro) to 100 000 leva.
The change is being proposed to make matters easier for the many Russian citizens buying property at the Bulgarian Black Sea coast, in the cities of Varna and Bourgas and surrounding areas, reports from the committee meeting said.
The proposed decrease of the sum required to qualify for permanent residence in Bulgaria was proposed by the Cabinet and has the support of the Interior Ministry’s Migration Directorate.
Those who had bought property had invested in Bulgaria and daily were supporting the country’s economy, the directorate said, according to a report in daily Sega.
Foreigners who have the status of long-term residents in the country have all rights and obligations of Bulgarian citizens except those for which Bulgarian citizenship is required, such as voting and standing in elections. They can be employed by Bulgarian employers and obtain social insurance.
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