Bulgaria moves to amend permanent residence provisions in Foreigners Act

The Bulgarian Socialist Party government has revived amendments to the Foreigners Act that would allow foreigners who have deposited more than a million leva (about 500 000 euro) with a licensed credit institution under a fiduciary management contract valid for at least five years to be eligible for permanent residence.

The National Assembly approved the first reading of this and other amendments to the Foreigners Act on September 11.

Under the previous centre-right government, amendments were put forward regarding links between serious investments and permanent residence but the idea of the million leva deposit opening the way for permanent residence was dropped because of concerns that the system could be manipulated.

For the full story, please click here

(Photo: Clive Leviev-Sawyer)