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Donka Pechilkova |
Rossitza Koleva |
At a first reading, the Bulgarian Parliament voted on September 12 2013 changes to the Law on Foreigners. The proposal with the set of amendments to the Law on Foreigners in the Republic of Bulgaria was initiated by the Bulgarian Socialist Party which believes strongly that these measures will encourage the increase of foreign investments in the country. So, according to the changes, foreigners who deposit not less than BGN1 million ($700,000) in a licensed financial institution under the terms of a special management contract for a period not shorter than five years will get a permit for their permanent residency in the country.
The amendments also provide better conditions for foreign investors with investments in Bulgaria that overpass BGN2 million with the provision that the InvestBulgaria Agency is entitled to apply strict control over the investments to monitor the investment process.
Some members of Parliament fear that these changes would facilitate frauds. However the initiators of the changes to the law oppose this idea expressing that the requirement of the special fiduciary management contract by the means of which the government will control that the investments are maintained at least five years, thus the five year term for the investments is the warranty against fraud.
Donka Pechilkova (donka.pechilkova@eurofast.eu) and Rossitza Koleva (rossitza.koleva@eurofast.eu)
Eurofast Global, Sofia Office, Bulgaria
Tel: +359 2 988 69 78
Website: www.eurofast.eu
