NBLO has helped its clients apply forBulgarian  citizenship by investment(https://www.newbalkanslawoffice.com/practice-areas/citizenship-by-investment/) since the country introduced the programme in2013. Bulgaria’s citizenship scheme was significantly revamped in 2021 (https://www.imidaily.com/europe/bulgaria-revamps-its-r-cbi-program-new-investment-options-faster-processing/) and underwent further changes in 2022.

The 2021 changes made amendments to theLaw on Aliens in the Republic of Bulgaria, as published in  State Gazette No 21 of 2021., Theseintroduced a new procedure for pre-clearing (https://www.newbalkanslawoffice.com/the-bulgarian-government-adopts-new-regulations-for-cbi-pre-clearance-process/) permanent-residence applicants basedon their investment. However, the implementing regulations for this law had notbeen adopted by the Council of Ministers until recently, which promptedapplicants to seek judicial review to counteract the Bulgarian InvestmentAgency’s refusal to carry out pre-clearance in the absence of specificregulations.

NBLO recently initiated and won one suchjudicial review. On behalf of our client, a Malaysian national, our firm challengedthe tacit refusal of the Executive Director of the Bulgarian Investment Agency(BIA) to decide on their application for a pre-clearance.

Recognising the recent regulationspassed, the courts held that the implicit refusal of the Executive Director ofthe Bulgarian Investment Agency to process our client’s application wasunlawful and should be annulled and the file returned to the BulgarianInvestment Agency for review.

New Balkans Law Office’s expert team ishighly skilled at navigating and advising clients on Bulgaria’s citizenship byinvestment scheme. For more information, visit our website at www.newbalkanslawoffice.com.

You can read more publications from the New Balkans Law Office at the links below.

NBLO takes part in IBA’s Global Insolvency and Restructuring Conference

The EU’s Proposed Regulation on Crypto-assets – Strengthening Investor Protection and Market Integrity

NBLO takes part in IBA’s International Financial Law Conference

New Regulations for Investors in Bulgaria

Alternative Investment Funds as a Tool for Diversifying Investments

Bulgaria’s start-up visa: a route into EU markets

Benefits of Shareholders’ Agreements

How to prove my Source of Funds/Source of Wealth from crypto asset profits

Investor protection before the European Court of Human Rights

Crypto Wealth Planning and Asset Protection in 2023

A Comparative Study of the Leading IP Box Regimes in Europe