Updated on
Summary It would be the first time that Bulgaria has offered citizenship in such a way.
EU-member Bulgaria will offer citizenship to foreigners willing to invest at least 200,000 leva (100,000 euros, $130,000) into a state innovation fund, parliament decided Friday.The move by Bulgarias centre-right government is aimed at reversing a sharp slide in foreign direct investment from 6.55 billion euros in 2008 to 1.75 billion euros in 2011.Bulgaria also spends just 0.48 percent of gross domestic product on research and development, a third of the EU average.The small Balkan country, which joined the European Union in 2007, has been swamped with citizenship applications from neighbouring countries and Russia, whose travellers sought visa-free access to the Schengen area.The changes to Bulgarias Investment Incentives Law have to pass a second reading in parliament to enter into effect.
