The Bulgarian government has submitted to the National Assembly a bill that could radically change the conditions for obtaining and maintaining permanent residence for foreign investors. The key innovation of the document is the introduction of a strict requirement for physical presence. Previously, a resident could not live in Bulgaria, observing only the rule of not being absent for more than 12 months in a row outside the European Union, but now he will have to personally stay in the country for at least six months.
According to the proposed amendments, any holder of a permanent residence permit who spends less than six months and one day in Bulgaria during a calendar year will automatically lose their status. This requirement is mandatory and does not provide for exceptions, including for investors who have previously obtained a residence permit without the obligation to permanently reside in the country.
The bill pays special attention to investors participating in the Golden Visa program. Currently, a contribution of 1 million leva (approximately 511 thousand euros) allows you to obtain a permanent residence permit without having to physically reside in Bulgaria. The new rules will replace the "absence test" (staying outside the EU for less than 12 months) with the "presence test" in Bulgaria itself, which significantly tightens the conditions for investors doing international business.
The document does not specify when the required period of stay will start and whether exceptions will be made for permits already issued. This creates uncertainty for current cardholders, especially those who are approaching the five-year deadline required to apply for citizenship. The loss of resident status may cancel the accumulated time for naturalization.
Now the bill will have to go through a complex approval procedure in parliament, during which the text may be significantly changed.
Source: IMI
