Bulgarian MPs Postpone Vote on Vetoed Investment Promotion Act ChangesFinance | November 22, 2013, Friday // 12:12| views
During the debates on the presidential veto on Friday, Deputy Parliament Speaker Aliosman Imamov rescheduled the vote on the veto for Wednesday. Photo by BGNES
Bulgaria's Parliament has postponed the vote on the veto of President Rosen Plevneliev on changes to the Investment Promotion Act.
The legal changes create the possibility for citizens of non-EU countries to be granted permanent residence after placing BGN 1 M at a licensed Bulgarian credit institution under a fiduciary management contract for a period of no less than 5 years.
A year after that, the same person may be granted Bulgarian citizenship under a simplified procedure in exchange for an investment of BGN 2 M.
Bulgaria's head of state announced that he was vetoing the legal amendments on the grounds that they allowed granting Bulgarian citizenship and permanent residence solely on the basis of financial reasons.
He expressed concerns that such a regime had been in place until the beginning 2013 but had been revoked after security services had presented data about attempts at circumventing the law.
Plevneliev argued that the scheme paved the way for cases in which the money stayed at the bank pro forma, without contributing to the development of the economy.
The presidential veto can be overturned by a majority of at least 121 MPs, which means that the ruling coalition of the Bulgarian Socialist Party (BSP) and the liberal Movement for Rights and Freedoms (DPS) party need the support of nationalist party Ataka, according to dnevnik.bg.
Ataka MPs, however, did not disclose the official stance of the party on the matter, saying that the vote was secret.
Center-right party GERB (Citizens for European Development of Bulgaria) pointed out that they backed the veto.
During the debates on the presidential veto on Friday, Deputy Parliament Speaker Aliosman Imamov rescheduled the vote on the veto for Wednesday.
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