President To Veto Investment Promotion Act Amendments

President To Veto Investment Promotion Act Amendments

President Rosen Plevneliev said he will return to parliament for further debate the amendments to the Investment Promotion Act.

"The amendments to the Investment Promotion Act will also be reviewed by the President's Legal Council which will carry out a thorough analysis of the entire law and will prepare the motives for returning the law, which will be announced next week," the president's office said in a statement.

According to Plevneliev, rather than encouraging investments in the country, the amendments set up a barrier to foreign investors.

The amendments provide for granting a Bulgarian residence permit to foreign investors who have contributed to the capital of a Bulgarian company at least 4.0 million levs ($2.67 million/1.02 million euro) as partners or shareholders with registered shares holding 50% of the share capital, as a result of which investments of no less than 4.0 million levs are made and at least 50 jobs for Bulgarian citizens created.

"A decision on whether or not to grant citizenship cannot rest on financial reasons," the statement added.

 

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