Bulgaria offers citizenship to foreigners who invest EUR 500,000 in local companies

Bulgaria is offering citizenship to foreigners ready to invest at least half a million euros in the country's economy.

Under a newly approved amendment, the candidates would have to invest in a Bulgarian company involved in a high-priority investment project in industry, infrastructure, transport or tourism.

The investors are also required to have had residence status in the country for at least one year.

Bulgaria, which joined the 27-nation European Union in 2007 and is the bloc’s poorest member, is trying to reverse the severe drop in foreign direct investment from 6.55 billion euros in 2008 to 1.75 billion euros in 2011, AP reported.