Further improvements to the transparency of the procedure involved in applying under the Bulgarian citizenship by investment programme.
The Bulgarian Ministry of Justice has published on its website lists of supporting documents, which in its view are expected from applicants for citizenship by investment under both the standard and fast tracks to citizenship by investing.
Each category of document in the list is broadly related to a requirement in the Bulgarian Citizenship Act(BCA) and the Decree-Law on the application of Chapter Five of the BCA: e.g., the requirement to provide a criminal record check is fleshed out by the need to demonstrate that the applicant has clear criminal past and is not a threat to public order and national security.
The MoJ advises that each supporting document should be listed in the application form, duly legalised and translated.
These official lists contribute to the transparency of the programme and the smooth completion of the process.
Stopping the improper use of insolvency proceedings
A client of our dispute resolution team (led by Kamen Shoylev and Yordan Neshkov) was recently the subject of an indirect claim by a Bulgarian bank with which this client has been engaged in a multi-stage dispute. Unusually, the bank acted through a vehicle registered in an African state, which made an unfounded claim in the tens of millions of euros against our client and sought the commencement of judicial insolvency proceedings against this client. The offshore vehicle was chosen to isolate the bank from liability and create certain evidential difficulties for our client's representation.
NBLO succeeded in terminating the insolvency proceedings, with direct loss fully awarded to our client. A second claim to recover our client's indirect losses is currently under way.
Where targeted in this way through insolvency proceedings, a company may be prevented from trading properly (e.g., by suffering restrictions on its financing or being unable to participate in public procurement).
Through our considerable experience in insolvency litigation, both entirely domestic and where there are European and cross-border elements, we are ideally placed to assist clients in resisting such attacks and recovering the real and considerable losses that may be suffered.
© New Balkans Law Office 2020