site.btaFormer InvestBulgaria Agency Head Indicted over “Golden Passports” Scheme

The Sofia City Prosecution Office has filed an indictment with the Sofia City Court in a case widely known as the “golden passports” affair, the prosecution service said on Friday.

A procedural hearing will be scheduled for a former executive director of the InvestBulgaria Agency, who is facing charges of dereliction of official duty.

In January 2023, the Sofia City Prosecution Office pressed charges against Yanev for acts committed in his capacity as head of InvestBulgaria. The investigation followed a February 2022 alert from an MP of the Movement for Rights and Freedoms (MRF) concerning the “golden passports” scheme.

Prosecutors allege that between 2015 and 2020 in Sofia, Yanev violated certain statutory duties to facilitate the acquisition of permanent residence permits and, subsequently, Bulgarian citizenship for foreign nationals based on investment. This allowed these individuals to unlawfully obtain residency rights in Bulgaria.

The prosecution stated that the act resulted in substantial harm. As executive director, Yanev was solely responsible for organizing, managing, and supervising InvestBulgaria’s activities to ensure the lawful and effective implementation of state investment promotion policies.

According to the indictment, during his tenure, numerous transactions involving shares of Bulgarian companies were conducted that only superficially met the legal criteria for acquiring permanent residence permits and subsequent citizenship. Despite this, Yanev neglected several specific legal obligations, resulting in the extended unlawful residence of hundreds of foreign nationals, the prosecution reported.