WHY CANCEL THE APPLICATION FOR BULGARIAN INVESTMENT CITIZENSHIP?
It looks like a crazy and ridiculous idea. Why would someone in his right mind want to cancel his Bulgarian CBI application process?
Personal reasons are quite common for the change of plans. Divorce, health problems, death in the family, there are many unexpected things that can happen. Loss of business or bankruptcy can also force some to opt to stop their citizenship application.
The most common reason of cancelling the application for Bulgarian investment citizenship
Most of the time however, the reason for not proceeding with the investment citizenship application is the urgent need of money. The conditions of the Bulgarian CIP foresee that the investment (bonds, shares, etc.) must be held on the applicant’s account for 2 years after citizenship is obtained. Some of the citizenship candidates need their investment urgently (to pay for unexpected expenditures) and they choose to put their application to an end. While this is happening extremely rare, this still is the most common reason why a client may not proceed with the citizenship application.
If you have already officially started your application (ie if you have already signed legal agreement), stopping the process abruptly may have dire consequences if you ever plan on applying for citizenship again. The Bulgarian authorities are expecting from each and every citizenship candidate to be of good character, the very least. This entails not only having no criminal convictions, owning transparent business and verifiable income, but also a great degree of predictability.
Zero chance for EU citizenship again, most probably
All this means that in case you abruptly stop the procedure in the middle of nowhere, you will most likely never be able to obtain Bulgarian citizenship by investment again.
Of course, you need not to worry if you don’t plan on applying for EU citizenship again. In this case, you can basically back off at any time you like. Of course, if you have a contract with your agent, you must well make sure to get things straight with him. Please read more about how to change your citizenship agent.
THE SAFE AND LEGAL SOLUTION
If you, for whatever reason, have decided not to proceed with your Bulgarian citizenship by investment application, talk to your agent first. He will be able to take all necessary steps to ensure that your application is cancelled correctly. In many cases, your agent will not even charge a fee for the process, or charge a minimal amount to cover the administrative costs.
And what if you have applied for financing?
If you have applied from Bulgarian or other EU bank to finance your investment and you simply disappear, you risk that no bank will ever talk to you again. Whatever you do, don’t even think of doing that. Contact your agent or financial advisor who has assisted you in applying for financing. They are the ones who might be able to help.
If you, for whatever reason have decided to abort your Bulgarian citizenship by investment, and if you can’t arrange the formalities with your current agent, you can contact us for a free advice.