or is there a pilot in the plane?

The InvestBulgaria Agency (IBA) is a government institution providing information, contacts and project management support to potential investors.

The above is written on the website of IBA. We will stress on that – SUPPORT TO POTENTIAL INVESTORS

If you haven’t been dealing with the Agency lately, you may be thinking: “what a wonderful organization”. And indeed, it is an organization with wonderful “Activities and Aims”. Every country in the world would be happy to see more foreign investors coming with their money, right? And such an Agency should help these investors spend their money wisely in Bulgaria, for legitimate projects of course.

We wrote already about the change in power in IBA. Shortly after that, our experience with the Agency became…. let’s call it “controversial”. And it’s not only us. Many of our colleagues/clients, who have been dealing with the Agency, share similar “controversies”.

IBA and the new Bulgarian citizenship by investment program

The problem with the Agency is that it currently acts as if it doesn’t exist. By law, it has to issue certain certificates for the new Bulgarian CBI. This is to enable the foreign investors to make their investment and to obtain Bulgarian citizenship. But the Agency is… silent. And this silence may cost Bulgaria millions on damages, as the country doesn’t fulfill its legal obligations.

Court battles ahead and the bill to be paid by the Bulgarian tax payer

We have already filed Court case against IBA for their “silence”.

An investor for Bulgarian CBI, a wonderful woman, a doctor, is still waiting for her certificate from IBA. After having invested over 2.000.000 BGN, she gets no response. And now, to protect her rights, we have to go though the courts.

At the moment, there are also other investors affected by the “actions” of IBA. When the legally foreseen terms expire and if they don’t fulfill their obligations, we may be heading to the Court again. And we find its a shame.

Our clients will get their citizenship as per the law, but the Bulgarians will pay the bill

Our clients will get their citizenship anyway. Laws are laws and they are observed in the Court room. But the multi-million compensations, that we believe will be awarded to the foreign investors, will be paid by us – the Bulgarian tax payers.

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