The draft bill provides for the cancellation of permanent residence for foreigners who spend less than 6 months and 1 day in Bulgaria during the previous calendar year. Initially, no exceptions were made for investors, but amendments were introduced ahead of the second reading.

Holders of permanent residence based on certain investment grounds, along with their family members, are expected to be exempt from the mandatory six-month physical presence requirement. Exemptions regarding the length of stay are also provided for retirees and family-based categories.

Valid reasons for extended absence from the country will also include medical treatment, studies, business trips, overseas investment projects, and force majeure events. Physical presence will be verified using state databases, travel tickets, employment records, and proof of residence. A safeguard mechanism is also planned for investors: gaps in data resulting from travel within the Schengen Area will not be interpreted against them.

The bill passed its first reading on September 16, with the second reading still ahead.