Several countries in Southeast Europe, in an effort to attract foreign investments, have allowed foreigners who invest large sums to acquire their citizenship, writes the portal "The Southeast European Times".
According to the Vienna Institute for International Economic Studies, direct foreign investments in the countries of the region increased by 2011 percent in 26 after several years of decline, but it is not expected to remain at that level.
Romania was the first to grant citizenship to investors even before the crisis hit the region.
Some, however, question the granting of citizenship to investors as they believe that it creates a legal opportunity for terrorists and criminals to gain sanctuary.
That measure proved to be successful, especially in attracting investors from Turkey.
Romanian citizenship can be obtained by a foreigner who has lived in that country legally for at least eight years or has been married to a person with Romanian citizenship for at least five years.
That period can be halved if it is a well-known person or an investor who has invested at least one million euros.
Macedonia, which in 2012, according to a report by the Vienna Institute, suffered a 30 percent drop in investments, proposed an amendment to the law on foreigners that offers citizenship to anyone who invests at least 400.000 euros and creates at least 10 jobs.
Permanent residence can be obtained by a foreigner who invests more than 40.000 euros in real estate.
Offering citizenship is particularly attractive to investors from Asia who have trouble traveling to the EU, as the Balkan states have a visa-free regime with EU countries.
The Albanian government recently amended the law on citizenship to naturalize foreigners in cases where "Albania has scientific, economic and cultural interests".
According to that law, anyone who shows that they have invested more than 147.000 euros can get an Albanian passport.
A similar measure is expected to be adopted by the Bulgarian parliament, as an amendment has been proposed on applicants for citizenship who invest at least 250.000 euros in Bulgarian companies related to industry, infrastructure, transport or tourism.
The investor should live in Bulgaria for at least one year, and buying a property worth 305.000 euros is an additional way to obtain permanent residence.
The existing law provides that status to foreigners who invest more than 509.000 euros in public companies or joint ventures.
Offering citizenship, according to economic analysts, is particularly attractive to investors from Asia who have problems traveling to the European Union, since the Balkan states have a visa-free regime with the countries of the Union.
Some, however, question the granting of citizenship to investors as they believe that it creates a legal opportunity for terrorists and criminals to gain refuge.
In Montenegro, the measure was abolished, writes "The Southeast European Times", since the deposed Thai Prime Minister Thaksin Shinawatra was granted citizenship even though he was accused of corruption in his country.
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