Bulgaria on the brink of full Schengen membership: what does this mean for investors

Bulgaria is on the home stretch towards full membership in the Schengen area. On 10 October 2024, the Council of the European Union will receive a proposal to abolish land border controls for Bulgaria, which will be a decisive step towards full integration into the visa-free area.

Let us recall that Bulgaria, together with Romania, has already partially joined the Schengen Agreement on March 31, 2024, receiving the right to participate in the Schengen air and sea space. However, control at the land borders continued, which created certain inconveniences for citizens and businesses.

Free movement of people: The abolition of border controls will allow Bulgarian citizens to travel freely within the Schengen area without having to go through passport control. This will simplify tourist trips, business visits and family gatherings.

Boosting economic growth: The absence of borders facilitates trade and investment, which stimulates economic growth and creates new jobs. Bulgaria will gain access to the single European market for goods and services.

Strengthening international image: Joining the Schengen area will demonstrate the stability and reliability of Bulgaria as a member of the European Union. This will increase the country's attractiveness to foreign investors and tourists.

However, full membership in the Schengen area must be achieved by fulfilling a number of requirements, including combating corruption, strengthening law enforcement and protecting the EU's external borders.

Bulgaria has already gone through a lengthy adaptation process, proving its readiness for full membership.

If the proposal is approved, Bulgaria will become a full member of the Schengen area as early as 2024, which will be a significant event for the country and its citizens.

This will open up new opportunities for development and will be an important step towards the full integration of Bulgaria into the European Union.