Rumen Radev Appointed As The New President Of Bulgaria

Mr. Rumen Radev was chosen as the new President of Bulgaria by the citizens of the country. The official results came in on 13th November 2016 and showed an obvious success in favor of the new president.
Mr Radev is a general and a former commander of the Bulgarian Air Force. Being a new comer to politics, he is backed by the opposition social party of Bulgaria.
The new President won 59.4 percent of the votes. While on the other hand, Mrs. Tsetska Tsacheva, the 58-year-old, ruling party’s candidate nominated by the now former Prime Minister, Mr. Boyko Borisov, only managed to attain 36.16% of the votes, leaving her far behind in the Presidential race.
Many Bulgarian citizens showed their frustration with Mr. Borisov’s way of handling corruption and are also disappointed in the European Union. Whereas, others want to develop close ties with Russia in the hopes to improve Bulgaria’s economy.
The former Prime Minister gave in his resignation on Monday, the 14th of November, as he no longer felt that the sitting Parliament and the respective cabinet had national support. The resignation was accepted by the National Assembly, giving the indication that the premature parliamentary elections will be conducted somewhere around March or April 2017. An interim government will be appointed in the meantime.
Mr Radev’s victory is seen as a boost for Russian as he is known to be Russian-friendly. However, it might also be a let down to the Western allies. He has announced an end to the EU sanctions against Russia. Furthermore, the new president has also shown interest in balancing Bulgaria’s commitments to the European Union and Nato, while maintaining a mutually beneficial relationship with Russia.
These new political developments will prove to be a positive sign for the Bulgarian business and Investment environment, as it is predicted to create a more stable and predictable business environment. Mr Radev and the Vice President have declared foreign investment as their main focus, which should lead to a more enhanced business climate and solid investment opportunities. Thus, the Bulgarian Immigrant Investor Program for Citizenship and Residency is expected to become even more attractive and competitive compared to other similar immigrant investor programs across the world.
Despite the early few turbulent months to be faced by the administration, the financial and economic outlook of the country will become better in the long run.
For more information about the Bulgarian Immigrant Investor Program, please visit our website Lalani & Associates.