It is indeed so that the Cypriot citizenship by investment is no match to the Bulgarian program. The Bulgarian program is not only much cheaper, but it also requires less money to invest. At the same time, the Cypriots are doing pretty well in marketing their investment program. As a result, there are much more Cypriot investment passport being issued than there are Bulgarian ones. Our government has yet to do its homework in 2020 in order to spread the word about the Bulgarian program.
For more detailed comparison between the Bulgarian and the Cypriot citizenship by investment programs, please visit https://posolstvo.eu/blog/citizenship-bulgaria-vs-cyprus/