The Bulgaria Golden Visa stands out in 2026 as a uniquely balanced residency-by-investment program, combining capital preservation with immediate permanent residency. Bulgaria is currently the only country in the European Union offering permanent residency in exchange for a regulated fund investment of EUR 512,000.
The program imposes no physical stay requirements, no frequent residency card renewals, and avoids the prolonged processing delays common in other jurisdictions. Permanent residency is typically granted within six to eight months from the start of the process, making it one of the most efficient EU pathways available.
Fund Investment Options and Government Policy Direction
A central objective of the Bulgarian government is the development of the domestic capital market. While long-established fund managers have historically struggled to attract local investors and encourage systematic participation, recent policy shifts aim to change this dynamic.
New strategies focus on encouraging the establishment of new fund managers—bringing greater energy, innovation, flexibility, and more competitive fee structures to the market. As part of this approach, the minimum capital requirement for a Golden Visa–compliant fund is set at EUR 1.5 million, intentionally lowering barriers to entry for new, well-structured funds. As of early 2026, only a limited number of funds are fully compliant with the Bulgaria Golden Visa requirements.
Safety of Fund Investments in Bulgaria
The safety profile of Bulgarian fund investments has improved materially. With Bulgaria adopting the euro on 1 January 2026, currency risk has been fully eliminated. Investors now deposit capital in euros, and fund portfolios are invested in euro-denominated assets, removing conversion costs and exchange-rate uncertainty.
Bulgaria’s sovereign credit profile has also strengthened as part of its integration into the eurozone. Regulatory discretion at the national level has narrowed significantly. Banking licenses are now granted by the European Central Bank, and Bulgarian funds operate under expanding supervision coordinated with European Securities and Markets Authority (ESMA). This alignment enhances investor protection and regulatory transparency.
What Can Golden Visa Funds Invest In?
To qualify under the Bulgaria Golden Visa framework, funds must invest exclusively in Bulgarian assets. This requirement is where many funds fall short. While some funds include Bulgarian holdings, they often “optimize” portfolios by allocating capital to non-EU or global assets—most commonly U.S. indices. Although such strategies may be sound from a pure investment perspective, they do not meet Golden Visa compliance standards.
Are There Reliable Bulgarian Assets?
Reliability depends primarily on fund strategy. Some funds focus on equities, which can be volatile in a relatively small and concentrated market. Others, however, adopt a fixed-income strategy, investing mainly in bonds.
A notable example is Bulgaria AIF Fund, managed by Bulgaria Fund Management, the first fund established specifically to meet Bulgaria Golden Visa requirements. Its strategy focuses on fixed-income securities, including bonds issued by Bulgarian Energy Holding, a government-owned entity whose bonds closely resemble sovereign exposure. The portfolio also includes bank bonds such as those issued by TBI Bank, which is owned by Advent International.
This approach mirrors the strategies traditionally followed by Bulgarian pension funds, emphasizing capital preservation and predictable income. According to Advocate Petar Markov, CEO of Bulgaria Fund Management, such portfolios can reasonably target annual returns of approximately 5–7%, without excessive risk exposure.
What Are the Advantages of Investing in the Bulgaria AIF Fund?
The Bulgaria AIF Fund is an open-ended structure, allowing investors to enter and redeem capital without lock-up periods, subject to standard liquidity rules—an important feature for Golden Visa investors whose timelines are linked to residency and citizenship milestones rather than market cycles.
The fund applies a transparent and investor-aligned fee model, with no subscription or redemption fees, a 1% fixed annual management fee, and a 20% performance fee only on net returns exceeding 7% per year, ensuring alignment between investors and the fund manager.
The Bulgaria Golden Visa Application Process
The program begins with a mandatory pre-approval stage. Only applicants who pass pre-approval may proceed with the investment—an important distinction from other programs where capital is deposited before eligibility is confirmed.
Pre-approval takes four to six weeks and requires basic documentation, including proof of source of funds, a clean criminal record, and a bank account in a FATF-compliant jurisdiction holding at least EUR 512,000.
Once pre-approved, applicants apply for a D visa, usually processed within four to six weeks. This is followed by the permanent residency application, which requires two visits to Bulgaria and is typically approved within two months. At this stage, applicants may also submit family reunification applications for a spouse, children under 18, parents, and parents-in-law.
Does the Bulgaria Golden Visa Lead to Citizenship?
Yes. After maintaining the qualifying investment for five full years from the date permanent residency is granted, investors become eligible to apply for Bulgarian citizenship.
While children over 18 cannot obtain permanent residency through family reunification, they may apply directly for Bulgarian citizenship, regardless of age, once a parent becomes a Bulgarian citizen. Bulgarian law grants citizenship to individuals with a Bulgarian parent, a principle already widely applied in practice.
Bulgarian Language Requirement
Bulgaria applies one of the lowest language thresholds in the EU. Citizenship applicants are required to demonstrate A1-level Bulgarian, which can typically be achieved through a remote language course in under two months.
Conclusion
In 2026, the Bulgaria Golden Visa offers a rare combination of permanent EU residency, euro-denominated investment, strong regulatory oversight, and a capital-preserving investment philosophy. For investors seeking stability first—and residency and citizenship as a long-term benefit—Bulgaria presents one of the most compelling options currently available in Europe.
