Bulgaria Golden Visa Statistics 2025

Bulgaria Golden Visa: Pre-Approval Statistics for 2025

After a temporary pause in reporting, we resume the publication of official statistics related to the Bulgaria Golden Visa Program. This update summarises the results for 2025, focusing exclusively on applicants who have successfully passed the pre-approval stage.

Pre-Approval Results for 2025

In 2025, a total of 18 applicants successfully passed the pre-approval stage of the Bulgaria Golden Visa program.
The figures do not include applications currently under review and reflect only completed pre-approval decisions.

While the number may appear modest, it clearly demonstrates that the program is operational and accessible.

Cumulative Applicants (2024–2025)

When combined with applicants who passed pre-approval in 2024, the total number of pre-approved applicants reaches 28.
Their nationality breakdown is as follows:

Key Observations

Several important conclusions can be drawn from these figures:

1. The program is accessible to Russian nationals
The data confirms that Russian citizens are eligible for the Bulgaria Golden Visa provided they hold legal residence in another EU Member State and are not subject to sanctions. This remains a key differentiator compared to other EU residency-by-investment programs.

2. Chinese demand remains limited
Despite historically being one of the strongest markets for EU Golden Visa programs, Chinese applicants remain largely absent from Bulgaria’s program.
The primary reason continues to be the ongoing attractiveness of the Portuguese Golden Visa, particularly due to higher commission structures for intermediaries, regardless of substantial processing delays.

3. Vietnam is the leading nationality by a wide margin
Vietnamese applicants continue to dominate the program, ranking first by a significant margin, followed by the Russian Federation and Ukraine.
Based on current applications under processing, Russian and Ukrainian nationals are expected to represent the largest share of future approvals.

4. Limited traction among U.S. investors
Bulgaria continues to face difficulties in attracting U.S. citizens, despite consistent interest and inquiries.

What’s Next for the Bulgaria Golden Visa in 2026?

The Bulgaria Golden Visa program is now fully operational, following the successful streamlining of procedures and coordination between lawyers, investment funds, the Bulgarian Investment Agency, and the Financial Supervision Commission.

After an initial synchronization phase, the program has entered a stable implementation stage. While absolute numbers remain modest, it is notable that the number of pre-approved applicants more than doubled from 2024 to 2025, confirming that the framework is functioning as intended.

Based on current interest levels and the growing familiarity of international investors and intermediaries with the Bulgarian model, 2026 is expected to significantly outperform both 2024 and 2025 combined, marking a transition from a pilot phase to a scaling phase.

Investment Opportunities Supporting the Program

A core pillar of the Bulgaria Golden Visa program continues to be capital market–based investments, particularly through regulated alternative investment funds focused on fixed-income instruments, such as the Bulgaria AIF Fund.

From this perspective, the Bulgarian bond IPO market appears increasingly attractive, especially for funds aligned with the Golden Visa requirements. As of the beginning of 2026, the following issuers have been confirmed, with several additional bond IPOs expected in the second half of 2026.

Issuer	Instrument Type	Coupon	Maturity Year	Key Features
Elana AgroCredit	Corporate Bond	3.75% + 6M EURIBOR	2033	Amortising structure
Sofia Commerce	Corporate Bond	8.0% (fixed)	2031	Bullet maturity
ITF Group	Corporate Bond	11.0% (fixed)	2028	Short-term, high-yield
Boleron	Convertible Bond	8.0% (fixed)	2028	Conversion option
Central Cooperative Bank (CCB)	MREL Bond	6.0% – 7.0% (expected)	2030	Call option
TBI Bank	MREL Bond	6.0% – 7.0% (expected)	2029	Call option

Outlook for 2026

The combination of:

• a now-operational Golden Visa framework,

• increasing investor awareness, and

• a more active and diversified bond issuance calendar,

creates a materially stronger foundation for growth in 2026.

While Bulgaria’s Golden Visa is unlikely to compete on volume with legacy EU programs, it is increasingly positioning itself as a selective, compliance-driven alternative for investors seeking EU residence through regulated capital market exposure.