The nationality distribution of applicants gives us an interesting picture of where the program has achieved its strongest market acceptance.

According to the latest figures available to us, 42 applicants have passed the pre-approval stage:

Bulgaria gained another 12 applicants in 2026 (as of June 2026). At the minimum qualifying investment this represents another €6 million of capital entering the Bulgarian economy.

You may ask: what difference can €6 million really make to a country’s capital market?

In a highly liquid market, probably not much. But the Bulgarian capital market is still relatively illiquid, and in an illiquid market even relatively small amounts of new capital can make a difference. We should also not forget Bulgaria’s multi-billion-euro pension fund industry, which is already an important institutional investor in Bulgarian securities.

Why Should I Invest Through the Bulgaria Golden Visa?

As I have said many times, one of the ideas behind the investment route is not simply to bring investors to Bulgaria. It is also to help develop the local capital market and Bulgaria’s fund ecosystem.

To understand the opportunity, I like to look at Portugal.

Portugal’s listed equity market is concentrated in a relatively small number of companies. Euronext Lisbon has only 34 listed companies, yet its total market capitalization exceeds €97 billion. By comparison, the Bulgarian Stock Exchange has a market capitalization of only around €10 billion, despite having a much larger number of listed companies across the BSE Main Market and the BEAM growth market. This creates an interesting contrast: Bulgaria has many more listed companies, but a market that is only a fraction of the size of Portugal’s in terms of capitalization.

What do these numbers mean?

They show how much room the Bulgarian capital market still has to develop. If the Bulgaria Golden Visa program remains stable, attracts more investors and part of this new capital is invested through Bulgarian funds into companies traded on the BSE and BEAM, this can create a very interesting dynamic. More capital means more demand, potentially better liquidity and, if the underlying companies continue to perform, the possibility of capital appreciation for investors.

Of course, this does not mean that prices will automatically go up simply because Golden Visa investors arrive. Investment decisions still have to make sense on their own. But in a relatively small and illiquid market, the impact of new long-term capital can be much more visible than it would be in Frankfurt, London or New York.

Understanding this opportunity, Bulgaria AIF Fund intends to gradually diversify part of its portfolio into shares of selected Bulgarian listed companies.

Among the companies we are looking at are Bulgarian Stock Exchange AD (BSE) itself; Advance Terrafund REIT (ATER), one of Bulgaria’s established agricultural-land REITs; Eurohold Bulgaria (EUBG), a Bulgarian holding group with significant operations in the energy and financial sectors; and Sopharma (SFA), one of Bulgaria’s best-known pharmaceutical groups, with a long history in pharmaceutical manufacturing and distribution. This does not mean that all of these companies will necessarily become investments of the Fund.

There are also other instruments available on the Bulgarian market, including warrants, which can provide exposure to the future development of an underlying company under predefined conditions. These instruments carry different and generally higher risks, so they need to be assessed separately rather than treated as ordinary shares.

The Bigger Picture

Our team’s efforts are mainly focused on keeping the Bulgaria Golden Visa stable, attracting more applicants to the program and ensuring a smooth process for our investors from pre-approval through permanent residence and, for those who eventually qualify and choose to apply, towards Bulgarian citizenship.

But there is another part of the story.

The investment should not exist only because it provides a route to permanent residence. If we can successfully invest this capital in Bulgaria, generate income for our investors and return their capital after the required investment period, then the financial return becomes an additional benefit for choosing the Bulgaria Golden Visa program.

I sometimes describe it more simply:

The capital return, together with the income generated during the investment period, should be our thank-you to investors for choosing Bulgaria.

The post Bulgaria Golden Visa First-Half 2026 Statistics appeared first on Bulgaria Golden Visa.

This development further strengthens Bulgaria’s position as one of the most competitive investment residency programs in Europe. While the investment migration industry was speculating about possible restrictions in Bulgaria, the program has continued to deliver what it promised—permanent residence within approximately eight months through a regulated investment fund.

The investment funds qualifying under the Bulgaria Golden Visa Program have also reached a new stage of maturity. Early concerns about the limited size of the market have gradually disappeared as the ecosystem has developed. Bulgaria AIF, managed by Bulgaria Fund Management, a registered alternative investment fund manager headed by Advocate Petar Markov, has grown from approximately BGN 5 million at the beginning of 2026 to more than EUR 5.5 million in assets under management by the end of August 2026 representing growth of more than 100% in 6 months.

At the same time, the fund’s portfolio continues to expand and diversify through investments in an increasing number of Bulgarian listed companies. This steady growth in assets under management, combined with continued portfolio diversification and the successful operation of the investment funds, demonstrates that the Bulgaria Golden Visa is no longer merely an attractive residency program.

Today, investors are not simply choosing between residency programs. They are choosing between investment ecosystems. On that basis, the Bulgaria Golden Visa has established itself as one of the strongest investment residency options currently available in the European Union.

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Bulgaria Fund Management was proud to partner with the recent Investment Migration Council (IMC) event in Paris, one of the leading international forums dedicated to investment migration. The IMC holds a Special Consultative Status with the United Nations Economic and Social Council (ECOSOC) since 2019, enabling it to contribute expert knowledge to the work of the United Nations on matters relating to migration, investment and international mobility.

The event brought together government representatives, immigration lawyers, fund managers, family offices and industry professionals to discuss the latest developments in residence and citizenship by investment programmes worldwide.

For Bulgaria Fund Management, the objective extended beyond promoting the Bulgaria Golden Visa programme. The event provided an opportunity to raise awareness of the growing importance of obtaining a second residence permit and, ultimately, a second European passport in an increasingly uncertain geopolitical environment.

Investment Migration Is No Longer About Tax Planning

Over the past decade, investment migration has evolved significantly. While tax planning and wealth management remain important considerations, today’s investors increasingly seek security, international mobility and access to stable jurisdictions for themselves and their families.

Recent developments have demonstrated that travel privileges associated with certain citizenship programmes are not permanent and may change over time.

In June 2026, Ireland introduced visa requirements for citizens of St. Lucia and St. Kitts and Nevis, reducing the visa-free travel benefits previously enjoyed by passport holders from those jurisdictions. The decision illustrates that governments continue to reassess visa-free arrangements, particularly in relation to citizenship-by-investment programmes. As a result, investors are increasingly looking beyond immediate visa-free travel and focusing on obtaining permanent residence or citizenship in established European Union Member States.

Bulgaria Is Emerging as a Serious Alternative

Stefan Kraus of Henley & Partners and Bulgaria Fund Management joined forces to promote the Bulgaria AIF Fund—the first investment fund specifically structured for Bulgaria Golden Visa investors with a primary focus on capital preservation and long-term growth.

Bulgaria remains largely under the radar within the investment migration industry, while programmes such as the Portugal Golden Visa dominated international marketing campaigns. However, the market has changed considerably.

Although Portugal continues to attract significant interest, investors are becoming increasingly concerned by the lengthy processing times and the uncertainty surrounding the timeline for acquiring Portuguese citizenship. Many applicants are now looking for alternative European solutions that provide greater predictability and legal certainty.

As a consequence, Bulgaria has experienced a noticeable increase in international interest from investors seeking a direct route to Bulgarian permanent residence and, ultimately, European Union citizenship.

A Truly Global Programme

Advocate Lidiya Gercheva received the IMC Award in recognition of Bulgaria Fund Management’s contribution to promoting global mobility and investment migration.

One of the most interesting recent developments is the increasing diversity of applicants. Bulgaria has recently welcomed its first-ever applicant from Nigeria under both the current Bulgaria Golden Visa programme and the previous Bulgarian Citizenship by Investment programme (2013–2022). The applicant has already filed an application for permanent residence.

This represents an important milestone in the history of Bulgaria’s investment migration programmes and demonstrates their expanding international reach.

Unlike some investment migration programmes, Bulgaria does not impose nationality-based restrictions on applicants. Individuals of any nationality may apply, provided they satisfy the statutory requirements and successfully complete the government’s due diligence procedures.

Competition Benefits Everyone

While Bulgaria is undoubtedly benefiting from developments affecting other European investment migration programmes, it is not necessarily in Bulgaria’s long-term interest to become the only effective permanent residence-by-investment option within the European Union.

Competition encourages innovation, transparency and efficiency. Investors benefit from having a choice between several credible European programmes, while governments are incentivised to maintain clear legislation, efficient administration and predictable procedures.

Bulgaria therefore has an opportunity not simply to fill a gap in the market, but to establish itself as one of Europe’s leading investment migration destinations by offering a transparent, well-regulated and legally secure pathway to permanent residence and, ultimately, Bulgarian citizenship.

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Bulgaria has also recorded increased turnover on the Bulgarian Stock Exchange (BSE) in the first quarter of the year, improving market liquidity. In parallel, the BSE is introducing measures to support new company listings by lowering financial barriers. Combined with the gradual entry of Bulgarian pension funds into the market, these developments are expected to further strengthen the capital market.

The “Investor of the Year” awards, organized annually by the Bulgarian Investment Agency, recognize both established companies and emerging businesses. The main award this year was granted to BTL Bulgaria, a leading manufacturer of medical equipment. Beyond the awards themselves, the event serves as an important platform where innovative companies engage directly with government representatives, fostering a more supportive and dynamic business environment.

Bulgaria offers a competitive investment climate, including a flat corporate tax rate of 10%. Foreign investors are further supported by the Bulgarian Investment Agency, which assists with key aspects of establishing a business—from identifying suitable locations and facilitating access to cost-effective sites, to providing incentives such as reduced social contributions for newly hired employees.

Transition from Bulgaria’s Citizenship-by-Investment Program to the Bulgaria Golden Visa

Advocate Markov with Angel Ivanov, Executive Director of the Bulgarian Investment Agency, and Stamen Yanev (far right), former Executive Director of the Bulgarian Investment Agency, who served during Bulgaria’s Citizenship by Investment Programme

Following the successful Bulgarian Citizenship-by-Investment program, which operated for nearly a decade, the framework evolved into a more structured and predictable model—now reflected in the Bulgaria Golden Visa.

This transition demonstrates continuity across different leaderships within the Bulgarian Investment Agency, including Mr. Stamen Yanev, Mrs. Nenova, and Mr. Ivanov. During Mr. Yanev’s tenure, Bulgaria attracted significant foreign investment and operated the fast-track citizenship-by-investment program (2013–2022). Mrs. Nenova played a key role in shaping the current Golden Visa framework, which is now fully operational under Mr. Ivanov.

Advocate Markov has worked closely with all directors of the Agency, consistently relying on their expertise and professionalism to ensure a smooth process and positive outcomes for investors.

What is the goal of the Bulgaria Golden Visa

The Bulgaria Golden Visa program creates a structured channel for directing investments into high-value projects that are strategically important to the country. Events such as these bring together industry leaders and capital, making them particularly relevant for Bulgaria AIF’s participation.

There are numerous companies in Bulgaria with strong potential to realize their projects when supported by the right capital and institutional backing. By investing through an AIF under the Bulgaria Golden Visa program, investors’ capital can be allocated to sectors of national importance, often benefiting from partial or full government support. This approach enhances both capital preservation and the potential for sustainable growth.

The post Bulgaria Investor of the Year 2025 appeared first on Bulgaria Golden Visa.

While not all countries are direct FATF members, some participate through regional bodies, which are also recognized. One such body is the Eurasian Group.

Belarus is a member of this regional group and is therefore considered compliant with FATF standards. As of 30 March 2026, this means Belarusian applicants can meet the bank reference requirement under the Bulgaria Golden Visa framework.

This creates a notable distinction compared to Russia, which is no longer a FATF member and is subject to additional restrictions.

Bulgaria Golden Visa for Citizens of Russia

Bulgaria does not formally discriminate based on nationality when it comes to Golden Visa applications. However, in practice, EU-wide and national restrictions are fully enforced, which significantly affects Russian citizens.

If a Russian national does not already hold residency in Bulgaria or another EU member state, they will generally not be able to proceed with the investment required for the Bulgaria Golden Visa.

This limitation is not related to eligibility for the program itself, but rather to restrictions on Russian citizens acquiring assets in Bulgaria, including:

• Purchasing real estate
• Subscribing to shares in Bulgarian companies
• Investing in Bulgarian-based funds (including Bulgaria Golden Visa funds)

Speed up your Bulgaria Golden Visa application in 2026.

What Are the Options for Russian Citizens?

A practical pathway is to first obtain residency in another EU country, which may then allow access to investment opportunities in Bulgaria.

For example, Latvia offers relatively accessible residency-by-investment options starting from approximately €50,000. Once EU residency is established, additional pathways may open.

Three applicants from the Russian Federation have already passed the pre-approval stage of the Bulgaria Golden Visa program in 2025.

What About Dual Citizens?

Applicants holding dual citizenship—whether Russian or otherwise—must provide criminal record certificates from all countries of citizenship.

This is particularly important to avoid delays during the application process.

For example, if an applicant holds both Russian and Turkish citizenship and submits documentation using a Turkish passport, but their bank reference is linked to their Russian identity, authorities may require background checks from both:

• Russia
• Turkey

Providing all required documentation upfront ensures a smoother and more efficient process.

Key Takeaway

While the Bulgaria Golden Visa remains accessible in principle, compliance with international regulations and sanctions plays a decisive role. Applicants from Belarus currently benefit from FATF-aligned recognition through regional structures, whereas Russian citizens face practical limitations unless they establish prior residency within the EU.

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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.

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.

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Despite focusing primarily on fixed-income instruments, the Fund has attracted strong market attention. This is reflected in its Crunchbase performance, where Bulgaria AIF Fund holds a Growth Score and Heat Score of 91/100, signalling above-average visibility and rapid expansion.
(Reference: https://www.crunchbase.com/organization/bulgaria-aif-fund)

Bulgaria Golden Visa Spurs Competition in the Investment Fund Market

Bulgaria’s revamped residency-by-investment program has triggered a wave of activity across the investment sector. Many traditional fund managers have launched new products aimed specifically at Golden Visa applicants, but these funds often come with high subscription fees (2.5%), annual management fees (around 3%), and redemption fees (up to 5%). While these funds are aggressively promoted, such fee structures significantly reduce investor returns.

In contrast, new fund managers are entering the market with low-fee, investor-friendly alternatives that challenge legacy institutions. Bulgaria AIF Fund is a leading example: it charges no subscription fee, maintains a low 1% management fee, and operates as an open-ended fund, giving investors the flexibility to redeem their capital at any time. In an industry where long lock-in periods are common, this level of liquidity provides a substantial competitive advantage.

Investment Strategy: Capital Preservation with Consistent Yield

The Fund’s investment strategy is designed for capital protection, making it an attractive option for risk-averse investors and Golden Visa applicants seeking stability.

Primary investment focus:

• Government-linked corporate bonds such as those issued by Bulgarian Energy Holding, responsible for crucial national energy infrastructure

• Bonds from leading Bulgarian banks, including First Investment Bank, TBI Bank, and others

This fixed-income approach ensures predictable cash flow and reduced volatility, while still allowing the Fund to explore low-risk, high-return opportunities as they emerge.

Risk Overview: Why Bulgaria AIF Is Considered a Low-Risk Fund

1. Currency Risk

All bonds are denominated in euro, eliminating currency fluctuation concerns. With Bulgaria formally adopting the euro in January 2026, risk is further minimised.

2. Market Price Risk

The Fund purchases bonds at par value (100) during IPO and holds them until maturity. Short-term price drops—whether to 90 or even 80—do not affect the final repayment amount.

3. Maturity & Call Risk

Most bank bonds mature within three years, with call options available after two years, reducing exposure to long-term market risk.

A recent highlight is the Fund’s participation in the TBI Bank 2025 IPO bond, offering a 7% annual coupon. Expected coupon payments for 2026 and 2027 provide steady yield, with strong likelihood of early redemption.

Why Investors Choose Bulgaria AIF Fund

• Fully regulated by an authorised Bulgarian AIFM

• Transparent fee structure with no entry fees

• Conservative fixed-income strategy suitable for Golden Visa applicants

• Open-ended structure ensuring investor liquidity

• Strong compliance record and third-party visibility (Crunchbase score: 91/100)

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Advocate Markov and his team will be in Dubai on 25 September 2025 for the InvestPro Conference at TAJ Dubai. During the event, Advocate Markov will present the Bulgarian Golden Visa  program and the Bulgaria AIF Fund, managed by Bulgaria Fund Management, registered with the Bulgarian Financial Supervision Commission (FSC).

Quick facts about the Bulgarian Golden Visa

• No nationality restrictions.

• No physical-stay requirement to maintain permanent residency or eligibility for citizenship.

• A permanent residency by investment pathway (unlike Portugal’s temporary residency by investment).

• No application backlog — focused applicants typically obtain a PR card in about 8 months (versus multi-year wait times in Portugal).

• Fewer renewals — PR cards are valid for 5 years (not 12-month temporary permits).

Quick facts about the Bulgaria AIF Fund

• Fund Designation: Bulgaria AIF Fund

• Type: Alternative Investment Fund (AIF)

• Structure: Open-ended

• Strategy: Fixed-income instruments (corporate bonds of Bulgarian companies), plus selected construction and healthcare opportunities

• Currency: BGN* (*automatically converts to EUR on 1 January 2026 at the fixed rate of 1.95583 BGN/EUR)

• Minimum Investment: EUR 512,000

• Leverage: None

• Management Fee: 1%

• Subscription Fee: 0%

We look forward to seeing you at the event! If you’d like to schedule a one-to-one meeting in Dubai, just let us know.

The post Bulgaria Golden Visa at InvestPro Dubai 2025 appeared first on Bulgaria Golden Visa.

Bulgaria’s Golden Visa Fund draws structural comparisons to Portugal’s well-known investment migration funds, but it comes with distinct advantages. Notably, the Bulgarian fund is permitted to allocate capital to real estate projects and is open-ended—allowing greater flexibility for investors. However, early withdrawal of capital disqualifies an investor from maintaining Golden Visa status. It’s important to clarify that Bulgaria’s version offers permanent residency rather than temporary residence, despite having a similar financial threshold as Portugal.

To further enhance the fund’s operational and international capacity, Bulgaria Fund Management has welcomed two high-profile professionals.

Andreas Beikos, Former EIB Head for Bulgaria and the Western Balkans, Joins the Team

Andreas Beikos

Andreas brings extensive expertise in EU development policy, infrastructure finance, and institutional relations. His presence significantly reinforces the fund’s strategic direction and transparency.

Laurens Bensdorp, Bestselling Author and Systematic Trading Expert, Joins the Team

Laurens Bensdorp

With decades of experience in financial markets, Laurens contributes a methodical, long-term approach to portfolio strategy and fund performance. Given Laurens’s track record of outperforming the S&P 500 Index, our goal is to outperform both the Bulgarian Golden Visa fund and leading Portugal Golden Visa funds.

Together, this leadership team combines regulatory know-how, market insight, and international credibility to deliver a powerful platform for investors seeking permanent residency in Bulgaria through a secure and structured fund model.

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Bulgaria continues to be a preferred destination for applicants from post-Soviet and socialist countries. Recent participation includes 2 Ukrainian, 1 Russian, 1 Vietnamese, and 1 Taiwanese applicant. Interestingly, although the People’s Republic of China has traditionally been a major contributor to global residency-by-investment programs, it has yet to record its first official applicant under the Bulgarian Golden Visa.

Another notable absence is that of U.S. citizens. While Americans account for nearly half of all Golden Visa applicants in Portugal, they remain largely absent from Bulgaria’s program. Despite the fact that Bulgaria offers permanent residency from day one—a significant advantage over programs granting only temporary residency—this has yet to convert into visible interest from U.S. investors. It appears that permanent residency alone is not a sufficient motivator for Americans, at least for now.

However, this trend may soon shift. In the coming weeks, several applicants from Hong Kong, one Israeli, and one U.S. citizen are expected to officially join the program.

While official statistics currently reflect modest growth, the pipeline of potential applicants is substantial. A significant number of individuals are in the advanced stages of document preparation for the Pre-Approval stage. Once they enter the system, a noticeable statistical shift is expected.

Fund Development: Bulgaria AIF – Fund AD

Bulgaria AIF – Fund AD, the first dedicated Golden Visa Fund compliant with national regulations, continues to innovate by introducing thematic share classes. These allow investors to allocate capital in line with their personal risk tolerance and return expectations.

New Share Class Structure:

• Class A – Corporate Bonds

• Class B – Corporate Stock

• Class C – Construction

• Class D – Private Equity

• Class E – Tailored Investments

• Class E.1 – Individually Structured Strategy

Investors can commit their full capital to one asset class or diversify across several. As an open-ended fund, reallocation between classes is allowed throughout the investment period, subject to availability and compliance.

Furthermore, custom share classes can be implemented to track individually defined strategies, while remaining fully compliant with Financial Supervision Commission (FSC) requirements. Although Alternative Investment Funds (AIFs) are pooled investment vehicles—meaning no individual portfolios—these custom share classes offer the next best solution: individual strategies under the legal framework of a pooled fund. This approach enhances transparency, capital protection, and investor control.

What Happens to My Investment After 01.01.2026?

Bulgaria is scheduled to officially adopt the euro (EUR) as its national currency on 1 January 2026. From that date, all Bulgarian funds, including AIFs, will automatically convert their base currency from BGN to EUR.

There is no risk or action required by investors during this transition. The EUR-BGN exchange rate is already fixed and legally binding, and the conversion will happen automatically and uniformly under national law.

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