Fees for the Bulgarian Golden Visa Program
The Bulgarian Golden Visa program offers a pathway to permanent residency and potentially citizenship for non-EU citizens through a Fund investment. However, beyond the minimum investment and fund-specific fees, applicants should also be aware of various legal and government application costs. This article provides an in-depth look at these fees to help you plan your investment strategy effectively.
Legal Fees
Legal fees can vary significantly depending on the law firm you choose. Given the size of the investment, it is essential to work with an experienced firm that can manage due diligence, the application process, and renewals.
Experienced Legal Support:
It’s wise to avoid taking risks with inexperienced firms. For instance, Advocate Markov’s team offers comprehensive services, with fees ranging from €10,000 to €25,000 for a family of four over a five-year period. The advantage of such packages is that fees are spread out in instalments based on completed tasks, rather than being required upfront. This package-based pricing spreads payments across stages, ensuring that all costs are clearly defined and eliminating the risk of unforeseen fees. Depending on the specific investment project or cause, legal fees may be waived.
- What’s Covered:
These fees cover:- Due diligence with the investment agency
- Assistance with making the Fund investment
- Managing governmental and legal procedures required to obtain permanent residency
- Airport transfers
- Translator
- Sofia & Plovdiv tours
- Five star accommodation
As legal fees can add up, obtaining a clear, package-based pricing proposal is recommended to avoid any hidden costs later in the process.
Costs Related to Investment
In addition to legal fees, your total cost of entry into the Bulgarian Golden Visa program depends on your chosen type of investment. Below is a comparison of the two most popular investment routes: Real Estate Acquisition and Fund Investment.
Investment Cost Comparison
| Cost Component | Real Estate Property Investment | Investment Fund |
|---|---|---|
| Minimum Investment | €312,000 / €250,000 | €512,000 |
| Transfer Tax | Up to 3% | 0% |
| Notary Cost | Up to €840 | 0% |
| Exit Fees | 0% | 0% |
| Performance Fee | 0% | 25% of the profit |
| Residency Processing Fee | €5,000 – 10,000 | €10,000 – 25,000 |
| Due Diligence | €0 | €0 |
| Management Fee | None | 1% of the value of investment |
Note: The fees provided are estimates. For the most current rates, please consult your service providers. In real estate transactions, having the right advisor is crucial to optimize your financial structure. For instance, a knowledgeable advisor may inform you that you can ask the notary to calculate the 3% transfer tax and notary fee based on the sale price excluding VAT, rather than on the sale price including VAT—a strategy that could save you approximately €2,000.
Choosing the Right Investment Path
Deciding between a real estate investment and a fund investment depends largely on your risk tolerance and long-term financial strategy:
- Real Estate Investments:
Often come with lower recurring fees and taxes. However, they require a substantial upfront capital investment and may involve complexities related to property management and market fluctuations. - Fund Investments:
While these funds allow you to meet the investment requirement with a diversified portfolio of Bulgarian assets, they come with additional costs such as a performance fee (25% of the profit) and a management fee (1% of the investment value). Despite these fees, funds offer the benefit of professional management and potential for dynamic returns.
