Bulgaria Golden Visa Investment Options in 2026

The Bulgaria Golden Visa program provides several investment options, with one particular route standing out due to its lower investment threshold, liquidity, and security – investment in a Bulgarian government-regulated fund. This article focuses solely on this preferred option. Another pathway, which grants only temporary residency through real estate investment, is covered in a separate article titled Bulgaria Golden Visa by Real Estate Investment.

For comparison, Portugal’s Golden Visa program offers two common investment routes: a €512,000 fund investment and a €312,000 real estate investment.

Real Estate vs. Fund Investment

Feature Fund Investment Real Estate Investment
Residency Status ✅ Grants permanent residency ❌ Only temporary residency
Annual Visit Requirement ✅ No annual visit required 🚨 Yes, visit required annually
Residency Card Renewal ✅ Less frequent renewal 🚨 Requires annual renewal
Time to Citizenship 5 years 10 years
Minimum Investment Requirement €512,000 €312,000
Family Inclusion ✅ Includes spouse, children, parents & parents-in-law ❌ Does not include parents or parents-in-law
Investment Liquidity ✅ More liquid, can redeem funds ❌ Less liquid, dependent on market conditions
Government Regulation ✅ Regulated by the Bulgarian Financial Supervision Commission ❌ Subject to real estate market fluctuations
Potential Returns 📈 Varies based on fund performance (can be higher) 📉 Dependent on market appreciation and rental income
Risk Level ⚠️ Moderate to high (depends on fund strategy) 🔹 Lower but more stable (market-dependent)
Diversification ✅ Can invest in real estate, healthcare, businesses ❌ Limited to real estate only
Investment Management ✅ Professionally managed by fund managers ❌ Self-managed or outsourced property management
Exit Strategy ✅ Sell fund shares or redeem investment at term 🚨 Must sell property (market-dependent timeline)

Fund Investment

According to Article 25, Paragraph 1, Points 6 & 7 of the Foreigners Act—the legislation governing the D visa and residency for non-EU citizens—an individual can obtain permanent residency by investing €512,000 in a Bulgarian fund regulated by the government.

To qualify under the Bulgaria Golden Visa program, a fund must be:

This means that investors should not expect their capital to be directly allocated to international markets such as the S&P 500 or other foreign stocks, except through indirect exposure.

Choosing the Right Fund

There is no absolute right or wrong choice when selecting a fund, as all eligible funds are regulated by the Bulgarian government. While capital is always at risk, investors can reasonably expect professional and diligent fund management.

However, it is crucial to align your investment with an appropriate time horizon. Some funds are better suited for medium to long-term investment rather than short-term high-yield returns. Even if the value of your investment falls below the required minimum of €512,000 over time, what matters is the initial amount invested.

Our Recommendation

As the leading consultancy for Bulgaria’s fast-track citizenship-by-investment program (which previously required government bond investments active 2013 – 2022), our team has accumulated both capital and expertise to establish our own exclusive Bulgaria Golden Visa funds. Our goal is to enhance efficiency for investors by streamlining the investment certification process while also maximizing profitability.

Why Invest in a Fund Managed by a Bulgarian Fund Management Company?

In addition to being approved by the FSC to manage funds, we differentiate ourselves from traditional fund managers by prioritizing security over profitability. While fund investments are generally considered riskier than government bonds, this is not always the case—especially when the investment strategy focuses on stable, high-demand sectors.

For instance, healthcare projects, such as elderly care homes, benefit from strong demand and partial or full government subsidies. This makes them inherently more secure compared to speculative investments.

Our Fund: Bulgaria AIF

Unlike Portugal Golden Visa program, which imposes restrictions on real estate investments within funds, the Bulgaria Golden Visa program allows funds to invest in real estate projects.

Currently, we manage a single fund — Bulgaria AIF — with a strategic focus on the following investment areas:

  • Corporate Bonds: Publicly traded state-owned enterprises, such as Bulgarian Energy Holding, and publicly traded Bulgarian banks, including First Investment Bank and TBI Bank.

  • Construction & Real Estate Development

  • Private Equity in Digital, AI-Driven Solution-Based Companies

  • Health Care & Elderly Care Homes (currently excluded due to hidden operational and regulatory risks)

This fund is designed to offer high profitability while maintaining a lower risk profile. The idea that “higher returns require higher risk” does not always hold true—particularly in sectors where demand significantly exceeds supply.

You can find important fund documentation at this link Documents – AIF.bg .

Bulgarian Fund Subscription

Subscribing to a Bulgaria Golden Visa investment fund is one of the most straightforward ways to secure residency through investment. While this option is relatively new, it is rapidly gaining popularity among investors due to its low entry barriers and streamlined acquisition process.

One of the key advantages of this route is its minimum investment requirement of €512,000, making it an accessible yet effective way to obtain residency. The subscription process is quick and efficient, allowing investors to complete their investment in minimal time while also saving on administrative costs.

Additionally, investors are not required to open a bank account in Bulgaria as long as they hold an EUR account in a FATF-compliant country. This flexibility allows you to complete the investment process remotely, from anywhere in the world.

Before subscribing to the fund, all investors must first pass a mandatory pre-approval stage with the Bulgarian Investment Agency to ensure compliance with the program’s requirements.