Bulgaria Golden Visa Investment Options

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 cannot expect their capital to be allocated to international markets such as the S&P 500 or other foreign stocks.

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. Investors who prioritize short-term profits face a higher risk of loss and may need to reinvest, leading to additional costs.

Our Recommendation

As the leading consultancy for Bulgaria’s fast-track citizenship-by-investment program (which previously required government bond investments), 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’s 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, which focuses on:

  • Residential and commercial real estate
  • Healthcare (elderly care homes and medical centers)
  • General business investments
  • Parked capital in high-yield bank deposits—our current holding is in Romanian lei, yielding an annual return of 6.5%

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.

For example, the demand for elderly care home accommodations in Bulgaria vastly exceeds the available facilities. Additionally, recent increases in state pensions have made these services more accessible, while medical services provided within elderly care homes often receive government subsidies. This combination of factors ensures multiple revenue streams.

Our investment strategy involves selling individual units (flats) within elderly care homes as investment properties, offering guaranteed income to investors. A portion of the units will remain under the Fund’s ownership, while proceeds from the sale of other units will contribute to investor profitability. Part of these earnings will be allocated to cash reserves, ensuring financial stability, while the rest will be reinvested into future projects to sustain long-term growth. Additionally, the remaining apartments will be managed by our team, generating continuous revenue through operational services. This structured approach enhances liquidity, allowing investors to seamlessly withdraw funds at the end of the investment period.

Upcoming Investment Opportunities

To provide diversification, we are in the process of launching a second fund focused exclusively on trading on the Bulgarian Stock Exchange. This fund will include a diversified mix of assets, including real estate, finance, utilities, and pharmaceuticals. Once launched, investors will have the opportunity to combine investments across both funds to optimize returns.

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.