The End of the Citizenship by Investment Program in 2021

With the cancellation of Bulgaria’s bond-based citizenship investment program in 2021, the current Bulgaria Golden Visa program allows investors to apply for Bulgarian citizenship by naturalization after maintaining permanent residency for five years. Eligibility requires reaching A1 language proficiency (or obtaining an exemption) and providing proof of income within Bulgaria.

The discontinuation of the fast-track citizenship program impacted many applicants who sought to obtain Bulgarian citizenship within two years through investment. However, under the new Bulgaria Golden Visa program, applicants still have a clear pathway to citizenship by naturalization, ensuring long-term residency rights even if the Golden Visa program is altered in the future.

Introduction of the Bulgarian Golden Visa

Following the termination of the bond investment program, Bulgaria introduced a modern investment-based residency pathway—the Bulgaria Golden Visa, facilitated through government-regulated investment funds. This program is designed to attract foreign capital in alignment with Bulgaria’s current economic and strategic priorities.

Investment in Bulgarian Funds

The Bulgaria Golden Visa program requires foreign investors to place their capital in Bulgarian-based investment funds, which are managed by licensed Bulgarian fund management companies and exclusively invest in Bulgarian assets. This approach ensures compliance with EU financial regulations while offering investors a structured pathway to residency.

Bulgarian funds provide a diverse range of investment opportunities, including but not limited to:

  • Real estate
  • Private equity
  • Venture capital

Impact and Future Prospects

The shift from bond-based citizenship investment to fund-based residency investment reflects Bulgaria’s adaptability to global investment trends. This approach is expected to bring a new wave of foreign investment, contributing to economic growth and diversification.

A similar approach has been successfully implemented in other countries:

  • Portugal: Requires a €512,000 fund investment but grants only temporary residency.
  • Greece & Hungary: Introduced fund investment options to enhance their Golden Visa programs.

Bulgaria’s Golden Visa program is the only one in the EU that offers permanent residency.

Eligibility for the Bulgarian Golden Visa

The Bulgaria Golden Visa program is open to all non-EU citizens, provided they meet the following requirements:
✅ Must be at least 18 years old.
✅ Must have a clean criminal record.
✅ Must provide proof of legitimate origin of investment funds.

Application Process for the Bulgarian Golden Visa

The Bulgarian Golden Visa application process in 2025 is designed to be straightforward and efficient, with no interview or language test requirements.

Family Members of Bulgaria Golden Visa Holders

Family members of Golden Visa holders can initiate the reunification process by applying for a Family D visa at the nearest Bulgarian embassy or consulate in their home country.

Once the Family D visa is obtained, the process to secure permanent residency for family members typically takes an additional three months. Children can apply for Bulgarian citizenship by origin without satisfying language or physical stay requirement.

Our Legal Assistance

Our Bulgarian law firm specializes in guiding investors through the Golden Visa application process. With our expertise, we ensure a seamless and efficient journey to obtaining Bulgarian residency and eventual citizenship. We also provide comprehensive support for dependents, helping families to obtain D visas and permanent residency acquisition.

For more information, feel free to reach out to our team for personalized legal consultation and assistance.