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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