Bulgaria continues to be a preferred destination for applicants from post-Soviet and socialist countries. Recent participation includes 2 Ukrainian, 1 Russian, 1 Vietnamese, and 1 Taiwanese applicant. Interestingly, although the People’s Republic of China has traditionally been a major contributor to global residency-by-investment programs, it has yet to record its first official applicant under the Bulgarian Golden Visa.

Another notable absence is that of U.S. citizens. While Americans account for nearly half of all Golden Visa applicants in Portugal, they remain largely absent from Bulgaria’s program. Despite the fact that Bulgaria offers permanent residency from day one—a significant advantage over programs granting only temporary residency—this has yet to convert into visible interest from U.S. investors. It appears that permanent residency alone is not a sufficient motivator for Americans, at least for now.

However, this trend may soon shift. In the coming weeks, several applicants from Hong Kong, one Israeli, and one U.S. citizen are expected to officially join the program.

While official statistics currently reflect modest growth, the pipeline of potential applicants is substantial. A significant number of individuals are in the advanced stages of document preparation for the Pre-Approval stage. Once they enter the system, a noticeable statistical shift is expected.

Fund Development: Bulgaria AIF – Fund AD

Bulgaria AIF – Fund AD, the first dedicated Golden Visa Fund compliant with national regulations, continues to innovate by introducing thematic share classes. These allow investors to allocate capital in line with their personal risk tolerance and return expectations.

New Share Class Structure:

• Class A – Corporate Bonds

• Class B – Corporate Stock

• Class C – Construction

• Class D – Private Equity

• Class E – Tailored Investments

• Class E.1 – Individually Structured Strategy

Investors can commit their full capital to one asset class or diversify across several. As an open-ended fund, reallocation between classes is allowed throughout the investment period, subject to availability and compliance.

Furthermore, custom share classes can be implemented to track individually defined strategies, while remaining fully compliant with Financial Supervision Commission (FSC) requirements. Although Alternative Investment Funds (AIFs) are pooled investment vehicles—meaning no individual portfolios—these custom share classes offer the next best solution: individual strategies under the legal framework of a pooled fund. This approach enhances transparency, capital protection, and investor control.

What Happens to My Investment After 01.01.2026?

Bulgaria is scheduled to officially adopt the euro (EUR) as its national currency on 1 January 2026. From that date, all Bulgarian funds, including AIFs, will automatically convert their base currency from BGN to EUR.

There is no risk or action required by investors during this transition. The EUR-BGN exchange rate is already fixed and legally binding, and the conversion will happen automatically and uniformly under national law.

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