Bulgaria Golden Visa Investment Options
Last Updated on January 11, 2026 by Bulgarian Citizenship Team
A Growing Program with Limited Investment Choices
The Bulgaria Golden Visa program is gaining momentum, with a steadily increasing number of applicants, driven in part by changes in competing programs. Notably, Portugal now offers only temporary residency for a comparable investment and has extended its citizenship timeline to ten years, prompting investors to seek more predictable alternatives. Under the Bulgarian program, applicants obtain permanent residency by investing EUR 512,000 into a regulated Alternative Investment Fund or Exchange-Traded Fund, provided that the fund invests exclusively in Bulgarian assets.
Bulgaria has become significantly more attractive following the adoption of the euro, as currency risk has been eliminated and the investment framework is now fully aligned with eurozone standards. At the same time, improvements in Bulgaria’s credit profile and financial oversight have increased investor confidence, especially among those focused on capital preservation and regulatory stability.
This presents a core challenge: the Bulgarian Stock Exchange (BSE) remains relatively illiquid and highly concentrated, limiting the availability of diversified, high-quality assets. As a result, constructing a well-balanced portfolio that meets both residency requirements and investor expectations for growth and security can be difficult.
Although the program has been actively promoted for more than a year, the number of genuinely compliant fund options remains limited. While several funds market themselves as Bulgaria Golden Visa–compliant, many do not meet the minimum capital threshold or invest predominantly in foreign assets, which does not satisfy the program’s requirements.
For reference, a list of Bulgaria Golden Visa–compliant funds.
Bonds: Stable but Not Exciting
The bond market continues to offer stability, and 2026 is shaping up to be a promising year for Bulgarian fixed income. While bonds may lack the excitement of equities, they remain a reliable foundation for investors who prioritize predictability and capital preservation.
The Bulgarian bond market offers a broad range of opportunities, including corporate bonds, bank-issued MREL bonds, convertible bonds with higher coupon potential, and property-secured bonds with more modest yields. Additional diversification is available through bonds issued by state-owned companies, which combine stability with relatively attractive returns.
A notable example is the bond issuances by Bulgarian Energy Holding (ISIN XS3090933485 and XS2367164576), both of which attracted strong investor interest due to the company’s government backing. BEH is a state-owned entity that operates Bulgaria’s nuclear power plant and controls a significant portion of the country’s strategic energy infrastructure. While these bonds are considered highly secure, yields to maturity of approximately 4.30%–4.50% can still be captured on the 2028 and 2030 maturities, offering a well-balanced combination of safety and income.
So, How Does Bulgaria AIF – Fund Attract Investors?
The Bulgaria AIF Fund focuses on delivering real value by minimizing costs, a critical factor when investing in fixed-income instruments such as bonds, where margins are more conservative. The investment strategy is closely aligned with the core objectives of Golden Visa investors: capital preservation, predictable income, and a smooth, hassle-free path to permanent residency and, ultimately, Bulgarian citizenship.
Here’s how the fund differs from traditional models:
- 0% subscription fee
- 1% annual fund management fee (compared to 1.8% typical)
- No exit fee
*The Fund’s base currency was switched to EUR on 1 January 2026.
In contrast, traditional funds may include:
- 1% subscription fee
- 1.8% annual management fee
- ~1% exit fee
When yields are low, such as 4.5% per year, these fees can reduce net returns substantially —below inflation. Bulgaria AIF Fund’s low-fee structure helps preserve more of the investor’s actual return. Small percentages make a big difference when compounded over time.
Why Fixed Income Investments
One of the core investment segments of the Bulgaria AIF Fund is fixed-income securities, primarily corporate bonds. In line with the requirements of the Bulgaria Golden Visa program, the fund is not permitted to invest in government bonds. Corporate bonds, however, remain fully eligible, including those issued by state-owned enterprises as well as companies in the banking, insurance, and energy sectors.
While individual bonds typically offer low to moderate yields, a well-diversified bond portfolio can deliver meaningfully stronger results. By combining issuers such as Bulgarian Energy Holding, with yields to maturity starting at around 4.30%, alongside higher-yielding bank bonds issued by First Investment Bank and TBI Bank, offering yields of up to 7.00%, and by systematically reinvesting coupon payments, the fund can achieve an effective return that exceeds the nominal 4.5% annual benchmark.
A key advantage of bonds is their predictability. The expected return is known at the time of purchase, and when bonds are held to maturity, price volatility becomes largely irrelevant, giving investors clear visibility on outcomes from the outset.
Fees for assisting with the Bulgaria Golden Visa
If an investor deposits capital into a fund managed by the Bulgaria Fund Management company, full assistance with the Bulgaria Golden Visa process is offered as a compliment.
How can you offer this service without charging?
Our efficiency comes from our unique structure.
While Bulgaria Fund Management is a registered Alternative Investment Fund Manager (AIFM) under the EU AIFM Directive and supervised by the Bulgarian FSC, the organization is rooted in a fully operational law firm. This dual foundation provides a significant operational advantage, ensuring that fund management is conducted in strict compliance with regulatory, legal, and investor-protection requirements.
- KYC and AML procedures are handled in-house by our legal team.
- All D visa and permanent residency applications under the Golden Visa program are managed internally, without outsourcing to external lawyers.
- Procedures like pre-approval, capital registration, Central Depository updates, and applying for an Investment Certificate from the Bulgarian Investment Agency are also handled by our team.
This dual structure allows us to streamline costs and operations, as the same legal professionals work across both the fund and legal services, improving efficiency without compromising compliance or quality.
Will There Be New MREL Bond Offerings?
As of 5 January 2026, several bond IPOs are already scheduled for the first quarter of the year, confirming the continued acceleration of Bulgaria’s fixed-income market. While 2025 generated approximately EUR 144 million in bank-issued MREL bond IPOs, we expect 2026 to exceed this volume materially, driven by both refinancing needs and regulatory capital requirements.
Central Cooperative Bank and TBI Bank have already confirmed their intention to proceed with new MREL issuances, with Central Cooperative Bank having formally approved a bond issuance at its General Meeting of Shareholders on 19 December.
In parallel, a significant structural change is expected on the Bulgarian Stock Exchange. The Bulgarian government plans to introduce government bond issuances directly accessible to retail investors, allowing purchases without the involvement of investment brokers or other intermediaries, using only an electronic signature—similar to established models in Romania and Croatia. This development is expected to redirect capital currently held in low-yield bank deposits, typically returning 0.00% to 1.00%, toward government bonds offering yields in the range of 3.00% to 3.50%. As retail capital migrates away from deposits, banks are likely to seek alternative funding sources, increasing the probability that institutions which have not previously issued MREL bonds will enter the market during 2026.
Beyond the banking sector, we also expect new corporate bond activity. The upcoming Boleron Bond IPO is intended to support the company’s expansion into physical insurance offices later this year. Boleron, an innovative digital insurance broker with ambitions to evolve into a fully licensed insurance company, is pursuing this issuance as part of its broader long-term growth strategy. In addition, several well-established non-financial companies are preparing to access the bond market, further broadening the opportunity set for fixed-income investors in Bulgaria.
What About Stocks?
Bulgarian stocks are challenging. The market is not liquid, and while SOFIX has shown recent gains, long-term performance raises concerns.
If you look at SOFIX historically, it still hasn’t recovered its 2006–2008 levels. In contrast, the S&P 500 rebounds within months after a drop. That’s not the case here.
Even promising stocks, such as Sopharma, have limited liquidity. Still, sectors like pharmaceuticals are attractive due to regional dominance and growth potential.
By 2025, the SOFIX index had recovered to approximately 903.53 points, a level achieved only after nearly two decades of gradual recovery and still representing less than half of its 2007 peak. During the global financial crisis of 2008, SOFIX lost approximately 86% of its value, highlighting both the volatility of the Bulgarian equity market and the length of its recovery cycle.
As of 8 January 2026, the SOFIX index reached a new record high of approximately 1,300 points. While record levels are often interpreted as a sign of strength, they also merit careful analysis. Market highs do not necessarily reflect proportional growth in underlying economic fundamentals. In many cases, they suggest that a substantial portion of future expectations has already been priced into valuations, leaving limited room for further appreciation and increasing sensitivity to market corrections.
This reflects the current market trend and warning signals for the Expat Bulgaria SOFIX ETF. While the SOFIX index includes strong Bulgarian companies that are leaders in their sectors, prices have increased too quickly. As a result, current valuations may be higher than what the companies’ actual business performance would justify.
Who’s who in Bulgaria Fund Management
Bulgaria Fund Management is led by a team of exceptional professionals with proven expertise and decades of experience in finance, law, and regulatory matters.
Andreas Beikos brings deep institutional experience, having served as Head of the European Investment Bank (EIB) for Bulgaria and later for the Western Balkans, based in Serbia. His leadership at the EIB reflects a strong capability in managing high-impact investment portfolios across diverse and complex markets.
Laurens Bensdorp is a recognized authority in financial markets and quantitative trading. He is a best-selling author and respected voice in systematic investment strategies, contributing a rigorous, data-driven approach to portfolio management. Laurens shares his insights on the Bulgaria Golden Visa in an article featured on SeeNews.
Vasil Markov, a highly recognized legal and migration expert. He currently serves as the official representative of the Investment Migration Council (IMC) in Bulgaria—an organization with special consultative status with the United Nations Economic and Social Council since 2019 and listed under the European Commission’s Joint Transparency Register (ID: 337639131420-09). Mr. Markov has personally overseen the highest number of citizenship-by-investment applications in Bulgaria and has successfully represented landmark cases in national and EU courts, further reinforcing the legal robustness of our investment strategies.
Alternative Investments: The Real Opportunity
While the fund primarily focuses on fixed-income investments, it remains open to selectively pursuing high-potential alternative investment opportunities. These may include long-term loans to corporate or public-sector counterparties, distressed or discounted properties, and other attractively priced assets with clear exit strategies, as well as investments in established businesses with proven operating histories.
Such opportunities are considered only where they align with the fund’s core principles of capital preservation, risk control, and liquidity, and where they support the long-term objectives of Golden Visa investors, subject to approval by existing investors.
Are Distressed Assets on the Radar
We anticipate a wave of distressed asset opportunities emerging over the next 12–24 months. Our team is closely monitoring market developments and will consider participation where the risk profile and potential returns align with our overall investment strategy and objectives.