Bulgaria Golden Visa Open to Russian Applicants in 2025
Last Updated on January 11, 2026 by Bulgarian Citizenship Team
As of mid-2025, Bulgaria stands out as one of the few EU countries where Russian nationals can still lawfully obtain permanent residency through investment. While nations such as Greece and Portugal have fully suspended their Golden Visa programs for Russian citizens, Bulgaria has taken a more nuanced, law-based approach—allowing participation where no EU sanctions are violated.
Greece and Portugal Maintain Full Bans
In February 2022, Greece suspended all Golden Visa applications from Russian nationals in compliance with EU-wide sanctions. The ban remains in effect in 2025, covering both pending and new applications, with no announced plans to lift it.
Likewise, Portugal froze all Golden Visa applications from Russian citizens in March 2022, citing national security concerns and EU guidance. Despite structural changes to the program, this exclusion remains unchanged under the oversight of Portugal’s new immigration agency, AIMA.
Bulgaria: A Legally Permissible Route for Russian Investors
In contrast, Bulgaria has not adopted a blanket ban. Russian citizens may apply for Bulgarian permanent residency through investment, provided they do not fall under EU sanctions or have connections to restricted Russian state-linked entities.
This approach complies with EU Regulation (EU) No 833/2014, particularly Article 5, which prohibits dealings in securities and instruments issued after 1 August 2014 only by:
- Russian state-owned banks and financial institutions
- Entities owned or controlled (over 50%) by such institutions
- Legal persons acting on their behalf
Therefore, Russian citizens who are private investors with no links to sanctioned individuals or entities are not automatically banned.
Real Estate Investment — Not Available to Russian Nationals
The €312,000 real estate-based Golden Visa option is not accessible to Russian citizens due to EU restrictions on real property purchases involving certain nationalities, unless an exemption applies (e.g., an EU spouse).
Fund Investment — Available to Eligible Russian Investors
The investment fund route, however, remains fully open, provided the investor passes all required background checks and complies with Bulgarian legislation.
Key Terms:
- Minimum investment: € 512,000
- Type of asset: AIF or ETF
- Outcome: Permanent residency for the investor and family members
- Timeframe: 6–8 months
Applicants must also demonstrate the legal origin of funds and undergo enhanced due diligence as part of Bulgaria’s compliance with EU anti-money laundering (AML) and sanction regimes.
📊 Summary Comparison: Golden Visa Access for Russian Nationals
| Country | Golden Visa Status for Russians (2025) | Property Investment | Fund Investment | Notes |
|---|---|---|---|---|
| 🇬🇷 Greece | ❌ Banned since Feb 2022 | ❌ Not allowed | ❌ Not allowed | Full suspension, no public exceptions |
| 🇵🇹 Portugal | ❌ Banned since Mar 2022 | ❌ Not allowed | ❌ Not allowed | No processing of Russian applications |
| 🇧🇬 Bulgaria | ✅ Allowed if not sanctioned (case-by-case) | ❌ Restricted | ✅ Allowed | Available via fund investment route |
A Rare Opportunity in the EU
Bulgaria’s position reflects strict adherence to the legal wording of EU sanctions without extending them beyond their intended scope. This allows the country to offer a lawful and transparent route for Russian investors who are not affected by restrictions.
For high-net-worth Russian nationals seeking EU residency in a secure legal environment, Bulgaria Golden Visa by fund investment presents one of the few remaining viable options in the European Union.
