Bulgarian ETFs
Last Updated on March 5, 2026 by Bulgarian Citizenship Team
Why should you consider investing in Bulgarian ETFs
When this article was first published in April 2021, we recommended investing in Bulgarian funds through a local brokerage firm. In hindsight, we consider this guidance misguided. Investments in ETFs can be completed abroad using an investor’s existing brokerage relationship, without the need for a local intermediary.
While there remain minor procedural advantages to using a Bulgarian brokerage firm, these are outweighed by a key limitation. As of 11 January 2026, there is only one ETF fully compliant with the Bulgaria Golden Visa program, and it tracks the SOFIX index, which currently reflects elevated valuations. This reduces diversification and increases exposure to market concentration, making ETFs a less attractive option compared to actively structured fund solutions.
Apart from market concentration, the SOFIX index currently appears overvalued, as indicated by multiple analytical platforms. While we believe the index retains long-term potential, investors should proceed with caution, particularly at current valuation levels.
Below is the original text from the 2021 article:
Clients can buy ETFs abroad using their local brokerage firm or bank. However, the process will be more cost- and time-efficient if the ETFs are purchased locally through a Bulgarian-based brokerage firm. Alternatively, you can choose to invest in Alternative Investment Funds (AIFs) by depositing your investment directly into the Fund’s bank accounts, thereby avoiding intermediaries and saving on fees.
If you buy the ETFs through a Bulgarian-based brokerage firm, you will benefit in the following ways:
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No apostille or embassy certification of the ETF purchase confirmations is required. For example, if you buy the ETF through a bank or brokerage firm in Singapore, you will need to legalize the confirmations by the Singapore Academy of Law and then courier it to the Bulgarian embassy in Indonesia for certification (this is because Bulgaria has no embassy or general consulate in Singapore). The documents certified by the Bulgarian embassy in Indonesia will be couriered to Bulgaria where further translation and notarization will take place.
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The apostille service is not provided by your bank. In most cases, this service is offered by private firms that specialize in translation and legalization. Even a highly reputable bank in Switzerland may face difficulties arranging an apostille on your behalf through a third party. However, when purchasing ETFs through a Bulgarian-based brokerage firm, your only obligation is to sign a contract, which can be done electronically using an electronic signature.
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Most brokerage firms do not automatically include the specific wording that meets the requirements of the Bulgarian Investment Agency. This necessitates requesting particular wording on the documents or editing the documents they have already issued for you. This process is time-consuming and increases the risk of miscommunication and further delays in obtaining Bulgaria Golden Visa in 2026.
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Bulgarian brokerage firms have experience in producing the exact documents required by the Investment Agency. Additionally, documents issued by Bulgarian authorities and private firms do not require legalization or certification, which further reduces processing time. Alternatively, you can bypass brokerage firms altogether by investing directly in AIFs.
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Our service fees to assist you in obtaining Bulgaria Golden Visa are lower if you purchase locally as it saves professional time.
If you decide to buy AIFs or ETFs abroad, you can still rely on our support throughout the process of obtaining a Bulgaria Golden Visa .
