The Bad Reputation of the Bulgaria Golden Visa Program
Last Updated on March 21, 2025 by Bulgarian Citizenship Team
Why Does the Bulgaria Golden Visa Face Unwarranted Criticism?
The Bulgaria Golden Visa Program, launched in 2024, has been met with skepticism, primarily due to the reputation of its predecessor—the now-defunct Bulgarian Citizenship by Investment fast-track program (2013–2021). However, much of the negativity surrounding Bulgaria’s current program is not a result of government instability or policy failures but rather due to biased immigration platforms, the dominance of better-marketed programs, and the high commission structures of competing Golden Visa programs.
Marketing Bias: How Bigger Budgets Shape the Industry
Many “independent” immigration and nomad platforms, business magazines, and investment migration associations prioritize programs with high marketing budgets. Well-established Golden Visa schemes like Portugal and Greece allocate substantial funds to marketing, ensuring they dominate the market. In contrast, Bulgaria, as a relatively new player in the Fund-based investment model, has lower marketing budgets, making it less visible in mainstream immigration discussions.
I don’t see how Portugal’s program can even be compared to Bulgaria’s. In Portugal, a €512,000 investment only grants temporary residency, whereas in Bulgaria, the same investment provides immediate permanent residency with no renewal or physical stay requirements.
Even when we paid for marketing placements, some platforms still failed to acknowledge that the Bulgaria Golden Visa was fully redesigned in 2024, shifting from government bonds to regulated Fund investments. This lack of objective reporting makes it difficult for potential investors to access accurate information about the program’s current benefits.
Higher Commissions: The Financial Incentives Driving Program Promotions
One of the biggest challenges Bulgaria’s Golden Visa faces is the commission structure used by competing programs. In some cases, referral commissions for Portugal Golden Visa Fund investments start at €100,000 per client. This raises an important question:
💡 How can a Fund Management company remain financially sustainable if it is paying such high commissions for referrals?
By comparison, Bulgaria’s program operates on a more financially responsible model, ensuring investor funds are allocated toward actual investments rather than excessive referral fees. However, the downside is that agents and platforms have little incentive to promote the program, even if it offers superior benefits.
The Fallout from the Previous Fast-Track Citizenship Program
While the fast-track Bulgarian Citizenship by Investment program (2013–2021) remained unchanged for nine years, certain practices within the industry contributed to its eventual cancellation:
✔ The “Financed Option” – Some investors used a structure where they deposited €300,000 with financial intermediaries with the help of immigration consultancies advertising themselves as government advisors – who arranged leverage to increase the investment to €1,000,000. However, Bulgarian law explicitly prohibited using government bonds as collateral, making this option legally questionable.
✔ The Concession Rights Model – Rather than following the standard investment route of €512,000 in government bonds (without financing), some agents manipulated legal loopholes to push investors toward concession rights investments of the same amount. These approvals were often secured through political connections rather than transparent procedures—in other words, through corrupt practices.
✔ Political Influence Misconceptions – While certain individuals had connections to Bulgarian ministers, this had no bearing on approvals by the Ministry of Justice or the National Security Agency, the authorities responsible for processing citizenship applications.
The Reality of the Bulgaria Golden Visa Program Today
Since its relaunch in 2024, the Bulgaria Golden Visa has been rebuilt as a Fund-based investment program, aligning with global best practices.
✔ Permanent residency within 8 months – Unlike other programs that grant only temporary residency for the same investment amount (€512,000), Bulgaria provides indefinite permanent residency.
✔ No minimum stay requirements – Investors are not required to relocate or visit annually.
✔ Path to citizenship after five years – Investors can apply for Bulgarian citizenship after maintaining PR for five years.
✔ Enhanced transparency – Investors are not required to transfer funds before passing due diligence with the Bulgarian Investment Agency and National Security Agency.
✔ No annual renewal hassle – Unlike many programs that require yearly residency card renewals, Bulgarian PR is long-term and only needs renewal every five years.
✔ Real estate investment flexibility – Unlike Portugal’s Golden Visa Funds, which restrict direct real estate investments, Bulgarian Funds allow real estate investments as part of the portfolio.
✔ Diverse investment options – Investors can choose from real estate, private equity, and government-backed projects.
✔ Family eligibility – Spouse, children, parents, and parents-in-law can also benefit from the program.
Time to Challenge
The Bulgaria Golden Visa Program does not suffer from policy instability or structural issues—instead, it faces limited visibility due to biased marketing, the high-commission incentives of competing programs, and outdated associations with the previous citizenship model.
As more investors progress through the pre-approval stage and new nationalities join the applicant pool, it’s clear that the narrative is shifting. Instead of relying on promotional biases, investors should look at the facts—Bulgaria offers one of the most competitive Golden Visa programs in Europe today.
