Five Bulgarian funds currently accept Golden Visa investors. Three are alternative investment funds and two are collective investment schemes (UCITS). You can invest the qualifying amount of €512,000 in one fund, or split it between funds of the same type, but not between the two types.
Last Updated on October 20, 2026 by Immigration Team
Which funds can be combined
You can invest the full qualifying amount in one fund, or split it between several funds of the same type. Funds of different types cannot be combined.
| Bulgaria AIF | Elana Premium BG Selection | VF Alternative | Expat Bulgaria SOFIX | Advance Invest | |
|---|---|---|---|---|---|
| Bulgaria AIF | Same fund | Yes | Yes | No | No |
| Elana Premium BG Selection | Yes | Same fund | Yes | No | No |
| VF Alternative | Yes | Yes | Same fund | No | No |
| Expat Bulgaria SOFIX | No | No | No | Same fund | Yes |
| Advance Invest | No | No | No | Yes | Same fund |
Alternative investment funds: Bulgaria AIF, Elana Premium BG Selection and VF Alternative. Collective investment schemes (UCITS): Expat Bulgaria SOFIX and Advance Invest.
Disclosure
Advocate Markov law firm, which publishes Immigration.BG, represents Bulgaria AIF. For investors in Bulgaria AIF, our legal and immigration services are included in the fund arrangement. For the other four funds they are charged separately. This page sets out the published facts without ranking the funds. It is not investment advice.
The two investment routes
| Route | Legal basis | Minimum | Main conditions |
|---|---|---|---|
| Alternative investment fund | Foreigners Act, Art. 25(1)(6)(d) | €512,000 | The fund invests only in shares, stocks and bonds of Bulgarian companies. Fund and manager licensed or registered by the Financial Supervision Commission. Fund assets of at least €1,534,000. |
| Collective investment scheme (UCITS) | Foreigners Act, Art. 25(1)(6)(c) | €512,000 | The scheme invests mainly in securities of listed Bulgarian companies. Licensed or authorised by the Financial Supervision Commission. Net asset value of at least €2,558,000. |
The qualifying amount is often quoted as €512,000.
Alternative investment funds
| Bulgaria AIF | Elana Premium BG Selection | VF Alternative | |
|---|---|---|---|
| Manager | Bulgaria Fund Management | Elana Fund Management | Self-managed |
| Structure | Open-ended AIF | Open-ended AIF | AIF listed on the Bulgarian Stock Exchange (VFAL) |
| Strategy | Bulgarian fixed income | Bulgarian fixed income | Not publicly disclosed |
| Subscription fee | 0% | 2.5% | Not publicly disclosed |
| Annual management fee | 1% of NAV | 3% | Not publicly disclosed |
| Redemption fee | 0% | 5% within 5 years, 0% after | Not publicly disclosed |
| Redemption time | Within 14 calendar days | Not published | Not published |
| Minimum subscription | €100,000 | Not publicly disclosed | €100,000 |
| Assets under management | €5,793,571.88 (31 Aug 2026) | €2,123,691.03 (28 Sep 2026) | Not publicly disclosed |
| Monthly reporting | Total assets, monthly | Total assets, monthly | Not published |
| Started | 1 June 2025 | 1 July 2025 | 2019 |
| Russian nationals | Accepted with a second nationality or EU residence permit | Not accepted | Accepted with a second nationality or EU residence permit |
Collective investment schemes (UCITS)
| Expat Bulgaria SOFIX | Advance Invest | |
|---|---|---|
| Manager | Expat Capital | Karoll Capital Management |
| Structure | UCITS ETF, full replication of the SOFIX index | Open-end UCITS mutual fund |
| Listing | Bulgarian Stock Exchange, Xetra, London Stock Exchange (BGX) | Not listed |
| Bulgarian allocation | 100% (SOFIX constituents) | About 60%, the rest in other regional markets |
| Subscription fee | Up to 2% on primary purchases (institutional rate) | 1.5% up to €50,000; 0% above €50,000 until 30 Dec 2026 |
| Ongoing costs | Up to 2.8% a year, plus transaction costs up to 1.6% (2025 figures) | 2.5% of average annual NAV |
| Redemption fee | Up to 2% on primary redemptions | 0% |
| Assets under management | €9,832,920.58 (4 Oct 2026) | €18,228,337.61 (1 Oct 2026) |
| Started | 24 June 2017 | 10 May 2004 |
| Russian nationals | Accepted with a second nationality or EU residence permit | Accepted with a second nationality or EU residence permit |
About these figures
The figures come from each fund’s own documents and website, on the dates shown. Fees and conditions can change. Always read the fund’s current prospectus or key information document before you invest.
How to choose
- Start with the pre-approval process. You do not need to select an investment fund before obtaining preliminary approval.
- You may invest in one or multiple funds, but you cannot combine different fund types. You must choose either alternative investment funds (AIFs) or UCITS schemes.
- Compare the total cost over the years you expect to hold the investment, including subscription, annual and redemption fees.
- Check when and how you can redeem, and whether early redemption costs extra.
- Check whether the fund accepts investors of your nationality.
Assess the fund’s involvement in the legislative process. Beyond professional fund management, consider whether the fund has actively represented investors’ interests during proposed legislative changes. Some funds took little or no action when draft amendments affecting Bulgaria’s investment-based residency pathways were introduced, making their level of engagement an important factor to consider.
Questions
Can I split the investment between two funds?
Yes, if both funds are of the same type: two alternative investment funds, or two UCITS schemes. You cannot combine an alternative investment fund with a UCITS scheme.
Is the investment guaranteed?
No. These are investment funds and their value can go down as well as up. Read each fund’s risk disclosures.
Why does Immigration.BG not rank the funds?
Our firm represents one of the funds. We publish the facts and leave the choice to you and your financial adviser.
How much do I need to invest in euro?
The legal minimum is BGN 1,000,000, which is €511,291.88 at the fixed conversion rate.
Related routes
This page gives general information and is not legal advice. Immigration rules change and individual circumstances matter. Reading it does not create a lawyer–client relationship.