A foreign national who is not an EU citizen can apply for a permanent residence permit in Bulgaria by making a qualifying investment under Article 25(1)(6) of the Foreigners in the Republic of Bulgaria Act. The most used option is buying units or shares worth at least €512,000 in an eligible Bulgarian alternative investment fund. Before you invest, you must obtain preliminary approval from the Bulgarian Investment Agency.
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Bulgaria offers permanent residence to non-EU nationals who make a qualifying investment in the country. It is a residence route, set out in the Foreigners Act. It is not citizenship.
Most of our clients invest through one of the Bulgarian investment funds that meet the legal criteria. The order matters. First, the Bulgarian Investment Agency checks you and your source of funds and gives preliminary approval. Only then do you invest.
Once the investment is made, you apply for your residence documents. Your family can usually follow, and the exact rules depend on who they are.
Amounts, deadlines and documents are on this page, with the law they come from. If you want to know whether this route suits you, speak with us. We can guide you through each step.
Last Updated on October 20, 2026 by Immigration Team
At a glance
| Who it is for | Non-EU nationals who want permanent residence in Bulgaria through investment Law |
| What you receive | A permanent residence permit, which the Act defines as residence for an unlimited period Law |
| Minimum investment | €512,000 in an eligible fund. Other options start at €1,000,000 |
| Before investing | Preliminary approval from the Bulgarian Investment Agency. Decision within 40 days. |
| Family members | Children: Unmarried children under 18 may apply for permanent residence under Article 25(1)(3) of the Foreigners Act, provided at least one parent holds permanent residence. Spouse: A spouse may apply for permanent residence under Article 25(1)(2) of the Foreigners Act, provided the marriage has existed for at least five years. Parents and Parents-in-Law: May apply for temporary residence in Bulgaria under Article 24(1)(7) of the Foreigners Act, |
| Holding period | The investment may be redeemed after it has been maintained for at least five full years. |
| Physical presence | As of 1st of November 2026, there is no physical stay requirement. |
| Citizenship | You are eligible to apply for Bulgarian citizenship by general naturalization after maintaining the permanent residency status for 5 full years. |
Your pathway
The order of the steps matters. The investment is made only after the Bulgarian Investment Agency approves you.
- Documents and bank referenceRequired · documents issued no more than 60 days before filing
- Preliminary approval, Bulgarian Investment AgencyRequired · decision within 40 days · approval valid 6 months
- Investment of at least €512,000Eligibility threshold · in an eligible fund or another qualifying investment
- Long-stay visa (Visa D)Required · at a Bulgarian embassy or consulate · takes around 2 months to be processed
- Permanent residence applicationRequired · Migration Directorate, Ministry of Interior · takes around 2.5 months to be processed
- Permanent residence permitResidence for an unlimited period · family may follow · PR card is issued within 10 calendar days of providing biometrics
- Bulgarian citizenshipOptional · general naturalisation · at least 5 years after the permit, plus other conditions
Required stageEligibility thresholdOptional stage
Eligible investments
Article 25(1)(6) of the Foreigners Act lists four kinds of investment. Amounts in the law are in leva. Since Bulgaria adopted the euro on 1 January 2026, they are read as euro amounts at the fixed rate of 1.95583, rounded to the cent.
| Investment | Minimum | Main conditions | Item |
|---|---|---|---|
| Units or shares in an alternative investment fund | €512,000 | Fund assets of at least €1,534,000. Fund and manager licensed or registered by the Financial Supervision Commission. Fund invests only in shares, stocks and bonds of Bulgarian companies | 6(d) |
| Units or shares in a collective investment scheme | €512,000 | Net asset value of at least €2,558,000. Licensed or authorised by the Financial Supervision Commission. Invests mainly in securities of listed Bulgarian companies | 6(c) |
| Rights under a concession agreement | €512,000 | Contract value of at least the minimum amount | 6(b) |
| Listed shares or bonds of Bulgarian companies | €1,024,000 | Traded on a regulated market or multilateral trading facility, at market value | 6(a) |
Other investment routes
The Act also provides for permanent residence through investment in a priority investment project of at least €1,024,000 (item 7), in the capital of an unlisted Bulgarian company of at least €3,070,000 (item 8), and in a Bulgarian company of at least €256,000 that creates at least 10 jobs (item 16).
The five eligible funds
Five Bulgarian funds currently accept Golden Visa investors. They differ in strategy, fees and how you exit at the end. Our comparison sets them side by side from each fund’s own published documents.
Disclosure
Advocate Markov law firm represents Bulgaria AIF. The comparison is neutral: no ranking and no recommendation. It is not investment advice.
You can invest in one or multiple funds, provided they are all of the same type—either alternative investment funds (AIFs) or exchange-traded funds (ETFs). You cannot combine the two.
Step by step
- Prepare your documentsCollect the documents for the preliminary approval. They must be originals or notarised copies, issued no more than 60 days before you file, with a Bulgarian translation and, where needed, an apostille or legalisation. Guidance
- Apply for preliminary approvalThe application goes to the Bulgarian Investment Agency in Sofia, in person or by an authorised representative. The Agency consults the State Agency for National Security and the Ministry of Interior, which give their opinions within 25 days. Decision within 40 days, extendable by 10 working days in complex cases. Guidance
- Make the investmentAfter approval, you invest. The approval is valid for 6 months from its date, so the investment must be made within that period. Guidance
- Obtain a long-stay visaThe preliminary approval itself is not a basis for a long-stay visa. The visa application follows the investment.
- Apply for permanent residenceYou file the application with the Migration Directorate of the Ministry of Interior.
Documents for the preliminary approval
- Passport copyA plain copy of passport, valid for at least 6 more months.
- Bank referenceShowing funds in euro at or above the minimum for your chosen investment. The bank account should be in FATF compliant jurisdiction. An indication of compliance is if the jurisdiction is not grey or black listed.
- Declaration on the source of fundsThe AML declaration should be certified and legalized. The declaration includes your bank account details along with information of the source of funds. The source can be single or multiple and should be enhanced by documentation. For example, if your source is a sale of real estate, you have to provide a sale contract.
- Declaration on politically exposed person statusThe PEP declaration should be certified and legalized.
- Police clearance certificateFrom country of permanent residence or home country. In case from country of permanent residence, you have to provide a copy of your permanent residence in that country (the residence card should state permanent residence). The PCC should be issued within the last 2 months and be legalized.
- Power of attorneyThe POA should be certified and legalized.
- CVSupports the assessment of your profile. It can be also use for categorization as a private or professional client when subscribing shares of a Golden Visa compliant fund.
Timeline and costs
| Stage | Time | State fee |
|---|---|---|
| Preliminary approval | Up to 10 weeks but usually in a month | None |
| Investment | Within 6 months of approval | Fund fees apply. See the Bulgaria GV fund comparison |
| Long-stay visa | Up to 40 business days | €100 |
| Permanent residence | Up to 2.5 months | €500 + €100 for express issuance of the residence card |
Third-party costs such as translations, legalisation and notary fees depend on your documents.
Family members
Under Article 25(1) of the Foreigners Act, the minor, unmarried children of a permanent resident may obtain permanent residence. A spouse may obtain permanent residence after five years of marriage to a permanent resident. Where the permit was granted for investment, the law makes a different provision for spouses. If you have been married for less than five years, your spouse can obtain a temporary residence permit, which can be renewed annually.
Practical note
Family situations vary, particularly for adult children and parents. Tell us who would come with you, and we will explain which status each person can obtain.
Parents and parents-in-law can obtain a temporary residence permit, which ca be renewed annually. Maintaining the permit for 5 years, and physically residing for 30 months in any 5 years period, your parents and parents-in-law are eligible to apply for permanent residence in Bulgaria.
Keeping your status
How to maintain your Permanent residence in Bulgaria
Your only investment-related obligation is to maintain your investment for five full years from the date your permanent residence status is granted. Once this five-year period has passed, you may redeem your investment while retaining your permanent residence status indefinitely.
Path to citizenship
Key point
Bulgaria no longer grants citizenship in return for investment. The accelerated investor provisions of the Bulgarian Citizenship Act were repealed in 2022.
A permanent resident may apply for naturalisation under Article 12 of the Bulgarian Citizenship Act. The conditions include holding a permanent or long-term residence permit for at least five years, A1 in Bulgarian language, a source of income, no relevant criminal convictions and, for most applicants, release from their previous citizenship.
Common problems
- Investing before approval. The procedure provides for the investment to be made after the Agency has reviewed you, not before.
- Documents too old. PPC should be issued within the last 2 months for the pre-approval process, and you can use it for the D visa and PR application within 6 months.
- Letting the approval expire. The approval is valid for 6 months. If you do not invest within that time, you must apply again.
- Assuming approval means a visa. The preliminary approval does not entitle you to a long-stay visa or residence on its own. You have to file a separate D visa application and PR application.
- Choosing a fund that does not qualify. The fund must meet every condition of item 6(c) or 6(d), not only the amount.
Questions
Is the Golden Visa the same as citizenship?
No. It gives permanent residence. Citizenship requires a separate naturalisation application with its own conditions. Our team can assist with handling your citizenship application as well.
Can I invest first and apply later?
The procedure is designed the other way round. You obtain the Bulgarian Investment Agency’s preliminary approval, then invest within 6 months. To speed up your application, you can make the investment before receiving the preliminary approval certificate, as long as you have already been cleared by the State Agency for National Security (SANS).
Is there a list of Bulgaria Golden Visa compliant funds?
Unfortunately, the Bulgaria government does not list the eligible golden visa compliant funds. You have to do your own due diligence identifying if a fund is a golden visa compliant. As a recommendation, you should invest in a fund that has already handled golden visa applicants. This ensure that your application is not substantially delayed. When a fund processes its first golden visa applicant, the fund has to undergone a lengthy process with the FSC that may take a couple of months.
How much is the investment in euro?
The fund route requires at least €512,000.
Does the preliminary approval cost anything?
No. The Bulgarian Investment Agency does not charge a fee for this service. However, the fee for this service ranges from €2,500 to €5,000, as it involves both administrative and legal work. Only the certified translation of the source of income may reach €1,000 (in cases where the source of income is dividends and financial statement for the year the dividends were distributed; usually, financial statements are 25-30 pages.
Can my children be included?
Minor, unmarried children of a permanent resident may obtain permanent residence. Children over 18 cannot apply under the standard family reunification route.
Related routes
Legal basis
- LawForeigners in the Republic of Bulgaria ActArt. 23(1)(4); Art. 25(1)(2), (3), (6), (7), (8), (16); Art. 25(7)
- LawImplementing Regulations of the Foreigners ActArt. 39(6) and (7)
- LawBulgarian Citizenship ActArt. 12
- LawAct on the Introduction of the Euro in the Republic of BulgariaConversion of amounts in leva, Art. 12 and 13
- GuidanceBulgarian Investment Agency: preliminary approval for investmentsAdministrative service 3372iisda.government.bg
Change history
- Law
Bulgaria adopts the euro. Amounts in leva in the Foreigners Act are read as euro amounts at 1.95583.
- Law
Citizenship-by-investment provisions repealed from the Bulgarian Citizenship Act. [verify date]
- Law
Article 25(1)(6) amended, State Gazette No. 21 of 2021.
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.