Bulgaria

Bulgaria Golden Visa Overview

Bulgaria stands out among EU residency programs for offering permanent residency immediately upon approval, bypassing the temporary residency stage that most comparable programs require. 

The program open to non-EU nationals of all nationalities who meet the financial and legal eligibility criteria.

Two investment routes are available: a fund investment starting at €512,000 (approx. US$601,000) that grants permanent residency directly, and a real estate investment starting at €312,000 (approx. US$366,000) that grants temporary residency. 

Under the fund route, no physical presence in Bulgaria is required to maintain status, and the residency card is valid for five years. Both routes carry a pathway to Bulgarian citizenship, after five years under the fund route and ten years under the real estate route.

Family sponsorship under the fund route extends to the primary applicant’s spouse, children under 18, parents, and parents-in-law. The real estate route covers the spouse and children under 18 only. 

Eligibility Requirements

All applicants must complete a mandatory pre-approval stage before proceeding with any investment. 

Two investment routes are currently available: 

Fund Investment – Permanent Residency 

• Minimum investment: €512,000 (approx. US$601,000) in a Bulgarian government-regulated investment fund
• The fund must be registered with the Bulgarian Financial Supervision Commission (FSC), managed by a licensed Bulgarian Fund Management Company, and invest exclusively in Bulgarian assets
• Applicants must hold a EUR-denominated bank account with a minimum balance of €512,000 in an FATF-compliant jurisdiction; a Bulgarian bank account is not required
• Applicants must demonstrate source of funds and income, hold a clean criminal record, and be over 18 years of age
• The investment must be maintained for a minimum of six years
• Grants permanent residency; residency card valid for five years, renewable
• Family sponsorship extends to spouse, children under 18, parents, and parents-in-law

Real Estate Investment – Temporary Residency 

• Minimum investment: €312,000 (approx. US$366,000) in Bulgarian real estate
• At least one visit to Bulgaria per year is required to maintain status
• Residency card requires annual renewal
• Grants temporary residency only
• Timeline to citizenship eligibility: 10 years
• Family sponsorship covers spouse and children under 18 only; does not extend to parents or parents-in-law

Route to Citizenship

Golden Visa holders become eligible to apply for Bulgarian citizenship by naturalization after maintaining permanent or long-term residency for five years under the fund route, or ten years under the real estate route. 

There is no annual physical presence requirement during the qualifying period under the fund route, meaning applicants can accumulate the five years without relocating to Bulgaria. The fund investment must be held for six years in total.

To qualify for citizenship by naturalization, applicants must pass a Bulgarian language exam at A1 level, consisting of 20 multiple-choice questions with a pass mark of 12. The requirement may be waived in certain circumstances. 

Applicants must also demonstrate financial self-sustainability, declare income in Bulgaria, and hold a clean criminal record throughout the qualifying period.

Most non-EU nationals who naturalize are generally required to renounce their prior citizenship. Exceptions apply to spouses of Bulgarian citizens, citizens of EU or EEA member states or Switzerland, and citizens of countries with which Bulgaria has concluded bilateral reciprocity treaties. 

Mobility and Tax Advantages

Mobility

Bulgarian permanent residents benefit from the right to live and travel freely within Bulgaria and across the Schengen Area, allowing stays of up to 90 days in any 180-day period in all Schengen member states without a separate visa. Bulgaria joined the Schengen Zone on 1 April 2024. 

Upon naturalization, Bulgarian citizens hold an EU passport with visa-free or visa-on-arrival access to approximately 178 countries and territories. 

This includes free movement and the right to live, work, and study across all 27 EU member states and EEA countries under EU treaty rights. Bulgarian citizens also benefit from consular protection from any EU member state embassy in countries where Bulgaria has no diplomatic mission. 

Notable destinations accessible without a prior visa include the United States, the United Kingdom, Japan, Canada, South Korea, and Australia.

Taxation 

Bulgaria applies a flat 10% rate on both personal income and corporate profits, the lowest in the EU. Dividend income is taxed at 5%. There is no wealth tax, and property and inheritance taxes are minimal. 

These rates apply broadly to all tax residents in Bulgaria and are not tied specifically to the Golden Visa program. 

Investors who do not establish tax residency in Bulgaria remain subject to the tax rules of their country of residence.

How to Apply

The Bulgarian Golden Visa is administered by the Bulgarian Investment Agency, which conducts the mandatory pre-approval and due diligence review, and the Bulgarian Financial Supervision Commission (FSC), which regulates qualifying investment funds. The legal basis for the program is Article 25, Paragraph 1, Points 6 and 7 of the Foreigners Act.

The process typically runs as follows: 

1. Step 1. Complete the mandatory pre-approval stage with the Bulgarian Investment Agency, submitting a bank reference confirming a balance of at least €512,000 (approx. US$601,000) in a FATF-compliant EUR account, proof of source of income, and a clean criminal record certificate; processing takes approximately four weeks.
2. Step 2. Subscribe to a qualifying Bulgarian investment fund by transferring the required amount from a FATF-compliant jurisdiction, or complete a qualifying real estate purchase; fund subscription can be completed remotely without opening a Bulgarian bank account.
3. Step 3. Submit a D Visa application and supporting documentation to the Bulgarian Embassy in the country of residence; the D Visa, valid for six months, is typically issued within two months.
4. Step 4. Travel to Bulgaria before the D Visa expires to submit biometrics; the permanent residency card is issued within ten business days of biometric submission.
5. Step 5. Once permanent residency is granted, eligible family members may submit their own family reunification applications through the relevant Bulgarian authorities.
6. Step 6. After the applicable qualifying period — five years under the fund route, ten years under the real estate route — submit a naturalization application for Bulgarian citizenship; processing typically takes 12 to 18 months.