Complete Legal & Investment Guide
Bulgaria offers one of the most structured and legally robust residence-by-investment frameworks in the European Union, regulated under national law and EU financial supervision.
Non-EU nationals may obtain permanent residence by making qualifying investments under:
- Foreigners in the Republic of Bulgaria Act
https://www.mig.government.bg/wp-content/uploads/2022/11/foreigners_in_the_republic_of_bulgaria_act.pdf - Investment Promotion Act (priority projects)
https://investmentpolicy.unctad.org/investment-laws/laws/382/bulgaria-investment-promotion-act
Legal Framework Overview
Under Article 25, paragraphs 6–8, permanent residence may be granted to foreigners who:
- Make a qualifying investment
- Maintain it for at least five years
- Do not pledge the investment as collateral
- Demonstrate lawful origin of funds
- May include spouse and children
This is one of the few EU programs granting permanent residence directly.
1. Shares or Bonds of Bulgarian Companies
Minimum investment: €1,020,000
Legal basis: Article 25(6)(a)
Residence may be granted by acquiring:
- Shares or bonds of Bulgarian companies
- Traded on a regulated market or multilateral trading system in Bulgaria
Main trading venue:
Bulgaria Stock Exchange (BSE)
https://www.bse-sofia.bg
Best suited for
- Investors seeking direct equity exposure
- Sector-focused strategies (energy, finance, industry, technology)
2. Collective Investment Schemes (UCITS, ETFs & Mutual Funds)
Minimum investment: €510,000
Legal basis: Article 25(6)(c)
This is the most widely used and efficient route.
Residence may be granted by investing in:
- Bulgarian collective investment schemes (UCITS / ETF-type funds)
- Minimum fund size: €2.55 million
- Fund must be licensed by the Bulgarian Financial Supervision Commission (FSC)
- Investment strategy must focus mainly on shares and/or bonds of Bulgarian companies
Official Regulator & Fund Verification
All eligible funds must be registered and supervised by:
Bulgarian Financial Supervision Commission (FSC)
https://www.fsc.bg
Official register of licensed and notified funds:
https://www.fsc.bg/en/supervised-entities/notifications/
This is the primary legal source used by immigration authorities to verify eligibility.
ETF-Type Index Funds Tracking Bulgarian Indices
These funds track Bulgarian market indices such as SOFIX and BGX.
Expat Bulgaria SOFIX UCITS ETF
One of the best-known Bulgarian UCITS ETFs tracking the SOFIX Index.
Fund family overview:
https://expat.bg/en/funds/ExpatBulgariaSOFIX
BSE listing and trading information available on:
https://www.bse-sofia.bg
Licensed Bulgarian Asset Managers & Mutual Funds
Examples of regulated Bulgarian managers and funds eligible under the program:
Activa Asset Management JSC
Licensed by the FSC – manages UCITS and ETF-type funds
https://activabg.com/en
Activa Balanced ETF – Fund Profile
https://activabg.com/en/activa-balanced-etf/fund-profile.html
CCB Assets Management (Commercial Bank group)
https://www.ccbank.bg/en/about-ccb/partners/ccb-assets-management
UG Market Mutual Funds (Bulgarian equity-focused funds)
https://ugmarket.com/en/mutual-funds
These funds typically invest in Bulgarian listed equities and bonds, satisfying the legal requirement.
Why this option is the flagship route
- Lowest investment threshold in the program (€510,000)
- Fully EU-regulated UCITS / ETF structures
- High liquidity and diversification
- No operational business risk
- Suitable for passive investors and wealth managers
- Clear regulatory oversight and transparency
3. Alternative Investment Funds (AIFs)
Minimum investment: €510,000
Legal basis: Article 25(6)(d)
Residence may be granted by investing in:
- Bulgarian Alternative Investment Funds (AIFs)
- Minimum fund size: €1.53 million
- Fund and manager must be licensed / registered with the FSC
- Focus mainly on Bulgarian assets
Official AIF notification register:
https://www.fsc.bg/en/supervised-entities/notifications/
Best suited for
- Family offices
- Private equity and venture investors
- Sector-specific strategies (real estate, technology, infrastructure)
4. Priority Investment Projects
Minimum investment: €1,020,000
Legal basis: Article 25(7) + Investment Promotion Act
Residence may be granted by:
- Investing into a certified priority project
- Verified by the Ministry of Innovation and Growth
Official investment authority:
Invest Bulgaria Agency
https://www.investbg.government.bg
Best suited for
- Corporates establishing production, R&D, logistics, or tech centers
- Strategic investors seeking state incentives
5. Large Private Company Investment
Minimum investment: €3,070,000
Legal basis: Article 25(8)
Residence may be granted by:
- Investing in a private Bulgarian company
- Shares must not be publicly traded
Best suited for
- Ultra-high-net-worth investors
- Acquisitions and majority holdings
- Industrial and commercial expansion
Client Profiles & Who Benefits Most
High-Net-Worth Individuals
- Prefer passive EU residence
- Benefit from portfolio diversification + mobility
- No business management required
Family Offices & Wealth Managers
- Allocate capital into EU-regulated UCITS & ETFs
- Combine investment performance with residence planning
Globally Mobile Investors
- Seek Schengen access with minimal relocation pressure
- Low physical presence obligations
International Entrepreneurs
- Secure EU residence first
- Later expand business operations from Bulgaria
Key Advantages of the Bulgarian Investment Program
- Permanent residence from day one
- Lowest capital threshold among EU investment programs
- EU + Schengen mobility
- Family included
- Flat 10% personal and corporate tax
- Strong fiscal stability (low public debt)
- Clear path to citizenship
- Highly regulated financial instruments
- No obligation to run a business
Official Sources & Institutional References
- Foreigners in the Republic of Bulgaria Act
https://www.mig.government.bg/wp-content/uploads/2022/11/foreigners_in_the_republic_of_bulgaria_act.pdf - Investment Promotion Act
https://investmentpolicy.unctad.org/investment-laws/laws/382/bulgaria-investment-promotion-act - Bulgarian Financial Supervision Commission (fund regulator)
https://www.fsc.bg - FSC Fund & AIF Registers
https://www.fsc.bg/en/supervised-entities/notifications/ - Bulgaria Stock Exchange
https://www.bse-sofia.bg - Invest Bulgaria Agency
https://www.investbg.government.bg
Prima di un espatrio in uno dei molti Stati da noi proposti, organizziamo un appuntamento individuale.
L'appuntamento consiste nelle seguenti attività:
- analizzare le tue aspettative;
- valutare la tua situazione pre-espatrio ed eventuali criticità/ostacoli;
- stabilire la fattibilità del tuo trasferimento all'estero;
- individuare i pro e i contro della destinazione (una o più) in merito alle tematiche più varie: tassazione, affitti, costo della vita, clima, sicurezza, assistenza sanitaria, etc;
- programmare il percorso di trasferimento: tempistiche, modalità, costi.
