Bulgaria residence by investment is the only programme in the European Union granting permanent residence status to investors straight from the first application, with the common level being EUR 511,292 into a licensed fund. This article gathers together the legal basis, the fees, the process, the route to citizenship and the bill of July 2026.
Contents
What Bulgaria residence by investment is
The Bulgaria Golden Visa is the familiar press name, not the legal one; most of these programmes grant a residence card, not a visa. In Bulgaria, the correct name is permanent residence under the investment category (постоянно пребиваване), provided for at Article 25(1) of the Act on Foreigners in the Republic of Bulgaria (Закон за чужденците в Република България – ЗЧРБ). Investors meeting one of the statutory investment levels are granted indefinite permanent residence, with an identity card reissued periodically.
What sets Bulgaria residence by investment apart from Greece, Portugal or Hungary is the legal status. Those countries grant a time-limited residence permit and then renew it. Bulgaria grants permanent residence immediately — the status that in other countries an investor must wait 5 years to apply for. In return, the investment must be held for a full 5 years and due diligence is carried out by the Ministry of the Interior and the national security service.
Two programmes need to be kept separate. Bulgaria’s fast-track citizenship by investment category was abolished on 05/04/2022 by the amending law published in State Gazette no. 26 of 2022. The permanent residence by investment category remains and is the subject of this article. The general background onthe country of Bulgariais set out in a separate article.
Considering a residency programme? The Prosperous Living Investment team assesses your profile free of charge and advises on the pathway that fits your goals.
The legal basis and the key dates
Bulgaria residence by investment rests on 2 instruments: the Act on Foreigners in the Republic of Bulgaria, Article 25(1), which sets the investment levels for granting permanent residence, and the Bulgarian Citizenship Act, Article 12, which sets the conditions for naturalisation after 5 years’ permanent residence. The body deciding permanent residence applications is the Migration Directorate of the Ministry of the Interior (Дирекция Миграция – МВР). Eligible investment funds are licensed and supervised by the Financial Supervision Commission (Комисия за финансов надзор – КФН).
| Date | Event |
|---|---|
| 1 January 2007 | Bulgaria joins the European Union |
| 13 March 2021 | Amending law published in State Gazette no. 21 of 2021: removing the government bond and bank deposit routes, adding alternative investment funds and collective investment funds |
| 5 April 2022 | Abolition of the fast-track citizenship by investment category; Articles 12a and 14a of the Citizenship Act cease to have effect |
| 31 March 2024 | Bulgaria enters Schengen for air and sea borders |
| 1 January 2025 | Bulgaria becomes a full Schengen member, land border controls removed |
| 1 January 2026 | Bulgaria adopts the euro, at the fixed rate of 1 euro to 1.95583 leva |
| 28 July 2026 | The government tables bill no. 52-602-01-29 in Parliament, proposing that permanent residents be present for at least 6 months and 1 day each year |
The two milestones of 2025 and 2026 increase the value of the Bulgarian permanent residence card. According to theCouncil of the European Union, land border controls with Bulgaria and Romania were lifted from 01/01/2025, completing Schengen accession. Also according toCouncil of the European Union, on 08/07/2025 the member states agreed that Bulgaria would adopt the euro from 01/01/2026 at a rate of 1.95583 leva to the euro.
The forms of investment recognised in law
Article 25(1) lists several different Bulgaria residence by investment levels. The sums in the law are stated in leva, converted to euro at the fixed rate. The table below gathers the forms still in force in 2026.
| Basis | Form | Minimum level | Main conditions |
|---|---|---|---|
| Point 6(a) | Shares or corporate bonds of Bulgarian companies listed on a regulated market | 2,000,000 leva, around EUR 1,022,584 | Market value at the time of purchase |
| Point 6(b) | Concession rights in Bulgaria | 1,000,000 leva, around EUR 511,292 | Under a concession contract with the state |
| Point 6(c) | Units in a collective investment fund (UCITS) | 1,000,000 leva, around EUR 511,292 | A fund with net assets of at least 5,000,000 leva, investing in Bulgarian companies |
| Point 6(d) | Units in an alternative investment fund (AIF) | 1,000,000 leva, around EUR 511,292 | A fund with assets of at least 3,000,000 leva, with a management company licensed by the КФН, investing in Bulgarian companies |
| Point 7 | A capital contribution to a Bulgarian company carrying out a priority investment project | 2,000,000 leva, around EUR 1,022,584 | A project certified under the Investment Promotion Act |
| Point 8 | A capital contribution to an unlisted Bulgarian company | 6,000,000 leva, around EUR 3,067,751 | Shares not traded on a regulated market |
| Point 16 | A capital contribution establishing a company and creating jobs | 500,000 leva, around EUR 255,646 | Owning at least 50% of the capital, buying new fixed assets of the same value, creating and maintaining at least 10 jobs for Bulgarian citizens |
The alternative investment fund route is the most used
In practice, almost every Bulgaria residence by investment application goes through point 6(d): buying units in an alternative investment fund worth 1,000,000 leva, around EUR 511,292. The fund must have assets of at least 3,000,000 leva, be managed by a company licensed by the Financial Supervision Commission, and must invest in the shares, stock or bonds of Bulgarian companies.
This is an investment carrying market risk, not a deposit. The value of the units depends on the fund’s portfolio, usually commercial property, energy, infrastructure or small and medium-sized enterprises in Bulgaria. After 5 years, the investor sells at market value, which may be higher or lower than the original capital. No state body guarantees the capital.
The property purchase route does not lead to permanent residence
Buying property worth 600,000 leva, around EUR 306,775, is only a basis for a long-term residence permit valid for 1 year, renewed annually, under Article 24 of the same Act. Only after 5 years of continuous long-term residence may the buyer apply for permanent residence through the ordinary route. Claims that buying a home for EUR 300,000 obtains Bulgarian permanent residence are therefore incorrect under the law in force.
Conditions on the investor and the source of funds
Applicants for Bulgaria residence by investment must be citizens from outside the European Union and the European Economic Area, aged 18 or over, with a valid passport, no criminal record, and not on any Schengen entry ban list. Vietnamese citizens are eligible on nationality grounds. Those holding the nationality of a country under European Union sanctions now face far stricter scrutiny.
On finances, the application must prove two different things: the Source of Funds (SoF) and the Source of Wealth (SoW). SoF asks where the money used for this transaction came from; SoW asks how the whole body of wealth was built. The money must be transferred from an account in the investor’s own name at a bank in a country complying with anti-money-laundering standards, with confirmation from the Bulgarian bank that the money has been received.
In addition, the application needs private health insurance of at least EUR 30,000 valid in Bulgaria, proof of accommodation, and criminal record and civil status documents from Vietnam, legalised and officially translated into Bulgarian. From 11/09/2026, the Apostille Convention takes effect for Vietnam, and Bulgaria is already a party, so the document legalisation formalities are expected to fall from 3 steps to 1.
The Bulgaria residence by investment process in 5 steps
- Choosing the fund and completing preliminary screening. The fund management company checks identity and source of funds before accepting the capital. The investor opens a euro account, transfers the money and receives confirmation of the purchase of fund units worth at least 1,000,000 leva.
- Applying for a type D long-stay visa at the Bulgarian Embassy in Hanoi. The file comprises the application form, passport, photographs, investment confirmation, criminal record certificate, health insurance and proof of accommodation. The fee is EUR 100, the decision takes up to 35 working days, and the visa allows multiple entries over 6 months.
- Entering Bulgaria and filing the permanent residence application with the Migration Directorate of the Ministry of the Interior. The permanent residence application fee is 1,000 leva, around EUR 511. The Director of the Directorate decides within 2 months, extendable by a further 2 months where the file needs supplementing.
- Giving biometrics and collecting the permanent residence card. After the approval decision, the investor travels to Bulgaria to give fingerprints, have a photograph taken and collect the permanent residence identity card, which is reissued on a 5-year cycle although permanent residence status itself has no time limit.
- Filing for family members. A spouse and minor children file for permanent residence on the basis of the main investor’s status, with no further investment needed. Dependent parents are considered under family reunification, on a separate application.
The total time for a Bulgaria Golden Visa application, from transferring the money to holding the permanent residence card, is usually 6 to 9 months, of which the type D visa stage and the permanent residence assessment take up most of it. Investors must travel to Bulgaria at least once to file and once to give biometrics; these two can be combined into one trip where the appointment schedule allows.
Official fees and true costs
| Item | Fee | Note |
|---|---|---|
| Type D long-stay visa | €100 EURO | Paid at the Bulgarian consular office |
| Permanent residence application | 1,000 leva, around EUR 511 | Paid at the Migration Directorate |
| Permanent residence identity card | Around 45 leva, around EUR 23 | Reissued on a 5-year cycle |
| Family members’ applications | The same application fee for each person | No further investment needed |
The state fees are only a small part. The true cost of a Bulgaria residence by investment application comprises the original investment of around EUR 511,292, the fund’s issue fee and annual management fee depending on the fund, lawyers’ fees in Bulgaria, translation, notarisation and document legalisation fees, health insurance, the cost of renting accommodation to prove an address, and travel costs for the mandatory visits.
On tax, Bulgaria applies personal income tax and corporate income tax at the same flat rate of 10%, among the lowest in the European Union. Those present in Bulgaria for more than 183 days in a year become tax residents. The details are set out in the article onthe Bulgarian tax system.
Conditions for maintaining permanent residence and the 183-day bill
Under the law in force, permanent residence under the Bulgaria residence by investment category is revoked where the investor fails to maintain the investment for a full 5 years from the date it was granted, or where the investment no longer meets the statutory conditions, for instance where the fund’s licence is withdrawn. In addition, permanent residents absent from European Union territory for 12 continuous months are also liable to have their status reviewed for revocation. In practice, visiting Bulgaria once a year is enough to keep the status.
This may change. On 28/07/2026, the Bulgarian Council of Ministers tabled bill no. 52-602-01-29 in Parliament amending the Act on Foreigners, proposing that every permanent resident be physically present in Bulgaria for at least 6 months and 1 day in each calendar year, on pain of revocation. The draft does not yet state clearly any exception for investors under Article 25, nor a date of effect, nor how those who already hold permanent residence will be treated.
As at 06/09/2026, the bill is at committee stage and Parliament has not voted. Investors weighing Bulgaria residence by investment should treat the absence of a residence requirement as the condition currently in force, not a guaranteed one. Transitional provisions for applications already filed are not an automatic right; an application is dealt with under the old rules only where the amending law expressly says so.
The rights of Bulgarian permanent residents
- Indefinite permanent residence status in a European Union member state, with no need to renew a residence permit periodically as in Greece or Portugal.
- Living, working, setting up a business and studying in Bulgaria without a separate work permit.
- Travel within the Schengen area for up to 90 days in every 180 in the other 28 member states, on the same principle as theSchengen rights of the Greece Golden Visa. The Bulgarian permanent residence card does not permit long-term residence or work in another Schengen country.
- Access to Bulgaria’s public health and state education systems once social insurance is registered.
- After 5 years of permanent residence, becoming eligible to file for naturalisation.The Bulgarian passportis a European Union passport, allowing the holder to live and work in every member state.
The route to citizenship after 5 years and the real conditions
The Bulgarian Citizenship Act allows those holding permanent residence for 5 years to file for naturalisation. Before April 2022, investors were exempt from the language test and the income condition under Article 12a. That is no longer so. Investors now naturalise through the ordinary route of Article 12, meeting all the conditions like any other foreign national. The details of each condition are set out in the article onBulgarian citizenship.
Three of the heaviest conditions Bulgaria residence by investment applicants need to face squarely. First, applicants must prove knowledge of Bulgarian through an examination run by the Ministry of Education. Second, they must have income or an occupation securing their living in Bulgaria. Third, apart from certain exceptions, applicants must renounce their existing citizenship or undertake to do so at the point of naturalisation. For Vietnamese applicants, the third condition needs checking against the Vietnamese Nationality Law as well before making plans.
Naturalisation in Bulgaria usually takes several years because the file must pass through the Citizenship Council within the Ministry of Justice and then go to the President to sign a decree. The realistic route from investment to holding a Bulgarian passport should therefore be reckoned at 7 to 8 years, not 5.
Risks to weigh before signing
- Fund market risk: units in an alternative investment fund do not guarantee the capital. Where the portfolio falls in value or the fund fails to provide liquidity on time, the investor loses part of the money invested.
- Liquidity risk: a compulsory 5-year holding period. Selling early is a ground for revoking the whole family’s permanent residence.
- Legal risk: the law on Bulgaria residence by investment has been amended twice, in 2021 and 2022, and there is a 183-day bill dating from July 2026. Today’s conditions are not necessarily the conditions at card renewal.
- Risk of limited fund choice: the number of eligible funds with a substantial operating record is still small. The Financial Supervision Commission licenses funds but does not rate them and does not guarantee performance.
- Screening risk: a source of funds file lacking documentation or with links to a sanctioned country will be refused, the fee is non-refundable and any investment already transferred must be recovered by the investor under the fund’s terms.
- Risk in citizenship expectations: there is no longer any exception for investors; they must pass the Bulgarian language test and may have to renounce Vietnamese citizenship.
Bulgaria residence by investment compared with Hungary, Greece and Portugal
| Criterion | Bulgaria | Hungary | Greece | Portugal |
|---|---|---|---|---|
| Minimum investment | Around EUR 511,292 in fund units | EUR 250,000 in property fund units | EUR 250,000 – 800,000 in property | EUR 500,000 in an investment fund |
| Status granted | Indefinite permanent residence from the outset | A 10-year residence permit, renewable once | A 5-year residence permit, renewable | A 2-year residence permit, renewable |
| Presence requirement | None, with a 183-day bill pending | No presence days required | No presence days required | An average of 7 days a year |
| Minimum holding period | 5 years | 5 years | Throughout the period the card is held | 5 years |
| Currency | Euro from 2026 | Forint, with the investment calculated in euro | Euro | Euro |
The Bulgaria Golden Visa wins on permanent residence status and the flat 10% tax rate, but the investment level is double that ofHungary residence by investmentand citizenship is far harder than expected. Greece offers a tangible asset in the investor’s own name — seethe Greece Golden Visa conditions 2026. Portugal demands presence but has a clearer route to citizenship — seePortugal Golden Visa. Everyday living conditions in Bulgaria are described in the article onlife in Bulgaria.
Summary and next steps
Bulgaria residence by investment in 2026 suits investors who want permanent residence status immediately in a European Union country that is a Schengen and eurozone member, with around EUR 511,292 into an alternative investment fund held for 5 years. The programme does not suit those who see it as a shortcut to a European passport, since that category closed in 2022 and naturalisation now requires a language test and possibly renouncing the previous citizenship.
Before signing, investors should have 3 documents on the table: the fund’s prospectus and asset report, the results of preliminary screening on the source of funds file, and an all-in cost schedule covering fund fees, lawyers’ fees and the fees for each family member. They should also follow the progress of the 183-day bill before transferring any money. Assessing the strength of an application can begin atthe Bulgaria residence by investment service page.
Does the Bulgaria residency by investment programme grant permanent residency immediately?
Yes. Investors who meet an investment threshold under Article 25, paragraph 1 of the Foreigners in the Republic of Bulgaria Act are granted permanent residency indefinitely from the first application, without going through a temporary residence stage. The investment must be held for 5 years.
What is the minimum investment amount?
The most common option is 1,000,000 BGN, approximately €511,292, in units of an alternative investment fund licensed by the Financial Supervision Commission. Other options range from 500,000 BGN with the creation of 10 jobs, to 6,000,000 BGN in unlisted companies.
Can I buy a house in Bulgaria to obtain permanent residency?
No. Purchasing real estate for 600,000 BGN only serves as grounds for a 1-year long-term residence permit, renewable annually. Permanent residency is only granted after 5 years of continuous long-term residence under the general procedure.
Does Bulgaria require a minimum number of days of stay per year?
Current law does not set a minimum number of days of presence; status is only revoked if one is absent from the European Union for 12 consecutive months. However, a bill submitted to Parliament on 28/07/2026 proposes that permanent residents must be present for 6 months and 1 day per year, which has not yet been passed.
Can I obtain Bulgarian citizenship after 5 years?
After five years of permanent residency, investors may apply for naturalisation through the standard procedure: passing a Bulgarian language test, proving income, and renouncing their current citizenship, with limited exceptions. The exemption from these requirements for investors was abolished on 5 April 2022.
Where do Vietnamese applicants submit their applications?
The first step is to apply for a long-term Type D visa at the Bulgarian Embassy in Hanoi, which costs €100 and takes up to 35 working days to process. After arrival, the permanent residency application must be submitted to the Migration Directorate of the Bulgarian Ministry of Interior, with a fee of 1,000 leva.
Accompanying you on your journey in residency investment
The Prosperous Living Investment team advises on pathways, assesses profiles and manages investments transparently for every residency, citizenship and international property objective.
Free profile assessmentWhere life gets prosperous