Bulgaria Citizenship by Investment

David Davies

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January 13, 2025

Bulgaria is a Central European country which joined the European Union in 2007. Bulgarian citizenship allows the holder the freedom to live, work and travel throughout the EU with visa-free or visa-on-arrival access to approximately 190 countries.

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Does Bulgaria Offer Citizenship by Investment?

The simple answer is no. Bulgaria previously offered a citizenship by investment programme but this was discontinued in 2022 (although at the time of writing, following recent rulings at a European level, there are rumours that a true citizenship by investment programme will be re-implemented). What Bulgaria currently offers is a golden visa programme which allows for permanent residency in Bulgaria. Citizenship cannot be obtained by investment alone but can be obtained by a process of naturalisation after a residence period of five years.

Permanent residence comes with the following main benefits:

Visa-free travel within Europe’s Schengen area
Indefinite duration provided the investment conditions are met for five years
No physical residency requirements
Availability of similar benefits to family members

What is the level of investment required?

There is a range of investment options for obtaining a Bulgarian golden visa. These need to be maintained for the first five years for the golden visa to be maintained. The investment amounts are set in the Bulgarian Lev (BGN) which at the time of writing equated to approximately EUR 0.511 or USD 0.533, and the investment must be made in BGN. The most popular are as follows.

Investment of at least BGN 1,000,000 in aggregate in Alternative Investment Funds (AIF).
Investment of at least BGN 1,000,000 in aggregate in Exchange Traded Funds (ETF).

The aggregate amount can be invested across any number of AIFs/ETFs, allowing the mitigation of risk, but the entire aggregate amount must be invested in either AIFs or ETFs and not a combination of the two. Each AIF/ETF must be based in Bulgaria, managed by a Bulgarian fund manager, have assets under management of at least BGN 3,000,000 and invest solely in assets (shares and bonds) of Bulgarian companies.

There are a limited number of funds that meet the above requirements, which limits an applicant’s options.

There are other investment options involving investments in Bulgarian non-listed companies (BGN 6,000,000 or BGN 2,000,000 if the company is engaged in a priority investment project) or rights in Bulgarian concession contracts (BGN 1,000,000).

How long does the process take?

The process of obtaining a Bulgarian golden visa typically takes around six months, although this would not include the time researching and determining the most appropriate investment option.

Can family members also obtain a golden visa?

Yes, permanent residence status can also be granted to the applicants married spouse (provided they have been married for at least five years) and children under the age of 18.

How long is the golden visa issued for?

The Bulgarian golden visa has an initial period of validity of five years and provided the investment is maintained during this period, the golden visa then becomes indefinite.

How is citizenship in Bulgaria obtained?

Obtaining citizenship of Bulgaria is not related to the golden visa programme other than as part of compliance with the required residency periods. Applicants can obtain citizenship in Bulgaria through what can be considered standard paths such as birth, descent, and marriage, as well as by naturalisation.

The main criteria for citizenship by naturalisation are as follows:

Proof of Bulgarian residency. The period required is five years and holding a golden visa for five years meets this requirement
Basic Bulgarian language proficiency, typically proved by the passing of language exams although certification through a distance learning course of 60-90 hours is also sufficient
Clean criminal record or proof of rehabilitation from previous convictions
Proof of the applicant’s ability to financially support themself

Is Dual Citizenship Allowed in Bulgaria?

Dual citizenship is generally not permitted other than for native born citizens, citizens of the EU, EEA or Switzerland, citizens of countries with reciprocity agreements with Bulgaria (and a few others which will likely not apply to applicants). Some Bulgarian legal counsel believe that a strict interpretation of the law allows for dual citizenship for persons becoming citizens via the golden passport and naturalisation route but this is open to dispute. There are also rumours that the Bulgarian government are considering amending this rule but for now, unless an applicant falls within one of the exceptions, they should assume they will need to renounce any other citizenships to become a Bulgarian citizen.

Caribbean Citizenship by Investment as the Best Alternative

As you can see from the above, obtaining citizenship in Bulgaria is a long process and requires learning the language. In comparison, Caribbean citizenship by investment countries offer a faster and more certain alternative with a lower level of commitment from the applicant and a lower financial commitment. For details of these CBI country programmes, click here.

Final Thoughts

Bulgaria’s golden visa programme is worth considering if you do not require full citizenship (at least for a long time) as it brings visa-free travel to the European Schengen area and right to live in the country. The investment options allow for diversification or risk (as compared to real estate investments as required in other countries) although, as they may only invest in Bulgarian investments and the investments must be in the local currency, the holder will be remain exposed to country and currency risk. For investors looking for a passport for global mobility, wealth and tax planning and a speedy process, it is unlikely that Bulgaria is the right option for you.

FAQs

What types of investment qualify for the Bulgarian golden visa programme?

Investments in funds investing in Bulgarian companies or direct investments in Bulgarian companies or rights concessions.

How much do I have to invest to obtain a Bulgarian golden visa?

The required amount ranges from BGN 1,000,000 to BGN 6,000,000 (approximately EUR 500,000to EUR 3,000,000) depending on the type of investment.

How long does it take to process an application for a Bulgarian golden visa?

Typically the process takes around six months.

How long does it take to obtain citizenship of Bulgaria?

An application for citizenship may be made after five years of permanent residency. From that point, a typical time period would be 18 months making a total of around six and a half years.

What documents are required to apply for a Bulgarian golden visa?

Documents required include: passport, proof of adequate funds for the investment and the source of such funds and a clean criminal record.

Can family members be included in the application for a Bulgarian golden visa?

Yes, the married spouse (subject to having been married for at least five years) and children under the age of 18 can be included in the application.

Are there any residency requirements for applicants for a Bulgarian golden visa?

No.

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David Davies

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David Davies

Antigua and Barbuda enjoys a tropical maritime climate, characterised by warm temperatures year-round, with an average of 27°C (81°F). The islands have a relatively dry season from January to April, with a wetter season from May to November. The islands have robust infrastructure and emergency systems in place to manage such events.

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Dominica has a tropical rainforest climate, with high humidity and heavy rainfall, particularly on the windward side of the island. Temperatures are warm year-round, averaging 26°C (79°F), with cooler conditions in themountainous interior. The island’s lush greenery is a result of its abundantrainfall.

Dominica's culture is a vibrant mix of indigenous Kalinago heritage, African traditions, and European colonial influences, particularly French and British. The island was originally settled by the Kalinago people, and their influence is still present today, especially in the Kalinago Territory. African traditions have also left a profound mark, particularly in the island’s music, dance, and festivals. Dominica’s outdoor sports are heavily influenced by its rugged terrain, with hiking and diving being popular among locals and expatriates alike, although there is of course cricket for those with more sedentary dispositions.

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The cultural heritage of Saint Kitts and Nevis is shaped by its history of indigenous Carib and Arawak inhabitants and European colonisation. Saint Kitts was the first Caribbean island to be colonised by the British, and Nevis has a rich history as a major sugar producer. The islands' cultural roots are a blend of African, British, and French influences, reflected in the local cuisine, music, and festivals. Cricket and football are deeply ingrained in the local culture and, along with sailing and hiking, are integral to the islands' cultural life.

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Saint Lucia enjoys a tropical climate with warm temperatures year-round, typically ranging from 25°C (77°F) to 30°C (86°F). The dry season extends from December to May, while the wet season is from June to November. Saint Lucia is situated near the edge of the hurricane belt, making it prone to hurricanes and tropical storms but less so than those further north. The government has invested in improving hurricane preparedness and infrastructure resilience to protect the island from future storms better.

Saint Lucia's culture is a unique blend of African, French, and British influences, reflecting its complex history of colonisation. The island was originally inhabited by the Arawak and later the Carib people, before being contested by the French and British for centuries. The French influence is particularly strong in the island's Creole language, cuisine, and Catholic traditions, while British colonial rule has left its mark on the legal system and sports, particularly cricket. The island’s dramatic landscapes, including the iconic Pitons, provide a stunning backdrop for outdoor sports like hiking and diving, which are popular among locals and retirees alike.

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Saint Lucia’s government is a parliamentary democracy, and the country has a reputation for a relatively efficient bureaucracy compared to other Caribbean nations. For retirees, dealing with the government is typically hassle-free for most day-to-day tasks like renewing a driver’s licence, paying taxes, or obtaining residency permits. Saint Lucia has been proactive in improving its e-government services, allowing for easier access to information and quicker processing of certain requests online.

Saint Lucia is famous for its Jazz and Arts Festival, which attracts international artists and music lovers. The island’s Carnival is another major event, featuring parades, music, and dancing. Additionally, the La Rose and La Marguerite festivals celebrate the island’s unique cultural heritage, offering retirees a rich cultural experience.

Bulgaria Citizenship by Investment

Does Bulgaria Offer Citizenship by Investment?

What is the level of investment required?

How long does the process take?

Can family members also obtain a golden visa?

How long is the golden visa issued for?

How is citizenship in Bulgaria obtained?

Is Dual Citizenship Allowed in Bulgaria?

Caribbean Citizenship by Investment as the Best Alternative

Final Thoughts

FAQs

What types of investment qualify for the Bulgarian golden visa programme?

How much do I have to invest to obtain a Bulgarian golden visa?

How long does it take to process an application for a Bulgarian golden visa?

How long does it take to obtain citizenship of Bulgaria?

What documents are required to apply for a Bulgarian golden visa?

Can family members be included in the application for a Bulgarian golden visa?

Are there any residency requirements for applicants for a Bulgarian golden visa?

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