- Capital: Approximately EUR 255,646 in an eligible operating company plus ten jobs, or EUR 511,292 qualifying fund
- Timing: Planning estimate: 6–12 months, not an official service promise
- Status: Direct permanent residence on qualifying investment routes
Regulatory research checked on 17 October 2026. This is editorial information, not a guarantee of approval or legal advice on a particular application. 2027 rules may change. The minimum invested amount is not the complete cost of the transaction.
What investors need to understand
Bulgaria deserves attention because its investment legislation can lead directly to permanent residence, rather than merely a short-lived investor card. There is, however, no universal low-cost ETF that automatically produces a Bulgarian passport. Qualifying routes include specified investment funds and a substantive company-capital route linked to employment. Another important 2026 detail is that Bulgaria adopted the euro on 1 January 2026. Older brochures still quote minimums in Bulgarian leva; those amounts should now be understood using the irrevocable conversion rate of BGN 1.95583 for EUR 1. Investors need to understand the exact legal category before comparing headline numbers with other countries.
Qualifying investments and capital thresholds
One permanent-residence route uses at least BGN 1 million, approximately EUR 511,292, in specifically qualifying Bulgarian collective investment schemes or alternative funds, subject to detailed statutory conditions. A different route uses at least BGN 500,000, approximately EUR 255,646, as capital in a Bulgarian company where the investor holds at least 50% and the company acquires eligible new tangible or intangible assets and creates at least ten jobs for Bulgarian citizens. These jobs must be maintained as required. Other investment categories exist with different thresholds, including higher values for listed securities. The operating-company route demands real payroll and operational substance, not a paper company.
Fund eligibility also depends on the manager, investment strategy and fund size: the statutory net-asset minimums are BGN 5 million for the relevant collective investment scheme and BGN 3 million for an alternative fund, expressed in their euro equivalents following conversion. Under the company route, the capital contribution must fund qualifying new assets worth at least BGN 500,000-equivalent; this is not a second personal capital contribution.
Who can apply
These routes generally serve non-EU nationals who can establish their identity, lawful immigration history, sufficient financial resources and a clean record. Authorities can scrutinise sanctions exposure, the identity of beneficial owners and any inconsistency between declared income and available assets. Family members do not always qualify under the same definition: the age of dependent children, treatment of parents, marriage records and custody arrangements vary. Start with the investor’s actual nationality and family composition, not with a generic brochure. A person may have enough money to invest yet fail an immigration or national-security check. No intermediary can guarantee approval before the competent authority has completed its assessment.
Source of funds and banking evidence
Where the money came from matters almost as much as the amount. Expect to trace transfers from the investor’s own account, identify companies and ultimate beneficial owners, explain dividends or sale proceeds and produce bank statements, tax returns or audited accounts where appropriate. Borrowed funds, third-party payments, gifts and complex offshore structures may require additional evidence or may be excluded by the relevant scheme. Prepare an intelligible paper trail before transferring capital. A legitimate investment can become an immigration problem if documents contradict one another, the payment passes through an unexplained intermediary or the beneficial owner cannot prove control of the funds.
Documents and background checks
A well-prepared application ordinarily includes valid passports, photographs, proof of accommodation or local address when required, civil-status certificates, police-clearance certificates, health cover and proof of the qualifying investment. Authorities may ask for legalisation or apostilles and certified translations. Some countries insist on original documents, personal attendance, fingerprints or interviews. Others allow initial online filing but still require biometrics in person. Document validity periods are not identical, so ordering everything too early can create a second round of work. Check the exact filing route for the applicant’s nationality and place of residence, especially where a long-stay entry visa must precede the permit.
Application process and realistic timing
The investor needs an appropriate investment certificate or confirmation from the Bulgarian authority, evidence of legal source of funds, company or fund documents, identity and civil-status records and any required visa D before lodging the residence application. On the company route, certification of new assets and ten local jobs is central; on the fund route, the precise vehicle and regulatory classification drive eligibility. The procedure may involve several authorities and document checks. Six to twelve months is a cautious project allowance rather than an official service promise. Do not commit funds to an ordinary listed product or company without obtaining written confirmation that it fits the relevant statutory subsection.
For Article 25(1)(6) investments, including the fund route, obtain the Bulgarian Investment Agency’s preliminary approval before investing. It is valid for six months and does not itself grant a visa or residence. The published residence-decision period is two months, extendable by a further two months for complexity; that is only one stage of the overall project.
Spouse, children and family planning
For many clients the family question is more important than the principal applicant’s permit. Check whether the spouse or registered partner qualifies, whether children must be unmarried, studying or financially dependent, and whether adult dependants require separate investments. Each relative may need medical cover, security documents and a separate application. Do not assume that a family member can work merely because the main investor has a permit. Family inclusion can also alter the financial threshold and the timing of interviews or biometrics. A careful family matrix at the beginning prevents expensive surprises when a child turns a qualifying age during processing.
Residence duration, renewal and physical presence
Qualifying investment routes can lead to a permanent residence status without the ordinary five-year wait required under unrelated residence categories. Certain investment categories require the capital to remain above the statutory threshold for five years from the grant of permanent residence. The operating-company category must also satisfy continuing employment conditions. A permanent residence right is not permission to ignore registration, document renewal or the grounds on which a status may be lost. Although the investment-specific permanent route does not impose a simple annual 183-day quota, absence rules and future EU long-term residence or citizenship requirements must be reviewed independently. Note, however, that a bill submitted to Parliament on 28 July 2026 would withdraw permanent residence from holders who spend less than six months and one day in Bulgaria in a calendar year, investor residents included. It had not been adopted at the time of writing; its status must be checked before any application.
For the investment-monitoring procedure, report changes immediately and file the annual declaration of unchanged circumstances by 1 December. Keep the investment and employment evidence available for the competent authority.
Schengen mobility, work rights and limits
Residence, permission to work, visa-free short visits and EU citizenship are four different legal matters. A residence card issued by a Schengen state can facilitate lawful short visits to other Schengen countries under the applicable 90-days-in-180-days rule; it does not create a general right to settle or take employment there. A card from an EU member outside Schengen offers different travel rights. Equally important, the residence periods recognised for permanent residence or naturalisation depend on the particular national rules. Clients who want a passport must distinguish qualifying legal residence from any actual-presence requirement, and meet the separate nationality conditions; renewing an investor card alone does not guarantee citizenship.
Bulgaria has been a full Schengen member, including land borders, since 1 January 2025.
Permanent residence and citizenship: the real distinction
The former accelerated Bulgarian citizenship-by-investment scheme was abolished in 2022. Under ordinary naturalisation rules, an applicant generally needs to have held permanent or long-term residence for at least five years, together with lawful income, Bulgarian-language ability, a suitable criminal record and the other applicable conditions. Depending on nationality, renunciation of the previous citizenship can be required, with important exceptions including EU, EEA and Swiss citizens. The date on which permanent status was obtained matters, and an immigration permit does not guarantee approval of a later citizenship application. A passive investor who does not integrate should not sell this option as a five-year passport.
Immigration residence is not tax residence
Do not confuse immigration residence with tax residence. Buying qualifying assets or receiving a permit does not automatically put every worldwide income item under local taxation; conversely, physical relocation may trigger tax residence even when the permit itself has little presence requirement. Domestic residence tests, tax treaties, the location of a permanent home, centre of vital interests, business management and controlled-foreign-company rules can all matter. Analyse the investor’s existing country of residence before moving. Tax rates advertised in promotional material say little about an individual’s actual obligations without considering income sources, structures, exit taxes, inheritance rules and reporting duties.
Investment due diligence and holding periods
A qualifying asset is not automatically a good investment. Property may contain planning defects, title problems or restrictions on use. A fund may impose lock-ups, redemption gates, manager fees, leverage and valuation uncertainty. An operating company may require payroll, licences, genuine sales and continuing tax compliance. Verify the relevant law, the asset, the counterparty and the commercial economics separately. Never treat the residence benefit as a substitute for legal and financial due diligence. Arrange documents showing that the asset remains eligible throughout the holding period, and create a calendar for renewals, filings and other continuing obligations.
Mistakes to avoid
Bulgaria is sometimes marketed with a catch-all claim that EUR 250,000 in ‘bonds or ETFs’ gives immediate residence. That is misleading. The lower-capital route described here requires real company investment, ownership of at least 50%, assets and employment; the relevant fund route costs approximately twice as much. Assess manager licensing, asset restrictions and lock-up terms for any fund. On the company route, build the payroll, staffing and working-capital budget before calculating the apparent cost of residency. Also remember that the frequently advertised ten-percent headline income-tax rate does not mean every international investor automatically becomes Bulgarian tax resident or receives a flat ten-percent effective tax bill.
Costs, taxes and professional fees
The investment minimum is not the all-in budget. Official application charges, taxes, VAT where applicable, property transfer costs, banking and custody charges, fund expenses, translations, insurance and recurring compliance costs may increase the cash required. Non-refundable donations need particular care because the capital is not recoverable. We deliberately do not publish our professional or legal fees in this guide: the scope varies with nationality, family members, investment structure and the evidence already available. Ask us for a tailored quotation and an itemised transaction budget before committing to an asset or sending funds.
Discuss a tailored application with FintechLex
The right sequence is eligibility first, investment second, application third and compliance thereafter. FintechLex can help assess the investor’s profile, compare the legal route with the client’s commercial objectives, coordinate cross-border checks and organise the necessary advisers. We do not promise a residence card, a fixed approval date or a passport. Contact FintechLex by email or WhatsApp (details below) with your nationality, preferred investment, family situation and intended days of presence. We can then explain the applicable options, possible blockers, timing assumptions and a tailored professional fee proposal.
Other residency-by-investment guides
- Greece: residency by investment 2026–2027
- Cyprus: residency by investment 2026–2027
- Hungary: residency by investment 2026–2027
- Italy: residency by investment 2026–2027
- Latvia: residency by investment 2026–2027
- Portugal: residency by investment 2026–2027
Tax planning for new residents: Swiss lump-sum taxation (2026)
Official sources
- Bulgarian public administration: permanent-residence investments and decision periods: https://iisda.government.bg/adm_services/services/service_provision/23433
- Bulgarian Investment Agency: preliminary approval before investment: https://iisda.government.bg/adm_services/services/service_provision/121519
- Bulgarian investment monitoring and declarations: https://iisda.government.bg/adm_services/services/service_provision/89047
- European Commission: Bulgaria adopted the euro on 1 January 2026: https://economy-finance.ec.europa.eu/euro/eu-countries-and-euro/bulgaria-and-euro_en
- Ministry of Justice: Bulgarian Citizenship Act: https://portal.justice.government.bg/home/normdoc/2134446592
- Council of the EU: full Schengen participation from 1 January 2025: https://www.consilium.europa.eu/en/meetings/jha/2024/12/12/
- European Commission: other immigration categories (international service provider; not the investor route): https://home-affairs.ec.europa.eu/policies/migration-and-asylum/eu-immigration-portal/international-service-provider-bulgaria_en
Only programmes identified as operational in October 2026 are presented. All figures and rights must be rechecked before offering an individual client a 2027 application.
Contact FintechLex: insight@fintechlex.com or message us on WhatsApp. Professional fees are quoted individually.
