Аnnual target return for investors – 5.5% – 7.5% p.a.

The investment confirmation documents are typically produced within a few days of making the investment. You can then present them to the Bulgarian Investment Agency for your Bulgaria Golden Visa application.

There are no fees for subscribing to or redeeming shares in the Bulgarian AIF Fund — meaning no entry or exit charges apply. This is standard practice in structures involving high-value investments.

The “buy-back guarantee” is a concept introduced in the Golden Visa space to support tailored investment solutions. In cases where a specific investment structure has not been custom-designed for an investor’s capital, it is generally expected that the investor will withdraw the full principal along with any accrued returns generated during the investment period.

Bulgaria AIF – Fund is, by design, an open-ended fund, allowing investors to exit at any time. However, to ensure fair and sustainable operations, a higher exit fee applies if an investor redeems their capital within the first 12 months. As the Fund is structured to pursue medium- to long-term financial objectives, early withdrawals—especially from deployed capital—may disrupt its strategic investment planning.

To accommodate potential redemptions, the Fund maintains a liquidity buffer, with part of the capital held in reserves or placed in short-term deposits. Furthermore, investors’ capital is backed by a diversified portfolio of tangible and intangible assets held by the Fund, ensuring an additional layer of security.

No, the fund does not use leverage. All mature interest-earning assets acquired by the fund are 100% owned by investors, ensuring the safety of their funds.

The service fee is 1% of the net value of your investment. This fee remains fixed at 1%, but the amount due will increase if your investment grows due to effective investment strategies and management.

The Fund Management Company charges a performance fee of 25% on any returns exceeding 7% annually.

For example, if the Fund generates a 9% return in Year 1, the performance fee on an investment of €512,000 would be calculated as follows:

• Excess return above 7%: 9% – 7% = 2%

• 2% of €512,000 = €10,240

• 25% of €10,240 = €2,560 (performance fee)

Therefore, the performance fee for Year 1 would be €2,560.

When you invest in a fund, you are essentially purchasing shares of that fund. The profitability of your investment accumulates over the period you hold these shares. However, you can only distribute the profits once you sell your shares. For Bulgaria Golden Visa applicants, this means they will receive their accumulated profit after selling their investment, which is permitted following a 5-year holding period while maintaining permanent residency status.

Since the net asset value (NAV) of the shares grows over time, you can realize gains on the difference without your balance ever falling below the required 1,000,000 BGN threshold.

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As our Fund is still actively building its portfolio, our team remains flexible and open to aligning with investors’ goals, aiming to diversify in a way that reflects client preferences. However, the fund management retains full discretion to pursue only well-vetted, sensible investment opportunities, as poor decisions could negatively affect the Fund’s overall performance.

To better match varying risk profiles and return expectations, the Fund is introducing separate share classes. These will allow investors to allocate capital based on their individual strategies—ranging from conservative instruments such as corporate bonds offering annual returns starting at 4.25% in EUR and MREL bonds up to 7%, to higher-yield, government-supported businesses with potential returns exceeding 10% while maintaining controlled risk exposure.

Unlike ETFs, Alternative Investment Funds (AIFs) are not required to appoint a separate depository bank. Instead, all assets of the Fund—such as bonds and stocks listed on the Bulgarian Stock Exchange—are held and recorded with the Central Depository.

For its operational accounts, Bulgaria AIF Fund works with DSK Bank, one of the largest and most established banks in Bulgaria. This ensures both compliance and security in managing investor funds.

Investment funds cannot trade directly and must operate through a licensed brokerage firm. For Bulgaria AIF Fund, the choice was straightforward: since our banking is with DSK Bank, it is both practical and efficient to rely on DSK Bank as our brokerage partner.

If you do not have €512,000 to invest in the Fund Investment Route, you can still qualify for the Bulgaria Golden Visa by making a real estate investment of €312,000.
This option leads to temporary residency within 4 months, with a faster and more straightforward application process.