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.

A service fee of 1% of the net value of your investment is charged after six months from the date of capital deposit. The fee rate remains fixed at 1%; however, the amount payable may increase if the value of your investment grows as a result of effective investment strategies and management.

The Fund Management Company charges a performance fee of 20% 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 512 000 EUR threshold.

For more details about our marketing opportunities, please contact us.

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, the Fund’s assets, including 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 are not permitted to trade directly and must operate through licensed brokerage firms. For the Bulgaria AIF Fund, the choice of our primary brokerage partner was straightforward. As our banking services are provided by DSK Bank, it was both practical and efficient to appoint DSK Bank as our main brokerage partner.

To further strengthen our brokerage framework, Bulgaria AIF selected a second brokerage partner. Although Capman AD does not hold a banking license, it brings significant value through high-quality market information and highly competitive pricing. Together, these two brokerage partners enhance the operational efficiency and investment capabilities of our Fund.

The Bulgaria Golden Visa program does not offer a financing option, unlike the former Citizenship by Government Bond investment route available between 2013 and 2022. Applicants who do not have €512,000 to invest under the Fund Investment Route may still apply for the Bulgaria Golden Visa through a real estate investment of €312,000.

This option grants temporary residency within approximately four months and features a faster, more straightforward application process.