Bulgaria AIF Fund is a regulated, open-ended alternative investment fund focused exclusively on Bulgarian assets, including euro-denominated corporate bonds. Structured to qualify under the Bulgaria Golden Visa framework.
Short-dated euro bonds, held to maturity, inside a fund you can leave. The structure, in five numbers.
Short to medium-term maturities, held to maturity, for low volatility.
EUR-denominated and invested directly in euro, so currency risk is lower and there are no EUR → BGN → EUR conversion fees.
You can submit a redemption request at any time; it is carried out within six months of your request.
No leverage: the fund does not borrow.
Annual management fee on net asset value. No subscription or redemption fee.
Bulgaria AIF Fund AD is an open-ended alternative investment fund (AIF) managed by Bulgaria Fund Management EOOD. It gives investors access to short-dated, euro-denominated Bulgarian corporate bonds inside a transparent, supervised structure.
The fund’s manager, Bulgaria Fund Management EOOD, was registered by the Financial Supervision Commission (FSC) of Bulgaria under Resolution 412 of 20 June 2024. It reports to the European Securities and Markets Authority (ESMA) and the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA).
The fund focuses exclusively on Bulgarian assets, mainly euro-denominated bonds of government-owned companies, Bulgarian banks, insurers and other issuers. The bonds typically mature in two to four years and are held to maturity. Because the fund invests directly in euro, currency risk is lower and there are no EUR → BGN → EUR conversion fees. The fund does not use leverage.
Assets are held in custody at the Central Depository. DSK Bank is the operational bank and primary broker, and Capman AD is the secondary broker. The portfolio and monthly performance are published for investors.
Investors who can commit €100,000 or more and want exposure to Bulgarian euro bonds, and applicants for the Bulgaria Golden Visa, who invest €512,000 in one fund or across several. It is not suitable for anyone who cannot accept a possible loss of capital.
All fees related to your investment, in full. There is nothing to find in the small print.
NAV per unit and the monthly performance report, with the fund's full history.
View performance →Investing €512,000 in an eligible fund and keeping the investment is what maintains your permanent residency.
Complete due diligence with the Bulgarian Investment Agency before investing.
Sign electronically and invest. Documents are issued within days.
The Bulgarian Investment Agency confirms the investment, typically within four weeks.
We help you book the D-visa appointment and prepare your file.
Keep the investment for at least five years after receiving permanent residency to become eligible for citizenship, with family reunification support.
The Golden Visa investment is €512,000 in an eligible fund. It can be placed in a single fund or divided across more than one. Due diligence is completed with the Bulgarian Investment Agency before you invest.
Permanent residency is maintained for as long as the investment is held. You can sell at any time, subject to the six-month redemption period, but selling ends your permanent residency. To be eligible to apply for Bulgarian citizenship, you must keep the investment for at least five years after receiving permanent residency. Income is realised only when shares are sold.
After the Investment Agency confirms the investment, typically within four weeks, we help you book the D-visa appointment and prepare your file. Family reunification support is offered.
Bulgaria AIF Fund AD is managed by Bulgaria Fund Management EOOD, which employs legal and financial professionals and is subject to regular audits and compliance checks under the rules of the Financial Supervision Commission.
Following the successful launch of multiple digital startup ventures, including some of Bulgaria’s first pioneering digital legal platforms—our team has consistently focused on building long-term, sustainable value.
Through our Fund, we create value for our investors by generating lasting wealth, while at the same time enabling them to play a meaningful role in advancing Bulgaria’s national economic objectives. The Golden Visa investment route was established with a clear purpose: to support the development and strengthening of the Bulgarian capital market. Our investors are not only beneficiaries of this growth, they are active contributors to it.
Investing involves risk, including the possible loss of capital. Past performance does not guarantee future results. The main risks are summarised here; the full list is in the Key Information Document.
A bond issuer may fail to pay interest or repay principal in full or on time, which would reduce the value of the fund.
Bond prices move with interest rates and market conditions. Holding to maturity reduces, but does not remove, the effect of price changes.
Redemption is carried out within six months of your request under the fund procedures, subject to liquidity buffers. This is not a guarantee.
The fund invests exclusively in Bulgarian assets, so it depends on the Bulgarian economy and its issuers.
Residency decisions are made by the competent authorities. The fund cannot guarantee that an application will be approved.
Bulgaria AIF Fund AD is a regulated, open-ended alternative investment fund (AIF) focused exclusively on Bulgarian assets, including euro-denominated corporate bonds. It is managed by Bulgaria Fund Management EOOD, which was registered by the Financial Supervision Commission under Resolution 412 of 20 June 2024.
The minimum investment is €100,000. The Golden Visa investment is €512,000, which can be made in one fund or divided across more than one eligible fund.
The fund invests in fixed-income instruments, mainly euro-denominated bonds of government-owned companies, Bulgarian banks, insurers and other issuers. The bonds typically mature in two to four years and are held to maturity. The fund focuses exclusively on Bulgarian assets and does not use leverage.
There is one fee: an annual management fee of 1% of net asset value, charged quarterly. There is no subscription fee and no redemption fee.
No. Opening a Bulgarian bank account is not required. You can invest from a euro account held with a bank abroad, provided that bank is FATF-compliant.
Russian citizens may subscribe only if they already hold a valid residency permit of an EU member state, because of EU sanctions.
Yes. The Golden Visa investment of €512,000 can be divided across more than one eligible fund.
The fund is open-ended, so you can ask to redeem at any time. Redemption is carried out within six months of your request, under the fund procedures.
No. The fund does not borrow, and its assets are 100% investor-owned.
The fund assets are held in custody at the Central Depository. DSK Bank is the operational bank and primary broker, and Capman AD is the secondary broker.
No. The fund aims at capital preservation and long-term growth, but the value of your shares can fall as well as rise, and neither capital nor return is guaranteed. Please read the Key Information Document before you invest.
When you invest in a fund, you are purchasing shares of that fund, and the profitability of your investment accumulates over the period you hold them. Profits are distributed only when you sell shares. As the net asset value (NAV) of the shares grows over time, Golden Visa investors can realise gains on the difference without their balance falling below the required €512,000 threshold. You can sell at any time, subject to the six-month redemption period, but selling the investment itself ends your Golden Visa permanent residency.
Our team will walk you through the fund, the Golden Visa route and the documents you need.
