While Bulgaria Fund Management is working to design a competitive investment fund tailored to the Bulgarian Golden Visa program, the company has already been recognized for its achievements. The prestigious Global Banking and Finance Review awarded Bulgaria Fund Management the title Best New Asset Management Company – Bulgaria 2025.
The flagship fund, Bulgaria AIF, challenges the traditional Golden Visa model by offering no subscription fee, a fixed 1% management fee, and no withdrawal fee. In contrast, many Golden Visa funds are structured to protect referral networks—often locking investors in for 5–10 years or imposing high exit fees and generally elevated charges. This is where Bulgaria AIF truly stands apart.
We recognize that financial services, like any business, aim to generate profit. However, the team behind Bulgaria AIF believes that we can deliver multiple layers of value. Investors not only have the opportunity to earn returns, but can also benefit from Bulgarian permanent residency, which now grants Schengen residency, while simultaneously supporting the Bulgarian government’s policy of strengthening the national capital market.
This creates a genuine win-win situation for all parties involved.
A Conservative and Transparent Investment Strategy Focused on Capital Preservation
Beyond its operational flexibility, Bulgaria AIF is structured with a strong emphasis on capital preservation, ensuring that Bulgaria Golden Visa applicants can pursue residency with minimized financial risk. The fund focuses primarily on fixed-income instruments, specifically bonds, where expected profitability is known at the time of purchase—provided the bond is held to maturity. This conservative strategy combines stability and transparency, offering investors a clear and predictable path forward.
Risk Overview
• Currency Risk
There is effectively no currency exposure, as all bonds in the portfolio are denominated in euro. Additionally, Bulgaria is scheduled to adopt the euro on 1 January 2026, further reducing currency-related uncertainty.
• Price Volatility Risk
The Fund acquires bonds at IPO at their nominal value (100) or below and holds them until maturity. Temporary market fluctuations—such as bond prices dropping to 80 or 90—do not affect the final payout, since the Fund still receives the full nominal value at maturity. Moreover, significant price dips may present attractive buying opportunities, enabling the Fund to acquire additional bonds at a discount while benefiting from their full nominal redemption value.
• Maturity Risk
Most bank bonds in the portfolio mature within three years, with call options generally exercisable after two years. These shorter maturities naturally limit duration exposure and reduce overall portfolio risk.
