Bulgaria Golden Visa Program: A Complete Guide 2025
The Bulgaria Golden Visa Program offers a unique and attractive pathway for non-EU investors seeking permanent residency in Europe. By making a qualifying investment, investors can obtain Bulgarian permanent residency, which may eventually lead to Bulgarian citizenship and a European passport. With a low cost of living, favorable tax system, and access to the European market, Bulgaria is becoming an increasingly popular choice for global investors.
Why Choose the Bulgaria Golden Visa?
The Bulgaria Golden Visa provides multiple advantages over other European residency-by-investment programs:
✅ Fast-track permanent residency – The permanent residency process takes 8 months, with no extended delays like those experienced in Portugal or Greece.
✅ No physical stay requirements – Unlike other EU Golden Visas, Bulgaria does not require investors to live in the country.
✅ Pathway to Bulgarian citizenship – Apply for citizenship after five years.
✅ Visa-free travel – Bulgarian permanent residents can freely travel across the EU & Schengen Area.
✅ Low taxes – Bulgaria offers a flat 10% income tax rate, one of the lowest in Europe.
✅ Affordable investment requirement – One of the most cost-effective EU Golden Visa options.
Investment Options for the Bulgaria Golden Visa
To qualify for Bulgarian permanent residency, investors must make a government-approved investment. The most common option is:
1️⃣ Investment in a Bulgarian Fund
- Minimum Investment: €512,000
- Investment Type: Private equity, venture capital, real estate, or infrastructure projects
- Lock-in Period: 5 years
- Regulated by: Bulgarian Financial Supervision Commission (FSC)
This is a government-approved investment route, providing a secure and structured pathway to residency.
Investment Timing and Due Diligence for the Bulgaria Golden Visa
When Should I Make the Investment?
You are not required to make the investment before passing the due diligence process with the Bulgarian Investment Agency. This vetting procedure is conducted in collaboration with the Bulgarian National Security Agency, ensuring a highly regulated and transparent process from the very start. By undergoing due diligence first, applicants can save time and effort before committing to their investment.
Has Anyone Been Refused Due Diligence?
As of March 2025, all applicants who have undergone due diligence with the Bulgarian Investment Agency for the Bulgaria Golden Visa have received positive approval. One key reason for this 100% success rate is that applicants are advised to apply with the assistance of a local consultant.
For this reason, it is strongly recommended that all applicants work with Bulgarian-registered lawyers or law firms. The legal profession in Bulgaria is strictly monitored, and lawyers must adhere to ethical and professional standards, ensuring that applicants meet all necessary requirements before submission.
How Is the 100% Approval Rate Achieved?
The successful approval rate is based on strict eligibility criteria that ensure applicants meet all legal and financial requirements before applying. Here are the key factors that determine a positive due diligence outcome:
Clean Criminal Record
If an applicant has a criminal conviction, it will be flagged during background checks, leading to an automatic rejection. A competent lawyer will advise against applying if the applicant does not meet this requirement.
Bank Account in a FATF-Compliant Country
Applicants must hold an active bank account in EUR or BGN currency within a Financial Action Task Force (FATF)-compliant country. If the account is in a FATF grey-listed country, the applicant will not pass due diligence. For example, Vietnam is currently grey-listed by FATF, meaning applicants from Vietnam must open an EUR account in a financially stable jurisdiction such as Singapore or Hong Kong.
Application Process for the Bulgaria Golden Visa
Step 1: Select Your Investment
- Choose a government-regulated investment fund or an eligible investment category.
- Complete due diligence and fund subscription.
Step 2: Apply for a Visa D
- Submit a D Visa application at the Bulgarian consulate in your home country.
- Required documents include proof of investment, a clean criminal record, and proof of financial means.
Step 3: Obtain Permanent Residency
- Once the investment is confirmed, you receive a permanent residency permit.
- Unlike many other EU Golden Visa programs, Bulgaria grants PR immediately, avoiding the need for temporary residency.
Step 4: Maintain Investment & Renew Residency
- The investment must be held for at least 5 years.
- Residency permits are renewable every 5 years.
Step 5: Apply for Bulgarian Citizenship (After 5 Years)
- After maintaining permanent residency for 5 years, you may apply for Bulgarian citizenship.
- No requirement to live in Bulgaria.
- Unlike some EU countries, Bulgaria does not require language proficiency for citizenship.
Comparison: Bulgaria vs Other EU Golden Visas
| Feature | Bulgaria Golden Visa | Portugal Golden Visa | Greece Golden Visa |
|---|---|---|---|
| Minimum Investment | €512,000 | €500,000 (investment funds) | €250,000 (real estate) |
| Permanent Residency | ✅ Immediately | ❌ After 5 years | ❌ After 7 years |
| Path to Citizenship | ✅ 5 years | ✅ 5 years | ❌ 7 years |
| Physical Residency Requirement | ❌ None | ✅ 7 days per year | ❌ None |
| Tax Benefits | ✅ 10% flat tax | ✅ NHR tax regime | ❌ No major tax benefits |
| Government-Regulated Funds | ✅ Yes | ✅ Yes | ❌ No |
✅ Bulgaria stands out due to its fast-track permanent residency, low taxation, and clear path to citizenship.