Bulgaria Confirms No Physical Stay Requirement

The Bulgarian Government officially confirmed that the proposed six-month physical stay requirement will not apply to Bulgaria Golden Visa investors.

This decision removes one of the few remaining uncertainties surrounding the program and preserves one of its most important competitive advantages. A mandatory physical stay of six months and one day would have been impractical for most international investors whose businesses and families are located in different jurisdictions.

The confirmation allows investors to continue planning with confidence and reinforces Bulgaria’s position as one of the most attractive investment residency programs in Europe.

First Investment Bank Dividend

During August, First Investment Bank (FIB) distributed its annual dividend.

Bulgaria AIF received EUR 3,500, representing a dividend yield of 7% on the Fund’s allocation.

Beyond the dividend itself, FIB continued to demonstrate strong financial performance during 2026, including further improvements to its credit ratings, supporting our positive long-term investment thesis.

New Investment – Starcom Holding AD

During August, Bulgaria AIF diversified its fixed-income portfolio by investing EUR 40,000 in the corporate bonds of Starcom Holding AD (STHB).

The Fund acquired four bonds, each with a nominal value of EUR 10,000, at a purchase price of 100.10.

Investment Profile

• Issuer: Starcom Holding AD
• Investment: EUR 40,000
• Purchase price: 100.10
• Coupon: 6-month EURIBOR + 3%
• Minimum coupon: 5.00%
• Maximum coupon: 7.50%
• Current interest rate: 5.488%
• Maturity: April 2033

Starcom Holding AD is a Bulgarian investment holding company whose securities are admitted to trading on the EuroBridge Market of the Bulgarian Stock Exchange. Established in cooperation with Deutsche Börse, the EuroBridge Market enables Bulgarian issuers to access both domestic and international investors through trading on regulated markets in Bulgaria and Germany.

Continued Growth in Assets Under Management

Bulgaria AIF continued to record strong growth in Assets Under Management (AUM), reflecting increasing investor confidence in both the Fund and the Bulgaria Golden Visa Program.

Between January 2026 and July 2026, the Fund’s Assets Under Management increased from approximately BGN 5.2 million to more than EUR 5.7 million, representing an increase of more than 100% after taking into account the conversion from Bulgarian lev to euro.

As of the end of July, cash and bank deposits represented 38.87% of the portfolio. This conservative allocation was maintained deliberately while uncertainty remained regarding the proposed legislative amendments concerning the Bulgaria Golden Visa Program.

Following the Government’s confirmation that no physical stay requirement will apply to investors, the Fund is now well positioned to deploy a greater proportion of its available liquidity into attractive investment opportunities while maintaining prudent diversification and risk management.

Ready to Accelerate Investments

With the Government now confirming that no physical stay requirement will be introduced, one of the Fund’s principal uncertainties has been removed.

The Fund is therefore well positioned to deploy a larger proportion of its available liquidity into carefully selected investment opportunities. While maintaining prudent diversification and liquidity management, Bulgaria AIF expects to gradually increase its exposure to Bulgarian listed equities, corporate bonds and other qualifying assets.

The combination of a stable legislative framework, growing assets under management and an expanding investment portfolio places Bulgaria AIF in a strong position for continued long-term growth.

The post Why August Was an Important Month for Bulgaria AIF appeared first on AIF.bg.

Central Cooperative Bank is listed on the Bulgarian Stock Exchange and is included in three of the country’s leading equity indices — SOFIX, BGBX40, and BG TR30. As of 2025, the bank ranks 6th in Bulgaria by total assets and 7th by profit among Bulgarian banks, reinforcing its position as one of the country’s leading financial institutions.

Founded in 1991 and publicly listed since 1999, the bank has steadily expanded its regional footprint across Southeast Europe. In 2007, it opened a branch in Cyprus. In 2008, it acquired North Macedonia’s Sileks Bank, subsequently rebranding it as Central Cooperative Bank (North Macedonia). In 2011, the bank merged Stater Bank into its Macedonian operations and also acquired a controlling stake in AKB Tatinvestbank in Kazan, Russia.

The investment reflects Bulgaria AIF’s continued focus on income-generating financial instruments and portfolio diversification across the Bulgarian financial sector. Alongside banking exposure, the fund has also initiated positions in the REIT and insurance segments, including its first acquired shares in Advance Terrafund, while monitoring the upcoming convertible bond IPO of Boleron (BLRN), expected on 27 May 2026. Accumulating and growing capital remains a key priority for Bulgaria AIF in order to participate in future investment opportunities and new projects, particularly in the real estate sector, which continues to be among the primary areas of interest for the fund’s investors.

The post Bulgaria AIF Invests EUR 600,000 in CCB MREL Bond IPO appeared first on AIF.bg.

Read latest news about the Bulgaria Golden Visa Program.

The Fund’s current exposure is limited, with a subscription of 4,606 shares at €1.345 per share. This position represents a small portion of the portfolio and offers an expected dividend yield of approximately 4.8% (based on €0.065 per share). While not a high-return investment, it contributes to building a balanced portfolio focused on capital preservation and steady growth. Bulgaria AIF intends to maintain a controlled exposure to Advance Terrafund REIT, with a maximum allocation of up to €100,000.

Advance Terrafund REIT is the largest agricultural land REIT in Bulgaria and the largest public owner of agricultural land in the country. It is included in all major BSE indices, including SOFIX, BGBX40, BG TR30, and BG REIT. The company’s business model is focused on land acquisition and rental income, providing stable and predictable returns. Under Bulgarian legislation, REITs are required to distribute at least 90% of their income as dividends, supporting consistent income generation with relatively low risk.

Alignment with Government Objectives

Although limited in size, this investment contributes to improving liquidity on the BSE. Increased participation from private and institutional investors supports more efficient price discovery and a more stable capital market environment.

Strategic Objectives of Bulgaria AIF

Bulgaria AIF is focused on long-term investments in key sectors such as energy, infrastructure, healthcare, and construction. These projects typically require substantial capital commitments. While the Fund continues to accumulate capital for such investments, it remains essential to manage existing assets prudently, ensuring steady growth and capital preservation during this phase.

The post Portfolio Diversification: Investment in Advance Terrafund REIT appeared first on AIF.bg.

Based on current market conditions, we expect the final coupon to settle at 7%, in line with the TBI Bank bond IPO in 2025, which saw bids between 6.5% and 7.5% and ultimately priced at 7%. As the 6th largest bank in Bulgaria, CCB benefits from strong local positioning, and as one of the few predominantly Bulgarian-owned banks, it continues to receive institutional support.

The CCB bond IPO is included in our acquisition strategy, and we expect to subscribe at least €500,000, further strengthening our portfolio.

Sofia Commerce IPO in 2026

In addition, another IPO prospectus has been approved by the Financial Supervision Commission. Sofia Commerce Pawn Brokers, a leading pawn broker in Bulgaria, has reported approximately 30% growth over the past 12 months, reinforcing its market position.

Sofia Commerce plans to issue bonds with:

• 8% annual coupon
• Maturity until 2033
• Semi-annual coupon payments

The total targeted capital raise is approximately €2.5 million.

The Bulgaria AIF intends to participate with an allocation of around €50,000.

These assets further enhance the Bulgaria AIF Fund portfolio, adding additional diversification. Bulgaria AIF is not a typical Bulgaria Golden Visa fund—it operates as a market-driven fund, offering flexible and accessible entry, along with attractive returns.

The post New Bond Opportunities: CCB and Sofia Commerce IPOs appeared first on AIF.bg.

The list presented reflects currently available information and should not be considered exhaustive. Additional bond issuances are expected to be announced and added throughout the year as market conditions evolve.

Will Bulgaria AIF Fund Participate in These Bond Offerings?

Bulgaria AIF Fund invests in fixed-income securities in alignment with the profile of Bulgaria Golden Visa investors, who typically prioritize capital preservation and stability over maximum profitability. As such, the Fund is expected to allocate part of its portfolio to selected bond issuances in 2026.

However, the exact allocation size has not yet been determined and will depend on the final terms of each offering, overall market conditions, and the Fund’s broader portfolio strategy.

In addition to corporate bonds, we are also evaluating other regulated investment opportunities that may generate competitive and stable income while maintaining a conservative risk profile.

The post Expected Bond IPOs in Bulgaria in 2026 appeared first on AIF.bg.

In early 2026, the company announced its third corporate bond issuance, reinforcing its continued access to the domestic capital markets.

Key Terms of the 2026 Bond Issue

• Total issue size: up to EUR 8 million
• Minimum subscription threshold: EUR 5 million
• Number of bonds: up to 8,000
• Nominal value: EUR 1,000 per bond
• Maturity: 91 months (until October 2033)
• Coupon: 6-month EURIBOR + 3.75% (with a floor at 3.75%)
• Interest payments: semi-annual (first coupon after 7 months)
• Amortisation: principal repaid in 8 equal instalments
• No early redemption option
• Servicing bank: United Bulgarian Bank (UBB)
• Listing: Registration on the Bulgarian Stock Exchange within 6 months

The amortising structure gradually reduces credit exposure over time, while the floating coupon provides partial protection in a changing interest rate environment.

Institutional Shareholder Base

Elana AgroCredit’s shareholder structure reflects strong institutional participation, particularly from Bulgarian pension funds and institutional investors. Based on publicly available data, major shareholders include:

The presence of multiple regulated pension funds, insurance companies, and institutional investors provides a level of governance oversight and market validation.

Why Bulgaria AIF Fund Considers It Suitable for a Small Allocation

From a portfolio construction perspective, Elana AgroCredit bonds are suitable for a limited capital allocation for several reasons:

1. Asset-Backed Business Model

The company finances agricultural land acquisitions, a tangible asset class with historically stable long-term demand in Bulgaria.

2. Institutional Shareholder Base

Strong participation by Bulgarian pension funds suggests market confidence and regulatory familiarity with the issuer.

3. Amortising Structure

Gradual principal repayment reduces long-term credit exposure and enhances liquidity over time.

4. Floating-Rate Protection

The EURIBOR-linked coupon provides some insulation in fluctuating interest rate environments.

5. Moderate Issue Size

The EUR 8 million issuance remains relatively contained, allowing for selective exposure without concentration risk.

The Elana AgroCredit bond IPO can further enhance the Bulgaria AIF Fund portfolio for Bulgaria Golden Visa applicants by expanding diversification across a broader range of high-quality bond issuers.

The post Elana AgroCredit to Issue Bond IPO in March 2026 appeared first on AIF.bg.

During 2025, TBI Bank completed two MREL bond IPOs—one in the first half of the year totaling €34 million, and a second issuance of €60 million in the second half. In addition, First Investment Bank issued a €50 million MREL bond in August 2025, further strengthening the domestic market for bank capital instruments.

As previously reported, TBI Bank is planning an additional MREL bond issuance scheduled for March 2026. Importantly, 2026 will also see the entry of a new issuer into the MREL bond market: Central Cooperative Bank AD (BUL:CCB).

Although market rumors regarding a potential CCB MREL issuance began circulating in late November 2025, the plan was formally confirmed following a resolution adopted at an Extraordinary General Meeting of Shareholders held on 18 December 2025.

Key Resolutions of the Extraordinary General Meeting

The General Meeting resolved to approve the issuance of a series of dematerialised, unsecured, interest-bearing, registered, non-convertible, and freely transferable bonds, structured to meet the requirements for eligible liabilities instruments (MREL) under Chapter Thirteen, Section II of the Recovery and Resolution of Credit Institutions and Investment Firms Act.

Key parameters of the planned bond issue include:

• Total nominal value: Up to €50,000,000
• Minimum placement threshold: €15,000,000
• Par value per bond: €100,000
• Issue price: At par (€100,000)
• Maximum number of bonds: Up to 500
• Maturity: 4 years
• Interest rate: To be determined by a subsequent decision of the Management Board
• Interest payment frequency: Annual
• Offering structure: Public offering via an IPO
• Admission to trading: Bonds Segment of the BSE Main Market, subject to successful placement
• Additional tranches: One or more subsequent issuances may be executed within the validity period of the approved prospectus if the full nominal amount is not raised at the initial offering

The CCB bond IPO can further enhance the Bulgaria AIF Fund portfolio for Bulgaria Golden Visa applicants by expanding diversification across a broader range of high-quality bond issuers.

The post Central Cooperative Bank to Issue MREL Bond IPO in 2026 appeared first on AIF.bg.

This proactive refinancing strategy reflects TBI Bank’s commitment to replacing legacy, high-coupon debt with more efficient funding sources. During 2025, the bank successfully issued two new bond offerings with coupons of 7.60% and 7.00%, attracting nearly EUR 100 million in fresh capital. Part of the newly raised funds was then used to redeem earlier, more expensive issues, resulting in an optimized funding structure and improved cost efficiency.

TBI Bank has also confirmed its intention to continue its issuance program in 2026. A new bond issue is planned for the first quarter of 2026, with further details expected by February. The bank additionally plans to exercise the call option on another EUR 10 million bond (ticker: TBIB) currently carrying a 9% coupon.

Bulgaria AIF Fund Delivers Clean, Cost-Efficient Returns for Golden Visa Investors

Based on the bank’s current direction, we anticipate that the new bond issuance in 2026 will fall within the range of 6.50% to 7.00%. While this may seem lower compared to yields of 15% seen in other markets, Bulgaria AIF achieves strong net profitability for several reasons:

• Bonds are subscribed directly from the issuer, avoiding the typical 0.25% subscription fees charged by most brokerage firms.
• There are no currency conversion expenses, as the issuance is denominated in EUR and Bulgaria adopts the euro as its national currency on 1 January 2026.
• The fund’s strategy emphasizes clean, fixed-income returns with minimized transactional costs.

Combined, these factors ensure that investors benefit from transparent, efficient, and cost-effective fixed-income exposure, fully aligned with Bulgaria AIF’s capital-preservation-oriented investment mandate.

The TBI Bank bond IPO can further enhance the Bulgaria AIF Fund portfolio for Bulgaria Golden Visa applicants by expanding diversification across a broader range of high-quality bond issuers.

The post TBI Bank plans a new bond issue in 2026 appeared first on AIF.bg.

Construction delays in Bulgaria

One of the biggest sources of delay is the process of changing the land status. As Bulgarian cities expand, land classified as agricultural decades ago now falls within urban limits. Before construction can begin, this land must be reclassified from agricultural to urban — a process that requires substantial administrative effort and time. Following reclassification, the developer must obtain a building permit, which involves preparing architectural plans, engineering documentation, and various technical studies. Altogether, a developer typically invests 2–2.5 years before even breaking ground.

When Bulgaria AIF Fund intervenes

This is where Bulgaria AIF Fund can bring immediate value. By the time a project reaches Act 14, the costly and time-consuming administrative hurdles have already been overcome, and construction is in progress. The remaining stages — from Act 14 to Act 16 (full occupancy permit) — are significantly faster and more predictable.

The Fund intervenes only when a project can realistically be acquired and completed within one year and where the expected return is at least 100%. In many cases, developers in default are willing — even eager — to transfer ownership to avoid further liabilities and financial exposure.

These opportunities add substantial value to our Bulgaria Golden Visa properties portfolio and to our network of partner brokers. Selected units may remain under Fund ownership and be leased for long-term income, while others can be sold at a considerable profit, generating strong returns for both the Fund and our investors.

Bulgaria AIF serves Bulgaria Golden Visa investors and is committed to operating as a genuine, performance-driven market fund — not a closed-ended structure with inflated fees designed to reward introducers.

The post Distressed Real Estate Projects in Bulgaria appeared first on AIF.bg.

Funds to Repay Loan

According to the meeting materials, the proceeds from the upcoming issue will be used primarily for the full repayment of an existing loan granted to the company by ABFA Investments AD.

Boleron first announced its intention to issue bonds in July during an investor webinar, where CEO Alexander Tsvetkov noted that the company had reached a preliminary agreement with an investment fund to subscribe to part of the issue. The financing is intended to support the platform’s growth plans.

8% Annual Coupon and Option for Conversion

The company plans to offer 4,950 convertible bonds, each with a nominal value of €1,000 and a fixed annual interest rate of 8%, bringing the total possible issue size to €4.95 million.

The bonds will have a two-year maturity, with a single repayment at maturity. On the maturity date, bondholders may choose between:

• Full cash redemption, or
• Conversion of each bond into 495 ordinary shares as part of a capital increase to be carried out on the same date.

Why This Opportunity May Be Attractive

For the Bulgaria AIF Fund, the upcoming Boleron convertible bond issue brings several clear advantages.

First, it adds valuable sector diversification. The fund’s portfolio is currently focused on energy and banking, and exposure to the InsurTech sector introduces a new growth area with different risk characteristics.

Second, Boleron has the potential to evolve beyond a digital platform. With the right regulatory and legal guidance, the company could work toward obtaining an insurance licence, which would strengthen its business model and long-term prospects.

Third, the bond terms are appealing: an 8% annual coupon provides strong fixed-income return, while the option to convert into shares offers upside if the company’s expansion plan succeeds.

Investing in such opportunities shows that the Bulgaria Golden Visa is not merely a path to permanent residency with uncertain returns. Instead, it highlights Bulgaria as a strong and credible investment destination.

The post Boleron Prepares Convertible Bond Issue to Raise €5 Million appeared first on AIF.bg.