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.

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