Overview of the Bulgarian Citizenship by Investment Program

The Bulgarian Citizenship by Investment program, often referred to as the Golden Visa program, was designed to attract foreign investors and wealthy individuals seeking residency and citizenship in Bulgaria. This program provided a pathway for non-EU nationals to gain access to Bulgarian citizenship through significant financial investments in the country.

Investment Requirements

As of 2025, the investment landscape for obtaining Bulgarian citizenship has undergone significant changes. The amendments to the Bulgarian Citizenship Act have eliminated certain investment options while introducing new ones:

• Investment Amount: Investors are required to invest a minimum of 512,000 EUR in either Alternative Investment Funds (AIFs) or Exchange-Traded Funds (ETFs) that are focused on Bulgarian assets. This investment must be maintained for a period of five years before one can apply for citizenship.
• Types of Investments: The previous option of investing in government bonds has been canceled. Now, eligible investments must be made in funds that are established and managed within Bulgaria, complying with local laws and regulations.
• Eligibility for Family Members: Investors can include their family members in their application for citizenship. Children of Golden Visa holders can apply without needing to pass a language exam or relinquish their existing citizenship.
• Spousal Benefits: A spouse can apply for Bulgarian citizenship three years after the investor is granted citizenship, which is two years shorter than previous requirements.

Application Process

The process for applying for Bulgarian citizenship through investment involves several steps:

1. Choose an Investment Option: Select an appropriate fund or investment vehicle that meets the criteria set forth by the Bulgarian authorities.
2. Submit Application for Permanent Residency: After making the required investment, applicants must submit their application for permanent residency status.
3. Language Requirement: Applicants must pass a Bulgarian language exam unless they qualify for an exemption based on specific criteria.
4. Processing Timeframes: Recent legislative changes have mandated expedited processing timelines; however, actual processing times may vary based on individual circumstances and administrative efficiency.
5. Permanent Residency Permit Issuance: Once approved, applicants will receive their permanent residency permit from the Migration Directorate under the Ministry of Interior.
6. Citizenship Application: After maintaining permanent residency for five years and meeting all other requirements, applicants can submit their application for Bulgarian citizenship.

Changes and Cancellations

• It is important to note that as of March 2022, Bulgaria officially terminated its previous Citizenship by Investment Scheme which allowed investments in government bonds as a pathway to citizenship. All applications submitted under this scheme were canceled following this termination.
• Additionally, financing options previously available—such as using investments as collateral—are no longer permitted under the revised regulations.
• Despite these changes, there remain alternative pathways for foreign investors wishing to relocate to Bulgaria through business establishment or property acquisition without adhering strictly to high financial thresholds associated with prior programs.

In summary, while Bulgaria’s Citizenship by Investment program has evolved significantly over recent years with stricter regulations and fewer options available compared to its earlier iterations, it still offers viable pathways through strategic investments in local funds aimed at fostering economic growth within the country.