Bulgaria Golden Visa

"Golden visa" is a market name, not an official Bulgarian visa class. It refers to the investor routes to permanent residence in Article 25 of the Foreigners in the Republic of Bulgaria Act. Those routes are open: what ended in 2022 was citizenship by investment, repealed from the Bulgarian Citizenship Act (Citizenship Act). A June 2025 amendment kept the investor routes and eased the holding rule (State Gazette 52/2025).

• Status: active
• Main threshold: €511,291.88 (1 million leva in the Act) in Bulgarian investment funds or concession rights
• Result: permanent residence directly, with no temporary stage
• Grant fee: €511.29
• Decision: within 2 months of filing, extendable by two months in complex cases
• Currency: euro since Jan. 1, 2026 (fixed rate EUR 1 = BGN 1.95583); the Act still states amounts in leva, which are read as euro at that rate

The Bulgaria guide sets this route beside the permits for remote workers and retirees.

The Act lists these investments for direct permanent residence (IISDA register):

• Investment funds: units or shares worth at least €511,291.88 in Bulgarian alternative investment funds, or in Bulgarian collective investment schemes. The fund must be licensed or registered by the Financial Supervision Commission, meet a minimum asset size and invest mainly in Bulgarian companies.
• Concessions: rights under concession contracts in Bulgaria worth at least €511,291.88.
• Listed securities: shares or bonds of Bulgarian companies traded on a regulated market or trading system in Bulgaria, with a market value of at least €1,022,583.76 (2 million leva).
• Company capital: at least €3,067,751.29 (6 million leva) paid into the capital of a Bulgarian company whose shares aren't traded on a regulated market.

Real estate is different. Buying Bulgarian property worth at least €306,775.13 (600,000 leva) per person gives extended residence of up to one year at a time, not permanent residence. Holders who keep that investment for 5 years can then apply for permanent residence (IISDA).

Checks before investing: for the fund, concession and securities routes, the InvestBulgaria Agency first reviews the applicant's identity, available funds of at least the threshold in the applicant's own payment account, the clear origin of the money, whether the applicant is a politically exposed person, work and investment history and a criminal record certificate (IISDA).

Family: Yes. Minor unmarried children of a permanent resident can get permanent residence. A spouse can apply for permanent residence five years after the marriage, and for spouses of investors on this route the usual residence period doesn't apply (IISDA).

For the permanent residence application, the IISDA register lists:

1. The application form, filed in person.
2. Proof of payment of the state fee.
3. A copy of the passport showing the photo and personal data pages, the type D visa and the last entry stamp, with the original for comparison.
4. Proof of accommodation in Bulgaria.
5. A criminal record certificate from the country of citizenship or usual residence, with the first application.
6. Proof of the investment. The InvestBulgaria Agency confirms the investment conditions, and for fund units and listed securities the Central Depository certifies the investment and its upkeep.

The InvestBulgaria preliminary approval is not itself grounds for a visa or a residence permit. Foreign documents generally need a certified Bulgarian translation and an apostille or legalization; the Migration Directorate confirms what it accepts.

• Permanent residence grant fee: €511.29, plus EUR 5.11 for the service (IISDA).
• Extended residence (property route): a separate, lower fee for each permit of up to one year (IISDA).
• Type D visa: charged by the consulate under the Foreign Ministry's tariff; check the consulate handling the application.

The investment itself is the main cost. Fund management fees, legal help, translations and legalization come on top and vary by provider.

How to apply

Bulgaria doesn't have a visa officially called a "golden visa." The route people mean is a residence-by-investment application under the Foreigners in the Republic of Bulgaria Act, and it's aimed at non-EU, non-EEA and non-Swiss applicants. It leads to permanent residence by investment, then the standard naturalisation track after 5 years of permanent residence.

The first step is choosing a qualifying investment. The legal options include Bulgarian alternative investment funds or collective investment schemes with a minimum of €511,291.88, listed shares or bonds worth at least €1,022,583.76 or company capital of at least €3,067,751.29. The exact structure matters, so not every property or company deal will qualify.

For fund, securities and concession routes, first obtain preliminary approval from the InvestBulgaria Agency, then make the investment, enter on a type D long-stay visa from a Bulgarian consulate and apply in person to the Migration Directorate of the Ministry of Interior (or a regional Migration unit). The visa fee and any card issuance fees aren't set out in a single central English tariff, so applicants should check with the embassy and the Migration Directorate directly.

What applicants usually need

• Passport: valid travel document.

• Police clearance: proof of no criminal record.

• Source of funds: documents showing the money used for the investment is lawful.

• Available funds: at least the threshold amount, paid into the applicant's own payment account.

• Investment evidence: records showing the qualifying shares, fund units or capital injection.

After the D visa is approved, applicants enter Bulgaria and file the permanent residence application with the Migration Directorate, which decides within 2 months, or two months more in complex cases. That's the part that turns the investment route into a residency card. The paperwork is still bureaucratic, but it's the right track for permanent status rather than a temporary stay that runs out after a year or two.

Source

• Status: Grants permanent residence directly (Art. 25 routes); citizenship by naturalisation is possible 5 years after permanent residence is granted, subject to the usual conditions. Citizenship by investment was repealed in 2022.
• Holding period: the investment must stay above the legal minimum for 5 years from the date permanent residence is granted. Since July 1, 2025, holders can end or change the investment after that without losing permanent residence.
• Reporting: permanent residents must tell the InvestBulgaria Agency or the Ministry of Innovation and Growth at once about any change to the investment.
• Property route: extended residence of up to one year at a time, renewable, with permanent residence possible after 5 years of keeping the investment.

The investor routes carry no tax regime of their own. Tax residence depends on presence and ties, not on the permit.

Under Bulgarian income tax law, a person is resident if they stay in Bulgaria more than 183 days in any 12-month period, or have a permanent address in Bulgaria, unless their center of vital interests is elsewhere. Residents are taxed on income from Bulgaria and abroad; non-residents only on Bulgarian-source income. Personal income tax on the annual tax base is a flat 10% (Ministry of Finance).

Investors who keep tax residence elsewhere should check the tax treaty, if any, between Bulgaria and that country.