What’s New with the Bulgaria Golden Visa Program in 2025

An article written by Vasil Markov IMCM, Director of Advocate Markov

The Bulgaria Golden Visa program continues to gain momentum in 2025 as more applicants see that it truly delivers — with permanent residency cards issued within just 8 months from the start of the process.

Since our last update on 2nd July 2024, there have been no legislative changes, and none are planned or even discussed in the foreseeable future. The program remains exactly as it is:

• €512,000 investment leading directly to permanent residency
• Eligibility for Bulgarian citizenship after 5 full years of holding permanent residency

Open to Russian Citizens

The Bulgaria Golden Visa via fund investment imposes no nationality restrictions. If you are not on a sanctions list, have an active EUR account in a FATF-compliant country, and hold no criminal record, you can apply — regardless of citizenship.

This flexibility is a clear advantage over Portugal’s Golden Visa program, which requires opening an account with a Portuguese bank. While Portugal does not formally ban Russian citizens, in practice, it is almost impossible for a Russian passport holder to open such an account in Portugal or most EU states — unless they have a second passport, were born outside Russia, already hold valid EU residency, or are married to an EU citizen.

The Bulgaria Golden Visa program does not require you to open a personal account with a Bulgarian bank. You can easily open an account in FATF-compliant jurisdictions such as Serbia, Uzbekistan, or the UAE.

Same-Sex Marriages Not Recognized

Bulgaria currently does not recognize same-sex marriages or partnerships for immigration purposes when both partners are non-EU citizens — regardless of personal circumstances.

Portugal, on the other hand, processes such applications without issue.

Free Advisory on Bulgarian Citizenship by Origin

In support of global mobility and in partnership with IMC, our team is now offering free consultations on obtaining Bulgarian citizenship by origin.

With the right documentation, you could realistically secure Bulgarian citizenship for as little as €200–300. You may qualify if:

• You have (or had) a parent who was a Bulgarian citizen, or
• You can prove Bulgarian ethnic ancestry up to the third generation.

Bulgaria Golden Visa Funds

Bulgaria’s capital market is slowly waking up, and interest in fund-based Golden Visa investments is growing.

Our own Bulgaria AIF – Fund, managed by Bulgaria Fund Management Company, has already deployed part of its early investors’ capital — according to their preferences — into EUR-denominated bonds yielding an annual coupon of 4.25%.

While this is not a “get-rich” opportunity, it is a capital-preservation strategy that outperforms most EUR-denominated EU bonds.

To further strengthen its position, the Fund has appointed:

• Andreas Beikos – former Head of the European Investment Bank in Bulgaria – as Counsel.
• Laurens Bensdorp – best-selling author and systematic finance trader – as Investment Strategist.