Permanent Residency in Bulgaria for One Million Lev: Which Funds Qualify, Who Approves the Investment and What the Status Offers After Euro and Schengen

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How much Bulgaria permanent residency by investment costs: four thresholds by law

Bulgaria's permanent residency by investment starts at 1,000,000 lev, and by one of four grounds costs twice as much. The permanent residency thresholds are listed in the Bulgarian Investment Agency's service description in the state administrative register with reference to Article 25 of the law on foreigners. These are the grounds on which the agency issues preliminary approval; Article 25 contains other grounds for permanent residence where such approval is not required.

Investment subject	Threshold in lev	In euros at fixed rate
Shares or bonds of Bulgarian companies traded on a regulated market or multilateral trading system of Bulgaria	2,000,000 BGN	€1,022,584
Rights under concession agreements on the territory of Bulgaria	1,000,000 BGN	€511,292
Shares in a Bulgarian collective investment scheme	1,000,000 BGN	€511,292
Shares in a Bulgarian alternative investment fund	1,000,000 BGN	€511,292

The rate is fixed and set by the Bulgarian National Bank: 1 euro = 1.95583 lev. This is where the figure of €512,000 that circulates in the market comes from: the exact amount is €511,292.

Fund options—the third and fourth rows—are what the market sells as Bulgaria's Golden Visa: in essence, permanent residency for investment in a fund. The difference between them is who manages the money: a collective investment scheme operates under general collective investment law, an alternative fund under a licensed manager.

Myth: "You can invest €512,000 in any European ETF." The register lists only two types of instruments, and both must be Bulgarian in origin: a collective scheme or alternative fund established in Bulgaria. A foreign exchange-traded fund does not fit the definition, no matter how large it is.

Which funds qualify: conditions are checked on the fund, not on you

A fund for Bulgaria's permanent residency must itself pass four checks, and the applicant has no influence on them. This is a key difference from programs where an investor simply transfers money to an account.

For a collective investment scheme, the register requires simultaneously:

• the net asset value of the scheme—at least 5,000,000 lev (€2,556,459);
• a license or permission from the Financial Supervision Commission;
• an investment strategy aimed primarily at shares and bonds of Bulgarian companies traded on a regulated market.

For an alternative investment fund, the conditions are different:

• each fund's assets—at least 3,000,000 lev (€1,533,876);
• the fund and management company are licensed or registered by the Financial Supervision Commission;
• the strategy is directed to Bulgarian assets, and the fund invests exclusively in shares, equity and bonds of Bulgarian companies, including special purpose investment entities.

Practical conclusion: the range of funds suitable for permanent residency is narrow and determined not by an intermediary's advertising but by the financial regulator's license and portfolio composition. Checking the fund's status in the Financial Supervision Commission's register is the first thing a buyer does, not the last.

Practical conclusion. Money under permanent residency does not sit in a deposit: it is invested in Bulgarian securities through a fund that must maintain a strategy in Bulgarian assets. The state guarantees neither returns nor capital preservation under any of the four grounds.

Preliminary agency approval: what it gives and what it does not

An investment cannot be made first: the investment agency checks documents and issues preliminary approval before the money is transferred. The procedure is described in the register directly—a foreigner makes an investment after examination and assessment of documents presented to them.

And there is a disclaimer that appears nowhere in the top ten results of Google or Yandex:

Preliminary approval for carrying out investments is not grounds for issuing a long-term residence visa or for granting the right to reside.

That is, approval is access to investment, not permanent residency and not even a visa guarantee. The document is valid for six months from the date of issuance, and the service is free: the agency does not charge a fee for it.

One more detail that changes planning: submission is at the desk at the administrative service center of the Ministry of Innovation and Growth, Sofia, Prince Alexander I Street, 12. The register does not describe online submission for this service; submission through a representative with a notarized power of attorney is permitted.

Documents and deadlines: seven items, 40 days and two agencies

The document package for Bulgaria's permanent residency consists of seven items, and the decision takes up to 40 days after coordination with two agencies. The list is set out in the rules implementing the law on foreigners.

1. A copy of a passport valid for at least six months, pages with photo and personal data, certified by the applicant or authorized representative.
2. A bank reference about an account in the applicant's name at a credit institution in Bulgaria, another EU country, a country of the European Economic Area, Switzerland or a third country under the law on anti-money laundering measures—with information about funds in lev or in euros of at least the minimum threshold.
3. A declaration of the origin of funds on the agency's form, signed personally.
4. A declaration of whether the person is a public political figure.
5. Documents on work, professional and investment activity—at the applicant's choice.
6. A criminal record certificate from the country of origin or country of permanent residence.
7. A notarized power of attorney, if a representative submits the application.

Documents are submitted in the original or notarized copy, with a translation into Bulgarian, legalized under the Hague Convention of 1961 or by bilateral treaty. A separate requirement, which most often disrupts plans: documents presented must have been issued no earlier than 60 days before the date of submission, and the circumstances they confirm must not have changed.

Deadlines for permanent residency are structured in a cascade: the agency responds within 40 days after coordination with the State Agency for National Security and the Ministry of Interior, which issue their conclusions within 25 days. In case of legal and factual complexity, the deadline is extended by a further 10 working days, and the agency may request additional documents.

Visa D: the status cannot be processed without it

Bulgaria's permanent residency is processed on entry visa category D, and it is obtained at an embassy, not in Sofia. This follows from the same register: preliminary approval of residence rights does not give it, and the status itself is processed by the Migration Directorate of the Ministry of Interior.

Bulgaria's embassy in Moscow operates and handles visa D through a separate channel: the consular service has a dedicated email address for visa D questions and appointments. The embassy address is Moscow, 115127, Mosfil'movskaya Street, 66; reception time of the consular service is from 9:00 to 12:00, information and consultation by phone from 15:00 to 17:00.

The order for obtaining permanent residency consists of three steps, each with its own agency: investment approval at the investment agency in Sofia → visa D at the embassy → permanent residency application at the Migration Directorate, administrative address Sofia, Princess Maria Luiza Boulevard, 48, document pickup at the desk.

Real estate gives not permanent residency but a residence permit: threshold 600,000 lev

Buying real estate in Bulgaria gives not permanent residency but a residence permit, and the threshold is 600,000 lev, that is €306,775. The Ministry of Interior's formulation in the register is exact: an amount of not less than 600,000 lev per foreigner has been invested to acquire ownership of real estate on the territory of Bulgaria.

The conditions for this ground are stricter than is common to write:

• the amount must be paid in full by the date of application;
• the money must pass through an account at a Bulgarian licensed credit institution;
• if properties are bought with borrowed funds, the unpaid part of the loan must not exceed 25%;
• alternatively, the foreigner owns more than 50% of the capital of a Bulgarian company, invested the same amount in its capital, and the company acquired real estate for this amount.

The permanent residency threshold is nearly twice this. Long-term residence is a status for a term of up to 5 years depending on the ground, processed by the Migration Directorate and directors of the capital and regional directorates of the Ministry of Interior. The application is reviewed from 14 to 60 days, the total time to provide the service is up to 120 days. State fees under this regime: 10 lev (€5.11) for consideration and upon issuance—200 lev (€102.26) for a term of up to six months or 500 lev (€255.65) for a year.

What else the Ministry of Interior requires in addition to proof of investment: secured housing, mandatory health insurance valid in Bulgaria, a criminal record certificate and evidence of stable, regular, predictable and sufficient means of subsistence—not less than the minimum monthly wage, minimum scholarship or minimum pension in the country.

Myth: "I bought an apartment by the sea—I got a residence permit." The threshold of €306,775 is roughly twenty-one times the starting price in the Bulgarian catalog, where offers begin at €14,500. An apartment for €60,000 creates no grounds for status of any kind, no matter how often it is called "real estate for a residence permit."

A foreigner cannot buy land: a constitutional limitation

A citizen of Russia cannot acquire ownership of land in Bulgaria—this is a constitutional limit, not a matter of practice. Article 22 of Bulgaria's Constitution permits foreigners and foreign legal entities to acquire land only on the conditions arising from the country's membership in the European Union, or by ratified international treaty, or by succession under the law.

This explains the market structure visible in our own catalog: in the Bulgarian section there are 855 properties, represented by apartments, townhouses and penthouses—that is, building units, not land plots. A house with land is bought through a Bulgarian legal entity, and this is precisely why the Ministry of Interior's requirement of a 600,000 lev threshold sets out a separate paragraph for the company option: the law directly assumes the owner of real estate will be a Bulgarian company of the applicant. This limitation does not affect permanent residency on a fund basis: the object of investment there is not land but securities.

A Bulgarian lawyer assesses the legal structure for a specific property: the split between "building and land" and incorporation through a company have tax and corporate consequences beyond the scope of this article.

Bulgaria in the eurozone from January 1, 2026: what changed for the thresholds

Bulgaria switched to the euro, and permanent residency thresholds are now read at the fixed rate of 1.95583 lev per euro. The official transition website, maintained by the Ministry of Finance and Bulgarian National Bank, by August 2026 reviews seven months of euro circulation: payments went smoothly, accounts were converted, cash was sufficient.

What this means for an investor in practice:

• the threshold did not change in amount—the currency in which it is expressed changed: 1,000,000 lev is €511,292, and the reverse conversion yields exactly the same amount;
• a bank reference is accepted in lev or in euros—the register permits both currencies directly;
• there is no longer any currency risk between investment and status: previously there was a currency board regime between the lev and euro, now it is one currency.

For a buyer from Russia, an additional layer is added—a cross-border transfer of a sum of this size. The order and restrictions on transfers are discussed in our section on money transfers; the law requires the fact of funds being credited to an account at a licensed Bulgarian institution to be confirmed by documentation.

Bulgaria in Schengen from January 1, 2025: what this gives to status holders

Bulgaria is a full member of the Schengen Area from January 1, 2025, and this changes the value of Bulgaria's status more than any threshold adjustment. The European Commission states this directly: the Schengen Area has expanded multiple times, and Bulgaria with Romania became the last countries to join on January 1, 2025. The zone now has 29 countries—25 EU states and four non-EU countries.

What this means for a holder of a Bulgarian residence permit or permanent residency:

• internal borders with the rest of Schengen have been removed—travel to neighboring Greece or Romania takes place without border control;
• a residence card gives the right to short-term travel throughout the zone on the same basis as residents;
• the status does not give the right to live and work in other EU countries—this is a separate matter of national law in each country.

It is this point that receives the most frequent reader question: is Bulgaria in Schengen or not. The answer as of the date of verification is yes, fully, from January 1, 2025. The need to verify arises because the page ranking second in Google and first in Yandex on an investment query as of September 3, 2026 claims the opposite: "Bulgaria is in the European Union but not in the Schengen Area." It also describes an agreement on mutual recognition of national visas with Romania, Croatia and Cyprus—a mechanism from the era before joining the zone. We discuss the rules for issuing Schengen visas and entry procedures in a separate article on the Schengen visa; here what matters is only what relates to the status.

Citizenship: why permanent residency by investment is no longer an expedited passport

No current document in the state register links investment to Bulgarian citizenship. The Bulgarian Investment Agency's service is described only as preliminary approval "for purposes of submitting an application for permission to permanent residence"—there is no mention of a passport.

This directly contradicts what the issuance sells. In the top ten Google results on investment permanent residency, eight of ten pages are titled "Bulgarian citizenship by investment," in Yandex—eight of ten. The fourth Yandex result describes the program as two-stage: "first the applicant and family receive permanent residency, then passports." The first Google result is titled "Bulgarian Citizenship by Investment 2026—Golden Visa Bulgaria." The second Google result, also first in Yandex, contradicts itself within a single page: the introduction states "Bulgaria closed its citizenship program in March 2022," but below it details the stages of obtaining a passport, five-year and "expedited" two-year terms, and in a separate section investment citizenship revocation is described as a bill passed on first reading.

What is reliable here and what is not:

• reliable: the investment basis in the service register leads to permanent residency and only to it;
• reliable: naturalization in Bulgaria follows general Bulgarian citizenship law, where the basic requirement is long-term permanent residence;
• a statement from sources, not a fact we have verified: expedited naturalization for investors, which was in effect until 2022, has been repealed by changes to the citizenship law. This was written by Bulgarian business and legal publications citing criticism from the European Commission; we did not locate the text of the relevant change in the primary source and mark this separately as a verification point.

Myth: "Invested a million—passport in a year, invested two—faster." This is precisely the scheme sold on the first pages of both search engines with reference to the procedure that existed before 2022. Today the state register describes the investment basis exclusively as a path to permanent residence, and there is no "expedited" option in the service description.

The state register still calculates thresholds in lev

The state register publishes permanent residency thresholds in lev eight months after the country switched to the euro. The discrepancy is visible on two pages of the same register.

Register page	Date of last change	In what currency the amounts are
Bulgarian Investment Agency service (thresholds 1,000,000 and 2,000,000)	November 4, 2025	lev
Ministry of Interior mode "Permission for long-term residence of foreigners" (threshold 600,000, fees 10 / 200 / 500)	not stated on the page	lev, 42 mentions, zero in euros
Ministry of Health service (for reference)	January 1, 2026	euros, "fixed fee €28.12"

The conclusion from the table is simple and unpleasant: register pages are recalculated in euros as they are updated, and those describing investment bases have not been updated since November 2025. The amounts do not change as a result—the fixed rate makes conversion unambiguous—but an applicant for permanent residency who checks the figure on the official page sees lev while paying and confirming in euros.

This is already the fourth case in our verification cycle where the official source lags behind its own legal field: Portugal's migration agency published different boundaries of one window, Spain's consulate—different amounts in two language versions, Saint Lucia's state website kept repealed tariffs in the FAQ section. This case is milder—not an error but an unupdated currency—but we must still verify it.

Who this status is right for and who it is not

Bulgaria's permanent residency for €511,292 makes sense if you need permanent EU status immediately, and does not if you need a passport. The analysis is built on conditions, not impressions.

Right for you if:

• you need permanent status immediately, without going through annual residence permit renewals;
• the amount is not your last money: the state guarantees neither returns nor capital;
• you are ready to keep capital in Bulgarian securities—the strategy of suitable funds is limited to Bulgarian assets by law;
• you need a base in Schengen for travel, not the right to work throughout the EU.

Not right for you if:

• your goal is an EU passport: the investment basis does not lead to citizenship in the service description;
• your goal is returns: this is a condition of status, not an investment product with expected yield;
• you are considering buying an apartment instead of a fund: real estate gives a different status at a different threshold—€306,775 for long-term residence;
• you need a house with land: a foreigner cannot acquire land directly by constitutional rule, requiring a Bulgarian legal entity.

Comparison with other catalog programs

By entry cost, Bulgaria's permanent residency ranks between Hungary and the UAE, but differs in subject: money goes into securities, not property. The comparison is built on published conditions, without third-party commercial offers.

Country	What it offers	Threshold	Investment subject	Properties in catalog
Bulgaria (fund)	Permanent residency	€511,292	Bulgarian fund or securities	855 from €14,500
Bulgaria (real estate)	Residence permit	€306,775	real estate in your name or through a company	same 855
Hungary	residence permit	from €250,000	investment fund	876 from €102,000
UAE	10-year residency	≈ €470,000	real estate in your name	1,517 from €66,807

The key difference is not in numbers but in what happens to the money. In the UAE the investment remains a property you own. In Bulgaria on a fund basis, you receive shares in a fund with a legally narrowed strategy. The thresholds and deadlines for other countries are collected in the section [Residence by Investment](/residence/); citizenship programs are in the section [Citizenship by Investment](/citizenship/).

Pros and cons of investing €512,000

The main advantage of Bulgaria's permanent residency is permanent status without intermediate renewals, the main disadvantage is a narrow range of instruments and no capital guarantees.

For:

• permanent residence status immediately, without annual renewals;
• country in Schengen as of January 1, 2025 and in the eurozone as of January 1, 2026;
• preliminary approval is free—the agency does not charge a fee for the service;
• funds are under the supervision of the Financial Supervision Commission, with formal asset requirements;
• visa D is issued in Moscow—the consular service of the embassy handles this channel separately.

Against:

• the range of instruments is narrow: only Bulgarian schemes and funds meeting four conditions;
• returns and capital recovery are not guaranteed by law or the agency;
• preliminary approval gives neither a visa nor residence rights—it is access to investment;
• documents "fresher than 60 days" and full legalization—the collection cycle is short and strict;
• deadlines are cascading: up to 40 days with the agency after 25 days with two agencies, plus up to 120 days for the status itself;
• land is unavailable directly by constitutional rule.

How we verify data

The thresholds for permanent residency, documents and deadlines are taken from Bulgaria's state administrative register and the websites of agencies executing the services. Each figure has a source and verification date.

What	Source	Date of verification
Four thresholds under Article 25, conditions for funds, document package, 40-day deadline, six-month approval validity, service free status, disclaimer "is not grounds for visa"	Bulgarian Investment Agency service description, iisda.government.bg (last change November 4, 2025)	September 3, 2026
600,000 lev threshold on real estate, 25% loan condition, 250,000 lev threshold and 5 jobs, 14–60 day and up to 120 day deadline, 10 / 200 / 500 lev fees, housing, insurance and funds requirements	Ministry of Interior mode "Permission for long-term residence of foreigners," iisda.government.bg	September 3, 2026
Fixed rate of 1.95583 lev per euro and results of first months of euro circulation	evroto.bg, official euro transition website	September 3, 2026
Full membership in Schengen from January 1, 2025, composition of the zone of 29 countries	European Commission, Schengen Area section	September 3, 2026
Restriction on foreigners acquiring land ownership	Article 22, Constitution of the Republic of Bulgaria	September 3, 2026
Consular service operations and visa D channel	Embassy of Bulgaria in Moscow, mfa.bg	September 3, 2026
Property count and prices in catalog	Homzer database	September 3, 2026

We are a foreign real estate marketplace with transaction support, not an immigration consultant, investment advisor or authorized application channel. This material describes the conditions as of the date of verification and is neither legal nor investment advice. Where a statement relies on source reports rather than primary sources, we say so directly—such is the note about the cancellation of accelerated naturalization for investors. Return on investment in the fund is not guaranteed by the state on any grounds.

The Bulgarian section of the catalog has [855 properties from €14,500](/bulgaria/), with the largest markets: [Nessebar](/bulgaria/nessebar/)—271, [Ravda](/bulgaria/ravda/)—261, [Varna](/bulgaria/varna/)—124, [Burgas](/bulgaria/burgas/)—30, [Sofia](/bulgaria/sofia/)—22, [Plovdiv](/bulgaria/plovdiv/)—19. Available by type are [apartments](/bulgaria/apartments/), with a separate selection of [beachfront properties](/bulgaria/sea-view/), 587 listings. Rental yield is calculated in the [rental calculator](/calculators/yield/), mortgage payments in the [mortgage calculator](/calculators/mortgage/).

Frequently Asked Questions About Bulgarian Permanent Residency Through Investment

How much do I need to invest for Bulgarian permanent residency?

1,000,000 lev—€511,292 at the fixed rate of 1.95583—in a Bulgarian collective investment scheme, alternative fund or concession agreement rights. On the basis of shares and bonds on a regulated market, the threshold is twice as high: 2,000,000 lev.

Does buying an apartment give me the right to permanent residency?

No. Real estate falls under a different status—long-term residence, with a threshold of 600,000 lev, or €306,775, with full payment through an account in a Bulgarian licensed institution.

Does investment status lead to Bulgarian citizenship?

Citizenship is not mentioned in the investment agency's service description: approval is issued solely for the purpose of applying for permanent residence. Accelerated naturalization for investors, which was in effect until 2022, has been canceled according to reports in Bulgarian media; we have not reviewed the text of the change in the primary source.

Is Bulgaria in Schengen?

Yes. According to the European Commission, Bulgaria and Romania joined the Schengen Area on January 1, 2025 and are the most recent countries to do so. There are 29 countries in the zone in total.

In what currency are the thresholds calculated after the transition to the euro?

The thresholds are set by law in lev, and the conversion is unambiguous at the Bulgarian National Bank's fixed rate of 1.95583 lev per euro. Bank reference is accepted in both lev and euro.

Can I invest the money first and then submit documents?

No. The registry describes the reverse procedure: the foreigner makes the investment after the agency reviews the documents and issues preliminary approval.

What does preliminary approval from the agency provide?

Permission to invest and nothing more. The registry stipulates directly: approval is not grounds for a long-term residence visa or for granting residence rights. It is valid for six months and there is no service fee.

How long does the procedure take?

Up to 40 days at the investment agency after coordination with two authorities that provide opinions within up to 25 days, plus up to 10 business days if complex. The application for the status itself at the Ministry of Interior is reviewed in 14 to 60 days within a total service period of up to 120 days.

Do I need a category D visa?

Yes. Preliminary approval does not grant entry rights, and the status is processed on a category D long-term residence visa. The Bulgarian Embassy in Moscow handles this channel through a separate consular service address.

Can a Russian citizen buy a house with land in Bulgaria?

Foreign nationals and foreign legal entities may acquire land ownership only on the terms arising from Bulgaria's EU membership, under a ratified international treaty or by inheritance under law—this is the norm of Article 22 of the Constitution. The practical structure for a house with a plot is a Bulgarian legal entity, which a Bulgarian attorney assesses.

Is fund investment return guaranteed?

No. Neither the law nor the investment agency guarantees return or capital repayment. The strategy of eligible funds is limited to Bulgarian assets, meaning country diversification is not built in.

What other grounds are there besides funds and real estate?

The Ministry of Interior registry lists, in particular, an investment of no less than 250,000 lev in the capital of a Bulgarian company in economically disadvantaged regions—with the condition of creating at least five jobs for Bulgarian citizens, maintained throughout the residence period, as well as grounds for pension recipients with sufficient means of support and trade representation of a foreign company, under which no more than three representatives per company receive status.