Bulgaria’s RBI Pre-Clearance Regulations: A Guide to Residence by Investment in 2026

Private Clients Insights, Citizenship and Immigration, Citizenship by Investment

Bulgaria’s residence-by-investment programme has entered a new era. Following the country’s full accession to the Schengen Area in January 2025 and its adoption of the euro on 1 January 2026, the programme now offers foreign investors a streamlined route to permanent residence within a fully integrated EU and eurozone member state. The Regulations implementing the Aliens in the Republic of Bulgaria Act (“the Act“), which codified the pre-clearance process administered by the Bulgarian Investment Agency, provide the procedural foundation that underpins the programme today.

What Is the Bulgarian RBI Pre-Clearance Process?

Pre-clearance is the mandatory first step for foreign investors seeking permanent residence in Bulgaria under Section 25(1), item 6 of the Act. Administered by the Bulgarian Investment Agency, the process verifies an applicant’s financial standing, source of funds, and background before a formal residence application can be submitted.

The Regulations were adopted following the March 2021 amendments that overhauled Bulgaria’s investment immigration framework. They replaced what had been an undefined administrative process with a codified set of requirements, giving applicants and their legal representatives clear procedural certainty from the outset.

Documents Required for RBI Pre-Clearance in Bulgaria

Applicants must submit the following documents to the Bulgarian Investment Agency, either as originals or notarised copies, translated into Bulgarian where applicable:

1. Certified copy of the applicant’s passport details page.
2. Bank reference for a EUR account opened in the applicant’s name at a credit institution in Bulgaria, another EU member state, a state party to the European Economic Area Agreement, the Swiss Confederation, or an eligible third country under Section 27(3) of the Prevention against Money Laundering Act. The reference must confirm available funds at or above the minimum threshold for the relevant investment class. Since Bulgaria’s adoption of the euro on 1 January 2026, accounts denominated in EUR no longer require currency conversion, simplifying the verification process.
3. Declaration of source of funds, using the template approved by the Executive Director of the Bulgarian Investment Agency, signed personally by the applicant.
4. Declaration of politically exposed person (PEP) status, using the template approved by the Executive Director of the Bulgarian Investment Agency, signed personally by the applicant.
5. Supporting documents relating to employment, professional, and investment activities, submitted at the applicant’s discretion.
6. Criminal record certificate from the applicant’s country of origin or country of permanent residence.
7. Notary-certified power of attorney, if the application is submitted by a representative rather than the applicant in person.

Bulgarian Residence-by-Investment: Qualifying Investment Classes

Bulgaria’s residence-by-investment programme enables foreign investors to obtain a permanent residence permit by committing capital to one of several qualifying investment options. The minimum investment threshold is € 511,291.88  and the investment must be maintained for five years before the investor becomes eligible to apply for Bulgarian citizenship through general naturalisation. Eligible investment classes include:

• UCITS, Exchange-Traded Funds (ETFs) and Mutual Funds – established in Bulgaria, managed by Bulgarian-registered entities, and operating in accordance with the Law on the Activities of Collective Investment Schemes. Each fund must hold assets of no less than €2,556,459.41
• Alternative Investment Funds (AIFs) — such as venture capital funds, hedge funds, private equity funds, and family office structures — established in Bulgaria, managed by Bulgarian-registered entities, and operating in accordance with the Law on the Activities of Collective Investment Schemes. AIFs must hold assets of no less than €1,533,875.64
• Shares in Bulgarian listed companies — traded on the Bulgarian Stock Exchange (a higher investment threshold applies)

Applicants must choose one investment class; diversification across UCITS (ETFs and Mutual Funds) and AIFs within a single application is not permitted under current rules.

It is important to note that Bulgaria’s former direct citizenship-by-investment programme, including the fast-track option that allowed citizenship within two years, was discontinued in 2022. The current programme is a residence-by-investment pathway: investors receive permanent residence immediately upon approval and may apply for citizenship by naturalisation after five years, subject to meeting language and other requirements.

Why Bulgaria’s Programme Is Especially Attractive in 2026

Bulgaria’s investment immigration offering has strengthened considerably in recent years. Several developments make 2026 a particularly significant moment for prospective applicants:

• Euro adoption (1 January 2026) — Bulgaria became the 21st eurozone member state at the start of 2026, replacing the lev with the euro at a fixed conversion rate of  € 1 = BGN 1.95583. For investors, this eliminates currency conversion risk between the investment currency and Bulgaria’s domestic currency, making the financial planning around a qualifying investment more transparent and efficient.
• Full Schengen membership (1 January 2025) — Bulgaria became a full member of the Schengen Area, with all internal land, air, and sea border controls lifted. Holders of Bulgarian permanent residence permits now enjoy unrestricted freedom of movement across all 29 Schengen countries.
• Competitive investment threshold — at € 511,291.88, Bulgaria’s minimum investment remains one of the lowest entry points for permanent residence within an EU and eurozone member state.
• No minimum residence requirement — investors are not required to physically reside in Bulgaria to maintain their permanent residence status, offering flexibility for those with international lifestyles or business commitments.
• Family reunification — the programme allows investors to include their spouse, children under 18, and parents through family reunification, with no physical residence requirement for dependants.

The Path from Permanent Residence to Bulgarian Citizenship

While Bulgaria no longer offers direct citizenship by investment, the residence-by-investment programme provides a clear pathway to an EU passport. After holding permanent residence for five years and maintaining the qualifying investment throughout that period, investors may apply for Bulgarian citizenship through naturalisation. Applicants must demonstrate a basic command of the Bulgarian language (A1/A2 level), though exemptions are available in certain circumstances. Bulgarian law permits dual citizenship, meaning investors are not required to renounce their existing nationality — though they should verify their home country’s position on dual nationality.

A Bulgarian passport currently provides visa-free or visa-on-arrival access to approximately 179 countries and territories, and as an EU citizen, the holder gains the right to live, work, and study in any EU member state.

How NBLO Can Help

The New Balkans Law Office (NBLO) immigration team advises foreign investors at every stage of the Bulgarian residence-by-investment process, from pre-clearance documentation and fund selection through to permanent residence applications and, ultimately, citizenship by naturalisation. For tailored guidance on eligibility, investment structuring, and application strategy, contact our team via cbi@newbalkanslawoffice.com.