Residence by Investment

RBI in Bulgaria

Overview

Bulgaria offers a structured route to Permanent Residence by Investment (RBI) for non-EU nationals seeking a stable, long-term base in the European Union. The programme is designed for investors who wish to make a qualifying investment in regulated instruments, most commonly Mutual Funds, ETFs and AIFs, rather than a donation.

The process is formal and document-driven, with a clear compliance focus, including evidence of the investment, lawful source of funds and supporting personal documentation.

In practice, RBI can be an efficient option for internationally mobile individuals and families who value predictable legal steps, professional case management and the ability to plan residence status alongside broader wealth and mobility considerations.

Why Bulgaria

Schengen membership

Bulgaria is a full member of the Schengen Area, supporting visa-free short-stay travel within Schengen, subject to the standard conditions (including the 90/180-day rule and appropriate permission for work).

Investment-led structure

A commercial route aimed at sophisticated investors, using fully regulated fund structures, including Mutual Funds, ETFs and AIFs, that can align with risk appetite and wealth strategy.

EU base

What the RBI Route Covers

Who this is for

This route is commonly used by:

• founders and entrepreneurs seeking an EU base,
• internationally mobile families,
• investors looking for an EU residence solution linked to regulated investment products or corporate capital participation.

The legal deliverable

NBLO advises on the end-to-end process, including:

• confirming whether a proposed investment is eligible under the applicable rules,
• supporting the pre-approval stage,
• preparing the immigration file,
• coordinating evidence of lawful source of funds and compliance documentation.

Eligible Investment Classes

Bulgarian law recognises multiple investment pathways. Depending on the route selected and the current implementing rules, eligible options may include, for example:

• Collective Investment Schemes, including Mutual Funds and ETFs
• Alternative Investment Funds (AIFs) such as a VC fund or private equity fund with a Bulgarian-focused strategy
• an interest in a Certified Priority Investment Project (CPIP)
• direct investment in corporate bonds of or shares/stocks of a company listed in Bulgaria
• direct investment in the capital of a private Bulgarian corporation
• and others.

Investment and Holding Period

A commonly used baseline structure involves:

• Investment: €511,300
• Holding period: 5 years after grant of Permanent Residence
• After year 5: the investment can be exited, while permanent residence is retained, subject to the ongoing conditions for permanent residents

Family Members

• Main applicant’s husband/wife can apply for citizenship, too
• Main applicant’s children below age of 18 qualify without further investment

You Do Not Need To

Many clients value that this pathway can be workable without over-disrupting personal or business life. Depending on the route and personal circumstances, you may not need to:

• relocate to Bulgaria full-time,
• relocate to Europe full-time,
• create a minimum number of jobs,
• make a charitable donation to qualify.

(We will confirm the position for your specific route and profile.)

Steps

1. Obtaining pre-approval by the Bulgarian Investment Agency
2. Fund onboarding and executing the investment
3. Applying for long-term visa D
4. Applying for Permanent Residence Status and Permanent Residence ID card
5. Applying for citizenship after holding the PR permit for 5 years

Citizenship by Naturalisation

Once they have held permanent residence for at least five years and meet the statutory conditions for naturalisation, investors may become eligible to apply for Bulgarian citizenship. 

The process typically involves:

• Document assembly (civil status documents, criminal record evidence, proof of status/residence, and supporting materials as required) 
• Background checks and inter-agency review, including review involving the Council on Citizenship under the Ministry of Justice (with participation from multiple institutions, including the security services) 
• Ministry-level decision-making and onward submission for the final act
• Final grant by decree of the Vice President

Why NBLO

NBLO provides specialist support for high-stakes private client matters and investor immigration planning, including:

• Investment eligibility analysis and structuring support
• Document planning and consistency checks across multiple jurisdictions
• Liaison with authorities and end-to-end project management
• A practical approach to source-of-funds narratives and supporting evidence
• Clear, client-friendly timelines and checklists