Your route into the European Union, built on Bulgarian ground.

As with any investment fund, your capital is at risk and returns are not guaranteed. The Fund's management actively works to mitigate this risk through a capital-preservation and growth-oriented strategy, aiming to protect principal while pursuing steady, sustainable returns.

To qualify as an eligible investment under the Bulgaria Golden Visa programme, Bulgaria AIF Fund invests exclusively in Bulgaria-based assets. Within that constraint, the Fund operates on genuine market principles and targets real, market-driven returns. The portfolio is diversified across fixed-income instruments (corporate bonds of companies listed on the BEAM and Bulgarian Stock Exchange (BSE) markets), private equity, cash reserves and short-term deposits, and real estate investment trusts (REITs).

• Alternative Investment Funds are, by regulatory classification, generally categorised as higher-risk vehicles — regardless of the specific investment strategy a fund actually follows, even a conservative one comparable to a pension fund. Because of this classification, AIFs are structured to onboard investors who meet professional or qualifying-investor criteria.
• Bulgaria AIF Fund is best suited to investors who are not seeking speculative, high-risk strategies for marginal additional return. The Fund's focus is on capital preservation and steady growth, with capital deployed into sectors and projects that are meaningful to the Bulgarian economy.

The subscription and redemption price per share — the Net Asset Value (NAV) per unit — is calculated monthly and published on the Fund's website.

• The Fund does not charge a subscription fee.
• The Fund does not charge a redemption fee.
• The Fund charges an annual management fee of 1% of total net asset value. This fee is not billed separately to each investor — it is calculated quarterly and deducted directly from the Fund's assets.

You can request redemption of your capital, together with any accumulated return, by submitting a written request to office@aif.bg. Under the Fund's articles, redemption requests are settled within 6 months. This longer settlement window applies while the Fund's total assets remain below €50,000,000; once that threshold is reached, redemptions can generally be processed within 5 working days, provided the Fund holds sufficient free cash reserves at the time. The Fund currently maintains at least 20–25% of its assets in cash reserves and short-term bank deposits to support liquidity.

Under Bulgarian tax law, capital gains from the disposal of fund units can be exempt from tax for individual investors, but only when specific conditions are met — principally, that the transaction takes place on a regulated market (such as the Bulgarian Stock Exchange) and the investor is tax-resident in the EU/EEA. Bulgaria AIF Fund is not yet listed on a regulated market; the Fund plans to pursue a listing within the next two years.

Until listing, redemptions are generally subject to a 10% final tax on the gain (the difference between purchase and redemption price) under Bulgarian tax rules. Exact tax treatment can also depend on an investor's own country of tax residence and any applicable double-taxation treaty. We recommend investors confirm their personal tax position with a qualified tax advisor before investing.

The programme itself does not restrict eligibility based on nationality. However, under the EU sanctions currently in force, Russian nationals may only subscribe to Fund shares if they already hold a valid residence permit issued by an EU member state, including Bulgaria.

No — opening a Bulgarian bank account is not a requirement for Golden Visa applicants. Investors can subscribe to Fund shares from a EUR-denominated account held with a bank abroad, provided that institution is FATF-compliant and the transaction meets the Fund's AML and compliance standards.

No. The Fund does not employ leverage of any kind. Every income-generating asset the Fund holds is fully owned outright by investors, with no borrowed capital involved — supporting the safety of invested funds.

Investing in the Fund means purchasing shares, and your return accumulates in the value of those shares over the holding period rather than being paid out along the way. Profit is realised only when shares are sold. For Bulgaria Golden Visa investors, this means accumulated gains are typically received upon exit, which — to preserve permanent residency status — is only possible after a minimum 5-year holding period.

Because the Fund's NAV per share increases over time, investors can realise this growth without their total invested balance ever dropping below the required €512,000 threshold.