Advance Invest
An open-end UCITS mutual fund managed by Karoll Capital Management since 2004, investing in Bulgarian and Romanian equities. 1.5% subscription fee for investments under €50,000 (0% above), 2.5% annual management fee, no redemption fee.
Advance Invest is the clear leader on size and longevity among the funds with confirmed figures. Its cost sits in the middle of the five funds (2.5% management fee, no subscription fee above €50,000 during Karoll Capital's current promotional window) — not the cheapest, not the most expensive. It does not publish a monthly AUM history, so it is not ranked on growth.
Key facts
Advance Invest is managed by Karoll Capital Management — confirmed directly from Karoll Capital's own site, which resolves an open question from the fund comparison page about whether "Karoll" and "Advance Invest" are the same manager.
| Field | Advance Invest |
|---|---|
| Management company | Karoll Capital Management confirmed via Karoll Capital's own site — resolves earlier uncertainty about whether "Karoll" and "Advance Invest" were separate managers |
| Structure | Open-end UCITS mutual fund |
| Listed | Not listedAdvance Invest is not a listed/exchange-traded fund — units are bought and redeemed directly through Karoll Capital |
| Subscription fee | 1.5% for investments ≤€50,000; 0% above €50,000per Karoll Capital's own published fee schedule, the 0% above €50,000 is stated as a promotional rate for the period 21.09.2026–30.12.2026 — the rate that applies above €50,000 outside that window is not stated on the fund's own page; confirm directly with Karoll Capital before relying on 0% for an investment made after 30.12.2026 |
| Annual management fee | 2.5% of average annual NAVconfirmed on Karoll Capital's own site |
| Redemption / exit fee | 0%confirmed on Karoll Capital's own published fee schedule |
| Minimum investment | 1 unit no fixed minimum amount stated; effective minimum is one unit's NAV |
| Inception date | 10 May 2004 long-established fund, predating the Golden Visa programme |
| AUM (latest) | €18,228,337.61 as of 1 Oct 2026, per Karoll Capital's own site |
| Bulgarian asset allocation | ~60%remainder in other regional markets (e.g. Romania, Greece); confirmed with Karoll Capital, updated from an earlier third-party estimate of ~51–59% |
| Golden Visa compliance status | Compliant |
| Engagement on proposed programme changes | No statement filed |
| Russian-national clients | Accepted — conditions applyunder the EU sanctions framework applicable to every Bulgaria Golden Visa fund — not a policy separately confirmed with Karoll Capital — a Russian national needs a second, non-Russian nationality or a valid EU residence permit, plus a clean sanctions-list and employment history, to subscribe; an ordinary Russian national holding only Russian citizenship cannot |
| Can be split with other funds? | Yes — with other ETFsExpat Capital — split eligibility follows fund type; combining with an AIF is not permitted under the Golden Visa programme's legislation |
| Legal & immigration services | Not includedThis fund does not bundle legal and immigration services into its fees. Advocate Markov can still assist investors in this fund with the D visa, permanent residence, family reunification, the required language course and the citizenship application — at a discounted rate, charged as a separate service fee on top of the fund's own management fee. See the full fee schedule → |
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What the fees add up to
| Year | Subscription fee (one-off) | Est. management fee (2.5% p.a.) | Cumulative management fees | Redemption / exit fee | Total estimated exiting cost |
|---|---|---|---|---|---|
| Year 1 | €0* | €12,787.50 | €12,787.50 | €0 | €12,787.50 |
| Year 2 | €0* | €12,787.50 | €25,575 | €0 | €25,575 |
| Year 3 | €0* | €12,787.50 | €38,362.50 | €0 | €38,362.50 |
| Year 4 | €0* | €12,787.50 | €51,150 | €0 | €51,150 |
| Year 5 | €0* | €12,787.50 | €63,937.50 | €0 | €63,937.50 |
| Year 6 | €0* | €12,787.50 | €76,725 | €0 | €76,725 |
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Illustrative only — assuming an investment of approximately €511,500 and a simplified scenario in which portfolio growth roughly offsets the 2.5% annual management fee, so the investment value is held flat for the purpose of this illustration. Actual costs will vary with the fund's real performance. Advance Invest has no early-redemption penalty, so there is no additional exit cost at any point. *Subscription fee shown as €0 assumes the investment is made during Karoll Capital's stated 21.09.2026–30.12.2026 promotional window; this is a one-off fee charged at the time of investment, so it does not recur in later years, but the rate for an investment made outside that window is unconfirmed.
What's confirmed on this page
Considering the ETF route?
We'll walk you through how Advance Invest's Bulgarian/Romanian mix compares to a 100%-Bulgaria option like Expat Capital.