Bulgaria AIF Fund
An open-ended Alternative Investment Fund managed by Bulgaria Fund Management, investing 100% in Bulgarian fixed income. 0% subscription fee, 1% annual management fee, and a fully published monthly AUM track record.
Bulgaria AIF Fund also carries a legal & immigration services badge and a 100% Bulgarian allocation badge (tied with Expat Capital) outside this 5-category ranking — see Key Facts below. Its AUM sits in the middle of the four funds with confirmed figures, and its inception date (2024) sits in the middle of the other funds' dates, so it is not ranked on size or longevity.
Key facts
Figures below are Bulgaria Fund Management's own, fully disclosed records — the fund publishes a monthly Portfolio Structure report (see Documents on the homepage).
| Field | Bulgaria AIF Fund |
|---|---|
| Management company | Bulgaria Fund Management |
| Structure | Open-ended Alternative Investment Fund (AIF) |
| Subscription fee | 0%confirmed on Bulgaria Fund Management's own site — no entry charges |
| Annual management fee | 1% of NAVconfirmed on Bulgaria Fund Management's own site; charged starting six months after the date of capital deposit — effectively a six-month fee-free grace period on a new investment |
| Redemption / exit fee | 0%confirmed on Bulgaria Fund Management's own site — no exit charges; redemptions are processed within 14 calendar days |
| Minimum investment | Not specified on this pageinvestors typically place the full €512,000 Golden Visa qualifying amount — confirm exact fund-level minimum with Bulgaria Fund Management |
| Inception date | 2024 fund incepted 2024; became operational 1 June 2025 |
| AUM (latest) | €5,793,571.88 as of 31 Aug 2026 — fully disclosed, monthly Portfolio Structure report published |
| Bulgarian asset allocation | 100% |
| Investor eligibility | Professional investors only |
| Investors onboarded to date | 8 per Bulgaria Fund Management's own records |
| Engagement on proposed programme changes | Filed statementtwo official standpoints filed with the National Assembly of Bulgaria: standpoint 23654 and standpoint 23396 |
| Golden Visa compliance status | Compliant |
| Russian-national clients | Accepted — conditions applyunder the EU sanctions framework applicable to every Bulgaria Golden Visa fund — not a policy separately confirmed with Bulgaria Fund Management — 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 AIFsElana Premium BG Selection, VF Alternative — split eligibility follows fund type; combining with an ETF is not permitted under the Golden Visa programme's legislation |
| Legal & immigration services | Included at no feeAdvocate Markov's internal legal team handles the D visa, permanent residence, family reunification, the required language course and the citizenship application at no additional fee for investors in Bulgaria AIF Fund — only the €2,500 pre-approval fee applies, the same as for every investor regardless of fund. The other four funds on this site do not include these services — they are an additional cost on top of the fund's own fees — though Advocate Markov can still assist investors in those funds with this legal and immigration work, at a discounted rate. See the full fee schedule → |
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Assets under management, Jan–Aug 2026
Published monthly on Bulgaria Fund Management's own site, with no gaps. Elana Premium BG Selection also now has a confirmed monthly AUM-total history, published on its own site too (see its own fund page) — the other three funds on this site do not.
What the fees add up to
| Year | Subscription fee (one-off) | Est. management fee (1% p.a.) | Cumulative management fees | Redemption / exit fee | Total estimated exiting cost |
|---|---|---|---|---|---|
| Year 1* | €0 | €2,557.50 | €2,557.50 | €0 | €2,557.50 |
| Year 2 | €0 | €5,115 | €7,672.50 | €0 | €7,672.50 |
| Year 3 | €0 | €5,115 | €12,787.50 | €0 | €12,787.50 |
| Year 4 | €0 | €5,115 | €17,902.50 | €0 | €17,902.50 |
| Year 5 | €0 | €5,115 | €23,017.50 | €0 | €23,017.50 |
| Year 6 | €0 | €5,115 | €28,132.50 | €0 | €28,132.50 |
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Illustrative only — assuming an investment of approximately €511,500 and a simplified scenario in which portfolio growth roughly offsets the 1% 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. Unlike Elana Premium BG Selection, Bulgaria AIF Fund has no early-redemption penalty, so there is no additional exit cost at any point. *Year 1 reflects only about six months of accrued management fee, since the fund's own fee schedule starts the 1% annual charge six months after the date of capital deposit.
What's confirmed on this page
Considering Bulgaria AIF Fund?
We act for the fund's investor onboarding and can walk you through subscription, documentation and timelines directly.