Elana Premium BG Selection
An open-ended AIF managed by Elana Fund Management, incepted 1 July 2025. 2.5% subscription fee, 3% annual management fee, and a 5-year early-redemption penalty — among the higher fee loads of the Bulgaria Golden Visa–eligible funds.
Elana publishes its monthly AUM total on its own site, confirmed against its official regulatory filings — though this falls short of full transparency, since the figures report the fund's overall AUM only, not which specific bonds or instruments make up the portfolio. Size and longevity are shown here as neutral facts, not drawbacks — being newer and smaller isn't inherently worse. Cost is the one category that is a genuine drawback: Elana carries the highest fee load of the five funds (2.5% subscription, 3% annual, plus a 5-year early-redemption penalty). Its own website also does not clearly state the fund's type or strategy (see Structure below), so it does not hold the site-clarity badge the other AIF and ETF funds carry. It is not ranked on growth — AUM grew about 21% over its published Jan–Sept 2026 history, slower than Bulgaria AIF Fund's 81% over the same kind of window, but growth comparisons are only possible for these two funds.
Key facts
Fee figures come from the fund's own published redemption-fee schedule.
| Field | Elana Premium BG Selection |
|---|---|
| Management company | Elana Fund Management |
| Structure | Open-ended Alternative Investment Fund (AIF)Elana's own website does not clearly state that this is an AIF (as opposed to an ETF or another fund type), nor does it lay out the fund's investment strategy or portfolio allocation; that detail only emerges from its official regulatory filings, not from the fund's own public-facing pages |
| Subscription fee | 2.5% |
| Annual management fee | 3% |
| Redemption / exit fee | 0% after 5 years, 5% beforeearly-redemption penalty applies for 5 years |
| Minimum investment | Not publicly disclosed |
| Inception date | 1 July 2025 |
| AUM (latest) | €2,123,691.03 as of 28 Sept 2026 — published on Elana Fund Management's own site, sourced from its official monthly Portfolio Structure disclosures (filed under Наредба № 44, чл. 72, ал. 4); a full Jan–Sept 2026 monthly AUM-total history is now available — see the track record below. These figures report the fund's total AUM — they do not itemize the specific bonds or instruments the fund holds. |
| Bulgarian asset allocation | 100%the Golden Visa programme's legislation requires the qualifying investment itself to be 100% Bulgarian assets; Elana's own site describes the fund's general strategy as majority-Bulgarian, mixing equities and corporate bonds |
| Investor eligibility | Professional investors only |
| Investors onboarded to date | 1 confirmed by Elana's own investment structure |
| Engagement on proposed programme changes | Filed statementofficial standpoint filed with the National Assembly of Bulgaria: standpoint 23657, filed under the name "Elana Bulgaria" — confirm this refers to Elana Premium BG Selection specifically and not the separate "Elana Bulgaria" product referenced elsewhere on this page |
| Golden Visa compliance status | Compliant |
| Russian-national clients | Not acceptedconfirmed with Elana Fund Management — excludes Russian citizens, dual nationals holding a Russian passport, and Russian citizens with EU residency. This is stricter than the general EU sanctions baseline that applies to the other four funds on this site, which accept dual nationals and EU residents who clear sanctions screening. |
| Can be split with other funds? | Yes — with other AIFsBulgaria AIF Fund, VF Alternative — split eligibility follows fund type; combining with an ETF 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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Assets under management, Jan–Sept 2026
Confirmed via Elana Fund Management's own official monthly Portfolio Structure disclosures, filed under Наредба № 44, чл. 72, ал. 4 — the same regulatory disclosure Bulgaria AIF Fund publishes monthly, though Bulgaria AIF Fund posts its own on its own site while these Elana filings were obtained separately. Both report the fund's total AUM figure only, not a breakdown of the specific bonds or instruments held.
| Year | Subscription fee (one-off) | Est. management fee (3% p.a.) | Cumulative management fees | Early redemption fee (5%) | Total estimated exiting cost |
|---|---|---|---|---|---|
| Year 1 | €12,787.50 | €15,345 | €15,345 | €25,575 | €53,707.50 |
| Year 2 | €12,787.50 | €15,345 | €30,690 | €25,575 | €69,052.50 |
| Year 3 | €12,787.50 | €15,345 | €46,035 | €25,575 | €84,397.50 |
| Year 4 | €12,787.50 | €15,345 | €61,380 | €25,575 | €99,742.50 |
| Year 5* | €12,787.50 | €15,345 | €76,725 | €25,575 | €115,087.50 |
| Year 6 | €12,787.50 | €15,345 | €92,070 | €0 | €104,857.50 |
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Illustrative only — assuming an investment of approximately €511,500 and a simplified scenario in which portfolio growth roughly offsets Elana's 3% 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. *Year 5 is the last year the 5% early-redemption fee applies; redemptions from Year 6 onward are not subject to it.
What's confirmed on this page
Weighing Elana against the other AIFs?
We'll walk you through how its fee load and redemption terms compare to Bulgaria AIF Fund and VF Alternative.