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Bulgaria Golden Visa · AIF Route
VF Alternative (VFAL)
A self-managed AIF listed on the Bulgarian Stock Exchange's BEAM growth market under ticker VFAL. Its own website describes a closed-end structure restricted to professional investors — which conflicts with how this fund is currently described elsewhere on this site.
Advocate Markov's ranking for this fund — size, costs, longevity, transparency & growth
Size (AUM)Not ranked — AUM not publicly disclosed
CostsNot ranked — fees not publicly disclosed
LongevityNot ranked — inception date confirmed as 2019, but sits in the middle of the other funds' dates, not at either extreme
Transparency
⚠Least transparent fund on this site
GrowthNot ranked — does not publish a monthly AUM history
VF Alternative does not hold a positive badge in any of the five categories. Its AUM and fees are undisclosed, so it can't be ranked on size or cost. Its inception date (2019, per its own site) is known but sits in the middle of the other four funds' dates, so it doesn't rank at either extreme on longevity. It does not publish a monthly AUM history, so it is not ranked on growth. On transparency specifically, it is flagged: fees, AUM and minimum investment are all undisclosed, and whether the fund is open-ended or closed-end is not stated on its own site.
Fund Profile
Key facts
Most fee and AUM figures for VF Alternative are not publicly disclosed. One item below materially conflicts with how this fund is described elsewhere on this site — read the correction note first.
| Field | VF Alternative (VFAL) |
|---|---|
| Management company | Self-managed |
| Structure | Likely closed-end — not explicitly statedVF Alternative's own site does not use the term "open-ended" or "closed-end" anywhere. It does describe fixed-value share classes (Class A preferred, Class B ordinary, BGN 10,000 nominal value each) with a minimum order of 20 lots, traded on BEAM — characteristics consistent with a closed-end structure, but not a direct statement either way. This conflicts with this fund being grouped as "open-ended" elsewhere on this site — see correction note below. |
| Subscription fee | Not publicly disclosed |
| Annual management fee | Not publicly disclosed |
| Redemption / exit fee | Not publicly disclosed |
| Minimum investment | BGN 200,000 ≈ €102,000 — minimum order of 20 lots at BGN 10,000 per share, per VF Alternative's own site |
| Inception date | 2019 per VF Alternative's own site |
| AUM (latest) | Not publicly disclosed |
| Bulgarian asset allocation | 100%the Golden Visa programme's legislation requires the qualifying investment itself to be 100% Bulgarian assets |
| Listed | Bulgarian Stock Exchange, BEAM growth market, ticker VFAL ISIN BG1100004198 |
| Investor eligibility | Professional investors onlyper VF Alternative's own site |
| Engagement on proposed programme changes | Filed statementofficial standpoint filed with the National Assembly of Bulgaria: standpoint 23739 — not mentioned on VF Alternative's own site |
| 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 VF Alternative — 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 AIFsBulgaria AIF Fund, Elana Premium BG Selection — 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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Correction needed before publishing — this affects the existing fund-comparison.html page too: VF Alternative's own website does not explicitly state whether the fund is open-ended or closed-end — an earlier draft of this page overstated this as a direct quote from the site, which it was not. What the site does describe — fixed-value Class A/B shares (BGN 10,000 nominal each), a minimum order of 20 lots, and trading on BEAM rather than direct subscription/redemption with the manager — is consistent with closed-end characteristics (an exchange listing is how closed-end funds typically provide liquidity, since investors can't redeem directly with the manager), but this is an inference, not a confirmed fact. This still conflicts with this fund being grouped as "open-ended" alongside the other two AIFs on the fund comparison page (and in that page's "Compared to Portugal" section). Separately, a third-party data source lists a "Maturity Date: June 2026" for a VF Alternative fixed-maturity offering, also consistent with a closed-end, term-limited structure. (Golden Visa compliance itself is confirmed — see above — via the fund's own government standpoint; the investor-eligibility restriction is confirmed for all three AIFs on this site; it is the open-ended/closed-end structure that remains open.) Please verify the fund's current structure directly with VF Alternative before publishing this page or the comparison page.
Cost illustration
What the fees add up to
Not possible yet: the other four funds on this site each publish an itemized fee schedule — a purchase/subscription fee, an ongoing annual management or combined management/administrative cost, and a redemption/exit fee — which is enough to model an illustrative cost-over-time table. VF Alternative's own site does not publish any of these figures, so there is no confirmed basis for a cost illustration here — building one would mean guessing at numbers VF Alternative has not disclosed. Once subscription, management and redemption/exit fees are confirmed directly with VF Alternative, this section can carry the same year-by-year illustration as the other fund pages.
Data completeness
What's confirmed on this page
69%
11 of 16 fields confirmed — most from VF Alternative's own site, plus government engagement and Golden Visa compliance status, both confirmed via the National Assembly's own published standpoint, and Bulgarian asset allocation under the Golden Visa programme's own legal requirement; fee figures and AUM remain undisclosed, and whether the fund is open-ended or closed-end is still unconfirmed.
Questions about VF Alternative?
Given the open items above, we recommend confirming structure and eligibility directly before treating this as a Golden Visa option.