Bulgarian Citizenship Investment Programme

In accordance with the Foreigners in the Republic of Bulgaria Act (art. 25 (1), 6 a) and c) ), there is a fast-track residence option for foreign individual investors who:

  • Invest a minimum of BGN 2’000’000 (approx. EUR 1’023’000) in equities and bonds of Bulgarian companies, traded on a Bulgarian regulated market with a lock-in period of 5 years or
  • Invest a minimum of BGN 1’000’000 (approx. EUR 512’000) in shares of licensed Bulgarian collective investment schemes with a lock-in period of 5 years

As well as a fast-track citizenship option for foreign individual investors who double their investment in the above mentioned securities with a lock-in period of 5 years.

Investors criteria:

  • Non-EU citizen
  • Proof of funds origin
  • The applicant should not have a criminal record

Why a Bulgarian residence and citizenship?

European union map

Easy and fast access to the European Union

  • Opportunities for investments in Bulgarian securities with a favourable risk/return ratio
  • Unique exemption from physical residency requirements
  • Unique lack of language proficiency requirements for residence permit or citizenship
  • No obligation to relinquish current nationality

Benefits for permanent residents:

  • Free movement within the EU countries
  • Access to high-quality healthcare and education in the EU
  • Conditional tax exemption on worldwide income

Benefits for citizens:

  • Unrestricted right to live, work, and study in Europe
  • Right to own property in any EU country
  • Open bank accounts in any EU & Schengen country
  • Lowest tax rates and free-trade environment within the EU
ThE ELIGIBLE INVESTMENT FOR BULGARIAN permanent residence and citizenship


Expat Bulgaria SOFIX UCITS ETF (ticker BGX) is fully compliant with the requirements of the Foreigners in the Republic of Bulgaria Act.

The fund is a collective investment scheme licensed and registered by the Bulgarian Financial Supervision Commission, traded on the Bulgarian regulated market, and whose investment strategy is targeted explicitly towards Bulgarian companies. The fund is a diversified, liquid and cost-effective way to invest in Bulgarian equities.

Expat Bulgaria SOFIX UCITS ETF invests in the shares of the companies included in the SOFIX Index. The SOFIX Index is the main index of the Bulgarian Stock Exchange and consists of the 15 largest and most liquid companies on BSE.

The fund is traded on the Bulgarian Stock Exchange, on the London Stock Exchange, on the Frankfurt Stock Exchange (XETRA), and on the Ljubljana Stock Exchange

Bulgarian Stock Echange

Main characteristics of the ETF:

  • UCITS-compliant
  • passive equity index tracker
  • open-ended, providing daily liquidity
  • using direct physical replication
  • reinvesting dividends; not distributing dividends


Easy and convenient macro play

Investors buy all the companies from the index. There is no need to devote time and resources to analyze, pick and follow individual stocks.


Exposure to the largest and most liquid stocks on the relevant CEE stock exchange. Diversification lowers the volatility of the investment.

Superior liquidity

The market makers maintain buy/sell quotes and ensure that the shares can be traded at any time. The access of trading on several stock exchanges additionally increases the liquidity.

Low transaction costs

It is cheaper to invest in one instrument rather than in shares of multiple companies.

European regulations

The Expat ETFs are fully compliant with the UCITS Directive of the European Union.


The ETFs portfolios are published and updated daily on Expat’s website: www.expat.bg.

How to invest?

Expat Bulgaria SOFIX UCITS ETF is traded on 4 European stock exchanges, ticker BGX.
You may buy shares of the fund via your investment broker/asset manager or through your trading platform. Additionally, you may buy shares of the fund by becoming a client of the fund’s manager Expat Asset Management.


Expat Asset Management

+359 2 980 1881



Bulgaria, Sofia 1000, 96A Georgi S. Rakovski Str.