email: info(at)go-eu.com
phone: +49 (0)89 90 42 23 60
assisted in a company setup.
For years, the Bulgarian Golden Visa has been marketed as one of Europe’s “hidden gems”: cheap, fast,
- no language requirements,
- no real residency obligation,
- and an easy way to secure a second EU passport.
On paper, it sounds ideal for non-EU investors who want access to Europe without relocating their lives. In reality, the situation is far more complex.
If you are considering Bulgaria as your gateway to Europe, read this before you invest.
➼ Further information:
➔ Company setup Bulgaria: Company formation Bulgaria in 5 steps➔ Latest Taxes in Bulgaria: Taxes Bulgaria 2026
➔ Foreigner Guide: Business Bulgaria as foreigner
➔ Company forms: Bulgaria EOOD
➔ Bookkeeping: Accounting Services Bulgaria
➔ Residency: Residence Permit Bulgaria
5 reasons why Citizenship by Investment is the wrong path in 2026 and what's the alternative
08 january 2026 3577 4The Bulgarian Golden Visa: What Is It Supposed to Be?
The Bulgarian Golden Visa is promoted as an investment-based residence program that can lead to Bulgarian citizenship and eventually an EU passport. It typically requires a qualifying investment of at least €512,000, usually in government bonds.
Marketing materials often compare it to Portugal or Greece, claiming it is cheaper, faster, and easier. The problem is that promotional promises often differ from legal reality.
Misconception #1: “You Get a Second Bulgarian Passport”
Investors are frequently told that Bulgaria allows them to keep their original citizenship and simply add a Bulgarian passport later.
Reality: Bulgaria generally does not allow dual citizenship for naturalized citizens. In most cases, applicants must renounce their original nationality.
- Loss of property rights in the home country
- Loss of inheritance rights
- Loss of business privileges
- Total dependence on Bulgarian citizenship approval
Giving up one’s original nationality can trigger consequences that many investors underestimate at the beginning of the process. Depending on the home country, it can lead to the loss of property ownership rights, especially where real estate or land ownership is restricted to citizens. Inheritance rights may also be affected, creating long-term legal uncertainty for family members.
For entrepreneurs and business owners, renouncing citizenship can mean losing business privileges, licenses, or regulatory access that were tied to their original nationality. In some jurisdictions, it can also impact banking relationships, investment eligibility, or participation in regulated industries.
Perhaps the most critical risk is that once original citizenship is surrendered, the applicant becomes fully dependent on Bulgarian authorities to complete the naturalization process. If the citizenship application is delayed, rejected, or later challenged, there is no simple way to reverse the decision. This can leave applicants in a prolonged state of legal uncertainty, without the protections they once had and without the outcome they were promised.
Misconception #2: “No Bulgarian Language Is Required”
Another common promise is that Bulgarian language skills are not required, even when applying for citizenship.
Reality: Citizenship requires passing a Bulgarian language exam. Bulgarian uses the Cyrillic alphabet and has complex grammar, making it difficult for most non-Slavic speakers.
As a result, language is one of the most common hidden reasons Bulgarian citizenship applications stall or fail. Applicants may meet investment and residency conditions, yet still be unable to move forward because they cannot pass the language exam. This gap between expectation and reality causes frustration, delays, and in some cases complete abandonment of the citizenship process.
Misconception #3: “Lawyers Will Handle Everything”
The Golden Visa is often sold as a fully lawyer-managed process.
- Many lawyers overpromise and underdeliver
- Weak documentation leads to rejections
- €20,000–€30,000+ fees regardless of outcome
- Delays blamed on authorities, not mistakes
Misconception #4: “No Residency Requirement”
Investors are told they do not need to live in Bulgaria at all.
Reality: You must still prove income or occupation enabling you to subsist in Bulgaria and maintain legal ties to the country.
Misconception #5: “Everything Is Cheap in Bulgaria”
While daily life in Bulgaria is affordable, the Golden Visa process is not.
- €512,000 locked investment
- €20,000–€30,000+ legal and administrative fees
- No guarantee of citizenship
The Better Alternative: Business + D Visa + Residency
Many non-EU nationals now choose a safer and more controllable route: opening a company in Bulgaria and applying for residency through real economic activity.
Learn more: Open a company in Bulgaria, Taxes in Bulgaria, Lowest taxes in Europe
We answer all your questions about residency & company setup in Bulgaria – free of charge and without obligation.
Inquire now
Over 500 successful foundings. Answer in 24h.
Or give us a call: +49 (0)89 90 42 23 60
(NEW: Company formation including bank account opening 100% remote)
Real-Life Example: Olga Pronkina
Her experience is explained in this video:
Olga Pronkina, a non-EU national, avoided the Golden Visa entirely. Instead, she opened a Bulgarian company, rented an apartment, applied for a D visa, and secured residency successfully.
Final Thoughts
The Bulgarian Golden Visa is not a scam, but it is frequently misrepresented. For most non-EU foreigners, business-based residency is cheaper, safer, and far more predictable.
Bulgaria remains one of the best EU countries for entrepreneurs — but not because of the Golden Visa. To receive a Visa through company formation, then the residency and then as the final step the citizenship is the way to go for in 2026.
We answer all your questions about residency & company setup in Bulgaria – free of charge and without obligation.
Inquire now
Over 500 successful foundings. Answer in 24h.
Or give us a call: +49 (0)89 90 42 23 60
(NEW: Company formation including bank account opening 100% remote)
Mr. Wonderful
Published on 04 January, 2026 / Answer
I was about to go for the Bulgarian golden visa, I thought it have been the best one or of the best from all countries who offer it. If the beginning promises wouldn't have turned I would rank Bulgaria as 1 for Citizenship by Investment. This opened my eyes here and all the lawyer websites still publish outdated info to charge you.
Richmond
Published on 05 January, 2026 / Answer
"and all the lawyer websites still publish outdated info to charge you." I must agree this is the only reliable resource here because they don't want to sell you the golden visa.
Altman
Published on 05 January, 2026 / Answer
I want to give it a try to get the residence visa through a company formation and then ciizenship after years.
Thomas Hofmann
Published on 05 January, 2026 / Answer
Dear Mr. Altman, we guide founders through the full company process in Bulgaria as well the entire residency steps through our team. We would be happy to hear from you through our contact form or via phone.
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