Bulgaria launched its immigrant investor program in 2009, as part of reform to create a more attractive business environment.

The program is based upon the successful Canadian model, with applicants qualifying through investing around €500,000 in government bonds. Investments must be held for five years, at which point they will be returned without interest. Since amendments to the program in 2013, those that double their investment are eligible to be fast-tracked to citizenship within two years.

The Bulgarian program does not require that investors maintain physical presence in the country. Thus it may be of particular interest for investors who are not looking to permanently relocate, but looking to travel freely around Europe for business or seeking an affordable alternative residence option as a risk mitigation policy.