Arton Capital Got It Wrong on the Bulgaria Golden Visa

While we published an article on 11 August expressing our scepticism about the proposed introduction of a physical stay requirement for permanent residents (including Bulgaria Golden Visa investors), our analysis has now proven to be correct. There was no reason for concern.

This has now been confirmed by the Deputy Minister of the Interior in an official letter addressed to Advocate Petar Markov, following our written recommendations and subsequent discussions with the competent authorities.

We expect the Bulgaria Golden Visa Program to remain stable for as long as the current government remains in office. The government’s objective is clear to attract foreign investment. The most effective way to achieve this is by maintaining Bulgaria as a predictable, transparent and investor-friendly destination.

Beyond the Golden Visa Program itself, our team remains committed to strengthening Bulgaria’s investment fund ecosystem and the domestic capital market. Our objective is not only to attract investment-linked residency applicants, but also to encourage broader international capital flows into Bulgaria.

For international investors, Bulgaria offers an opportunity to diversify their portfolios geographically. Just as global portfolios typically combine exposure to the S&P 500 and the STOXX Europe 600, we believe that adding carefully selected investments in Eastern Europe can provide valuable long-term diversification.

Arton Capital Got It Wrong on the Bulgaria Golden Visa

Before publishing news that could negatively affect an entire investment migration program, companies should ensure that their conclusions are supported by proper legal analysis and evidence.

In our view, Arton Capital would have benefited from consulting the Advocate Markov team before publishing its conclusions regarding the proposed amendments to the Bulgaria Golden Visa Program.

We only wish the same level of attention had been devoted to the Portugal Golden Visa Program, where investors waited four to five years merely to complete biometrics, while these extraordinary delays were frequently described as nothing more than a “short delay.”

Keep track of the latest news and developments regarding the Bulgaria Golden Visa Program and Bulgaria AIF, Bulgaria’s regulated investment fund.