Bulgaria.

Permanent (not temporary) residence permit for foreigners who invest, e.g. BGN 1 million in concession rights, collective investment schemes or alternative investment funds, BGN 2 million in listed shares or in a certified priority project, or BGN 6 million in an unlisted company (amounts as in the consolidated law on 2 Oct 2026). It was the first step to citizenship under arts. 12a/14a until 2022 and still exists. Ordinary naturalisation after 5 years of permanent residence remains possible under the general rules (language test etc.). Launched: the year 2005, as given by the European Commission (2019); the 1998 law and the 2005 amending law were not found, so no exact date. Investor items date from 2005/2009 amendments. The Bulgarian Investment Agency certifies the investments: 981 persons certified 2014-Aug 2021 (both stages).

Naturalisation for holders of investor permanent residence. Art. 12a (ordinary): after 5 years of permanent residence, investment of about EUR 500,000 (BGN 1 million). Art. 14a (fast track, added Feb 2013): after 1 year, investment increased to about EUR 1 million (BGN 2 million) or a priority-project route; no language test or real residence needed. Both repealed by the law in State Gazette no. 26 of 1 Apr 2022; pending procedures were ended and SANS was told to review past naturalisations. Ministry of Justice: 50 investor citizenships 2013-Jan 2019 (4 art. 12a, 46 art. 14a). launched=2005 is the year the Commission gives for the scheme's introduction; the fast track dates from 2013.