Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the FSC decision, including banking and payment rails.
Get a forex license in Bulgaria.
The EU's lowest-tax MiFID licence just joined the euro: authorisation as an investment intermediary from the Financial Supervision Commission under the Markets in Financial Instruments Act - IFD capital from €75,000 to €750,000 by model, the passport into 30 states, euro-area membership since 1 January 2026 and a flat 10% corporate tax.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Bulgaria in brief
The 10% MiFID jurisdiction, now in euro.
Bulgaria licenses forex and CFD brokerage as investment services: dealing in or brokering derivatives requires authorisation as an investment intermediary from the Financial Supervision Commission under the Markets in Financial Instruments Act - the Bulgarian transposition of MiFID II, with initial capital following the EU's IFR/IFD tiers: €75,000 for firms that neither deal on own account nor hold client assets, €150,000 where client money is held, €750,000 for dealing on own account. The retail conduct layer is the EU standard - 30:1 leverage caps, negative balance protection, margin close-out, and the licence notifies into 30 EEA states with full MiFID effect.
What changed in 2026: Bulgaria joined the euro area on 1 January, retiring the lev and with it the last currency friction between a Bulgarian licence and its EU clients - capital, client money and reporting now run natively in euro. What did not change is the fiscal core: a flat 10% corporate tax, the lowest headline rate in the European Union, with 5% withholding on dividends. Sofia's licensing economics - modest professional costs, EU-grade infrastructure, a supervisor that processes MiFID files routinely - make it the value jurisdiction for brokers who want the passport without Western European overheads. We build the file end to end from our Sofia office.
Investment intermediary licence from the FSC under the MFIA (MiFID II): IFD capital €75k/€150k/€750k, EU passport into 30 states, ESMA retail stack - with Bulgaria in the euro area since 1 January 2026.
The union's lowest tax on licensed profits: 10% flat, 5% dividend WHT. We build the file from Sofia.
The two routes
Dealing on own account - or the agency model.
One licence, IFD-tiered: the principal model at €750,000, agency and matched-principal models at €75,000-€150,000. We fix the model first, then build once.
Own-account dealing at €750k - or agency at €75k-€150k.
01 - DEALING ON OWN ACCOUNT
The principal model
The full market-maker licence: dealing on own account in CFDs and FX derivatives at €750,000 initial capital. Risk-based capital, client asset rules and the EU retail conduct stack built in.
The full market-maker licence: dealing on own account in CFDs and FX derivatives at €750,000 initial capital. Risk-based capital, client asset rules and the EU retail conduct stack built in.
- ✓Dealing on own account - market making
- ✓€750,000 initial capital
- ✓K-factor + fixed-overheads capital
- ✓Client asset segregation rules
- ✓ESMA-standard retail conduct - 30:1
- ✓MiFID passport into 30 states
02 - AGENCY · MATCHED PRINCIPAL
€75k-€150k initial capitalThe agency models
Reception-transmission, execution and matched-principal models at €75,000-€150,000. STP brokers and white-label operators licensed at the tier their model actually needs, on a 10% tax base.
RTO/execution/matched principal; €75k no client assets, €150k with; same passport; 10% tax base.
- ✓Reception, transmission, execution
- ✓€75,000 - no client assets held
- ✓€150,000 - with client money
- ✓Same MiFID passport
- ✓Upgrade path to own-account dealing
- ✓Same conduct discipline
Costs and timelines are confirmed for your case before any work begins. FSC fees follow its tariff; capital, audit and substance costs are itemised in your quote.
Why Bulgaria
The value jurisdiction of EU licensing.
Bulgaria sells the same passport as everyone else. Attached to the union's lowest tax bill.
✓
10% corporate tax
The lowest headline rate in the EU, flat, with 5% dividend withholding. Licensed profits keep more of themselves here than anywhere in the union.EU's lowest headline.
✓
Euro since January 2026
Capital, client money and reporting run natively in euro. The last conversion friction between a Bulgarian licence and its EU clients is gone.No conversion friction.
✓
The same EU passport
An FSC licence notifies into 30 EEA states with identical MiFID effect. The product is the passport, and Bulgaria prices it lowest.30 states, full effect.
✓
IFD-tiered capital
€75k, €150k, €750k by model. The EU's own prudential maths, so agency brokers are not priced like market makers.Capital fits the model.
✓
Sofia's cost base
Salaries, premises and professional services at Balkan prices with EU-grade talent. Substance that satisfies the supervisor without the Frankfurt bill.Substance priced right.
✓
A practised MiFID desk
The FSC has licensed and supervised investment intermediaries for two decades. CFD and FX files move through known machinery, not first impressions.Two decades of MiFID files.
How it compares
How Bulgaria differs from other routes.
The comparison, side by side: nothing in the EU beats the after-tax economics; the trade is a longer file than the Baltics.
Bulgaria vs other jurisdictions
| Feature |  Bulgaria | Other jurisdictions |
|---|---|---|
| Regime | MFIA - MiFID II, FSC | MiFID desks or offshore |
| Initial capital | €75k-€750k by model | US$0-2M spread |
| Corporate tax | 10% flat - EU's lowest | 15-30% typical |
| Timeline | 6-10 months | Weeks offshore, months EU |
Regime
BulgariaMFIA - MiFID II, FSC
Other jurisdictionsMiFID desks or offshore
Initial capital
Bulgaria€75k-€750k by model
Other jurisdictionsUS$0-2M spread
Corporate tax
Bulgaria10% flat - EU's lowest
Other jurisdictions15-30% typical
Timeline
Bulgaria6-10 months
Other jurisdictionsWeeks offshore, months EU
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Bulgaria | Investment intermediary | 10% flat · 5% WHT | IFD €75k-€750k, euro area |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
 Estonia | Investment firm - FI | 0% · 22% distributed | IFD €75k-€750k, statutory clock |
 Georgia | NBG brokerage company | 0% · 15% distributed | NBG licence, fast track |
BulgariaLicense typeInvestment intermediary
Taxation10% flat · 5% WHT
RequirementsIFD €75k-€750k, euro area
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD €75k-€750k, EU passport
EstoniaLicense typeInvestment firm - FI
Taxation0% · 22% distributed
RequirementsIFD €75k-€750k, statutory clock
GeorgiaLicense typeNBG brokerage company
Taxation0% · 15% distributed
RequirementsNBG licence, fast track
Before you apply
Requirements for the Bulgarian licence.Requirements for the licence.
The FSC examines the corporation, the people and the model against the MFIA's full checklist. Below is what a passing application contains.
01
Bulgarian company. An AD or OOD with its mind and management in Bulgaria.
02
Initial capital - €75,000, €150,000 or €750,000 by model, paid in and evidenced.
03
Fit-and-proper management. Board members with investment-business track records, assessed individually.
04
Transparent ownership. Qualifying holdings disclosed and vetted to UBO level, with proof of capital origin.
05
Business plan. The dealing model, flow economics and three-year financials the FSC can interrogate.
06
Governance and internal control. Organisational structure, risk management, internal audit and compliance functions documented.
07
Client asset arrangements. Segregation and safeguarding designed before launch where client money is held.
08
EU retail conduct - 30:1 leverage caps, negative balance protection and margin close-out engineered into the product.
09
AML/CFT framework. KYC, monitoring and reporting with a named compliance owner.
10
Substance. Real Sofia presence: local management, staff and systems the FSC can inspect.
01
Bulgarian company, run locally.
02
Capital per IFD tier, paid in.
03
Fit-and-proper management.
04
Holdings to UBO, capital sourced.
05
Interrogable business plan.
06
Governance and audit documented.
07
Client asset safeguards.
08
30:1 conduct engineered in.
09
AML with named owner.
10
Substance the FSC can inspect.
Reflects the Markets in Financial Instruments Act and IFR/IFD as of 2026.MFIA + IFR/IFD, as of 2026.
How it works
From first call to the FSC register.
01
Model and strategy
Principal or agency, service set and capital tier. Fixed in writing before any drafting.Tier and permissions - in writing.
02
Company and people
Bulgarian entity, capital evidence and the managers the FSC assesses individually.Entity, capital, managers.
03
The application file
Business plan, governance, client-asset and AML documentation. Complete before filing, because every deficiency letter costs weeks.Complete. Letters cost weeks.
04
FSC review
Question rounds answered - 6-10 months realistic end to end.6-10 months realistic.
05
Licence and passporting
Register entry, EEA notifications, banking live - 30 states from one Sofia licence, at 10% tax.30 states at 10% tax.
Quick facts
RegulatorFSC (КФН)
FrameworkMFIA · MiFID II
Initial capital - light€75,000
With client money€150,000
Own account€750,000
CurrencyEuro - since 2026
Realistic timeline6-10 months
Corporate tax10% flat
The FSC works through a complete file methodically. Filing complete the first time is the entire schedule strategy, and our job.
On the ground in Bulgaria
Run from our Sofia office.
Prifinance - Bulgaria
Sofia · Bulgaria
Sofia, Bulgaria
01
Bulgarian company formation
Incorporation, capital structuring and the corporate layer the FSC expects. Built for the licence from day one.Built for the licence.
02
The FSC file
Business plan, capital models, governance pack and conduct documentation. Drafted end to end and defended through the rounds.Drafted and defended.
03
People and substance
Local management, compliance and AML officers sourced at Sofia cost. Substance that satisfies without excess.Sofia-cost sourcing.
04
Passporting and launch
EEA notifications, banking and liquidity introductions sequenced with the licence. The EU go-live as one programme.30 states sequenced.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in Bulgaria.
The EU's lowest headline rate, now denominated in euro. The after-tax argument nothing else in the union matches.
Corporate tax 10%
Flat, the lowest headline rate in the European Union. Licensed profits are taxed once at a rate most jurisdictions reserve for incentives.EU's lowest rate.
Dividend withholding 5%
Outbound dividends carry 5% withholding. Reduced or eliminated under treaties and the EU parent-subsidiary regime where structures qualify.Treaty-reducible.
Euro-area accounting
From 1 January 2026 books, capital and client money run in euro - no conversion layer between the licence and its EU business.Native from 2026.
VAT 20% - finance exempt
Financial services are VAT-exempt supplies; the 20% standard rate touches only ordinary overheads.20% only on supplies.
Loss carry-forward
Tax losses carry forward five years. The build phase of a licensed launch is absorbed against later profits.Build phase absorbed.
Treaty network 70+
A broad treaty base across Europe, the CIS and Asia. Group structures above the Bulgarian entity model cleanly.Broad network.
Tax summary
Corporate tax10% flat
Dividend withholding5%
CurrencyEuro - since 1 Jan 2026
VAT on financial servicesExempt · 20% standard
Tax treaties70+
*Figures as of 2026 per the National Revenue Agency. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Bulgarian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Follow Prifinance
Active across our channels.
Bulgaria · FSC
Launch your forex project in Bulgaria with expert support.
Full-service assistance - from incorporation to the investment intermediary licence, passporting and ongoing compliance - run through our Sofia office.
Get a consultation →Free legal opinion
Is Bulgaria the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Bulgaria forex licence - what clients ask.
What licence does a forex broker need in Bulgaria?+
Authorisation as an investment intermediary from the Financial Supervision Commission under the Markets in Financial Instruments Act - Bulgaria's MiFID II transposition. CFDs and FX derivatives are financial instruments; permissions follow the model.
What capital is required?+
The IFR/IFD tiers: €75,000 for firms that neither deal on own account nor hold client assets, €150,000 where client money is held, €750,000 for dealing on own account - with risk-based requirements layered above the floors.
What did euro-area membership change?+
Since 1 January 2026 Bulgaria's currency is the euro - capital, client money, accounting and reporting run natively in the currency of the licence's EU clients. The 10% tax rate and the FSC's machinery are unchanged.
How long does licensing take?+
Realistically 6-10 months end to end: the FSC works methodically through the MFIA checklist and deficiency letters cost weeks. A complete first filing is the entire schedule strategy.
Does the licence passport across the EU?+
Yes - the full MiFID passport into 30 EEA states by notification, identical in legal effect to a German or Cypriot licence. We manage the notifications as part of launch.
How are Bulgarian brokers taxed?+
A flat 10% corporate tax - the lowest headline rate in the EU - with 5% dividend withholding, VAT-exempt financial services, five-year loss carry-forward and a 70+ treaty network.
What retail conduct rules apply?+
The EU standard: leverage capped 30:1 to 2:1 by asset class, negative balance protection, margin close-out and marketing restrictions - engineered into the product from day one.
What substance does the FSC expect?+
A company genuinely run from Bulgaria: local management, compliance and AML ownership, premises and systems the supervisor can inspect. Sofia's cost base makes real substance affordable.
Bulgaria or the Baltics for a value MiFID licence?+
Bulgaria wins on running tax (10% flat vs distribution-based systems that bite at payout); the Baltics win on entry mechanics (statutory clocks, minimal fees). We model both against how, and when - you plan to take profits out.
Why Prifinance for Bulgaria?+
A Sofia office, MFIA files built end to end, and 400+ licences of pattern recognition - the model, capital, people and conduct stack prepared as one coherent story.
What licence?+
Investment intermediary - FSC.
Capital?+
€75k/€150k/€750k IFD tiers.
Euro?+
Yes - since 1 Jan 2026.
How long?+
6-10 months realistic.
EU passport?+
Yes - 30 EEA states.
Taxes?+
10% flat; 5% WHT.
Retail rules?+
ESMA 30:1, NBP, close-out.
Substance?+
Real, Sofia-priced.
Or the Baltics?+
10% vs 0%-till-payout - we model.
Why you?+
Sofia office, complete files.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Bulgarian route fits your project and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Financial Supervision Commission (FSC) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.