Switching investments in the process of naturalization by investment is possible. However, it has to be executed carefully. There are different declarations and applications that need to be filed with the Bulgarian authorities. Otherwise, this may lead to your application for citizenship being rejected.
How can I switch investment vehicles and still qualify for Bulgarian citizenship?
If my initial investment for Bulgaria’s citizenship-by-investment program is government bonds, can I switch it to company shares before I obtain citizenship? Will I still be eligible for Bulgarian citizenship after 5 years?