Depositaries of undertakings for collective investment in transferable securities (UCITS) must be incorporated in Bulgaria or another EU/EEA country, as required by EU law. 
"SUPPLEMENTARY PROVISIONS
§ 2. (Amended, SG No. 21/2012) The Act transposes the requirements of:
1. Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ, L 302/32 of 17 November 2009). [...]"(Collective Investment Schemes and Other Undertakings for Collective Investments Act, SG No. 77/4.10.2011, amended.)
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"Article 23
1.  A depositary shall either have its registered office or be established in the UCITS home Member State.
2.  The depositary shall be:
(a)  a national central bank;
(b)  a credit institution authorised in accordance with Directive 2013/36/EU; or
(c)  another legal entity, authorised by the competent authority under the law of the Member State to carry out depositary activities under this Directive, which is subject to capital adequacy requirements not less than the requirements calculated depending on the selected approach in accordance with Article 315 or 317 of Regulation (EU) No 575/2013 of the European Parliament and of the Council ( 12 ) and which has own funds not less than the amount of initial capital under Article 28(2) of Directive 2013/36/EU. [...]" (DIRECTIVE 2009/65/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 July 2009)
Collective Investment Schemes and Other Undertakings for Collective Investments Act, SG No. 77/4.10.2011, amended.
DIRECTIVE 2009/65/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 July 2009
[<a href="https://baud.bg/download/useful-links/Collective_Investment_Schemes_and_Other_Undertakings_for_Collective_Investments_Act.pdf">Act</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32009L0065">Directive</a>]