1. What is a “Golden Visa” in Romania?
A "Golden Visa" is a type of Visa that is granted in exchange for a substantial investment in a country. It is the first step toward obtaining a permanent residence permit and, eventually, Romanian citizenship after five years. The program's main purpose is to attract foreign capital and stimulate the local economy. The initiative originated in Europe inthe 2010s, with Latvia being the first to introduce it to diminish the negative effects of the 2008 financial crisis. After its successful implementation,other countries, such as Portugal, Greece, and Spain, followed suit.
Currently, Romania does not have such a program, but the Senate recently initiated a legislative proposal to regulate the right of residence for foreign investors. This proposal isn ow under review by the permanent commissions.
2. What are the eligibility requirements?
According to the actual form of the bill, The Golden Visa programme is open to non-EU/EEA/Swiss citizens who meet a number of cumulativeconditions:
a) are at least 18 years old;
b) hold a valid border crossing document;
c) have no alerts in the National Information System;
d) have no alerts in the Schengen Information System;
e) have not been convicted of intentional criminal offenses in their country of origin and are not the subject of ongoing criminal investigations;
f) prove the origin of the funds to be used for the investment;
g) hold a valid medical insurance in Romania;
h) prove the availability of the funds to be used for the investment;
i) must not pose a threat for the national security of Romania or are not subsequent to a prohibition of entry measure.
3.What type of investments are eligible for the programme?
Those applying for a Golden Visa are expected to invest in:
a) Romanian government bonds (with a 5-year minimum maturity);
b) real estate with a minimum total value of 400.000€ and own the property for at least 5 years from the date of acquisition;
c) fund investments with a minimum value of 400.000€ authorized by Romania’s Financial Supervisory Authority (ASF);
d) company shares with a minimum value of 400.000€ listed on the Bucharest Stock Exchange and keep them for at least 5 years.
Moreover, other type of investments may be stated by the joint of Ministry of Economy, Digitalization, Entrepreneurship and Tourism and Ministry of Internal Affairs.
It is worth mentioning that maintaining the investment for the whole time period of the permit is an essential condition, otherwise the permit may be revoked.
4.Why choose this programme?
Investors and their families are entitled to a five-year temporary residence permit, which is renewable. After five years, they can apply for permanent residence and, subsequently, Romanian citizenship. Furthermore, acquiring the residence permit grants the holder the significant benefit of free movement within the Schengen Area, subject to the "90 daysin any 180-day period" rule. Another advantage is strong operational flexibility, as continuous, uninterrupted stay on Romanian territory is not required to maintain the validity of their visa.
5.What do you need to know before making the move?
The risks materialize in the revocation of the residence permit in cases where the investment is not maintained for a minimum period of five years, where forged documents or false statements have been submitted, or where national security concerns are identified.
A recent analysis reveals important insights into the Romanian property market, warning that a high investment threshold would push demand towards the luxury segment, leading to oversaturation of the premium market and a decline in rental and resale yields. Properties purchased at inflated prices could lose value if interest in the program decreases or if the scheme is amended. Moreover, low liquidity and market volatility could turn such investments into hard-to-sell assets,carrying a long-term financial loss risk.
6.Are you ready to start? Here’s how you get your visa!
The first step is submitting your application file at the Romanian Diplomatic Mission in your country of residence, or alternatively, at The General Inspectorate for Immigration (IGI – Inspectoratul General pentru Imigrări). A decision will be hand down in a maximum periodof 60 days and, in case of approval, you will receive the status of “approval in principle”. The next step is making the actual investment, as well as submitting the relevant proof, along with the necessary documents for the issuance of the temporary residence permit. These must be submitted to The General Inspectorate for Immigration no later than six months from the communication of the preliminary approval. Lastly, after verifying alldocuments, the authorities will issue the temporary residence permit within amaximum of 30 days from their reception.
Key Romanian authorities, including intelligence services, anti-money laundering bodies, and investment agencies, oversee the process. They rigorously screen applications and mitigate risks such as national security threats, money laundering, and terrorist financing.
7.How long is it going to take?
Obtaining the Golden Visa may take up to three months,to which is added the time needed to prepare the application file. Therefore,we suggest starting as early as possible and, even if the process seems complicated at first, our team of lawyers is here to provide full assistance,from selecting the most suitable investment option, to guiding you through al lthe legal formalities. We aim to make this journey a safe, transparent andstress free experience, allowing you to focus on what truly matters, your investment and your future in Romania.
