A guide to the residence-by-investment programme proposed in Romania: eligibility conditions, the EUR 400,000 threshold, qualifying investments, the risks and the procedural steps. The programme is not yet in force, the bill is still before parliamentary committees.
At a glance
What it is: a temporary residence permit granted in return for a substantial investment
Who it is for: non-EU, non-EEA and non-Swiss nationals
Proposed threshold: EUR 400,000, with the investment held for at least five years
Status: a bill before the standing committees, the programme is not yet operational
What a Golden Visa means
Golden Visa is the term used for a residence permit granted in exchange for an investment in a country. It is the first step towards permanent residence and, later, citizenship, generally after five years.
Such programmes appeared in Europe in the 2010s, first in Latvia, in response to the 2008 financial crisis. Portugal, Greece and Spain followed. Romania does not yet have an operational programme, but the Senate has introduced a bill regulating the right of residence for foreign investors.
Who can apply
Under the current draft, the conditions apply cumulatively. The applicant must be at least 18 and hold a valid travel document, must have no alerts in the National Information System or the Schengen Information System, and must not have been convicted of intentional offences or be under criminal investigation.
They must also prove the origin and availability of the funds, hold valid medical insurance in Romania and pose no threat to national security.
Which investments qualify
Real estate
Purchase of property worth at least EUR 400,000, held for a minimum of five years from acquisition.
Investment funds
At least EUR 400,000 in funds authorised by the Romanian Financial Supervisory Authority.
Listed shares
At least EUR 400,000 in shares of companies listed on the Bucharest Stock Exchange, held for a minimum of five years.
Further categories may be set by joint decision of the Ministry of Economy and the Ministry of Interior. Maintaining the investment throughout the life of the permit is essential, otherwise it can be revoked.
What the permit provides
The investor and their family receive a renewable temporary residence permit valid for five years. After five years, permanent residence can be applied for, and subsequently Romanian citizenship.
The permit allows free movement within the Schengen area, subject to the 90 days in any 180-day period rule. Continuous presence in Romania is not required to keep it valid.
Risks worth knowing
The permit can be revoked if the investment is not maintained for five years, if false documents or inaccurate statements were submitted, or if national security concerns arise.
There is also market risk. High thresholds push demand towards the luxury segment, which can lead to oversupply, lower rental yields and difficulty reselling. Property bought above market value can lose value if interest in the programme drops or the scheme is amended.
The procedure
The application is filed with the Romanian diplomatic mission in the country of residence or with the General Inspectorate for Immigration. A decision is communicated within 60 days and amounts to approval in principle.
The investment is then made and evidenced within six months of that preliminary approval. The authorities check the documents and issue the permit within 30 days. The process also involves checks by intelligence services and anti-money-laundering bodies.
Frequently asked questions
Does Romania currently have a Golden Visa?
No. A bill introduced in the Senate is before the standing committees. Until it is passed and enters into force, applications cannot be filed.
How much has to be invested?
The proposed threshold is EUR 400,000, whether the investment is in real estate, in authorised funds or in shares listed on the Bucharest Stock Exchange.
How long does the permit take?
Around three months of procedure, plus the time to prepare the file and the six months available to complete the investment after approval in principle.
Do I have to live in Romania?
No, continuous presence is not required to keep the permit. For permanent residence and citizenship, however, the physical presence conditions are different and stricter.
Can my family obtain permits too?
Yes, the investor's family members are included, on the conditions set out in the draft.
What alternatives exist until the programme is adopted?
A residence permit for commercial activities, as a shareholder or associate, and the digital nomad visa are the routes most used at present. The investment and income conditions differ significantly.
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