At a glance
- Romania offers ancestry-based citizenship (no residency required, 6–18 months) and business investment residency (from €50,000).
- Spain’s Golden Visa was terminated in April 2025. Greece raised thresholds to €800,000/€400,000. Portugal eliminated real estate routes.
- Hungary relaunched its Guest Investor Programme in 2024 (€250,000 fund investment). Bulgaria now offers full Schengen access and adopted the euro in January 2026.
- Romania’s proposed investment-residency bill (B490/2025) was withdrawn from Parliament in December 2025 — no dedicated golden visa exists yet.
- For those considering alternatives outside the EU, Armenia’s residence-by-investment programme offers a streamlined path with low thresholds.
Why compare EU residency programs?
The European Union offers numerous pathways to residency and eventual citizenship, each with distinct advantages, requirements, and timelines. The landscape shifted dramatically in 2024–2025: Spain terminated its Golden Visa, Greece raised investment thresholds, Malta’s citizenship-by-investment programme was struck down by the EU Court of Justice, and Hungary relaunched an investor visa.
Romania continues to stand out with its ancestry-based citizenship route — a constitutional pathway that requires no residency and no investment — alongside business-friendly residency options. Below we compare Romania’s programmes against the most popular EU alternatives, updated with verified 2026 data.
Romania’s residency programme portfolio
Ancestry citizenship
Direct path through Romanian heritage — no residency required.
- Up to 2nd generation eligibility (grandparents)
- Document-based application, 6–18 months processing
- Full EU citizenship with work, study, and travel rights
- Dual citizenship generally permitted
Business investment residency
Residency through establishing or investing in a Romanian business.
- €50,000 minimum investment
- 1-year renewable residence permits
- No sector restrictions — operate any legal business
- Path to permanent residency after 5 years, citizenship after 8
Standard residency
Traditional pathways including employment, family reunification, and study.
- 5-year path to permanent residency
- Work and study rights included
- Family reunification available
- Citizenship after 8 years (5 if married to a Romanian citizen)
Note on Romania’s proposed Golden Visa: Bill B490/2025, which proposed a dedicated investor-residency programme with a €400,000 minimum threshold, was withdrawn from the Romanian Parliament on 8 December 2025 following a negative national security opinion. No reintroduction has been confirmed as of May 2026.
EU investment migration: 2026 programme status
The EU investor-migration landscape has undergone significant changes. Here is the verified status of major programmes as of May 2026.
| Country | Status | Min. Investment | Key Details |
|---|---|---|---|
| Romania | Active (Business) | €50,000 (business) | Ancestry route: no investment needed. Business route: 1-year renewable permits. Dedicated golden visa bill withdrawn Dec 2025. |
| Portugal | Active (Reformed) | €250,000 (cultural) / €500,000 (funds) | Real estate and €1.5M capital transfer routes eliminated. Citizenship timeline reform approved April 2026, awaiting confirmation as binding law. |
| Greece | Active | €400,000 – €800,000 | €800,000 for Attica, Thessaloniki, Mykonos, Santorini. €400,000 for other regions (single property ≥120 sq m). Old €250,000 route limited to building conversions and listed-building restorations. |
| Hungary | Active (Relaunched 2024) | €250,000 (fund) | Guest Investor Programme: €250,000 real-estate investment fund or €1M higher-education donation. 10-year renewable permit. Direct real estate abolished January 2025. |
| Bulgaria | Active | ~€512,000 (BGN 1M) | Investment in funds, ETFs, or shares with 5-year hold. Direct permanent residency. Full Schengen member since January 2025. Euro adopted January 2026. |
| Italy | Active | €250,000 (startups) | €250,000 startups / €500,000 company shares / €1M philanthropy / €2M government bonds. Initial 2-year permit. Applications suspended for Russian/Belarusian nationals. |
| Malta | Residency Only | ~€99,000 (core non-refundable) | Citizenship-by-investment terminated by CJEU ruling April 2025, programme deleted from law July 2025. Malta Permanent Residence Programme (MPRP) remains active. Property purchase or rental also required. |
| Spain | Terminated | N/A | Golden Visa terminated 3 April 2025 (Organic Law 1/2025). Applications filed before that date were preserved. No reversal planned. |
Citizenship timeline comparison
One of Romania’s greatest advantages is the speed of its ancestry-based citizenship route compared to investment-based timelines in other EU countries.
| Country / Route | Permanent Residency | Citizenship |
|---|---|---|
| Romania (ancestry) | Not required | 6–18 months (immediate eligibility) |
| Romania (investment) | 5 years | 8 years (5 if married to Romanian citizen) |
| Portugal | 5 years | Currently 5 years (reform to 10 years approved April 2026, pending confirmation) |
| Greece | 5 years (renewable) | 7 years |
| Hungary | 10-year permit (renewable) | 8 years |
| Bulgaria | Immediate (with investment) | 5 years after PR |
| Italy | 5 years | 10 years |
| Malta (MPRP) | Permanent (with investment) | CBI terminated — no direct path via investment |
Benefits comparison matrix
| Benefit | Romania | Portugal | Greece | Hungary | Bulgaria | Italy | Malta |
|---|---|---|---|---|---|---|---|
| Schengen travel | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| EU work rights | ✓ | ✓ | Limited | Limited | ✓ | ✓ | Limited |
| Family inclusion | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| No residency requirement | ✓* | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ |
| Dual citizenship | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Under €100k entry | ✓ | ✗ | ✗ | ✗ | ✗ | ✗ | ✓ |
* Romania’s ancestry programme requires no residency. Business and standard routes require legal residence.
EU regulatory environment
The EU has been tightening its stance on investor migration through adjacent regulatory instruments rather than outright bans. The EU’s Anti-Money Laundering Authority (AMLA) framework — adopted in May 2024 — treats investment migration operators as obliged entities subject to enhanced due diligence. The Recast Long-Term Residence Directive, still in trilogue as of April 2026, may exclude residence periods obtained through investment programmes from long-term residence eligibility.
Romania’s ancestry-based citizenship route is constitutionally grounded and unaffected by these investment-focused regulatory trends, making it one of the most legally stable EU pathways available.
Practical scenarios
These are theoretical examples for illustrative purposes only.
The heritage seeker
Scenario: Maria, an American citizen, discovers her grandmother was born in Romania in 1940.
Romania route: 6–12 months to citizenship via the ancestry programme.
Requirement: No residency or investment required — document-based application only.
Result: Full EU citizenship with work and travel rights across all member states.
The smart investor
Scenario: David, a Canadian entrepreneur, wants EU residency with business opportunities and low entry costs.
Romania investment: €50,000 business investment vs. €250,000+ in Hungary or Italy, €400,000+ in Greece.
Business freedom: Operate any legal business with no sector restrictions.
Citizenship path: 8 years to Romanian and EU citizenship.
The digital nomad
Scenario: Alex, a U.S. tech professional, wants EU access while maintaining location flexibility.
Remote work: Romanian residency provides Schengen-zone access for travel across the EU.
Tax: Romania’s 10% flat tax on certain income types makes it competitive for remote workers.
For those seeking a dedicated digital nomad visa, Armenia offers one of the region’s most streamlined options.
Considering alternatives beyond the EU?
While EU programmes remain popular, some investors are exploring jurisdictions outside the EU that offer lower thresholds, simpler processes, and growing economic opportunities. Armenia’s residence-by-investment programme provides a streamlined path to residency with competitive requirements, a favourable tax environment, and a gateway to the Eurasian Economic Union.
If you are weighing EU options alongside global alternatives, our team at Vardanyan & Partners can advise on the pathway best suited to your personal and business objectives — whether that involves Romania, another EU member state, or Armenia.
