Ռումինիայի անշարժ գույքի ներդրումներ բնակության համար. շուկայի վերլուծություն և հնարավորությունների գոտիներ

Վերջին թարմացումը՝ 2026 թվականի ապրիլ

Romania’s draft residency-by-investment framework — commonly called a “Golden Visa” — attracted significant attention in late 2025 as one of the few EU proposals that still contemplated real estate as a qualifying route to residence. However, the bill was withdrawn from Parliament in December 2025 after negative security assessments. This guide examines the withdrawn proposal, Romania’s real estate market fundamentals for foreign investors, the tax regime for non-residents, and how Romania compares with active EU residency-by-investment programs in 2026.

Romania’s Golden Visa: current status (April 2026)

Romania’s proposed Golden Visa bill (B490/2025) was formally withdrawn from Parliament on 9 December 2025. The PNL party pulled the legislation after negative assessments from Romania’s Supreme Council of National Defense (CSAT), the Romanian Intelligence Service (SRI), and the Foreign Intelligence Service (SIE), all of which flagged security concerns with the program.

As of April 2026, no replacement bill has been introduced. Romania does not currently have a residency-by-investment program. Investors who were considering Romanian real estate specifically for a Golden Visa pathway should be aware that this route is not available and there is no confirmed timeline for any successor legislation.

That said, Romania’s real estate market remains independently attractive for foreign investors based on its fundamentals — strong price growth, EU-leading construction activity, and a favorable tax regime for non-residents — regardless of any future residency program. For investors whose primary goal is EU residence, active programs in Greece, Cyprus, Malta, and Latvia remain available.

What the withdrawn draft proposed

While the bill is no longer active, understanding what was proposed provides context for any future legislation Romania may introduce. The withdrawn draft included a minimum investment of €400,000 and a five-year holding period across four qualifying asset classes.

The draft also provided that the investor’s spouse, minor children, and dependent parents would receive equivalent five-year residence permits. After five years of continuous residence, the main applicant could apply for permanent residency and then citizenship through Romania’s standard naturalization process — which generally requires eight years of legal residence in total.

For context on general EU residency categories and naturalization pathways, explore our guides to բնակության թույլտվություններ և քաղաքացիություն.

Romanian real estate market overview

Romania’s real estate market has demonstrated consistent growth through 2025 and into 2026, supported by strong construction activity, rising urbanization, and sustained demand. Key indicators paint a picture of an active, developer-confident market.

Շինարարական թույլտվություններ՝ Romania issued 37,252 residential building permits in 2025, a 4.4% increase year-over-year. This uptick signals continued developer confidence and a growing pipeline of new supply across major cities.

Construction GDP share: Construction contributes approximately 8% of Romania’s GDP — the highest share in the European Union and well above the EU-27 average of roughly 5%. This sectoral weight reflects both residential and commercial development activity, and suggests strong labor and capital flows into the built environment.

Price trajectory: Housing prices in Romania’s major cities have surged 60–100% over the past six years. The national average reached approximately €1,965/m² in late 2025, reflecting a 13.8% year-over-year increase. This growth has been broad-based, with every major city posting double-digit gains.

Property prices by city

Data: late 2025 verified figures. Cluj-Napoca is Romania’s most expensive city, while Bucharest has seen the fastest new-build price growth at +17.2% year-over-year.

For investors, the wide price spread across cities creates distinct strategies. Bucharest offers the deepest liquidity and fastest capital appreciation on new builds. Cluj-Napoca commands premium pricing but yields are compressed. Secondary cities like Timișoara and Constanța offer lower entry points with stronger yield profiles.

Վարձակալության եկամտաբերությունը և եկամտի ներուժը

Gross rental yields in Romania remain attractive by European standards, though they vary significantly by city and asset type. As of Q1 2026, average gross yields by city are as follows: Bucharest averages 7.52% gross (with mass-market neighborhoods like Titan, Berceni, and Militari reaching 6.0–7.1%). Constanța averages 6.37%, Brașov 5.81%, Timișoara 5.44%, and Cluj-Napoca 4.41% — compressed by the city’s premium pricing. Galați offers the highest gross yields nationally at approximately 8.09%.

Net yields typically trail gross figures by 1.5–2.0 percentage points after accounting for property taxes, maintenance, vacancy, and management costs. Multi-bedroom apartments in high-demand Bucharest neighborhoods can achieve gross yields approaching 8%, particularly in the mass-market segment.

For investors evaluating Romanian property purely on income potential, the combination of moderate entry prices and strong rental demand — driven by urbanization, limited mortgage penetration, and a young professional workforce — creates a fundamentally different profile from saturated Western European markets.

Foreign ownership rules and transaction costs

Under Romanian law (Law 312/2005 and Article 44 of the Romanian Constitution), non-EU nationals can own buildings and apartments directly. However, they cannot own land directly. To control the land beneath a property, non-EU investors typically use one of two structures: a superficies right (a long-term right to use the land, typically 49–99 years) or a Romanian company that holds the land title while the investor owns the company.

EU and EEA nationals can own land under reciprocity conditions, which have been progressively liberalized since Romania’s EU accession in 2007.

Գործարքի ծախսեր

Total round-trip transaction costs in Romania range from approximately 5.4% to 9.2%, which is moderate by Western European standards. The key components break down as follows: notary fees run 0.44–2.20% (paid by the buyer), land registration is 0.15% for individuals, and the seller pays a transfer tax of 1% if the property was held more than three years or 3% if held three years or less. Buyer-side total costs generally fall in the 1.5–3.2% range, while seller-side costs reach 5–9% including agent commissions.

For guidance on structuring property acquisitions through a corporate entity, see our բիզնեսի գրանցում և անշարժ գույք ռեսուրսներ:

Tax regime for non-resident property investors

Romania’s tax regime for non-resident property investors is relatively straightforward and, by EU standards, investor-friendly.

Վարձակալության եկամուտ

Non-resident individuals pay 10% income tax on 80% of gross rental income (a 20% lump-sum deduction is applied automatically). This produces an effective tax rate of 8% on gross rental receipts. The 20% flat deduction replaces itemized expense claims — actual expenses above 20% are not deductible for individuals.

Capital gains on property sales

Capital gains tax is 1% if the property was held for more than three years, or 3% if held for three years or less. These rates are among the lowest in the EU and create a favorable exit profile for long-term investors.

Annual property taxes and 2026 changes

Base property tax rates are a minimum of 0.1% for residential property and 0.5% for non-residential property. Starting in 2026, a significant change applies: the notional property value base has been increased by 167% (from 1,000 to 2,677 lei/m² for concrete structures), which sharply raises effective holding costs even though headline tax rates remain the same. Additionally, a 0.9% surtax applies to properties valued above RON 2.5 million (approximately €500,000).

Tax residency and double taxation

Owning Romanian property does not by itself create tax residency. Tax residency is triggered by 183 or more days of physical presence in Romania within a calendar year, or by having one’s center of vital interests in Romania. Investors who spend fewer than 183 days remain non-residents for Romanian tax purposes.

Romania has approximately 90 double taxation agreements in force, including treaties with the United States, United Kingdom (a new convention took effect 1 January 2026), Israel, Russia, China, and the United Arab Emirates (fully ratified and active). For tax planning concepts applicable across jurisdictions, see our tax planning guide.

Active EU golden visa programs compared

With Romania’s program withdrawn, investors seeking EU residence through property investment have four active options as of April 2026.

No binding EU directive currently bans golden visa programs, though sustained pressure from the European Commission and Parliament since 2019 has contributed to program closures and tightening through anti-money laundering harmonization and enhanced due diligence requirements.

For investors exploring EU residence through investment, our team can advise on program selection across jurisdictions. See our guides to ներդրումային բնակության միջոցով և հատուկ բնակություն.

Alternative Romanian residency pathways

While the Golden Visa route is unavailable, Romania does offer several standard immigration pathways for foreign nationals. These include business-purpose residence permits (available to company directors and shareholders of Romanian entities), employment-based permits for those with Romanian work contracts, family reunification permits, and study-based residence. Romania also has a digital nomad visa program for remote workers. The general pathway to permanent residency requires five years of continuous legal residence, with citizenship available after eight years total.

For investors willing to establish and operate a Romanian business, the business-purpose residence permit combined with property ownership can provide both residency status and real estate exposure — without requiring the €400,000 investment threshold that was contemplated in the withdrawn Golden Visa draft.

Հաճախակի տրվող հարցեր

Հաջորդ քայլերը

Whether you are evaluating Romanian real estate as a standalone investment, exploring EU residency-by-investment options in active programs, or considering a business-purpose residence permit in Romania, our cross-border advisory team can coordinate property acquisition, corporate structuring, and immigration planning across jurisdictions.