Romania has drafted a Romania Golden Visa–style route: a five-year renewable residence permit for non‑EU investors who commit at least €400,000, with no minimum stay requirement, subject to maintaining the investment.
Eligible assets reportedly include Romanian government bonds (≥5‑year maturity), real estate (held ≥5 years), ASF‑authorised investment funds, and shares of Romanian listed companies.
The bill sits in a tighter EU context as Spain moves to scrap real-estate golden visas and Portugal repurposes its regime, creating demand for new alternatives.
Expect strict source‑of‑funds, sanctions, criminal record, and national‑security vetting, aligning with EU‑wide scrutiny of investment migration.
After five years of legal residence, investors and families could apply for permanent residency or citizenship under existing Romanian law, per initial reporting.
Romania's proposed residency by investment at €400,000 could become one of Europe's most flexible options: a five‑year renewable residence with no stay requirement, diversified qualifying assets, and robust compliance. For investors and advisors, getting documentation, source‑of‑funds, and structuring ready now can accelerate filings once enacted.
Table of Contents
- Overview: Romania's Draft €400,000 Residency-by-Investment Program and Why It Matters
- Eligible Investments: Government Bonds, Real Estate, ASF‑Authorised Funds and Listed Shares
- Permit Mechanics: A Renewable Five‑Year Residence with No Mandatory Physical‑Stay and Investment Maintenance
- Compliance and Due Diligence: Source‑of‑Funds, Sanctions Screening and National‑Security Vetting
Overview: Romania's Draft €400,000 Residency-by-Investment Program and Why It Matters
Romania has proposed a new residency-by-investment framework that would grant non‑EU nationals a renewable five‑year residence permit in exchange for a minimum investment of €400,000, with no mandatory physical-stay requirement so long as the qualifying investment is maintained during the permit term. Early reporting indicates that qualifying assets would include Romanian government bonds (≥5‑year maturity), real estate (held ≥5 years), ASF‑authorised funds, and shares of companies listed in Romania.
After five years of legal residence, investors and their families could apply for permanent residency or Romanian citizenship under existing law, according to initial coverage. Note that the measure remains a draft and details may change before enactment.
For clients evaluating EU options, you can also review our guides to residency, citizenship, and broader investment planning to align international mobility with asset strategy.
Residency-by-Investment Program and Why It Matters
Romania's proposal arrives as the EU investment‑migration landscape shifts. Spain has moved to scrap golden visas linked to real‑estate investment, while Portugal is redirecting its regime to support housing and migration policy objectives after raising about €7.3 billion since 2012. Against that backdrop, a Romania Golden Visa‑style route with a five‑year renewable permit, €400,000 threshold, diversified asset classes, and no stay requirement could fill a growing demand for alternative EU residency by investment.
Investor mobility remains global: more than 100 countries now run some form of residency‑ or citizenship‑by‑investment program. Romania's draft scheme, if enacted, would likely appeal to time‑poor executives seeking a European foothold without relocation, provided they can document clean source‑of‑funds and pass enhanced checks.
Eligible Investments: Government Bonds, Real Estate, ASF‑Authorised Funds and Listed Shares
Government Bonds
According to the draft outline reported publicly, one route is a minimum €400,000 allocation to Romanian government bonds with at least five years to maturity, held throughout the permit term. This channel aligns investor horizons with Romania's medium‑term financing and gives authorities a transparent, on‑shore instrument to verify and monitor the qualifying asset.
Real Estate
Real estate is also covered: a qualifying €400,000 investment must be held for at least five years, per current reporting. Final regulations should clarify eligible property types, valuation methods, and encumbrance rules. Law firms should be ready with valuation standards, title and lien checks, and AML‑compliant escrow flows for acquisitions.
ASF‑Authorised Funds and Listed Shares
The draft reportedly includes investments in ASF‑authorised funds (i.e., supervised by Romania's Financial Supervisory Authority) and purchases of shares in Romanian listed companies as qualifying assets at the €400,000 threshold. This adds regulated, market‑based avenues that can suit portfolio investors once custody, brokerage, and reporting pathways are mapped.
At‑a‑Glance: Investment Routes (Based on Draft Reporting)
| Asset Class | Qualifying Rule | Indicative Holding | Notes |
|---|---|---|---|
| Government bonds | ≥ €400,000 in Romanian sovereign bonds | ≥ 5 years (bond maturity ≥ 5 years) | Transparent, on‑shore instrument |
| Real estate | ≥ €400,000 in Romanian property | Hold ≥ 5 years | Expect valuation/title checks |
| ASF‑authorised funds | ≥ €400,000 in ASF‑regulated funds | Maintain during permit term | Custody/reporting to be set by rules |
| Listed shares | ≥ €400,000 in Romanian listed equities | Maintain during permit term | Brokerage/KYC needed |
All parameters above reflect reporting on the draft bill and may change upon enactment.
Permit Mechanics: A Renewable Five‑Year Residence with No Mandatory Physical‑Stay and Investment Maintenance
The proposed permit would be valid for five years and renewable, with no minimum physical‑stay requirement. The key ongoing condition is that the qualifying €400,000 investment be maintained throughout the residence period. As reported, after five years of legal residence, beneficiaries could apply for permanent residency or citizenship under Romania's existing legal framework.
What We Know vs. To‑Be‑Defined (TBD)
- Known (draft): €400,000 minimum; asset classes; five‑year renewable permit; no stay requirement; maintain investment.
- TBD at enactment: application workflow, state fees, dependants' definitions, switching between assets, tax treatment, and exit/transfer rules.
Tax planning should be addressed early to avoid unintended residence or withholding consequences as you structure holdings. For context on tax planning approaches, see our overview of tax considerations and business setup strategy.
Compliance and Due Diligence: Source‑of‑Funds, Sanctions Screening and National‑Security Vetting
Applicants will need to demonstrate the lawful origin of funds with enhanced documentation, consistent with EU practice for investment migration. Reporting indicates robust checks covering AML/KYC, source‑of‑funds, and criminal records.
Source‑of‑Funds Documentation Playbook
- Map the provenance: income, dividends, capital gains, business sale, inheritance or gifts, with contracts and bank statements linking funds end‑to‑end.
- Prepare audited financials or tax returns corroborating accumulation and remittance paths where applicable (jurisdiction‑specific).
- Use regulated escrow/custody channels to evidence clear flows into the Romanian qualifying asset.
- Anticipate translation/apostille requirements for foreign documents (to be set in regulations).
Sanctions Screening and National‑Security Vetting
Expect sanctions screening, criminal background checks, and national‑security vetting as part of the process—reflecting heightened EU scrutiny of investment migration programs. Policymakers have signaled tougher standards across Europe in recent years.
Law‑Firm Compliance Checklist
- Sanctions and PEP screening across global and EU lists; document results and refresh cycles.
- Criminal record certificates and court‑records searches in all countries of residence (scope to be specified).
- Adverse‑media and source‑of‑wealth narratives aligning with bank‑grade standards.
- Investment monitoring to ensure continuous eligibility (e.g., bond maturity, asset valuation tests if prescribed).
How to Prepare Now (Before Enactment)
- Confirm investor profile fit and risk appetite for each asset class; pre‑screen for sanctions and PEP exposure.
- Assemble source‑of‑funds files with primary documents and bank trails; pre‑translate where feasible.
- Line up regulated intermediaries (custodian, broker, notary, valuation) for the preferred route.
- Draft family coverage plans and exit strategies compliant with expected five‑year holding.
If you need a coordinated plan across residency by investment, long‑term citizenship aims, and portfolio structuring, our team can help you bridge legal, financial, and compliance workstreams. Explore our guidance on residency pathways and citizenship planning, then contact us to begin.
Conclusion
Romania's draft Romania Golden Visa—€400,000 into bonds, real estate, ASF‑authorised funds, or listed shares—offers a five‑year renewable residence with no stay requirement, meeting pent‑up demand as other EU regimes tighten. With strong source‑of‑funds and security vetting expected, early readiness on documentation, structuring, and ongoing compliance will position investors to move quickly once the law is enacted. For a tailored plan, contact us.
Frequently Asked Questions
What is the Minimum Investment for Romania's Draft Residency-by-Investment?
€400,000, according to the reported draft proposal.
Which Assets Qualify Under the Draft?
Romanian government bonds (≥5‑year maturity), real estate (held ≥5 years), ASF‑authorised funds, and shares of Romanian listed companies, per initial reporting.
Is There a Minimum Physical-Stay Requirement?
No. The reported draft provides a five‑year renewable residence with no mandatory stay requirement, provided the investment is maintained.
Can This Lead to Permanent Residency or Citizenship?
Reporting suggests that after five years of legal residence, investors and families could apply for permanent residency or Romanian citizenship under existing law.
How Does Romania's Proposal Compare to Other EU Programs?
It would add a flexible, five‑year renewable residency by investment with diversified assets and no stay requirement, at a time when Spain is scrapping real‑estate golden visas and Portugal is repurposing its regime.
At a glance
- Romania’s €400,000 Golden Visa bill (B490/2025) was withdrawn in December 2025 after a negative assessment by the Supreme Council for National Defence (CSAT). No law was enacted.
- Romania became a full Schengen member on 1 January 2025, making Romanian residence permits more valuable for mobility across Europe.
- Active EU alternatives include Greece (from €250,000), Portugal (fund-based from €500,000), and Hungary.
- Romania’s flat 10% personal income tax and existing business-visa routes under OUG 194/2002 remain available.
- Standard path to Romanian citizenship takes 8 years of continuous legal residence, not 5.
What happened to Romania’s Golden Visa bill
Romania’s proposed Golden Visa programme never became law. Senate bill B490/2025, registered on 14 October 2025 by the PNL party, would have created a residency-by-investment route for non-EU nationals willing to commit at least €400,000 in Romanian assets. The bill was withdrawn by PNL in December 2025 following a negative assessment from CSAT, Romania’s Supreme Council for National Defence.
No law number was assigned, no implementing regulations were issued, and no government agency was designated to administer the programme. As of May 2026, there is no active Golden Visa statute in Romania and no confirmed replacement bill has been filed in Parliament.
This article preserves the details of the original proposal for reference and explains what viable alternatives exist for investors interested in Romanian residency, EU mobility, and the country’s favourable tax environment.
What the €400,000 draft bill proposed
The withdrawn bill envisioned a five-year renewable residence permit for non-EU investors who placed at least €400,000 in one of four qualifying Romanian asset classes. No minimum physical-stay requirement was included — applicants would only need to maintain the qualifying investment for the duration of the permit.
The proposed asset classes, as recorded in the Senate filing, were:
| Asset class | Minimum | Holding requirement |
|---|---|---|
| Romanian government bonds | €400,000 (maturity ≥ 5 years) | Duration of permit |
| Real estate | €400,000 | Hold ≥ 5 years |
| ASF-authorised investment funds | €400,000 | Duration of permit |
| BSE-listed company shares | €400,000 | Hold ≥ 5 years |
These parameters reflect the Senate filing only. No law was enacted and no implementing regulations were issued.
The bill also referenced enhanced due diligence requirements including source-of-funds documentation, sanctions and PEP screening, criminal background checks, and national-security vetting by Romanian intelligence services (SRI and SIE) and the anti-money-laundering office (ONPCSB).
Why the bill was withdrawn
CSAT’s negative assessment was the decisive factor. Romania’s national security council evaluates proposed legislation that could affect state security, and investment-migration programmes have drawn particular scrutiny across the EU. The 2025 CJEU ruling against Malta’s citizenship-by-investment programme reinforced the trend toward tighter controls on residency-for-sale schemes at the EU level.
Rather than amend the bill to address CSAT’s concerns, PNL chose to withdraw it entirely in December 2025. Whether a revised version or a new bill will emerge remains uncertain. Investors who were waiting for this programme should consider the active alternatives described below.
Romania’s Schengen membership and mobility benefits
Romania became a full Schengen Area member on 1 January 2025, with air and sea border controls lifted from 31 March 2024 and land borders following on 1 January 2025. This makes Romanian residence permits significantly more valuable for international mobility.
Third-country nationals holding a valid Romanian residence permit can travel visa-free within the Schengen Area for up to 90 days in any 180-day rolling period — the same mobility benefit offered by Greek, Portuguese, or any other Schengen-member residence permit. No separate Schengen visa is required.
For investors exploring European options, this puts Romania on equal footing with established programmes in terms of travel rights, while offering a lower cost of living and a flat 10% income tax rate.
Active paths to Romanian residency
While there is no Golden Visa, Romania does offer residency through business investment under its existing aliens’ law (OUG 194/2002). These routes require active business involvement rather than passive capital placement, but they provide a legal path to residence and eventually to permanent residency and citizenship.
The most common business structures used by foreign investors are the SRL (limited liability company) and the SA (joint-stock company). An SRL can be established with minimal share capital, while an SA requires a higher capitalisation and is suited for larger ventures. Both routes can lead to a temporary residence permit tied to the business activity.
For investors looking at combining residency with cross-border structuring, we provide guidance on residency by investment, business registration, and tax planning in Armenia as part of a multi-jurisdiction strategy.
How Romania compares with active EU Golden Visa programmes
With Romania’s Golden Visa bill withdrawn, investors comparing EU residency-by-investment options should focus on the programmes that remain active. The landscape has shifted significantly since 2024.
| Country | Status | Investment threshold | Key notes |
|---|---|---|---|
| Greece | Active | €800,000 (prime areas), €400,000 (other), €250,000 (renovation) | Tiered since Sep 2024; min 120 m²; high processing backlog |
| Portugal | Active (non-RE) | €500,000 (qualifying funds), €250,000 (cultural/artistic) | Real estate route removed Oct 2023; fund and job-creation routes remain |
| Hungary | Active | Varies by route | Active residency-by-investment programme |
| Spain | Ended (RE route) | N/A | Real estate Golden Visa terminated 3 April 2025 (Organic Law 1/2025) |
| Romania | Withdrawn | €400,000 (proposed, never enacted) | Bill B490/2025 withdrawn Dec 2025 after CSAT veto |
For clients already holding residency in another jurisdiction and looking to diversify, Armenia offers temporary and permanent residence permits alongside a competitive tax environment and straightforward business registration process.
Tax treatment for Romanian residents and non-residents
Romania applies a flat 10% personal income tax rate for both residents (on worldwide income) and non-residents (on Romanian-source income only). Tax residency is triggered by the 183-day physical presence test within any 12-consecutive-month period, or by establishing a centre of vital interests in Romania.
An investor who holds Romanian residency but does not physically reside in the country (i.e., does not meet the 183-day threshold and has no centre of vital interests there) would generally not be considered a Romanian tax resident. This means they would only be taxed on income sourced within Romania.
Romania does not have a non-domicile or remittance-basis tax regime. Capital gains are taxed at the standard 10% flat rate for residents. Romania maintains double-tax treaties with numerous countries including the United States, United Kingdom (new treaty effective 1 January 2026), UAE, Israel, and Singapore, which can reduce withholding rates on cross-border payments.
For investors considering a multi-jurisdiction approach, comparing Romania’s 10% flat tax with Armenia’s tax environment can be valuable. See our guide to taxes in Armenia for details.
Path to permanent residency and Romanian citizenship
Permanent residency in Romania requires continuous legal residence with compliance with absence limits — it is not automatic after a set number of years. Applicants must demonstrate they have maintained lawful and uninterrupted residence.
The standard path to Romanian citizenship under Citizenship Law No. 21/1991 requires 8 years of continuous legal residence, not 5 as is sometimes reported. The 5-year route is available only to spouses of Romanian citizens. There is also a reported fast-track option for investors making significant economic contributions (approximately €1 million), which may reduce the timeline, though specific conditions should be confirmed with Romanian immigration counsel.
A Romanian passport provides visa-free or visa-on-arrival access to a wide range of countries and full EU freedom of movement. For investors who also hold Armenian citizenship, this creates a powerful dual-citizenship combination for global mobility.
Due diligence and compliance considerations
Even though the Golden Visa bill was withdrawn, the due diligence standards it referenced reflect broader EU expectations that apply to any investment-migration pathway. Investors pursuing Romanian business residency should prepare for the same level of scrutiny.
Key preparation steps include mapping the full provenance of investment funds with contracts and bank statements, preparing audited financials or tax returns, conducting sanctions and PEP screening against global and EU lists, assembling criminal record certificates from all countries of residence, and lining up regulated intermediaries such as custodians, brokers, and notaries.
Anticipate translation and apostille requirements for foreign documents. If you need help structuring a compliant application across multiple jurisdictions, our team can coordinate the legal, financial, and documentation workstreams.
