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.
