Romania Drafts Plans for a €400,000 Golden Visa Program

Romania has drafted legislation to launch its own Residency by Investment Program, a move that would place it among a growing number of countries offering a pathway to residence for foreign investors. According to an analysis of the draft law, the program would grant non-EU citizens a five-year, renewable residence permit in exchange for a minimum investment of €400,000.

Eligible Investment Avenues

The proposal outlines four distinct pathways for applicants to qualify:

• Government Bonds: Purchasing Romanian government bonds with a minimum five-year maturity.
• Real Estate: Acquiring property valued at €400,000 or higher.
• Investment Funds: Investing in funds authorized by the Financial Supervisory Authority (ASF).
• Corporate Shares: Buying shares in Romanian-listed companies.

A key requirement is that the investment must be maintained throughout the entire five-year validity period of the permit.

Legislative Process

Before becoming law, the draft proposal must pass through Romania's bicameral parliament. The bill is expected to start in the Senate before proceeding to the Chamber of Deputies for a final vote.

Key steps include:

• Review and potential amendment by parliamentary committees.
• Sequential votes in both the Senate and the Chamber of Deputies.
• A potential constitutional review to ensure compliance with EU and national law.
• Final approval from the President and publication in the Official Gazette.

Only after this process would relevant ministries establish the detailed application procedures and due diligence protocols for the program.

Pathway to Citizenship and Legislative Hurdles

A significant long-term benefit outlined in the draft is access to Romanian citizenship. The proposal states that participants gain “access to permanent residency after five years and the possibility of applying for Romanian citizenship.” However, the timeline is ambiguous, leaving it unclear if investors can apply immediately after five years or must first obtain permanent residency.

The proposal must now navigate Romania’s full legislative process, which includes review by both the Senate and the Chamber of Deputies, potential scrutiny from the Constitutional Court, and final presidential promulgation.

Notably, the proposed residence permit would have no minimum annual stay requirement, allowing investors to retain their status without living in the country. All applicants will be subject to strict due diligence, including checks on fund origins and consultations with Romanian intelligence and anti-money laundering authorities.

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