Romania has announced a new “Golden Visa” program offering five-year, renewable residency permits to foreign investors who commit at least €400,000 in the country.

This residency by investment in Romania – officially called the Residency by Investment Program – is designed to attract non-EU investors by providing a clear path to live in Romania and eventually gain EU benefits in return for significant economic investment. The proposal, reported in October 2025, marks a significant legislative move in Romanian investment immigration policy, aligning Romania with other countries that offer “golden” residence schemes. Below we outline the key features, legal framework, and advantages of Romania’s Golden Visa for prospective investors.

Key Features of Romania’s Golden Visa Scheme

Eligibility and Investment Requirements

The Golden Visa is open to non-EU/EEA citizens who make a qualifying investment in Romania of at least €400,000. To meet the eligibility requirements, applicants must also demonstrate a legal source of funds, have a clean security record, and not appear on international sanctions lists. Accepted investment options under the program include multiple avenues, all with a minimum threshold of €400,000:

• Government Bonds: Purchase Romanian government bonds with a minimum €400,000 value and at least 5-year maturity.
• Real Estate: Acquire real estate in Romania worth at least €400,000, and hold the property for a minimum of 5 years.
• Investment Funds: Invest at least €400,000 in an investment fund authorized by Romania’s Financial Supervisory Authority (ASF).
• Company Shares: Buy shares in Romanian companies listed on the stock exchange, with a minimum value of €400,000.

Applicants are subject to thorough due diligence by Romanian authorities. They must prove the money’s lawful origin and undergo vetting by agencies such as the Romanian Intelligence Service (SRI), the Foreign Intelligence Service (SIE), and the National Office for Preventing and Combating Money Laundering (ONPCSB) before any residency permit is issued. This robust screening ensures the program adheres to security and anti-corruption standards.

Residency Benefits and Path to Citizenship

Qualifying investors will receive a temporary residency permit valid for 5 years, which is renewable thereafter.

Importantly, this Golden Visa residency can include immediate family members (such as a spouse and children) on the same permit at the investor’s request.

After five years, investors become eligible for permanent residency and gain the possibility to apply for Romanian citizenship, subject to the standard legal conditions (such as those in the Romanian Citizenship Law).

Notably, the Golden Visa does not require a minimum stay in Romania each year – investors are not obligated to physically reside in-country for a set number of days annually.

However, maintaining the investment is mandatory for the entire period of the residency; if the investment is withdrawn early, the residency rights may be lost. This flexibility makes the Romanian program especially attractive to global investors who may not want to relocate full-time immediately, while still ensuring their capital contributes to Romania’s economy long-term.

Legal Framework and Legislative Changes

Romania’s Golden Visa represents a significant legislative update in the country’s immigration and investment law. The program is being introduced through a draft law in late 2025, signaling the government’s commitment to attracting foreign capital. Once enacted, this law will create a new category of long-term residency permit for investors, complementing the existing immigration pathways in Romania.

Current Law vs. New Investment Residency

Under current Romanian immigration law, foreign investors could obtain residency through a business investment visa, but the process has been quite stringent. For example, a foreign entrepreneur needed to present a detailed business plan, invest at least €100,000 in a Romanian limited liability company (or €150,000 in a joint-stock company), and create 10–15 new jobs within one year to qualify for a long-stay visa for commercial activities. These traditional routes require active business management and job creation. In contrast, the new Golden Visa program provides a more straightforward residency-by-investment option without the need to personally manage a business or generate a set number of jobs. By legislating a passive investment route, Romania is expanding its immigration framework to accommodate purely financial investments as a basis for residency. This shift reflects a concise legal innovation: it lowers administrative barriers for investors (no business plan or minimum job creation needed) while raising the investment threshold to ensure substantial economic input.

The Golden Visa law will integrate safeguards to comply with both national and EU standards. The mandatory involvement of SRI, SIE, and ONPCSB in vetting applicants embeds national security and anti-money laundering measures into the immigration process.

Moreover, by offering residency (not citizenship outright) in exchange for investment, Romania stays within EU norms – especially after the EU’s criticism of “golden passport” schemes that grant instant citizenship. The residency-by-investment approach, with an eventual path to citizenship after prolonged stay, is generally viewed more favourably by European regulators. Indeed, the legislative changes for Romania’s Golden Visa align with broader EU concerns: ensuring that investment immigration programs channel funds into productive sectors and uphold security. For instance, the Romanian program’s inclusion of government bonds, funds, and listed equities (and not just real estate) echoes EU recommendations to direct capital into business development rather than fuel real estate speculation. The careful design of Romania’s scheme likely draws lessons from other countries to avoid past pitfalls.

Advantages for Foreign Investors in Romania

The Romania Golden Visa scheme offers multiple advantages for international investors seeking an EU foothold:

• Strategic Access to the EU Market: Gaining residency in Romania grants investors a base in an EU member state, providing easier access to the entire European Union market of over 450 million consumers. Romania’s EU membership (and recent entry into the Schengen Area) means Golden Visa holders can travel freely across Europe for business or leisure, facilitating continental business expansion and networking.
• Pathway to EU Citizenship: The program’s design eventually enables investors to pursue Romanian citizenship after five years, which, once obtained, confers all the rights of an EU citizen. This long-term benefit – effectively a potential EU passport – is a key draw for investors looking for stability, mobility, and opportunity for their families. Few investments offer a chance at European Union citizenship, making Romania’s residency-by-investment especially compelling.
• Business Opportunities in a Growing Economy: Romania boasts one of the faster-growing economies in the EU, with expanding sectors like IT, manufacturing, and real estate development. By investing in Romania, foreign entrepreneurs and high-net-worth individuals can tap into local business opportunities and even benefit from Romania’s relatively competitive costs and skilled workforce. The Golden Visa encourages not just a financial transaction, but fosters deeper engagement with the Romanian market. Whether through government bonds (supporting public projects) or equity investments (fuelling companies), investors can contribute to and profit from Romania’s development.
• Flexibility and Convenience: Compared to traditional immigration routes, the Golden Visa is streamlined. Investors are not required to manage day-to-day business operations in Romania or meet strict physical presence rules. The no minimum stay requirement allows truly global investors to maintain their lifestyle and business interests across multiple countries while keeping Romanian residency active. Family inclusion on the same permit adds convenience for those wishing to relocate or secure options for their spouse and children. This flexibility, combined with professional support from local advisors, makes the process of obtaining residency by investment in Romania relatively straightforward.

In summary, Romania’s Golden Visa program is poised to become a valuable gateway to Europe for investors. It blends a hospitable immigration policy with strategic economic incentives, ensuring that both Romania and foreign investors stand to gain. The scheme reflects a modern approach to investment immigration – welcoming substantial foreign investments while safeguarding national interests through legal oversight.