Romania is preparing to introduce a “Golden Visa” program that would grant long-term residence permits to wealthy foreign investors from outside the European Union, in exchange for substantial investments in the country’s economy.
According to a draft law reported by Profit.ro, the proposed “Program for Residence through Investment,” as it will be officially called, would allow third-country nationals to obtain a renewable five-year residence permit by investing at least €400,000 in Romania.
At the same time, the first period of time is enough for investors to be able to apply for Romanian citizenship if they don’t want to renew the visa.
Eligible investments would include government bonds, real estate, Romanian investment funds, or shares in companies listed on the Bucharest Stock Exchange.
In other words, in theory, you could buy a house in Romania, put the remaining amount up to 400,000 in the stock market (most Romanian companies pay hefty dividends, too!) and enjoy your new life.
Applicants would be required to prove the legality of their funds, have a clean security record, and not appear on international sanctions lists.
Before approval, every case would undergo a vetting process involving Romania’s intelligence services (SRI and SIE) and the National Office for Preventing and Combating Money Laundering (ONPCSB), among other agencies.
The draft law’s purpose is to attract foreign investment and stimulate Romania’s economy. While I agree that it will do just that, I am sure that a retirement visa would end up producing even more money, long-term, for the country.
Romania’s proposal follows the example of other EU member states, including Greece, Spain, Portugal, Italy, and Hungary, which have implemented comparable residence-by-investment programs over the past decade.
Greece, for instance, has issued over 9,000 Golden Visas since launching its scheme in 2013, attracting more than €2.6 billion in foreign investment. Portugal attracted more than €7.3 billion (although most “investments” were in residential properties).
Under current Romanian law, foreign nationals can already obtain long-term residence for work, business, study, religious activity, or family reunification – but the process is difficult. You can read about it in my previous articles:
- How to Get a Residence Permit in Romania
- Want to Work in Romania? Read This First
- Registration of Residence for EU / EEA citizens
The new Golden Visa scheme, however, would specifically target high-net-worth individuals seeking residency through investment – making it a first for the country, even though I would say that the Romanian digital nomad visa is similar (although pointless, since it allows you such a short stay).
If passed, Romania’s program could place the country among the few remaining EU states still open to “investment migration” schemes, after nations like Portugal and Ireland began phasing theirs out under pressure from the European Commission.
It would also make Romania the most affordable for such an opportunity, as all the other European countries require amounts starting at €500,000.
So if this law does go into effect, there will be more options for rich individuals to make Romania their home. With rising housing prices, it will be interesting to see if this will boost them even higher (I personally don’t think so, but you can never know).
Like many of you, I’m still waiting to bring the news of a retirement visa instead…
Having lived in Romania for over 4 decades, I am here to tell you everything about this beautiful country. I hold a bachelor’s degree in Journalism, I love traveling and I’ve been writing about Romania since 2013. Currently living in Constanta.
This is very interesting. You say that investing in Romanian government bonds would satisfy the 400,000€ requirement. Romanian bonds are paying relatively high interest rates right now. I was looking at a Eurobond issued by Romania that matures in 2036 and pays a coupon rate of 5.63% but yields 5.98% because it sells at a discount price of 977.46€.
Romanian bonds are somewhat of a gamble these days. The question is whether Romania might default before that maturity date. Its current national debt as a percent of GDP is relatively low at 54% (the USA is at 125%). So maybe I will buy a few bonds. As a EU citizen though, there is no need for me to buy 400,000€ worth of bonds!
I don’t think there’s any risk of defaulting at this point – the fiscal reforms are ongoing, and (unfortunately for us) they will probably raise taxes even more to cover the deficit. But I agree that Romanian bonds (including the Romanian stock market) are riskier than others… but probably that’s where the good performance comes from too.
For somebody with 400,000€ on hand, putting everything in Bonds, for example, at the rate you shared, would return around 1,875€ per month, which would be enough to cover living costs. Interesting for sure!