Romania is considering a Residency by Investment Program that would grant non-EU citizens a five-year renewable residence permit in exchange for a minimum investment of 400,000 euros, according to Profit.ro, who claim to have analyzed the draft law.
The draft legislation reportedly outlines four eligible investment categories:
- Purchase of Romanian government bonds worth at least 400,000 euros with a minimum five-year maturity
- Acquisition of real estate valued at 400,000 euros or higher, maintained for at least five years
- Investments of 400,000 euros or more in Financial Supervisory Authority (ASF)-authorized investment funds
- Purchase of shares in Romanian-listed companies worth a minimum of 400,000 euros
The program would require that investors maintain their chosen investment throughout the entire five-year permit validity period. The proposed residence permit would carry no minimum annual stay requirement in Romania, allowing investors to retain their status without physically residing in the country.
Applicants would need to prove the legal origin of their funds, avoid placement on any international sanctions lists, and pass security risk assessments.
Romanian authorities would mandate consultations with the Romanian Intelligence Service (SRI), the Foreign Intelligence Service (SIE), and the National Office for the Prevention and Combating of Money Laundering (ONPCSB) before issuing permits.
Investors would also be able to include family members under the same permit.
The draft law indicates that participants would gain “access to permanent residency after five years and the possibility of applying for Romanian citizenship, under the terms of Romanian Citizenship Law no. 21/1991,” though the precise timeline for citizenship eligibility remains ambiguous in the proposal.
The language leaves uncertain whether Golden Visa holders could apply for citizenship immediately upon completing five years of residence or whether they would first need to obtain permanent residency status before becoming eligible to apply for naturalization.
Standard Romanian citizenship law requires eight years of legal residence for naturalization, though this period can be reduced by up to three years for applicants who demonstrate active participation in economic life, relevant educational achievements, cultural contributions, human rights promotion, social commitment, or voluntary work.
Legislative Process
The government-drafted proposal must navigate Romania’s bicameral legislative process before becoming law:
- The bill would likely begin in the Senate before moving to the Chamber of Deputies as the decision chamber, given its subject matter involving residence, citizenship, and investment policy
- Parliamentary committees would review the draft first. Economic Affairs, Legal, and National Security committees would examine the proposal and invite experts and government representatives to debate and potentially amend the text
- Both chambers would vote on the legislation in sequence. The Senate would conduct the initial review and vote, and the Chamber of Deputies would deliver the final legislative decision
- The Constitutional Court could review the law before it takes final form if members of parliament or certain institutions request a compliance check, a probable step given the program’s implications for EU law, residence rights, and security screening procedures
- After parliamentary approval, the President of Romania would have 20 days to sign or return the bill for re-examination, though the President cannot permanently veto legislation that passes a second parliamentary vote
- The government would promulgate the law through publication in Romania’s Official Gazette. Relevant ministries, including Interior, Economy, and Finance, would then issue methodological norms detailing application procedures, fees, due diligence protocols, and monitoring requirements
Romania’s proposal joins a wave of new investor residence programs countries launched in 2025. The Maldives announced its first investor visa program in July, requiring approximately $250,000 in property investment.
The Trump administration introduced the Gold Card Suite in February, offering permanent residence options ranging from $1 million to $5 million. Both the Gold Card and Maldives program remain in pre-launch stages without final regulatory frameworks.
Kazakhstan and Uzbekistan launched Golden Visa programs earlier this year, starting at $300,000 and $250,000, respectively.
The United Arab Emirates expanded its existing Golden Visa in October to include philanthropists supporting national endowments, making Romania’s proposal the fifth major residency by investment initiative in 2025.
