Golden Visa for Investors: Romania Prepares Its Own Residency Program

Photo: Profit.ro

Romania is discussing the launch of a Golden Visa program that would allow foreign investors to obtain a five-year residence permit in exchange for investments in the national economy. The initiative is currently under legislative review and is expected to become a new tool for attracting capital from non-EU countries, reports Profit.ro.

Under the proposal, third-country nationals will be eligible for a Romanian residence permit if they invest at least €400,000. The funds must remain in Romania for the entire duration of the residence period, though physical presence in the country will not be mandatory. Investors may also include family members in their applications. After five years, they will be able to apply for permanent residency and citizenship under Law No. 21/1991.
The draft legislation outlines four eligible investment categories:

- Government bonds with a maturity of at least five years;
- Real estate;
- Investment funds registered in Romania and approved by the Financial Supervisory Authority (ASF);
- Shares of Romanian companies listed on the stock exchange.

Strict due diligence and source-of-funds verification are included in the bill. Applicants must prove the legal origin of their capital, have no sanctions or criminal background, and not pose a threat to national security. Before a residence permit is issued, each case will undergo a background check by Romania’s security services.

Currently, foreign nationals can obtain long-term residency through employment, business activity, studies, or religious and research purposes. The Golden Visa proposal comes as several other EU countries are shutting down or restricting similar schemes.



In recent years, the European Commission has urged member states to phase out citizenship and residency-by-investment programs, warning that they often enable corruption and money laundering.

In 2024, Portugal removed real estate and bank deposits from eligible investments to ease housing market pressure. Spain fully closed its Golden Visa program in 2025. Malta no longer grants citizenship by investment but retains a citizenship-by-merit option.

Meanwhile, Greece continues to issue residence permits but raised the minimum investment from €250,000 to €400,000 — and in major cities and islands like Thessaloniki, Mykonos, and Santorini, the threshold now reaches €800,000.

Other EU programs vary:
- Italy offers a two-year residence permit for investments starting from €250,000 in startups or €2 million in government bonds;
- Hungary reinstated its Golden Visa in 2024, offering 10-year residency for €250,000 in real estate funds;
- Cyprus requires a minimum of €300,000 and enforces strict source-of-funds audits, with several investors already stripped of their status for violations.



The preparation of Romania’s Golden Visa coincides with one of the country’s most challenging fiscal periods in years. In 2024, the budget deficit reached 9.3% of GDP, the highest among EU states. The consolidated budget for the first seven months of 2025 showed a deficit of 76.44 billion lei (€15.1 billion), compared to €14.0 billion a year earlier.

The European Commission expects the deficit to narrow to 8.6% of GDP in 2025 and 8.4% in 2026, but warns that Bucharest’s measures are insufficient. Consequences could include higher borrowing costs, credit rating downgrades, and even suspension of EU fund disbursements.

Prime Minister Ilie Bolojan’s government has pledged to stabilize the economy by cutting public spending, reducing the number of civil servants, and raising taxes — steps that have already sparked union protests and fears of mass demonstrations. The Constitutional Court has approved some reforms, such as corporate governance and healthcare restructuring, though other measures, including judicial pension changes, have been postponed.

According to government estimates, the reforms could yield 0.6–0.7% of GDP in 2025 and over 2.5% by 2026. The IMF deems these targets achievable if measures are implemented rigorously, but warns of risks linked to weak growth and rising public debt.
In this context, the Golden Visa initiative appears to be a move to attract new capital inflows — a short-term measure rather than a structural solution. Building long-term investor trust may prove difficult amid fiscal uncertainty and rising domestic discontent over living costs.