Romania has taken a decisive step toward aligning with European standards for attracting foreign direct investment through the introduction of the “Golden Visa” Program, currently under public consultation in the Senate until November 13, 2025. Under the draft law, foreign nationals who invest at least €400,000 in Romania will be eligible for a five-year temporary residence permit, with the possibility of including family members and applying for citizenship after the period expires.

The initiative, analyzed by Dr. Radu Pavel, Managing Partner of the Romanian law firm Pavel, Mărgărit & Associates, establishes a robust legal and fiscal compliance framework designed to attract foreign capital while ensuring regulatory integrity. The legislation provides an exemption from Government Emergency Ordinance No. 194/2002 on the regime of foreigners in Romania and applies exclusively to non-EU, non-EEA, and non-Swiss nationals.

Eligible investment types include the purchase of Romanian government bonds, real estate acquisitions, investments in ASF-authorized funds, and share acquisitions in companies listed on the Bucharest Stock Exchange. The investment must be maintained for at least five years to preserve the residence permit.

The General Inspectorate for Immigration (IGI) and the Romanian Agency for Investment and Foreign Trade (ARICE) will oversee compliance and monitor investment performance. The Romanian Intelligence Service (SRI), Foreign Intelligence Service (SIE), and the National Office for Preventing and Combating Money Laundering (ONPCSB) will also participate in reviewing applications to ensure financial transparency and prevent security risks.

“The new measures aimed at stimulating foreign investment require rigorous implementation, which must be approached with great care to avoid legislative compliance gaps and prevent risks associated with the integrity of funds,” said Dr. Radu Pavel, Managing Partner at Pavel, Mărgărit & Associates.

The Golden Visa Program grants a five-year temporary residence permit without imposing a minimum annual stay requirement. After five years, investors may apply for permanent residence and, later, Romanian citizenship, under Law No. 21/1991. In case of early withdrawal of funds, the residence right may be revoked, unless replaced with an equivalent investment within 60 days.

Romania’s Golden Visa initiative is designed not only to attract foreign capital but also to foster local economic development through a transparent, investment-friendly framework. Its success will depend on consistent enforcement, due diligence, and coordination between public authorities and private stakeholders.