Another European Country Proposes Golden Visa for Foreigners

Romania is moving toward launching its first Residency-by-Investment scheme that would offer a renewable five-year residence permit to non-EU nationals in return for a minimum €400,000 investment, according to draft legislation reviewed by Profit. Ro.

Four eligible investment routes

The proposal outlines four investment options, all with a required minimum value of €400,000 and a mandatory five-year holding period:

• Romanian government bonds (minimum 5-year maturity)
• Real estate purchases, retained for at least five years
• Investments in ASF-regulated investment funds
• Stock purchases in companies listed on the Romanian exchange

The permit would not impose a minimum physical stay requirement, meaning investors could keep residency status without living in Romania.

Screening, compliance, and family inclusion

Applicants would need to:

• Prove the legal source of funds
• Clear national security and anti-money-laundering checks
• Avoid inclusion on international sanctions lists

Security clearance would involve the Romanian Intelligence Service (SRI), Foreign Intelligence Service (SIE), and the ONPCSB money-laundering watchdog.
Family members could be included under the same permit.

Path to permanent residency and citizenship unclear

The draft says participants would gain access to permanent residency after five years and could apply for citizenship “under the terms of Law 21/1991.”
However, the text is ambiguous about whether:

• They may apply for citizenship immediately after holding the visa for five years, or
• They must first obtain permanent residency and then wait longer.

Standard Romanian naturalization requires eight years of residence, reduced by up to three years for applicants with significant economic, cultural, or civic contributions.

Legislative path ahead

The proposal — drafted by the government — must still pass full parliamentary procedure:

• Likely starts in the Senate, then moves to the Chamber of Deputies as the decision chamber
• Economic, Legal, and National Security committees will debate and amend the text
• Both chambers must vote; the Constitutional Court may review it
• Upon final approval, the President has 20 days to sign or return it for re-examination
• After promulgation, the Interior and Finance ministries would issue implementing rules and due diligence protocols

Part of a wider 2025 global surge in investor visas

Romania’s plan joins a wave of new or expanded Golden Visa launches in 2025:

• Maldives: $250,000 property-based investor visa announced in July
• United States (Trump administration): Gold Card Suite (US$1–5M tiers) — pre-launch
• Kazakhstan, Uzbekistan: Launched RBI programs this year at $300,000 and $250,000
• UAE: Expanded Golden Visa to include philanthropy endowment contributors in October