21st October 2025
The Romania Golden Visa represents an opportunity for investors seeking access to EU Residency by Investment. The program is currently at the draft legislation stage. It aims to facilitate access to residency and, ultimately, Romanian citizenship for non-EU nationals.
According to sources, the program would offer a renewable five-year residence permit in exchange for a minimum investment of €400,000. Applicants would also have the option to include their family members under the same permit.
Romania has officially joined the ranks of countries offering Golden Visa programs.
This new update marks a significant shift, as Romania introduces its own residency-by-investment program, giving wealthy investors access to one of Europe’s most dynamic regions.
With this move, Romania is now in league with countries like Portugal, Greece, and Spain, known for their thriving Golden Visa initiatives. Investors can now explore new opportunities in Romania, gaining residency while enjoying the benefits of EU membership.
Romania’s Residency by Investment Program: A New Opportunity
Romania is launching a new residency by investment program in 2024, offering non-EU citizens a chance to secure a five-year renewable residence permit. In exchange for a minimum investment of €400,000, the program opens doors for individuals seeking to live in Romania while accessing its unique benefits. This new initiative is poised to revolutionise the way foreign investors engage with Romania, enhancing the country’s appeal as a prime destination for those looking to invest in real estate, bonds, or businesses. Let’s dive into how this program works and what it means for the global investment landscape.
Romania’s New Residency by Investment Program in 2024
Romania is set to introduce a residency by investment program, offering non-EU citizens a unique opportunity to obtain a renewable residence permit. To qualify, individuals must make a minimum investment of €400,000. This investment can take various forms, including purchasing Romanian government bonds, acquiring real estate, investing in authorized funds, or buying shares in listed Romanian companies. This program positions Romania as an attractive destination for global investors looking to secure residency in Europe. The program is part of a broader trend of countries introducing residency schemes designed to attract international capital.
Romania’s proposed residency program offers a clear path to legal residence without any minimum stay requirements in the country. Once an investor makes the necessary investment, they are eligible for a renewable five-year residence permit. This residence permit is a gateway to more significant opportunities, including permanent residency and, potentially, citizenship. The flexibility of the program makes it an appealing option for investors who are interested in gaining access to the European Union without the need for long-term physical presence in Romania.
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Golden Visa programs across Europe have been an attractive option for high-net-worth individuals looking to gain residency, and sometimes even citizenship, by making significant financial investments in various countries. These programs have allowed many people from outside the European Union (EU) to live, work, and study in some of the world’s most sought-after locations. However, by 2025, many European countries have made substantial changes or even discontinued their Golden Visa programs altogether. In this article, we’ll explore the key developments in Europe’s Golden Visa schemes, what’s driving these changes, and what it means for potential investors.
Portugal: The End of Real Estate Golden Visas
Portugal’s Golden Visa program has long been one of the most popular in Europe. Introduced in 2012, it allowed investors to acquire residency by purchasing property. The scheme proved highly successful, attracting thousands of individuals seeking a gateway into Europe. However, in 2023, Portugal announced a significant change to the program. As part of a broader effort to tackle the country’s housing crisis, the government decided to end the Golden Visa program for property investments. This decision came amid concerns that the influx of foreign buyers was driving up property prices and making it increasingly difficult for locals to afford homes.
While the real estate route has been closed, Portugal still offers alternative pathways to residency. Investors can now obtain a Golden Visa by investing in business, scientific research, or cultural projects. These changes aim to ensure that foreign investments contribute to Portugal’s long-term growth without further exacerbating the housing shortage. Portugal remains an attractive destination for many, offering stunning landscapes, a low cost of living, and a rich cultural heritage, making it an appealing choice for investors seeking new opportunities.
Greece: A Shift Towards Stricter Rules
Greece, a country known for its sun-soaked islands and ancient history, has also been a key player in the Golden Visa market. Launched in 2013, the Greek Golden Visa allowed individuals to acquire residency by investing in real estate. The scheme has been hugely popular, attracting foreign buyers from around the world. However, in 2024, the Greek government introduced stricter rules aimed at addressing concerns over housing affordability and the growing influence of foreign investors on the local property market.
The changes include an increase in the minimum investment required for property purchases in certain high-demand areas, now set at €500,000. Additionally, properties purchased through the Golden Visa program can no longer be rented out on short-term platforms like Airbnb. These rules are designed to ensure that foreign investment benefits the local economy while maintaining affordable housing for Greek citizens. Despite these changes, Greece remains an attractive option for Golden Visa seekers, offering a pleasant climate, stunning landscapes, and a unique blend of ancient and modern culture.
Spain: The End of an Era
Spain has long been a top destination for Golden Visa investors, thanks to its vibrant culture, beautiful beaches, and thriving economy. The country’s Golden Visa program, established in 2013, allowed non-EU nationals to gain residency by investing at least €500,000 in real estate. However, in 2024, the Spanish government decided to end the Golden Visa program for real estate investments. This decision came after a surge in foreign property purchases, particularly from non-EU buyers. In 2024, nearly 93,000 homes were bought by foreigners, a 6.4% increase compared to the previous year.
The government’s decision to close the property route was driven by concerns over rising property prices and the impact on local communities. Spain’s real estate market had become increasingly competitive, making it more difficult for locals to afford homes. While the property route is now closed, Spain still offers other residency options for entrepreneurs and investors, and the country’s rich cultural scene, Mediterranean climate, and high quality of life continue to make it an appealing destination for investors.
Malta: A Hard Hit for Golden Passport Schemes
Malta’s citizenship-by-investment program, often referred to as the “Golden Passport” scheme, has been a controversial but popular way for wealthy individuals to gain citizenship through significant financial contributions. However, in April 2025, the European Court of Justice ruled that Malta’s Golden Passport program violated EU law. The court’s decision highlighted the concern that such programs were essentially commercializing EU citizenship, which is meant to be based on a genuine connection to the country. The ruling resulted in the termination of Malta’s Golden Passport program.
While Malta’s citizenship-by-investment scheme has come to an end, the country still offers a residency program for investors. The Malta Permanent Residency Program (MPRP) requires a financial investment in the country and offers residency rights, including the ability to travel freely within the Schengen Area. This change signals a shift in EU policy regarding investor citizenship schemes and could have broader implications for other countries that offer similar programs.
Italy: A New Frontier for Residency Investment
Italy’s Golden Visa program is relatively new compared to some other European countries, but it has already attracted significant interest. Italy offers a residency-by-investment program where individuals can gain residency by investing in Italian companies, government bonds, or making charitable donations. The minimum investment amount starts at €500,000, and successful applicants can extend their residency permits, with the possibility of gaining citizenship after ten years.
Unlike some of its European neighbors, Italy has not yet closed its Golden Visa program. With its renowned culture, art, and cuisine, Italy remains an attractive destination for investors seeking an idyllic lifestyle in one of Europe’s most historic countries. Whether you are looking to invest in a business, buy property, or donate to cultural causes, Italy offers a range of residency options for those willing to make a significant financial commitment.
Hungary: Affordable Golden Visa Options
Hungary offers one of the more affordable Golden Visa programs in Europe, with investors able to gain residency by investing €155,000 in residential property. This investment grants a five-year residency permit, which can be renewed. After three years of continuous residence, investors can apply for permanent residency, and after seven years, they can apply for citizenship.
Hungary’s Golden Visa program is an attractive option for those looking for an affordable pathway to residency in Europe. The country offers a lower cost of living compared to many Western European nations, making it a popular choice for investors looking for a more budget-friendly option.
Latvia: One of the Cheapest Options for Investors
Latvia’s Golden Visa program is among the cheapest in Europe. For just €50,000, an investor can gain a five-year residency permit by investing in a Latvian company that pays at least €40,000 in taxes annually. After four years, this residency can be converted to permanent residency, and after ten years, applicants can apply for citizenship.
Latvia’s low cost of living, combined with its relatively low investment requirement, makes it an appealing option for investors seeking affordable residency options in Europe. The country offers a high quality of life, a strong economy, and access to the European Union’s internal market.
Cyprus and Bulgaria: Programs Suspended
Cyprus and Bulgaria were once popular choices for those seeking a Golden Visa. However, both countries have suspended their investor citizenship programs. Cyprus’s Citizenship by Investment program was suspended in 2020 following concerns over its integrity and misuse. Similarly, Bulgaria’s Golden Visa program was also suspended due to EU pressure and concerns over transparency.
While these programs have been halted, both countries still offer residency options for investors. Cyprus, for example, offers a Permanent Residency Program, while Bulgaria provides residency through investment in local businesses or government bonds. However, these options do not provide the same fast-track citizenship benefits as the previous programs.
The Nordic Countries and Other EU Nations: No Golden Visa
Unlike Southern European countries, many Nordic countries like Sweden, Norway, Denmark, and Finland do not offer Golden Visa programs. Their immigration policies tend to focus on skilled labor, humanitarian grounds, and family reunification. While these countries offer a range of residency permits, they do not have programs that allow foreign nationals to buy their way into residency through financial investment.
Similarly, countries like France, Germany, the Netherlands, and Belgium do not offer traditional Golden Visa programs. However, they provide various permits for entrepreneurs, investors, and skilled workers, allowing them to establish businesses or contribute to the local economy.
What Does the Future Hold for Golden Visas in Europe?
The landscape of Golden Visa programs in Europe is changing rapidly. As of 2025, many countries are reevaluating their programs due to concerns about rising housing prices, money laundering, and the commodification of citizenship. Some countries, like Portugal and Greece, are adjusting their programs to ensure that foreign investment benefits the local economy without exacerbating housing shortages. Others, like Malta and Cyprus, have had their programs shut down or suspended due to EU legal challenges.
Despite these changes, Golden Visa programs are still available in several European countries, offering investors the chance to gain residency and access to the European Union’s benefits. Investors looking to obtain a Golden Visa should stay informed about the latest developments and seek expert advice to navigate the ever-evolving landscape.
In 2025, the European Golden Visa market is undergoing a dramatic transformation. While some countries are tightening the rules, others are completely discontinuing their programs. The future of Golden Visas in Europe will likely be shaped by a balance between attracting foreign investment and protecting local communities. For investors, understanding these changes and the shifting political landscape is crucial in making informed decisions. Europe remains a land of opportunity, but the path to residency is becoming more selective, with new rules designed to ensure that investments benefit the broader society.
Investment Categories and How They Work
The residency by investment program offers four specific types of investments for applicants to choose from, all requiring an initial outlay of €400,000 or more.
• The first option is to purchase Romanian government bonds, with a minimum five-year maturity. This offers investors a low-risk investment that also contributes to Romania’s financial stability.
• Secondly, individuals can acquire real estate valued at €400,000 or more, with the condition of maintaining ownership for at least five years. This option provides investors with both a place to live and an opportunity to invest in Romania’s growing property market.
Another viable option for investors is to place €400,000 or more into financial supervisory authority (ASF)-authorized investment funds. These funds are a secure and diversified way to invest in the country’s economy, while also benefiting from the residency permit. Lastly, investors can opt to purchase shares in Romanian-listed companies. This offers direct exposure to Romania’s thriving business sector and provides a unique avenue for those interested in the country’s corporate landscape. Each of these options allows investors to gain legal residency while maintaining their investment over five years, offering a range of flexibility for various types of capital.
Key Requirements and Application Process
For anyone considering the program, the requirements are clear. Applicants must prove the legal origin of their funds to ensure transparency and avoid involvement in illicit activities. Additionally, the Romanian government requires that applicants pass security risk assessments to ensure they pose no threat to national security. To ensure compliance with international regulations, 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) are necessary steps before any residence permits are granted.
Investors interested in securing Romanian residency by investment should be prepared for thorough checks to ensure the legality of their investments and personal security. Once the application is approved, investors are not required to live in Romania, providing a level of flexibility rarely seen in other European residency programs. Family members of the primary applicant can also be included under the same permit, further enhancing the attractiveness of this program for those seeking to relocate their entire family.
Potential Path to Citizenship After Five Years
One of the most appealing aspects of Romania’s residency by investment program is the potential for future citizenship. After holding the five-year renewable residence permit, investors may be eligible to apply for permanent residency. Following this, they could apply for Romanian citizenship, though the exact timeline for citizenship eligibility is still uncertain. Romanian citizenship law typically requires eight years of legal residence, but this period can be reduced by up to three years for individuals who actively participate in the country’s economy, education, cultural activities, or voluntary work.
While the path to citizenship under the new residency program is not fully defined, the fact that investors can gain permanent residency and potentially apply for citizenship within a shorter time frame than usual makes the program particularly appealing. This is an important factor for those looking to establish long-term ties to the European Union while also enjoying the benefits of Romanian citizenship, such as free movement within the Schengen Area.
Romania’s Legislative Process: What’s Next?
The draft law for Romania’s residency by investment program will undergo a comprehensive legislative process before becoming law. The bill will likely be reviewed by Romania’s bicameral parliament, starting in the Senate and moving to the Chamber of Deputies for final approval. Parliamentary committees, including those focused on economic affairs, national security, and legal matters, will review the bill to ensure it meets all necessary legal and security requirements. The program’s impact on EU law, residence rights, and security protocols will be closely scrutinised to ensure compliance with broader European regulations.
Once the bill passes through parliament, it will be reviewed by the Romanian president, who has 20 days to either sign or return the bill for re-examination. If approved, the new law will be published in Romania’s Official Gazette, and the relevant ministries will issue detailed procedures for applying to the program. These steps ensure that the program is implemented effectively and in line with Romania’s national interests.
Global Trends: Investor Residency Programs Expanding in 2025
Romania’s residency by investment program joins a growing list of countries launching similar initiatives in 2025. Nations such as the Maldives, Kazakhstan, Uzbekistan, and the United Arab Emirates have all introduced or expanded investor visa programs, aiming to attract foreign capital while offering investors a pathway to residency and sometimes citizenship. For example, the Maldives’ investor visa program offers a more affordable entry point with a required property investment of around $250,000. Similarly, Kazakhstan and Uzbekistan’s Golden Visa programs start at $300,000 and $250,000 respectively, making them attractive alternatives to Romania’s program for those with different financial profiles.
Romania’s proposal adds to the growing trend of Golden Visa programs, positioning the country as an attractive destination for investors seeking EU residency. The flexibility of Romania’s program, the potential for long-term benefits, and the country’s strategic location in Europe make it a key player in the competitive residency by investment landscape.
Your guide to Romania’s
new Residency by
Investment Program
21st October 2025
The Romania Golden Visa represents an opportunity
for investors seeking access to EU Residency by
Investment. The program is currently at the draft
legislation stage. It aims to facilitate access to
residency and, ultimately, Romanian citizenship for
non-EU nationals.
According to Profit.ro, the program would offer a
renewable five-year residence permit in
exchange for a minimum investment of €400,000.
Applicants would also have the option to include
their family members under the same permit.
Investment options for
Romania Golden Visa
The Romania Golden Visa Program would
offer four main categories of investment:
- Romanian government bonds: purchase of at
- least €400,000 with a minimum five-year
- maturity.
- Real estate in Romania: acquisition of a property
- worth at least €400,000, to be maintained for five
- years.
- ASF-authorized investment funds:investments
- of at least €400,000 in approved funds.
- Shares in Romanian-listed companies: purchase
- of shares worth a minimum of €400,000.
The program requires that the chosen investment
be maintained for the entire duration of the
residence permit. There is no minimum annual stay
requirement in Romania, meaning that investors
can retain their status without physically residing
in the country.
Security and compliance
To ensure transparency and security, applicants
must:
- • Prove the legal origin of their funds,
- • Not be listed on any international sanctions lists,
- • Pass security risk assessments.
Before issuing the permits, Romanian authorities
will consult the SRI (Romanian Intelligence Service),
the SIE (Foreign Intelligence Service), and the
ONPCSB (National Office for the Prevention and
Combating of Money Laundering). This review
ensures that applicants present a secure and
complaint profile, protecting the integrity of the
Romania Golden Visa Program.
Residency and Citizenship prospects
form Romania Golden Visa
The draft legislation specifies that investors would
have access to permanent residency after five
years and could apply for Romanian citizenship
in accordance with Law no. 21/1991. However,
the exact timeline for eligibility for naturalization
remains unclear: investors may first need to
obtain permanent residency before submitting
their citizenship application.
International context
Romania Investment Immigration is part of a global
wave of residency-by-investment programs,
joining countries such as the Maldives, Kazakhstan,
Uzbekistan, and the United Arab Emirates. This
positions Romania as a competitive alternative
among European Golden Visa programs, offering
investors a combination of security, flexibility, and
access to the European market.
Conditions and requirements for
investors
To benefit from the Romania Golden Visa, investors
must meet several key conditions and requirements.
Proof of legal funds and
security checks
Applicants must prove the legal origin of their
investment funds and not be listed on any
international sanctions lists. Before issuing the
permits, Romanian authorities will consult the
SRI (Romanian Intelligence Service), the SIE
(Foreign Intelligence Service), and the
ONPCSB (National Office for the Prevention
and Combating of Money Laundering). This
process ensures that each investor presents
a secure and reliable profile, protecting the
integrity of the Romania Residency by
Investment Program.
Maintenance of the Investment
A key principle of the program is that the chosen
investment must be maintained for the entire
duration of the residence permit, which is five
years. Eligible investment options include:
- • Romanian government bonds,
- l• Real estate investment in Romania,
- • ASF-authorized investment funds,
- • Shares in Romanian-listed companies.
Maintaining the investment not only ensures the
validity of the permit but also contributes to the
economic and financial stability of the country.
Minimum residence and length of stay
The Romania Golden Visa stands out among other
European Golden Visa programs for its flexibility
regarding residence. There is no minimum annual
stay required to maintain resident status, allowing
investors to benefit from Romanian residency
without physically living in the country. This
flexible approach makes the program particularly
attractive for international investors and their
families.
Alternative path: Long-stay visa for
commercial investors
In addition to the Romania Golden Visa , there is a
long-stay visa for carrying out commercial
activities. This program is designed for foreign
associates or shareholders with management
responsibilities in Romanian companies who plan
to make a significant investment.
To qualify, applicants must:
- • Submit a detailed business plan (type of
- company, amount and purpose of the investment,
- job creation, 3-year financial projections).
- • Have sufficient funds: at least €100,000 for a
- limited liability company (SARL) or €150,000
- for a joint-stock company (SA).
- • Make the investment within 12 months of
- obtaining the visa.
- • Create at least 10 jobs for a SARL or 15 jobs for an SA.
This visa grants legal residency in Romania, allowing investors to develop their commercial activity and potentially prepare for permanent residency or Romanian citizenship.
Legislative process and outlook of Romania Golden Visa
The Romania Golden Visa must still go through a full legislative process before becoming official. This program is part of the broader EU Residency by Investment framework and could quickly position Romania as one of the most attractive destinations for international investors.
Expected timeline for adoption and implementation
The exact timeline remains uncertain, but if the bill proceeds smoothly, the program could become operational as early as 2026. Relevant ministries (Interior, Economy, Finance) would then define the methodological standards, application procedures, fees, and monitoring protocols.
Comparison with other Golden Visa Programs
The Romania Investment Visa joins a global wave of residency-by-investment programs launched in . For comparison:
- • Maldives: real estate investment of approximately $250,000 for a residence permit.
- • Kazakhstan and Uzbekistan: Golden Visa programs starting at $250,000–$300,000.
- • United Arab Emirates: Golden Visa extended to philanthropists in October 2025.
- • United States (Gold Card Suite): permanent residence options from $1 million to $5 million, still in pre-launch.
With a minimum investment of €400,000, the Romania Golden Visa Program positions itself as a competitive and accessible option in Europe, combining flexibility, security, and potential access to Romanian citizenship.
Source - Citizenship Invest
