On October 15, 2025, the Romanian government published a bill launching a Residency by Investment program for citizens of non-EU countries. The minimum entry threshold is €400,000. The residence permit is issued for five years and is renewable.
The investment migration market in Europe is undergoing reform. In 2025, Spain completely ended its program, and Portugal removed real estate from its list of assets. Against this backdrop, Romania is coming up with a proposal that could become an alternative to the remaining European programs.
What Romania Offers
The bill outlines four investment options. Each from €400,000:
- Government bonds with a maturity of 5+ years;
- Purchase of real estate with a holding period of 5 years;
- Investments in funds approved by the ASF (financial regulator);
- Shares of national companies on the stock market.
Investments must be maintained for the entire period of the residence permit. The program does not require a minimum period of stay in the country, meaning investors do not have to physically reside in Romania. Family members can also be included in the application.
Security and Checks
Applicants undergo a multi-level verification process. Romanian intelligence services vet every applicant. They must prove the legal origin of their funds and their absence from sanctions lists. Experts note that the program is being developed in response to recommendations from the European Commission to curtail such schemes. In 2022, the European Parliament called for the abolition of citizenship-by-investment programs by 2025. Romania is circumventing this issue by offering temporary residence permits followed by naturalization rather than direct citizenship.
The following European investment programs are currently available to Russian citizens: Greek residence permits (required with another passport) and Portuguese residence permits (required with a European residence permit). Romania will pre-approve Russian citizens, making it a competitive option compared to other programs. €400,000 is the average price among European programs. By comparison, Greece requires €250,000, Portugal requires €250,000 for cultural projects, and Hungary requires €250,000.
Prospects for Adoption
The bill must pass through the Senate and the Chamber of Deputies. After possible review by the Constitutional Court, the document will be signed by the president. The exact timeframe for the review has not yet been announced. The country is actively seeking foreign direct investment in technology, the automotive industry, and energy. The Golden Visa could become an additional tool for attracting capital to the economy.
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