According to a report by Profit.ro, Romania is proposing a new "Residency by Investment Program", which would grant a renewable five-year residence permit to nationals of third countries (i.e., non-EU/EEA citizens), provided they invest a minimum of €400,000 in Romania.
Eligible investment options under the proposed scheme include:
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Purchase of five-year government bonds;
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Acquisition of real estate valued at a minimum of €400,000, with a mandatory five-year holding period;
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Investment in financial instruments approved by the Financial Supervisory Authority (ASF);
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Purchase of shares in listed companies.
Prospective investors must demonstrate the legal origin of their funds, not be subject to international sanctions, and pose no security threat. Thorough background checks will be conducted by Romanian intelligence services (SRI and SIE), as well as the National Office for the Prevention and Control of Money Laundering (ONPCSB).
While the program does not require a minimum annual physical presence in Romania, investors must maintain their qualifying investment throughout the duration of their residency. After five consecutive years of legal residence, participants may apply for Romanian citizenship.
EU Member States Move to Restrict or Abolish Golden Visa Programs
In contrast to Romania’s initiative, the European Union and several of its member states have taken a firm stance against so-called “Golden Visa” and “Golden Passport” programs, citing concerns related to security, transparency, and financial integrity.
The European Commission has repeatedly voiced its concern, pointing to loopholes in anti-money laundering checks, potential misuse by individuals with ties to organized crime or authoritarian regimes, and risks to the integrity of the Schengen Area.
In recent developments:
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Ireland and the Netherlands have completely abolished their investor visa programs;
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Portugal has suspended real estate-based residence permits in high-demand regions;
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Bulgaria has eliminated its citizenship-by-investment scheme.
The Commission has also launched infringement proceedings against Malta and continues to urge all member states to terminate similar practices.
Stricter Rules Introduced in Greece
Greece, one of the most popular countries for investor residence schemes, has recently tightened the rules in line with EU recommendations.
As of May 2024, the minimum real estate investment threshold has increased to:
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€800,000 for high-demand areas such as Athens, Thessaloniki, Mykonos, and Santorini;
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€400,000 for less tourist-driven regions.
Additional restrictions now apply:
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The investment must be made in a single property (aggregating multiple lower-value properties is no longer permitted);
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Short-term rentals (e.g., Airbnb) are not allowed, significantly altering the investment profile.
