Romania launches the “Golden Visa” Program – Legal Framework, Conditions, and Implications for Foreign Investors

Legal Analysis of the Draft Law on Residency by Investment

The draft legislation on the Golden Visa Program regulates the conditions for granting the right of residence in Romania to foreign nationals of third countries, with the aim of attracting foreign direct investment to Romania. According to the proposal, the adoption of this regulatory framework establishes a derogation from the provisions of Government Emergency Ordinance No. 194/2002 on the regime of foreigners in Romania and applies exclusively to foreign citizens who meet the specific requirements of the new law. This initiative grants foreign investors in Romania the right to temporary residence for 5 years, the possibility to include family members in the same permit, access to permanent residence after 5 years, and, subsequently, the possibility to apply for Romanian citizenship. At the same time, the program is subject to public consultation in the Senate until November 13, 2025. This article analyzes the legal framework, procedures, and conditions necessary to obtain Romanian citizenship through the Golden Visa Program and other aspects related to this topic.

Given the complexity of immigration procedures and compliance requirements, The Romanian Law Firm Pavel Mărgărit and Associates can offer you specialized legal assistance in the procedure for obtaining residence and, subsequently, citizenship in Romania, EU citizenship, for a Romanian citizenship application at the immigration office, with the support of citizenship lawyer in Romania, financial advisor and immigration attorney in Romania. The law firm Pavel, Mărgărit și Asociații is internationally recognized for its extensive experience in civil litigation and tort liability and recommends consulting a Romanian lawyer or a lawyer who can offer you expert advice on the Golden Visa Program, EU golden visa, Golden Visa investment, golden visa residency, and foreign investments in Romania.

Investment Lawyer. Purpose and Scope of the “Golden Visa” Program

The Golden Visa program is a special procedure for granting a temporary residence permit based on a passive investment in Romania by an investor from outside the EU, EEA (European Economic Area), or Swiss Confederation. The types of eligible investments are strictly defined and include the purchase of Romanian government bonds, the purchase of real estate, investments in investment funds authorized by the ASF (Financial Supervisory Authority), or the purchase of shares in Romanian companies listed on the Bucharest Stock Exchange. All these types of investments require a minimum value threshold of EUR 400,000 or the equivalent in RON, and the investment must be maintained for at least 5 years, which is essential for maintaining the residence permit. Through this initiative, the Romanian Government aims to become an attractive destination for foreign investors in Romania, generating foreign capital and stimulating local economic development. Furthermore, other forms of investment may be established as eligible by joint order of the Ministry of Economy, Digitalization, Entrepreneurship, and Tourism and the Ministry of Internal Affairs, adapting the value threshold of EUR 400,000 accordingly.

An investment lawyer and immigration lawyer near me can provide specialized legal assistance in analyzing the structure of foreign investments in Romania and choosing the most suitable form of foreign investment in Romania that meets the conditions of the Golden Visa Program and complies with national legislation. The Romanian Law Firm Pavel Mărgărit and Associates represents foreign investors in Romania before the competent authorities with the help of its team of lawyers, immigration attorney in Romania, citizenship lawyer in Romania and EU citizenship attorney in Bucharest to facilitate foreign capital flows into the Romanian market through Golden Visa investment, golden visa residency, and EU golden visa opportunities.

Immigration Lawyer. Eligibility Criteria and Application Procedure

To apply for the Golden Visa Program, foreign citizens must meet a number of cumulative conditions, including: being at least 18 years of age, holding a valid border crossing document, having no alerts in the National Information System or the Schengen Information System, not having been convicted of intentional criminal offenses in their country of origin, and not being the subject of ongoing criminal investigations. An essential condition is that relating to national security: foreign applicants must not pose a threat to the security of Romania or its strategic partners. Applicants must also prove the origin of the funds to be used for the investment and hold valid medical insurance in Romania. The application is submitted to the diplomatic mission or immigration service, and the file must contain, among other things, documents regarding the availability of funds, criminal record, and documents certifying family ties, if applicable.

An immigration attorney in Romania and financial advisor can provide detailed legal advice on the necessary documentation and procedures applicable at the immigration office. The Romanian Law Firm Pavel Mărgărit and Associates recommends using the legal services of a specialized citizenship lawyer who can assist foreign investors in Romania in preparing their file in relation to the immigration service and other institutions, in order to avoid rejection of the Romanian citizenship application and to ensure compliance with all conditions.

Citizenship Lawyer. Investment Monitoring and Granted Rights

The temporary residence permit granted through the Golden Visa Program is valid for five years and does not require a minimum period of actual residence per year, but the foreign investment must be maintained throughout the entire period. After 5 years, foreign investors in Romania have access to permanent residence and the possibility to apply for citizenship in Romania, under the conditions of the Romanian Citizenship Law no. 21/1991. Investments are monitored by the Romanian Agency for Investment and Foreign Trade (ARICE – Agenția Română pentru Investiții și Comerț Exterior), which verifies the type, value, and duration of the investment and issues certificates of compliance.

The General Inspectorate for Immigration (IGI – Inspectoratul General pentru Imigrări) is also the authority responsible for granting, extending, or withdrawing the right of residence, acting in collaboration with ARICE, and national security institutions. In order to process applications, the IGI must consult the Romanian Intelligence Service (SRI – Serviciul Român de Informații), the Foreign Intelligence Service (SIE – Serviciul de Informații Externe), and the National Office for Preventing and Combating Money Laundering (ONPCSB – Oficiul Național de Prevenire și Combatere a Spălării Banilor).

A Romanian citizenship lawyer and a citizenship lawyer can provide specialized legal advice on the steps necessary to obtain citizenship in Romania, EU citizenship, and apply for Romanian citizenship, ensuring that foreign investors in Romania meet all the requirements for foreign direct investment in Romania and immigration, with the help of an immigration lawyer near me. The Romanian Law Firm Pavel Mărgărit and Associates provides representation for foreign citizens throughout the process of obtaining Romanian citizenship, from the initial application to the immigration office to the submission of the Romanian citizenship application,  as well as assitance by a specialized financial advisor and attorney.

H3.4: Commercial Lawyer. Revocation, Compliance, and Legal Risks

Maintaining the residence permit is strictly conditional on keeping the investment for at least 5 years. In the event of partial or total withdrawal of the investment before the end of the term, the right of residence may be revoked by the General Inspectorate for Immigration. However, revocation can be avoided if the investor replaces the withdrawn investment with another eligible investment of equal value within 60 days. A major risk of revocation arises if the permit was obtained on the basis of false statements or forged documents, in which case the right of residence is revoked by law, without the possibility of renewal. The right of residence may also be revoked for reasons of national security or if the applicant is involved in activities that constitute threats to the security of Romania or its strategic partners at any stage of the procedure. The competent authorities, including the IGI, collaborate institutionally with the Romanian Agency for Investment and Foreign Trade (ARICE) and national security and financial control institutions to ensure compliance.

“The new measures designed to stimulate foreign investment require rigorous implementation, which must be approached with great care in order to avoid legislative compliance gaps and prevent risks associated with the integrity of funds.” said Dr. Radu Pavel, Managing Partener at the Romanian Law Firm Pavel Mărgărit and Associates.

In conclusion, the Golden Visa Program represents a strategic opportunity to attract foreign capital and foreign investors to Romania. Success in obtaining residency depends on strict compliance with eligibility and compliance conditions, under the supervision of the IGI and ARICE, with the approval of national security institutions. The right of residence is conditional on maintaining foreign investment in Romania for 5 years, subsequently opening the way to Romanian citizenship. Thus, the The Romanian Law Firm Pavel Mărgărit and Associates recommends consulting an immigration lawyer near me and a citizenship lawyer in Romania who can provide specialized legal assistance in structuring the investment and managing the immigration procedure in Romania.

Pavel, Margarit and Associates Law Firm is one of the top law firms in Romania, providing high-quality legal services. The firm’s clients include multinational and domestic companies of great magnitude. In 2025, the law firm’s success stories brought it international recognition from the most prestigious international guides and publications in the field. As a result, Pavel, Margarit and Associates Law Firm ranked 3rd in Romania in the Legal 500’s ranking of business law firms with the most relevant expertise. The law firm is internationally recognized by the IFLR 1000 Financial and Corporate 2025 guide. Additionally, Pavel, Margarit and Associates Law Firm is the only law firm in Romania recommended by the international director of Global Law Experts in London in the Dispute Resolution practice area. All relevant information about Pavel, Margarit and Associates Law Firm can be found on the website www.avocatpavel.com.