Formal requirements
Romania, whilst not having a traditional "Golden Visa" program, it provides a favorable legal environment for foreign investors.
The long-stay visa for carrying out commercial activities is offered, based on the approval of the Romanian Center for the Promotion of Trade and Foreign Investments, to foreign investors who are shareholders/stakeholders with a management role in Romanian companies that intend to invest.
Conditions for obtaining the authorization:
a) Submission of a detailed business plan (data about the company, value and stages of the investment, jobs created, location, financial projection for 3 years);
b) Proof of the necessary funds: minimum EUR 100,000 for a limited liability company (“SRL”) or EUR 150,000 for joint-stock company (“SA”), through a bank statement from a Romanian bank;
c) Realization of the investment according to the plan within 12 months of obtaining the residence permit;
d) Creation of at least 10 jobs (SRL) or 15 jobs (SA) within 12 months.
Foreign investors who have had a previous permit may apply for another permit if they prove the impossibility of realizing the previous plan or have realized the previous plan.
The required documents for a long-stay visa are:
a) the approval of the Romanian Center. for the Promotion of Trade and Foreign Investments,
b) certificate with the criminal record;
c) medical insurance for the duration of the visa;
d) proof of accommodation.
The application and documents are submitted to the Romanian diplomatic missions/consular offices and forwarded to the Romanian Immigration Office for approval.
The approval of the Romanian Center. for the Promotion of Trade and Foreign Investments is valid for 6 months and certifies the fulfillment of the technical, utility and economic feasibility conditions of the investment.
Once the initial residency is obtained, investors can request its extension if the following conditions are met:
a) approval of the Romanian Agency for Foreign Investments;
b) legal ownership of the premises for the registered office;
c) the quality of shareholder/stakeholder of the company, with management/administrative role;
d) maintenance means of at least EUR 700/month (stakeholder) or EUR 500/month (shareholder).
Subsequent extensions can be applied for if certain conditions are met, such as investment of at least EUR 70,000 (stakeholder) or EUR 50,000 (shareholder) and creation of at least 15 jobs (stakeholder) or 10 jobs (shareholder), employed on a full-time basis.
For investments of at least EUR 150,000 or 25 jobs created, the means of maintenance may also be proven by other legal documents.
For investments of at least EUR 200,000 or 50 jobs created, proof of means of maintenance is not required.
As a rule, the extension is for up to one year, and for investments of at least EUR 500,000 or more than 50 jobs created, the extension is for 3-year periods.
Other investment opportunities
Investments of at least EUR 1,000,000 or the creation of more than 100 full-time jobs allow the right of long-term residence to be obtained without fulfilling the conditions of duration of stay and means of subsistence.
Document link for further information.
https://igi.mai.gov.ro/en/ - the General Inspectorate for Immigration of Romania