A second passport can be the ticket to a new world of opportunity. But, where once, a passport could only be obtained via birthright or a complicated naturalisation process, many are now offered in return for investment.
Citizenship-by-investment programs are available around the world, including in Europe, where residency in one nation often affords easy access to many more. Romania, which is soon to become a partial Schengen Area member, is one of many offering such programs.
So, if you’ve got your eyes on an EU passport, keep reading to find out why Romania might be your perfect match.
Overview of Romania’s passport-by-investment program
Like many European nations, Romania’s citizenship by investment program starts with residency.
To obtain residency, applicants must be directors or shareholders of a Romanian company. The eligibility criteria and benefits afforded to applicants will differ depending on the value and duration of your investment.
After a temporary residency period of five years, you can apply for permanent residency. After three years as a permanent resident, you are free to apply for full Romanian citizenship, complete with a second passport.
Benefits of having a Romanian passport
Gateway to Europe: Romania is set to become a partial Schengen member state in March 2024. As a result, Romanian residents and citizens will be free to travel by air or sea to 28 other countries without needing a visa. Romanian citizens and residents also benefit from simplified visa applications to many more countries worldwide.
Low cost of living: Romania offers a low cost of living by European standards, with the costs of goods, services and property offering incredible value for money.
Economic growth: With the country on the verge of Schengen membership, Romania’s economy is predicted to strengthen following impressive growth in 2023.
Business benefits: Romania is fast emerging as a global tech hub, with some dubbing it the “Silicon Valley of Eastern Europe”. Cluj-Napoca, in the northwest of the country, is internationally known for its innovative businesses powered by the technical expertise of its young and creative workforce. EU membership also makes the country attractive for businesses wishing to trade throughout the European continent and beyond.
Broad horizons: Citizens of Romania are free to live, work and study anywhere else in the EU. EU citizens also benefit from visa-free travel to more than 100 countries worldwide.
Eligibility Criteria for Romania’s passport-by-investment program
To apply for a Romanian passport, you must first become a permanent resident. This starts by investing in or becoming the director of a Romanian company.
To ensure a successful application, you must also provide a valid health certificate, enrol in the country’s health insurance scheme and prove that you have a steady income stream to support you while residing in Romania.
Investment Types
- Company directors
To apply for Romanian residency as a company director, you will need to make an upfront investment of at least EUR 50,000 in corporate real estate or technological assets. Permits are valid for one year, after which they can be renewed, providing your capital stays in the Romanian company.
Additionally, you must prove a guaranteed monthly income of at least EUR 500.
- Shareholders
To apply for Romanian residency as a company shareholder, you will need to invest at least EUR 50,000 into a limited liability company or EUR 70,000 into a joint stock entity.
On top of the investment detailed above, you must create at least ten job roles if investing in a limited liability company and 15 if investing in a joint-stock venture.
You will also need to show a regular income of EUR 500 per month for a limited liability company and EUR 700 per month for a joint-stock venture.
Once again, your residency permit will be valid for one year. It can be renewed for as long as the relevant authorities are satisfied with your sustained investment in the Romanian business.
In both cases, it is possible to obtain a three-year residency extension by investing at least EUR 500,000 or creating 50 or more full-time roles. This is also renewable in three-year increments, provided you continue to meet the investment criteria.
Application process for Romania’s passport-by-investment program
Before embarking on any residency or citizenship application, it’s always a good idea to engage with an industry expert. The team at Knightsbridge is versed in the complexities surrounding such processes and is best placed to advise at every stage.
We can help you:
- Start or invest in a Romanian business
- Meet all eligibility requirements for a Romanian residency application
- Apply for permanent residency
- Apply for full Romanian citizenship
Documents required for Romania’s passport-by-investment program
When applying for either residency or citizenship in Romania, you will be required to submit some or all of the following documentation:
- Valid passport
- Proof of company ownership or shareholding
- Legal proof of address
- Health certificate
- Proof of sustainable funds
- Proof of health insurance
Applying for full Romanian citizenship
It is only possible to apply for full Romanian citizenship – and a second passport – after at least five years of residency and three years of permanent residency. However, both of these periods can be reduced by half if:
- You are an internationally recognised person
- You are already a citizen of another EU state
- You have refugee status
- You have invested more than EUR 1m into Romania
To be eligible for Romanian citizenship, you must:
- Live in Romania at the time of your application
- Have proof of residence for at least eight years
- Exhibit good behaviour during the residency period
- Have the financial means to support your existence in the country
- Have sufficient knowledge of the Romanian language and its cultures
- Be free of felonies or serious legal convictions
Conclusion
Like many European citizenships, the path to a Romanian passport may be long, but it is well worth it. As a fully-fledged EU citizen, you are free to travel, live, work, study and trade throughout most of Europe and beyond.
And that’s not all. As Romanian residents also benefit from visa-free travel, low cost of living, and incredible trading opportunities, you can start taking advantage of life in Romania long before applying for full citizenship.
So, whether you decide to reap the many benefits of residency for a short time or stay on the path to full citizenship, it always pays to make your application with an industry expert.
At Knightsbridge Group, we understand the intricacies involved in the residency and citizenship by investment process and are committed to streamlining the procedure for you.
With a wealth of experience in immigration services and a specialisation in obtaining second citizenship through strategic investments, we stand as your ideal companion on the path to acquiring greater global freedom for you and your family.
Contact our team today to start your application.
