Your Roadmap to Romanian Residence: An In-Depth Guide for 2024

There is a lot to love about Romania, a country filled with history and culture. It is also a member of the European Union, which means that it offers many benefits to foreign citizens, including the right to live and work in any other EU country.

In this guide, we will discuss the different ways to get a Romanian residence in 2024. We will also cover the benefits of establishing residence in Romania and answer some frequently asked questions.

Ways to Get Romanian Residence

There are three primary pathways to securing a Romanian residence permit:

Business Purpose:

1. Residence Permit for Business Purposes as Director of a Company: This permit, valid for one year, requires an initial investment of €50,000. It is renewable, provided the investment remains within the company.
2. Residence Permit for Business Purposes as Shareholder of a Company: This permit, also valid for one year, requires an investment of €50,000 in a limited liability company or €70,000 in a joint stock company. It is renewable if the Romanian Agency for Foreign Investments confirms the ongoing investment.

Non-Business Purpose:

1. Romanian Citizenship by Descent: Individuals who have at least one parent, grandparent, or great-grandparent who was a Romanian citizen may be eligible for Romanian citizenship by descent. This process is relatively straightforward and does not require any investment or physical presence in Romania.

Notable Requirements for Both Permits (Business Purpose)

1. Proof of Income: Demonstrate sufficient income to sustain your stay in Romania.
2. National Health Insurance: Provide evidence of valid national health insurance coverage.
3. Medical Certificate: Obtain a medical certificate from a recognized institution confirming your good health.
4. Accommodation Proof: Present legal proof of accommodation, either through property ownership or a rental agreement.

Additional Considerations for Shareholder Permit

1. Capital Contribution: For limited liability companies, invest €50,000; for joint stock companies, invest €70,000.
2. Job Creation: Create 10 full-time jobs for limited liability companies or 15 for joint stock companies.
3. Means of Subsistence: Demonstrate sufficient means of subsistence, either €500 per month for limited liability companies or €700 per month for joint stock companies.

Exemptions for Certain Citizens

US, Canadian, Japanese, and Swiss citizens are exempt from investment, job creation, and means of subsistence requirements. However, they still need to become shareholders, provide accommodation proof, and pass medical checks.

Substantial Investments and Their Benefits

Investing significantly in Romania yields substantial benefits:

1. Extended Temporary Residence Permit: Investments of at least €500,000 or creating more than 50 full-time jobs extend the temporary residence permit from one year to three years. This extension is renewable.
2. Permanent Residence Permit: Investing €1,000,000 or creating a minimum of 100 full-time jobs qualifies you for a permanent residence permit.

A Checklist of Essential Documents for Romanian Residence Permit

Regardless of the pathway chosen, the following documents are generally required for obtaining a Romanian residence permit:

1. Valid travel document: Your passport or other official travel document that proves your identity and nationality.
2. Proof of company ownership or shareholding: Documents that show that you own a Romanian company or that you are a shareholder in a Romanian company.
3. Proof of accommodation: Documents that show where you will be living in Romania, such as a property ownership document, rental agreement, or utility bill.
4. Evidence of financial means: Documents that show that you have enough money to support yourself while living in Romania, such as bank statements or pay slips.
5. Proof of social health insurance: Documents that show that you are enrolled in Romania's social health insurance system.
6. Medical certificate: A medical certificate from a qualified doctor that states that you are in good health and not a threat to public health.
7. Residence permit fee payment receipt: A receipt that shows that you have paid the applicable residence permit fee.

The Benefits of Romanian Residency

Establishing residency in Romania offers a multitude of advantages, including:

1. Tax Advantages: Romania boasts one of the lowest corporate tax rates in the EU, with microenterprises with annual turnovers up to €1,000,000 paying a 3% tax rate without employees and a 1% rate with one employee.
2. Path to Citizenship: After holding a long-term residence permit for four to eight years, the path to Romanian citizenship becomes accessible.
3. Schengen Area Access: While Romania is not yet part of the Schengen Area, the prospect of joining is imminent, expanding travel opportunities across Europe.
4. Hassle-Free Renewals: Permanent residence permits are issued for five years and can be extended without annual renewals.
5. Family Reunification: Family members of the principal applicant are eligible for long-term residence permits.

Is Romanian Residence Right for You?

As you begin on this journey of exploring Romanian residence, it is crucial to carefully consider your individual circumstances, aspirations, and long-term goals. Whether you're an entrepreneur seeking a business-friendly environment, a professional pursuing career advancement, or simply an individual seeking a culturally rich and welcoming home, Romania presents a compelling destination worth exploring.

If you find yourself intrigued by the prospect of Romanian residence, we encourage you to seek expert guidance. Consulting with experienced immigration professionals can provide you with tailored advice, ensuring that you navigate the process seamlessly and maximize your chances of success.

Romania, with its vibrant economy, captivating culture, and welcoming atmosphere, awaits those seeking a new chapter in their lives. By carefully considering the pathways to Romanian residence and weighing the accompanying benefits, you can make an informed decision about whether this enchanting country holds the key to your future aspirations.

Additional Considerations:

1. Language Proficiency: While not mandatory for initial residency permits, learning the Romanian language can enhance integration and opportunities.
2. Healthcare Coverage: Ensure adequate health insurance coverage to meet residency requirements.
3. Cultural Adaptation: Embrace the cultural nuances and traditions of Romania to foster a sense of belonging.
4. Seek Expert Assistance: Engage with experienced immigration consultants to navigate the intricacies of Romanian residency procedures.

Frequently Asked Questions

1. What documents are required for a Romanian residence permit?

The specific documentation varies depending on the chosen pathway. However, common requirements include a valid passport, proof of accommodation, evidence of sufficient financial means, health insurance, and a medical certificate.

2. How long does the application process typically take?

Processing times can vary depending on individual circumstances and the complexity of the application. Generally, expect the process to take several months.

3. Are there any language requirements for Romanian residence?

While Romanian language proficiency is not mandatory for obtaining a residence permit, it is highly encouraged for long-term integration and personal fulfillment.

4. What is the cost of living in Romania?

Compared to other EU countries, Romania offers a relatively affordable cost of living. Housing, food, and transportation are generally inexpensive, allowing for a comfortable lifestyle.

Your Gateway to Romanian Residence: Pelican Migration Consultants

At Pelican Migration Consultants, we are steadfastly dedicated to empowering individuals and families to navigate the intricacies of immigration processes, including securing Romanian residence in 2023. With our extensive expertise, unwavering commitment, and personalized approach, we help you transform your aspirations into reality.

Our unwavering commitment to your success is reflected in our range of services:

1. Meticulous Eligibility Assessment: We meticulously assess your eligibility for Romanian residence, considering your individual circumstances, qualifications, and aspirations. This initial assessment helps you identify the most suitable pathway to achieving your Romanian residency goals.
2. Expert Application Preparation: Our team of expert immigration consultants in Dubai guides you through the preparation of your residence permit application, ensuring that all required documentation is accurately gathered, organized, and submitted in accordance with Romanian immigration regulations.
3. Seamless Liaison with Authorities: We act as your intermediary, maintaining seamless communication with the relevant Romanian authorities on your behalf. This ensures that your application is processed efficiently and any queries or concerns are promptly addressed.
4. Timely Compliance and Updates: We stay abreast of the latest developments in Romanian immigration laws and regulations, providing you with timely updates and ensuring that your application remains compliant throughout the process.
5. Ongoing Support Beyond Application: Our commitment extends beyond the application process. We provide ongoing support, guiding you through any post-application procedures, such as obtaining a Romanian identification number or registering with local authorities.

Contact us today to schedule a consultation and discover how Pelican Migration Consultants can help you make your dream of a Romanian residence a reality.