Romania Withdraws Golden Visa Proposal Following National Security Concerns

Golden Visa Proposal Withdrawn Amidst Scrutiny

Romania's National Liberal Party (PNL) has officially withdrawn its legislative proposal for a 'Golden Visa' program, which would have offered residency to non-EU citizens in exchange for a substantial investment. The decision to pull the €400,000 scheme from Parliament was announced on Tuesday, December 10, 2025, following strong objections from various state institutions, most notably the Supreme Council for National Defense (CSAT).

Deputy Glad Varga, who initiated the bill alongside 33 co-signatories, confirmed the withdrawal, stating, 'we decided to withdraw from Parliament the project regarding the 'Golden Visa Romania' program' after reviewing feedback from security agencies. He emphasized that it was 'the right decision' to ensure compliance with national security standards and European Union regulations.

National Security Risks Highlighted by CSAT

The Supreme Council for National Defense (CSAT) issued an 'unsolicited assessment' that proved pivotal in the proposal's downfall. CSAT deemed the legislative initiative 'not appropriate,' identifying it as a 'potential risk to national security.' This intervention was described as 'an exceptional move that signals how seriously the national security establishment viewed the risks.'

CSAT's concerns were multifaceted, focusing on the timing and geopolitical implications of such a program. Romania is actively pursuing Schengen consolidation, Visa Waiver eligibility, and OECD accession, all of which rely heavily on institutional credibility and robust risk-management frameworks. Introducing an investment migration scheme at this juncture would have placed Romania 'at odds with EU expectations and recent enforcement trends against similar programs across the Union.'

Furthermore, CSAT explicitly warned that any weaknesses in Romania's screening processes would not be contained nationally but could be 'exported across the entire Schengen space,' effectively 'transforming domestic leniency into a European security gap.' The Council also referenced a European Commission report detailing vulnerabilities associated with Golden Visa and Golden Passport programs, including issues related to

• security screening
• money laundering
• tax evasion
• corruption

Details of the Proposed Golden Visa Program

The withdrawn proposal aimed to grant non-EU citizens a five-year renewable temporary residence permit in exchange for a minimum investment of €400,000. The scheme would have allowed investors to include family members under the same permit and offered a pathway to permanent residence after five years, with eventual eligibility for Romanian citizenship.

Eligible investment categories included:

• Purchase of Romanian government bonds with a minimum five-year maturity
• Acquisition of real estate valued at at least €400,000
• Investments in Financial Supervisory Authority (ASF)-authorized investment funds
• Purchase of shares in Romanian-listed companies

The program notably featured no minimum annual stay requirement in Romania, a point of concern regarding oversight.

Broader European Context and Future Implications

The withdrawal aligns with a broader trend in the European Union, where several countries have faced criticism or discontinued similar investment migration programs due to concerns over security, transparency, and potential for illicit financial activities. While proponents of the Romanian initiative argued it would 'attract solid investments and stimulate economic development,' the overwhelming institutional pushback underscored the perceived risks.

Romania already offers limited investment-based visa options that require active business management and job creation. The proposed Golden Visa would have significantly expanded the scope and rights available to foreign investors, a move that authorities have now deemed incompatible with national and European security interests.