Romania and Bulgaria Fully Join the European Union’s Schengen Zone
Since January 1, 2025, Romania and Bulgaria have officially joined the exclusive club of (now) 29 European countries in the Schengen Zone and are free from needing any type of Schengen Visa. The initiative means no more pesky border checks when entering Romania and Bulgaria for more than 400 million EU citizens and non-EU visitors. In practical terms, if a visitor is flying in or arriving in both countries from a flight connection from another Schengen country, they can enter without passport checks.
From March 31, 2024, both countries were already part of the Schengen Zone, but only partially, as border restrictions were dissolved solely by air and sea. Due to a veto from Austria, that stated having concerns regarding illegal migration, the land borders remained. After a meeting held in Hungary, in November 2022, between the interior ministers of Austria, Romania, and Bulgaria, the Romanian Prime Minister announced that full Schengen membership was to finally happen, 13 years after the beginning of the process.
At the first day of the new year, Austria’s veto was lifted, allowing Romania and Bulgaria have full accession to all of the Schengen Zone. The only remaining control is the land borders of Romania with both Bulgaria and Hungary, which will be keep for at least six more months, in accordance with the Budapest agreement.
Still, tourist destinations like Bucharest, Sofia, or Bansko will surely become more interesting places for thousands of travelers.
The Schengen Zone, created in 1995, has been expanding its borders steadily. The recent additions of Croatia in 2023, and now Romania and Bulgaria, showcase a commitment to providing freedom and security for the ever-growing number of EU travelers. With this inclusion, both countries will now obey the Schengen golden rule of the 90-day limit within 180 days without a visa.
Bulgaria Golden Visa Program: 2025 Update
With the recent changes, Bulgaria and Romania are set to become important players in the European landscape, now that their passports give their holders not only access to the Schengen Zone but also the right to move, work, and live in other Schengen countries.
However, Bulgaria closed the door on new Golden Visa program applicants in 2022. The termination of the program signaled a shift in the country's approach, redirecting individuals towards regular residency permits as a precursor to obtaining citizenship through more conventional means. Before the Golden Visa’s termination, the Bulgarian journey to EU Residency commenced with an initial investment of €512,000. This investment ranged from Bulgarian stocks and exchange-traded funds to private equity, venture capital, and Real Estate Investment Trusts (REITs).
Investors were required to hold these funds for 5 years, after which they could withdraw their investment. It is crucial to mention that for every residency renewal, the investor had to apply €512,000, even if the fund value decreased. This flexibility set Bulgaria apart from the other European programs due to the inclination towards financial markets rather than real estate ventures. The Bulgaria Golden Visa typically took about 6 months to complete, marking a relatively fast process for those eager to establish Residency in the European Union.
From January 1, 2025, older participants of the Bulgarian program will enjoy the freedom of travel within the Schengen Zone by air, sea and land.
The Bulgarian Government closed its investment immigration programs due to pressure from the EU Commission and political opposition, claiming the programs did not bring the country any economic profitability. Before terminating, the Golden Visa in Bulgaria also offered a Citizenship by Investment option, which required a total investment of €1,024,000 through financial markets. Remarkably, this was the fastest-track option for an investor to gain EU citizenship in 18 months.
The appeal of Bulgaria's Citizenship by Investment program lied not only in its expediency but also in its flexibility. Participants had the freedom to choose their preferred investment types, and after 5 years, the investment could be liquidated. In this changing landscape, from 2022 to now, the main applicant’s spouse can still apply for Bulgarian nationality 3 years after the investor is awarded citizenship, a quicker route compared to the earlier Citizenship Act.
Romania Golden Visa: 2025 Update
Now, entrepreneurs and investors are bound to pay more attention to Romania, due to its Residency by Investment program. This permit reveals itself as an investment shelter with a unique level of economic growth. Beyond the landscape and history, Romania has a lot to offer and boasts a vibrant and multilingual workforce, providing a competitive edge in technology and manufacturing. Its strategic location, bridging East and West, makes it a logistical dream for businesses with broader European ambitions.
The Romania Golden Visa offers two main avenues: one for company directors and the other for shareholders. Both paths emphasize a consistent income stream, enrolment in the national health insurance system, and a health certificate as essential components for the long-stay visa application process.
The Company Directors' Residency option offers a 1-year permit with an upfront investment of €50,000. This is renewable on the condition that the initial capital stays within the business.
The Company Shareholders' Residency option, for instance, is valid for 1 year and requires investment specifics of €50,000 for a limited liability company. Alternatively, €70,000 is required for a joint-stock entity.
Renewal eligibility is contingent on sustained investment in the Romanian business. Another option, although not very usual, requires a €1,000,000 investment, or the creation of at least 10 full-time roles, paving the way for Permanent Residency. While not providing a direct Citizenship by Investment program, the Romania Golden Visa allows application for citizenship after a total of 8 years.
Residency by Investment Visas in Europe: Better Opportunities with Greece and Portugal
While Bulgaria and Romania are in the spotlight with their new full Schengen access, countries like Portugal and Greece still remain the best options in Europe when it comes to Residency by Investment programs.
Although Portugal discontinued the Real Estate option for its Golden Visa in 2023, the program is still available through other forms, including subscriptions to investment funds and donations, among others, open to non-European investors. Another great pathway to Portuguese Residency is the D2 Visa, a profitable alternative that grants investors with the same Golden Visa Resident status.
The Investment Visa team of experts has created a unique option for the D2 Visa in Portugal, with Mátria Co-working investment opportunities. Located in Lisbon's city center, just streets away from the famous Avenida da Liberdade, Mátria is a 7-floor functional co-working development, with luxurious amenities, including a private gym and coffee shop. Mátria is an amazing option for foreign investors seeking Portuguese Residency and Citizenship.
The Greece Golden Visa Program is also a highly sought-after option in Europe. With the Real Estate purchase option available, a foreign investor can apply for residency with a minimum investment of €250,000, in the renovation of a commercial property into a residential one.
Greek Residency give its holder freedom of travel within Europe and non-border control in the 29 countries part of the Schengen Zone. The laidback Greek lifestyle is also a must for investors looking to relocate to the country. Living on a Greek Island or in Athens could be a dream coming true.
Contact one of our Investment Advisors today and see how to apply for the Greek Golden Visa today.
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