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Facts About Romania
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Romania is a big Central European country.
Its port on the Black Sea gives access to the East and the Middle East. More and more organizations worldwide are looking for ways to take advantage of this.
That includes the U.S. Air Force, which is moving out of Germany and Turkey and into strategically located Romania.
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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| Information Type | Romania Data |
|---|---|
| Population | 19,892,812 (June 2023 est.) |
| Gross Domestic Product (GDP) | $350.41 billion (2023 est.) |
| GDP Per Capita | $18,410 (2023 est.) |
| Inflation Rate | 9.30% (June 2023) |
| Currency | Lei (RON) |
| Exchange Rate Versus U.S. Dollar | 4.50 Lei = 1 U.S. Dollar (December 2023) |
| Language | Romanian |
| Capital | Bucharest |
| Population of Capital City | 1,877,155 (June 2023) |
| Time Zone | GMT plus 2 |
| Seasons | Distinct seasons: dry, warm springs; wet, hot summers; dry, cool autumns; cold, snowy winters |
| International Dialing Code | 40 |
| Electricity | 230V / 50 Hz; Plug Types: C, F |
| System of Government | Unitary Semi-Presidential Republic |
| Name Of Current Leader | Marcel Ciolacu (Since June 2023) |
| Income Tax Rate for Residents | 16% |
| Property Tax | 0.08% to 0.02% |
| Capital Gains Tax | Income from the sale of real property is taxed between 1-3% |
| Inheritance Tax | No, but notary fees may apply. |
| Rental Income Tax | Taxed at income tax rate |
| Transfer Tax | 0.5% to 3% |
| Sales Tax | 24%, 9% and 5% |
| Restrictions on Foreign Ownership of Property |
Foreigners cannot own land directly; must hold through a Romanian corporation |
| Local Chamber of Commerce | 22 Nicolae Balcescu Boulevard, Sector 1 Bucharest 79502 Tel: (0040-01) 61 547 03 06 |
| American Chamber of Commerce | 11 Ion Campineanu Street Union International Center, 5th Floor Bucharest 010031 Tel: (0040) 21 312 48 34 |
| Primary Exports | textiles, footwear, metals, metal products, machinery and equipment, minerals, fuels, chemicals, agricultural products |
| Residency and Visa Requirements | Tourist Visa: 90 days upon entry Residency: work, temporary resident, permanent stay visasCitizenship: after 5 years of legal residence and proficiency in the Romanian language, culture, and history |
| Special Benefits for Foreign Residents or Retirees | None |
| National Airline | Romanian Air Transport (TAROM) |
Reviewed By Lief Simon
Lief Simon is the managing editor of Global Property Advisor, Simon Letter, and Offshore Living Letter. He has purchased more than 45 properties, investing in 23 different countries around the world.
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Romania’s real estate values continue up. But it is still possible to get a true bargain, both in Bucharest and, especially, beyond.
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