Would Life In Panama Drive You Crazy?
If you’re not a Panamanian, Panama is a foreign country for you…which means the way people do things here will...
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- Countries
Top Destinations:
Whether you’re looking for fun and sun, a peaceful retirement, or the chance to earn some extra income, you’ve got a real world of opportunity open to you… In short, we’ve done our best to narrow down your best options, but only you can decide the right country for you.Best For:
- Store
Unlock The World
Overseas Havens Reports
Conference Kits
Lahardan Books
Your passport to a life well-lived abroadSubscriptions
Our Customer Service team is here to assist with any questions or concerns CustomerService@LiveandInvestOverseas.com
Romania Facts and Figures
Facts About Romania
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 andTurkeyand into strategically located Romania.
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Romania Facts
| 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) |
Romania - FAQs
What Are Romania's Current Real Estate Values?
Romania’s real estate values continue up. But it is still possible to get a true bargain, both in Bucharest and, especially, beyond.
More Resources From Romania
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