Romania: New measures to control foreign investments in Romanian companies

For security and public order reasons, non-EU foreign investors must obtain authorisation for investments in Romania

Foreign investors are defined as persons who have or intend to invest in Romania. They may be:

1. natural persons who are not nationals of an EU state;

2. legal persons established outside the EU;

3. legal persons which have their registered office in an EU state and where control is exercised by one of the persons referred to at 1. or 2. or by an unincorporated entity registered in a non-EU state;

4. trustees of unincorporated entities where the trustees are covered by point 1. or 2. or where the entity is registered in a non-EU state.

Foreign direct investment creates or maintains a link between the investor and the investee company and allows the investor to exercise control over the company.

New investment either concerns expansion of capacity/ diversification/ a fundamental change in the production of an existing enterprise or the launch of a new one.

The following investments require authorisation:

a) if concerning one of the following fields of activity: security of citizens and the community, security of borders, energy security, transport security, security of vital resource supply systems, security of information and communication systems, security of financial, tax, banking and insurance activities, security of production and distribution of arms, ammunition, explosives and toxic substances, industrial security, disaster, agricultural and environmental protection, protection of state-owned privatisation operations


b) which have a value over 2 000 000 EUR.

By way of exception, investments that pose a risk to security and public order require authorisation even when they do not exceed the above‑mentioned value.

Furthermore, when establishing a new company, authorisation will only be required when the investment is effectively undertaken but not at the time of establishment.

The following acts constitute contraventions:

a) intentionally providing inaccurate, incomplete or misleading information;

b) intentionally or negligently implementing an unauthorised investment or in breach of commitments made.

These acts are punishable by a fine of up to 10% of total worldwide turnover in the financial year preceding the sanction. In the case of new enterprises that have not yet registered their turnover, the fine ranges from 10 000 000-50 000 000 lei (approximately 2 025-10 122 EUR).


– Regulation (EU) 2019/452 establishing a framework for the screening of foreign direct investments in the Union;

– Emergency Government Ordinance No. 46/2022;

– Competition Law No. 21/1996;

– Supreme Council of National Defence Decision No. 73/2012.

Subscribe to our newsletter

By pressing Subscribe you consent to our data processing terms