The National Liberal Party of Romania (PNL) has withdrawn its proposal for the Golden Visa program after criticism from government agencies and the Supreme Council of National Defense (CSAT).
MP Glad Varga, who initiated the bill together with 33 co-authors, considers the withdrawal of the proposal "the right decision", since such mechanisms must fully comply with national security standards and European Union regulations.
Under the proposed program, citizens of non-EU countries could receive a residence permit for a period of five years with the possibility of extension for an investment of at least 400,000 euros. There was also an option to invest in real estate.
Many European countries have already abandoned such programs or radically reformed them.
According to the plans, the proposal will be re-introduced "in a revised and improved form" after the CSAT comments have been eliminated.
Source: IMI
