Popular investment vehicles in Romania

Updated on May 2022

• Alternative investment funds specialized in real estate investments (“FIAIMOB”)

• Contractual
• Legal entity (e.g., joint stock company, limited liability company)

• Tax transparent, tax at investor level.
• FIAIMOB concept was recently introduced in the domestic law, and it is not specifically covered by the tax legislation. 

• General taxation rules apply. 
• Access to double tax treaties and Parent-Subsidiary Directive.
• How investors are treated for tax will depend on their tax residence.

• The transfer of real estate is subject to notary and Land Book fees, at approx. 1% of the real estate transfer price. 

• Yes, to the extent that certain requirements are met

• Open- or closed-ended

• Regulated by the Romanian Financial Supervision Authority (Autoritatea de Supraveghere Financiara).

• Yes, to professional investors

• A FIAIMOB cannot buy or sell real estate assets without having been previously valued by an independent valuator. As a general rule, the purchase or sale of real estate assets cannot be done at a price that is more than 10% higher (purchase), respectively by more than 10% lower (sale) by the valuation determined by an independent valuator.

• Limitation of possible investors
• High minimum access investment amount to the FIAIMOB

• Real estate investments

Disclaimer: “Information in this guide for any particular country or topic may have been subject to change since the date to which it was prepared”