Romania is fast becoming a favorite market for real estate investors and developers across Europe. This is happening largely due to the socio-political stability and economic development reached in 20 years of democracy and 1 year as a member of EU. This is why Romania has been identified by PriceWaterHouseCoopers as a Top Investment Location in Europe.

Before starting the buying process, you should know a few things about acquiring properties in Romania. First of all there are no restrictions to foreigners regarding owning property in Romania. Nevertheless, when it comes to buying land in Romania, a foreign citizen needs either to set up a company under Romanian jurisdiction and have the land bought through that company or associate with a Romanian national and acquire the land. As Romania is in the process of aligning her legislation to EU legislation, it is expected that in a 5 year period starting from the official admission in 2007, all this restrictions to be lifted. The same path was fallowed in the case of other EU new members, like for example Hungary or Czech Republic.
Despite these restrictions this situation has not discouraged the foreign investors and at the present time a huge number of properties in Romania are owned by foreign companies or individuals.
Regarding the amount of money you can transfer from or to Romania there are no restrictions whatsoever. There are plenty of possibility you can use to do that (international banks: Reiffeisen Bank, Societe Generale, ABN AMRO, ING etc; by using fast money transfer services: Money Gram, Western Union).
As in any other country, owning property in Romania means that you are liable of paying some taxes which usually are below what you would have to pay in most European countries. However, for detailed information on the matter we advise you to consult a professional law company.     
When buying property in Romania, we recommend you to fallow the next basic steps:

• Start by making your mind concerning the type of property you would like to buy. It could be a seaside built apartment or just a piece of raw, un-constructed land, or maybe a property in a beautiful mountain resort or a city flat. In order to increase your focus, save money, time and energy, firstly define the type of region in which you are interested to invest. You can use the Internet, specialized consultancy services, friends or just go in person in Romania and see what property suites your wishes.
• After you maid your mind concerning the type of property you want to buy find a professional consultancy company that can assist you during the process and let them know your requirements. They should be able to find your dream property.
• By using a reputable solicitor carry out the basic checks regarding the owner, the authenticity of the ownership documents etc.
• After that sign a preliminary contract and pay a deposit so you can secure the property. The deposit is usually anywhere between 10% to 20% of the transaction value. As you don’t want future problems, be very careful with the legal terms of the contract. It is best to have all the contacts translated into your mother tong so that you can fully understand it. Make sure that the translation is performed by a sworn translator and have all the documents legalized.
• When buying real estate property which is still under construction you should consult a professional appraiser. This is so that they can evaluate the construction progress and determine the right amount for interims payments. The amount, periodicity and method of the interim payments should by specified in the contract.
• Make sure that there is no debt or additional obligations pending the property like for example a running rental contract or unpaid bills.
• If everything is all right proceed to the final step. Sign the notary deed in front of a public notary, pay the stamp duty and notary’s honorary. Make these payments as agreed with the seller. Sign the full contract in front of the notary and make the final payment.   
  

These are very basic steps and we recommend to use a reputable agent or consultancy company who can assist in any step of the process. Also, by using professional valuation services money and time can be saved. A further advantage is to be informed about the right price of the property as a seller or a buyer equally important.
TGD Europe through its Romanian branch is offering a wide range of professional valuation services. Our unique know-how, highly trained staff and an intimate understanding of the Romanian business culture, are advantages that make us a key partner for every investor.