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Business Setup and Support in Romania Confirmation of the origin of funds in Romania

Mykola Sirenko

Lawyer

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sirenko@prikhodko.com.ua

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Expert in corporate and international corporate law. Has extensive experience in supporting the acquisition of financial licenses in Ukraine, as well as business incorporation in the EU, the United Kingdom, Switzerland, the UAE, and key Asian jurisdictions.

Confirmation of the origin of funds in Romania

In today’s world, with the dynamic development of the financial sectors, both traditional and fintech, financial transactions are subject to close control by government agencies and banking institutions.

One of the key aspects of financial security and legality is the confirmation of the origin of funds (SOF) and the confirmation of the source of wealth (SOW).

If you plan to carry out almost any financial transaction in Romania – opening a bank account, purchasing real estate, investing in a business, or applying for a residence permit through investment – you need to confirm the origin of your funds, at least to the minimum extent you will need to implement your plans.

The law firm “Prikhodko & Partners” specializes in international, financial and banking law, compliance in the field of banking services and protection of our clients’ assets.

We help to properly prepare documents to confirm the origin of funds, in particular, but not exclusively, in Romania, taking into account all the requirements of local legislation.

In what cases could you potentially be faced with the need to prove the origin of funds in Romania?

Confirmation of the legal origin of financial assets is mandatory in the following cases:

Opening a bank account – Romanian banks strictly control the receipt of large amounts of money to prevent financial crimes.
Buying real estate – before completing the transaction, the seller, bank, or notary may request documents about the source of the money.
Investing in business – both for opening your own company and for purchasing a share in an existing Romanian company.
Obtaining a residence permit through investment – it is necessary to prove that the funds for investment are legal.
Financial transfers of large amounts – banks and financial institutions may block a transaction without proper verification of the source of funds.
Tax audits – if a person or company is under review by tax authorities, evidence of financial history may be required.

What documents are required to prove the origin of funds in Romania?

Romanian legislation does not establish a clear list of documents, however, there are key categories of confirmations that are recognized by state authorities and banks, so below we will take a closer look at each of them.

Income from business activities

Tax returns (Declarație fiscală).
Company financial statements (Bilant contabil).
Bank statements confirming income.
Business purchase and sale agreement, if the funds are received from the sale of the company.

Salary and bonuses

Employment contract (Contract de muncă).
Income certificate from employer (Adeverință de venit).
Bank statements confirming receipt of salary.

Investment income

Documents on the purchase and sale of shares or bonds (Contract de vânză-cumpărare).
Dividend reports.
Tax returns confirming income from investments.

Sale of real estate or other property

Real estate purchase and sale agreement (Contract de vânză-cumpărare imobiliă).
Confirmation of payment of taxes on sales income.
Bank statements with receipts from sales.

Inheritance or gifts

Testament.
Donation contract (Contract de donație).
Certificate of inheritance.
Bank statements confirming receipt of funds.

Credits and loans

Credit agreement (Contract de credit).
Confirmation of receipt of funds to the bank account.
Loan repayment schedule.

How can Ukrainians prepare proof of the origin of funds for Romanian government agencies or banks?

As we noted earlier, Ukrainians who carry out financial transactions in Romania – opening a bank account, purchasing real estate, investing in a business, or obtaining Romanian residency through investment – must confirm the origin of their funds in accordance with the legislation of this country.

What documents do Romanian banks and government institutions accept?

To confirm the legal origin of funds, citizens of Ukraine must provide documents that meet international financial control standards (AML – Anti-Money Laundering).

The main acceptable documents are:

Certificate of income from work – official confirmation of salary and bonuses.
Tax returns – confirmation of payment of taxes on income of individuals or legal entities.
Company financial statements – for entrepreneurs who receive profits in the form of dividends.
Contract for the purchase and sale of real estate, business or other assets – confirms the income received from the sale.
Will or certificate of inheritance – if the funds were inherited.
Bank statements – documents confirming the receipt of funds and their movement in accounts.
Credit agreement or loan documents – if the funds were borrowed.
Donation contract – if the money was received from third parties as a gift.

Do documents need to be legalized for use in Romania?

Ukrainian documents confirming the origin of funds must be legalized or apostilled in accordance with international standards.

Since Ukraine and Romania are parties to the Hague Convention, for Ukrainian documents it is sufficient to affix an apostille or provide a notarized translation into Romanian.

It will also be useful: TAX ADVICE IN ROMANIA

Document submission process

Step 1: Gathering the necessary documentation
Depending on the source of funds, prepare documents confirming their origin.

Step 2: Translation and legalization of documents
Use the services of certified translators and notaries for certification.

Step 3: Submitting documents to the bank or government agency
Before opening an account or making a financial transaction, the bank or government agency checks the documents for compliance.

Step 4: Additional checks and requests
If necessary, the bank or government agency may request additional explanations or request additional documents.

Step 5: Final decision
If all documents meet the requirements, the transaction is processed without delay. Otherwise, restrictions or blocking of the financial transaction may occur.

We also draw your attention to the fact that in Romania, banks may refuse to open an account if the source of funds is deemed insufficiently transparent.

Therefore, careful preparation of documents is key to successfully verifying your finances.

What risks can cause adverse effects?

Insufficient documents – if you do not have a clear financial history, the bank or government agency may refuse to carry out the transaction.
Suspicions of money laundering – in case of dubious origin of finances, law enforcement agencies may be involved.
Account blocking – if the documents do not meet the requirements, the bank may freeze the account.
Refusal of financial transactions – without confirmation of the legality of the funds, you will not be able to invest, buy real estate, or make transactions.

Conclusions

Considering all of the above, confirmation of the origin of funds in Romania is a necessary condition for conducting any significant financial transactions, so you need to remember the main thing:

Documents must be official and have legal force – Ukrainian documents must be translated and notarized.
Romanian banks strictly adhere to financial control policies (AML/KYC), so any large amounts require justification.
Legalization of documents is mandatory – a notarized translation or apostille simplifies the recognition of documents in Romania.
Lack of proof of origin of funds can cause serious financial and legal problems, including blocking bank accounts or refusing to carry out a transaction.

Specialists of the company “Prikhodko and Partners” will help you prepare all the necessary documents, ensure their correct execution and support in financial institutions in Romania.

Calculate the cost of services

1 question

Do you need to verify funds in Romania?

Yes

2 question

Are you planning to place funds in Romania?

Yes

3 question

Do you need help verifying your funds in Romania?

Yes

4 question

Do you need advice on placing funds in Romania?

Yes

Is it mandatory to have a legal address in Romania?

Yes. During registration, you must provide a document confirming the right to use the premises at the address of the future registered office. For foreign owners, this can be a lease agreement or a legal address service.

Is it necessary to immediately register as a VAT payer?

Not always. The need for VAT registration depends on the planned turnover, type of activity, work with EU clients, imports or exports, and other specifics of the business model. Before launching, it is worth assessing the tax burden and choosing the optimal registration option.

Why shouldn't you just add all possible CAEN codes to the company?

Activity codes affect not only formal registration but also bank compliance, contracts, obtaining permits, and further business scaling. From 2025, the CAEN Rev. 3 classifier is applied in Romania, so the list of codes is better formed according to the actual sources of income and the planned work model.

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