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Business Setup and Support in Romania Placement of funds for Ukrainians abroad: Romania

Taras Miroshnychenko

Head of practice

E-mail

miroshnychenko@prikhodko.com.ua

Phone numbers

Head of Corporate Law and Fintech Practice. Expert in the creation and reorganization of companies, support of M&A transactions, as well as legal support for opening and running a business in the EU, Asia, and North America.

Placement of funds for Ukrainians abroad: Romania

In today’s reality, Ukrainians are paying attention to the possibilities of placing financial assets abroad, especially in Romania, a country characterized by its financial system and attractive investment opportunities.

The Romanian real estate market, financial sector, and infrastructure are constantly developing, creating new opportunities for investors and foreigners who choose to move their center of interest to this country to lead a normal life.

It is worth noting that this country has quite affordable housing prices compared to other European countries, which makes it attractive for investors looking for opportunities to buy apartments or commercial premises for business.

In addition, most major banks in Romania offer a wide range of banking services not only for their citizens but also for foreigners, including deposits, investment accounts, credit services and others. Foreigners can choose different options depending on their financial goals.

The procedure for opening an account in a Romanian bank is relatively simple.

Usually, for this, it is necessary to have: a passport or other identity document, additional documents confirming the place of residence and source of income in the territory of Romania (at the request of a separate bank), additional documents to confirm the financial stability of the client (at the request of a separate bank).

Ukrainians can open accounts in Romanian banks both as residents and as non-residents. This is possible thanks to the formalization of obtaining temporary protection on the territory of this state, which is possible only for citizens of our country.

In the event that the term of temporary protection expires, the bank in which the account was opened on the basis of its availability transfers the funds to a separate reserve account and gives the client the opportunity to withdraw the amount of funds remaining in the account. The maximum term for this is 5 years (the actual term depends on the specific Romanian bank and its policy).

The procedure for placing funds in a Romanian account requires attention, if the amount of such funds exceeds 10,000 euros, which will be subject to careful supervision by the bank in order to implement the country’s policy on financial monitoring.

For such placement of funds, a person should take into account the following requirements:

when placing funds, it is necessary to provide a document confirming the declaration of funds of the specified amount at the Romanian border. A formal difficulty may arise here, since for proper declaration in Romania, it is necessary to first declare the currency at the border in Ukraine, which involves the preparation of such documents as bank statements confirming the withdrawal of cash from the client’s current account, certificates of currency exchange operations in if the client, having previously withdrawn cash in national currency, plans to exchange it for foreign currency.
when placing the funds, the bank will also request documents confirming the legality of the origin of the funds, which can be: a real estate purchase and sale agreement, FOP declarations, donation/inheritance agreement, etc. The preparation of documents for the Romanian bank requires due attention, which consists of their translation by a certified translator and notarization of such translation. This can be done in Ukraine as well.

Based on the above, the lawyers of Prikhodko and Partners JSC will be able to provide you with full consultation on opening/placing funds in a Romanian bank, full legal support for the implementation of the above, including the preparation of documents, physical support of a local specialist for interaction with the bank during the opening or placement their funds

Conclusion.

Romania is a country with great potential for placing financial assets of Ukrainians abroad.

To place funds in an account in a Romanian bank, it is necessary to take into account such aspects as financial monitoring, and formal requirements for documents during such placement.

Before the direct placement of funds, the client can use the professional advice of a lawyer of JSC “Prikhodko and Partners” and get all the answers to the questions that interest him.

Calculate the cost of services

1 question

Have you opened an account in a Romanian bank before?

Yes

2 question

Have you placed funds in a Romanian bank account before?

Yes

3 question

Do you need legal assistance regarding the preparation of documents for declaring/placing funds in a Romanian account?

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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