Romania: A Hidden Gem for Expats and Entrepreneurs
Introduction to Romania
Romania, a country often overlooked by expats and entrepreneurs, boasts a lot to offer. With its favorable tax regime, vibrant nightlife, and rich culture, it’s a destination worth considering for those looking to move abroad. In this article, we’ll explore the reasons why Romania should be on your list of places to check out.
Favorable Tax Regime
For individuals earning under one million Euros per year, Romania offers an attractive tax environment. With a corporate tax rate ranging from 1 to 3 percent and a personal tax rate of around 5 percent, many people can enjoy a combined tax rate of 6 to 8 percent. Though navigating the tax department and banking can be challenging, there are solutions to work around these issues.
Talent Pool and Infrastructure
Romania, with its population of around 20 million, provides a large talent pool, making it an ideal location for hiring skilled employees. The country also has excellent internet speeds, at one point having the fastest in Europe. However, Romania’s infrastructure, such as airports and roads, still has room for improvement.
Language and Culture
Romanian, a language with 80% overlap with Italian, makes the country an interesting linguistic destination. Though Eastern European culture may seem cold on the surface, Romania offers a vibrant nightlife and a wealth of artistic experiences.
Bucharest: The Capital City
Bucharest, Romania’s capital, feels more like a big city compared to other Eastern European capitals. With a wide array of dining options and notable architecture, Bucharest is worth exploring. Additionally, the city boasts a famous spa and easier access to banking than some neighboring countries.
Romania has more to offer beyond its capital. The country’s mountainous regions, such as Transylvania, provide charming towns and scenic landscapes. However, Romania’s seaside does not compete with that of neighboring Bulgaria, with many Romanians opting to vacation in Bulgaria during the summer months.
Corruption and Safety
While corruption remains an issue in Romania, it has significantly improved since the 1990s. Today, corruption is less widespread, and it’s unlikely to affect everyday residents.
Romania’s climate ranges from chilly winters with temperatures dipping to minus 10 degrees Celsius to warm summers reaching up to 30 degrees Celsius. Though not a tropical destination, Romania’s climate provides seasonal variation.
Why Choose Romania over Other Eastern European Countries?
When comparing Romania to other Eastern European countries, such as Bulgaria, Serbia, and Ukraine, Romania’s favorable tax regime, rich culture, and large talent pool make it an attractive option. However, it’s important to note that obtaining residency as a non-EU citizen can be more difficult in Romania compared to other countries like Bulgaria.
In conclusion, Romania is a hidden gem that deserves more attention from expats and entrepreneurs. With its favorable tax environment, vibrant culture, and ample opportunities for business growth, Romania is a destination worth considering. While it may not be the perfect fit for everyone, it’s essential to explore all your options and give Romania a chance.