Why You Should Consider Romania as a Place to Move

welcome back everyone michael here with offshore citizen there is a country that i've done a video i think once on previously for their very favorable tax regime for certain types of people under about a million a year in euros and it seems not to get talked about a lot and i think this is somewhat of an issue so today i'm going to discuss with you romania and why maybe you should consider romania maybe you shouldn't consider romania it's totally up to you but it is a place that yes people don't talk about too much and i think that's a shame because there's a lot to offer so let's dive in before we do if you haven't already please hit the subscribe button hit the all notifications i'd love to hear your comments on the video so let me know you know what you think about romania what you think about you know other places to go etc and if you'd like help with figuring out where to go international tax optimization forming companies opening bank accounts getting residencies and citizenships around the world please reach out to me you can book a call calendar dot com forward slash michael link in the description below or send a message through our website offshorecitizen.net and offshorecapitalist.com right so for those of you who haven't been to romania romania is down next to bulgaria so it is on the black sea it is pretty far east in uh in europe as far as that goes it's fairly large and fairly populous compared to a lot of these other kind of european countries like if just to give some contrast someplace like bulgaria's around five million people uh five six million somewhere in that range uh serbia six seven million in that range uh hungary i think is around five million so i'd have to check the numbers there but a lot of these countries are smaller and have lower population poland being the one big exception on the flip side romania has about 20 million people and i've done a couple previous videos one where i talked about the advantages of forming a company there and hiring people and how there's a larger talent pool costs are low there isn't employer side socials you're in a situation where you can optimize from a tax standpoint there's a bunch of things to appreciate about it it's kind of weird linguistically because there's about an eighty percent overlap with italian in their language in fact uh the first time i brought my wife there we've landed we'd been out pretty much all night uh we did the flight that we were taking was delayed by i think like 10 hours or something and so it's been all the previous night in an airport kind of hanging out and so she speaks italian and uh looked around she's like why is everything written in italian here and uh so kind of interesting linguistically because we have all these slavic languages and in the sea of those we have romanian which is like i said similar to italian but romania is i think a place that a lot of people should probably go and check out yeah i actually did check it out before deciding to move to bulgaria ultimately i'll talk about that in a second and have been there back since i had some friends for quite some time who had told me it was one of their favorite places and traveled to a bunch of different areas i recently was talking to a client who mentioned they had a friend who'd gone there and fell in love with it there's pros and cons of course of any of these countries right and no one size fits all nothing is for everyone but for some context bucharest the capital of romania feels more like a big city than some place like sofia in bulgaria certainly there's a higher population it seems to offer more etc it also and it also just feels more city-like if that makes sense sofia feels a little bit like a large town whereas there's more of that urban vibe in bucharest i find that typically bucharest is a little ahead in terms of say for example some of the organic food trends and things like that which is great they have a great nightlife in general i would say these areas for people who are interested in nightlife i mean ukraine bulgaria serbia romania quite known for it they have you know great clubs and you know their own artists etc so it's a cool a cool place to go from that standpoint uh i had friends who before i ever went there would comment on the attractiveness of romanian women and so there's that uh it's a relatively good tax environment like i said for most people you can probably set yourself up so that you're in kind of a one to three percent uh base tax rate corporately and then maybe five percent over and above that for personal so you're talking about you know kind of the six to eight percent tax range for a lot of people you can end up at that level now there can be some annoying things in dealing with the tax department and banking but there's some things you can do to work around that so that's all something that you can deal with there are some nuances of when you register a company and you need to be that you reach the kind of the vat threshold then you know there's some things to do with uh where you have to have your registered office and things like that but again pretty easy to navigate not a great place to go and get a job because wages are typically quite low there but on the other hand if you're an entrepreneur or something like that hey look it can be it can be quite good as a place to hire people and there's a lot of talent i've had some people who are used to hiring tech people and have commented that this has been a great place for them there's a joke that romanian is the second official language in microsoft it's not actually accurate but you know it's pretty uh it demonstrates the extent to which you've had major tech companies set up there uh the infrastructure in terms of say internet speeds is excellent at one point in time i think romania had the fastest internet speeds in europe which kind of again gives you some context infrastructure is not amazing i would say in a bunch of regards it's better than you will get in some place like bulgaria uh but you know in general not not amazing by infrastructure i'm really referring to like airports roads etc so the bucharest airport is bigger offers more etc than the sofia airport which is pretty pretty small the roads like if you drive around in bucharest you get like it's a former soviet country so former soviet countries typically have a lot of kind of old run-down buildings and things like this a lot of people would consider that it's prettier it has you know some more noteworthy architecture i actually way back one of the first videos that i ever did probably very poor recording quality i recorded in bucharest in front of it's like one of the largest buildings in the world this huge uh i forget what they called it the palace of the communist palace or something like that anyway big big government building there quite uh quite a number of options in terms of food there's a really famous like spa type place in uh in bucharest but then we can step and we can look beyond bucharest and here again romania actually has quite a lot to offer so the seaside in bulgaria is notably better than the seaside in romania a lot of romanians will come to bulgaria for the seaside during the summer but if you go to the mountains you can go up to transylvania etc there's a bunch of other towns that can be really charming and so those are worth exploring other areas to check out uh as i recall there's uber in bucharest whereas there isn't and again someplace like uh like bulgaria so that makes it a little bit easier to get around etc uh but generally it's a place that i think is is worth checking out the culture is that kind of eastern european so it's a colder culture on the surface anyway there's certainly some people asking about corruption in these places and certainly there's corruption okay so i think there's a mixture of ways and since i've had this question a few times lately a ways of understanding where things are at with corruption and that is most people who are going to tell you about corruption in places like romania bulgaria etc are operating from uh a little bit older uh information so in other words during like the 90s absolutely horrific right like really really bad uh today is the corruption yeah there's still corruption of course especially i would say at you know higher government levels on the flip side the corruption is definitely not as widespread and likely isn't going to affect common people for the most part what i've seen is just people you know a police officer asking them for a bribe rather than a ticket kind of thing and so you get a little bit of that that direction but by and large corruption is not likely to affect you as a day-to-day resident banking is doable in romania i would say actually easier than it is in bulgaria somebody asked me whether it's crypto friendly i definitely wouldn't say that it's crypto friend i wouldn't say terrible for crypto but you know certainly not not great in that regard and the climate is i mean that whole area is uh a little chilly right it's not it's certainly not the place it's not tropical it's not you know subtropical it's you know during the winter you're going to get minus 10 winters obviously you know you can go some places in the mountains where you get more snow etc it gets colder but you know by and large this this definitely is something that comes in the summers i mean you'll get 30 degrees et cetera so you kind of have that that range i don't think it's a place that i would want to spend my winters for the most part uh yeah so that gives you a little bit of context i would really recommend for somebody who hasn't been there go and check it out it's notable for also being pretty open uh i would say not as much as bulgaria from like a covered restrictions vaccines etc standpoint but similar right the thing that nightclubs were alive and well uh for much of the time uh the rest the uh vaccine rates are quite low in those countries and so you know some people prefer that sort of thing uh yeah so this gives gives a little bit of context they've got uh well i think it's a reasonable place to live and if you're going to consider going there as compared to some of the other options like to that part of the world if you were to compare to ukraine if you were to compare to bulgaria serbia montenegro et cetera i think it's worth in georgia i think it's worth putting on your list of places to check out you might not decide that that's the place for you that's fine obviously everyone has to choose for themselves but it's a place that i don't hear a lot of people talk about and i think that's a shame because i think that it actually offers quite a bit the last thing that i will throw in is as i said some people will ask well hang on why did you choose to go to bulgaria rather than romania there was a couple factors that factored into it for me personally the most significant of which is for people who are not eu citizens it is much more difficult to get residency in romania there's more nuances etc than there is for in bulgaria so bulgaria is actually relatively straightforward to get residency as a foreigner or maybe a little bit more trickier so we have some clients who we've helped to go through that process in romania but uh yeah certainly certainly more of an issue than you will get in some of these other places and so that can factor into your decision-making process but if you're from the eu then they're all super easy so anyway let me know what you think put it in the comments below uh like the video share it with your friends follow me on twitter and michael rosmer and i'm looking forward to seeing you on the next video

Channel: Offshore Citizen

Views: 50,818

Keywords: Romania, Bucharest, Transylvania, Romania taxes, Crypto Romania, Banking Romania, Digital nomads in Romania, Romanian language, Romania capital, Romania visa, Romania residency, weather in Romania, Digital Nomads Romania, visit Romania, life in Romania, second residency, EU residency, Schengen, low tax countries, zero tax countries, tax avoidance, legal tax structuring, jobs in Romania, Romania travel

Id: H-28F4Ehbds

Length: 12min 3sec (723 seconds)

Published: Mon Dec 13 2021