Are you an expat retiree in Romania or are you thinking of moving for work? You might not know this but Romania has started welcoming a broad and diverse expat community for various reasons. Having the right support in place is crucial for a smooth transition. An international financial adviser or a financial consultant in Romania can help you navigate through this move.

Apply for a NIF (Numerele de identificare fiscala)

As an expat, retiree or not, you should apply for a NIF as soon as you can. This can be done personally or even by a representative. This is your tax identification number. You will have to fill in the 030 Form – Declaratie de inregistrare fiscala and to send it to ANAF ( Romanian National Agency for Fiscal Administration). The process takes between a couple of days to a couple of weeks. If you are thinking of buying property in Romania you will also require this number.

Cost of living

According to Numbeo, the cost of living is considerably cheaper than in many other European countries. This is due to the average salary being much lower as well. However, as an expat in Romania, you will probably earn well above the average salary.  You will be able to enjoy a comfortable lifestyle. Rent is an important area where expats will notice a difference compared to other countries. According to Numbeo, a 1 bedroom apartment in the capital Bucharest city centre is around 380 euros. On the other hand in Cluj (4th most populous city in the country) the price can range from 260-360 euros in the city centre. 

Important key areas to you as a retiree or expat in Romania

Getting the right savings and investment advice is vital for expats. This can be geared towards capital growth or a regular income. You can read more about lump sum investment options here.

• Harrison Brook is partnered with foreign exchange market experts, with no transfer fees and bank beating exchange rates.  This can be useful when buying property overseas, emigrating or sending money to friends and family. Harrison Brook can ensure you receive a great rate for a low fee and with all the help you need.
• Expat life insurance is about protecting those you care about and who are financially dependent upon on you. This includes international travel cover, critical illness and income cover. Expat life insurance provides the peace of mind you require in case anything were to happen to you.
• Planning for retirement can start at any age. It is never too late to start planning in order to have the standard of living your dream of in retirement. We can assist with your expat retirement pension needs.

Review your Existing Pensions & Investments

If you are a retiree in Romania you must understand your current financial situation. This is important in order to better manage your retirement funds in Romania. An financial consultant in Romania can assess your existing pensions and financial arrangements for your medium to long-term financial goals. Nonetheless living in Romania presents many opportunities but it also has a lot of financial implications. The tax rules, regulations and bureaucracy can all be complex and present a challenge. Helping you navigate through them can make your stay and life a bit easier.

Get in touch today and see how we can help you make better financial decisions.

The information contained herein is for informational purposes only which is subject to change and should not be relied upon. You should seek advice from a professional adviser before embarking on any financial planning activity.