One of the major problems in Romania is keeping up with the changes in law. How do we do this many Clients ask? How do we keep up to date? As an emerging economy the laws are updated often without notice (Government Emergency Ordinances), or an important law is blocked in Parliament, and then suddenly passed
Debt recovery in Romania has caused problems for foreign investors over many years. I would estimate that questions concerning debt recovery are the third most common request that we receive. Recoveries of debts in Central Europe including Romania were a byword for Byzantium thinking. One hears of cases that have been running for at least
One of the quirks of Romanian legislation incorporated in the Constitution is the use of Emergency Ordinances. The intention originally was for them to be used when Parliament was not sitting and allowed the Government to pass „emergency” legislation which would then be ratified by Parliament later when they were in sitting. Over the last 20
The Romanian Finance Authorities are a law unto themselves. This is no more apparent than in the field of the prevention of Double Taxation. Treaty obligations do not necessarily apply in all cases and my comments below deal only to payments made to companies based in the EU. We are often asked by clients why
During the property bubble in Romania a number of investors bought properties using a local company. This was because a local company could own land even if the shareholders were foreign. This was so even if even for the purchase of an apartment which included the implied purchase of an undivided share in the land