During the last period, we have received enquiries concerning property transactions and property led transactions all of which arose out of property purchases prior to 2009. Many investors both foreign and local made purchases during those times which they now regret. The reasons for this regret are many but they now have to deal with
One of the most frequent questions we are asked is regarding corruption and influence peddling in Romania and how this is dealt with under Romanian law. Unfortunately, Romania does figure in a number of corruption indices and in a high position. The question that is being asked is why, and how does it affect business.
When I first came to Romania there was very little to purchase in the shops. Goods were in short supply and often of poor quality. There were very few imports. Shops would display articles and then refuse to sell them to you, as they would then have nothing else to display. This actually happened to me
Romania has one of the most employee friendly legal regimes in the EU. One hears about the problems in terms of restructuring and employee removal in France and Italy but Romania comes very close behind. For all employers the question of employee protection and employee rights becomes important as a company develops or needs to
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