ROMANIA, the European Jack-of-all-trades, has Black Sea shores that stretch for over 244 km, mountains up to over 8480ft, amazing landscapes, overpowering culture, magic women and.. Transylvanian Alps (geography)!
Romania
Population: 22.3 million (UN, 2003)
Area - 237,500 sqkm(91,700 sqmi)
Capital: Bucharest
Largest Cities - Constanta 348,575. Timisoara 327,830. Brasov 324,210
Government - Bicameral constitutional republic with a multiparty parliamentary system
Major language: Romanian
Major religion: Romanian Orthodox Church; Roman Catholicism; Judaism
Life expectancy: 67 years (men), 74 years (women) (UN)
Monetary unit: 1 leu = 100 bani (see currency exchange)
Main exports: Textiles and footwear, metal products, machinery, minerals
GNI per capita: US $1,870 (World Bank, 2002)
National Flag: red-vermillion, yellow-chrome, blue-cobalt
Internet domain: .ro
International dialling code: +40
Romania is located in Central Europe, on the west coast of the Black Sea. Geographically, Romania is divided into three regions: the South, East, and Northwest (Transylvania) plus the capital city of Bucharest on the South. Bucharest is the capital city and has about one-tenth of the total population in Romania.
The events in December of 1989 brought a dramatic change of the political frame. Romania is now a constitutional republic with a multiparty parliamentary system. The Parliament consists of Chamber of Deputies with 343 members and the Senate with 143 members. The president is elected by universal suffrage and has the authority for foreign and security affaires. The 2000 election returned Ion Iliescu and the Party of Social Democracy in Romania (PDSR) party to power. In 2001, this group merged with the Social Democratic Party in Romania (PSDR) to form the Social Democratic Party (PSD) and this year (2004) is election time again.
Reform has been on the Romanian government's agenda since 1996 and the process has been accelerated in the last quarter of 1998. In the past several years, more than 40% of state-owned companies have been sold to private investors. These sales accounted for a total of 20.7 trillion lei (about US$2 billion) revenue. The government has had a stand-by agreement with the International Monetary Fund (IMF) since November 1998. The agreement is significant because it indicates to the international community Romania's creditworthiness and commitment to prudent macroeconomic policies. Included in the agreement are the reduction of current account and budget deficits, suspending generous investment incentives, raising tax revenue and controlling public sector wage costs, and other measures.
The rapid privatization of housing sector, the continuous diminishing of the government's role in this area has created the premises of a free real estate and land market. In 1999, Romania was included among the pilot group of countries for the Comprehensive Development Framework (CDF). The CDF provides an active approach to the challenges of development that integrates the macroeconomic and financial aspects of development with the structural, social, and human dimensions. This generated positive impact in the development of Romanian economy.
Romanian legislation requires notarization of any transfer agreement regarding land located in Romania. This notarization is compulsory in order for the land transfer to be valid. The ownership transfer of the land should also be registered with the Immovable Property Registry to notify third parties of the transfer. Owners of land are required to pay an annual tax calculated as a fixed amount per square meter of land, based on its location in cities, towns or villages.
For quality services concerning land, ownership transfer, titling, consulting, management, notarisation and registration of any kind please contact D'a Cappo Max SRL Romania today.