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- Setting up a company in Romania
- Create a Romanian Joint-Stock company
- Types of Romanian Companies
- Romanian representative office or company branch
- Registering a Romanian Micro-Company
- Buying a Romanian Company
- Permits & licenses
- Incorporating a European Company
- The Trade Register
- Contract Law in Romania
- Romanian Administrators
- Liquidating a Company
- International Contracts
- Romanian Shelf Company
- Authorized Physical Person
- Property Tax in Romania
- The Romanian Land Registry
- Purchasing real estate
- Conditions for foreigners to buy Romanian properties
- New conveyance VAT
- The Recuperation of Properties
- New Minimum Corporate Tax
- Deductibility Regulations
- Avoid double taxation (e.g. Romania - UK)
- Paying taxes
- Repatriate profits
- Anti-Crisis Measures
- The Romanian Power of Attorney
- Import-Export in Romania
- Romanian Public Notaries
- The Arbitration Court
- About Legal Executors
- Recognition of Foreign Judgments
- Dismissal of employees
- Non-Profit Organizations
- Labor Law in Romania
- A guide: Romanian Courts
- Incentives for investments in Romania
- Debt Collection in Romania
- Trademark Registration
- Trial Phases in Romania
- About Romanian Lawyers
The Recuperation of Properties confiscated by the Communist Regime in Romania
The Romanian Law stipulates that property illegally confiscated by the Communist
Regime in Romania, in the period between March 6th 1945 and December 22nd 1989,
shall be physically returned or an equivalent value shall be paid, in the case
where restitution in nature is not possible.
The following assets shall be restituted:
- land, with or without constructions;
- mobile assets which became non-mobile through incorporation in buildings;
- machinery and installation confiscated by the State or other legal entities at
the same with the building, if not already replaced or destroyed.
Buildings or land forcefully confiscated shall be restituted in nature in the
state they were at the time when the restitution request was made, without any
encumbrances, no matter in whose possession they might be in. For the cases
where the constructions where partially or totally demolished, the land and
remaining constructions shall be restituted in its nature, while for demolished
buildings and occupied land, reparatory measures shall be granted through
equivalent.
The procedure to be applied in order to recuperate confiscated property
included as a first step a notification sent to the respective authority.
The term for this notification was prolonged more than once, until the end of
2005 (for providing extra proof of ownership for earlier notifications).
Persons who have exceeded the legal time limitation for the notification could
start a “common law procedure”, respectively sue the Romanian authority. This
procedure will have to be legally based on the dispositions of the Romanian
Civil Code, requesting the right to legally own the property.
Because of the lack of unitary interpretation of these proceedings, Romania’s
State Attorney General has filed Appeal “in the interest of the Law”, in an
effort to unify the practice of the Romanian Courts in the matter. The Sections
of the High Court of Cassation and Justice have emitted a Decision, establishing
the special law no. 10/2001 (the one establishing the time limitation for the
notification) as having priority over the general dispositions of the Code.
As a result, any request for restitution of properties filed on the basis of the
provisions of the common law, shall be denied as inadmissible, with the
exception of decisions not limiting another ownership the “security of legal
reports”.
Although this Decision of the High Court of Cassation and Justice can be
considered vague, the general interpretation is that notifications exceeding the
time limitations as mentioned above will indeed be denied by Courts in the
country, numerous Decisions having been already emitted per this interpretation.
We have exceeded 150 incorporations of Romanian companies having foreign shareholder structures. We offer complete legal assistance for any type of Romanian company formation including Romanian SRL (LLC) or Joint-Stock (SA) registration, office address and general advice for matters related to taxation, Labor regulations as well as on-going assistance after the formation of the company.
