Capital gains tax in Romania

What is the general capital gains tax rate in Romania?

Romania does not have a standalone capital gains tax. Instead, gains from the disposal of assets are treated as a category of personal income and taxed under the personal income tax (impozit pe venit) at Romania's flat rate. Since 2018, Romania has applied a flat 10% personal income tax rate to most forms of income, including capital gains on securities not transacted through a Romanian-resident intermediary, gains from investment gold, and gains from virtual currency. Law 239/2025 (Fiscal Package 2, in force 18 December 2025) raised that residual rate to 16% for gains on securities, derivatives, virtual currency, and investment gold realised outside the broker-withheld regime, effective 1 January 2026. The 10% general income-tax rate continues to apply to other income categories such as rental income and royalties. Filers report non-withheld gains on Form 212 (Declaratia Unica), due 25 May of the following year, via the ANAF Spatiul Privat Virtual (SPV) portal.^[ro-anaf-spv]

How does the special broker-withheld regime for securities work?

Law 142/2022 (effective 1 January 2023) created a preferential withholding regime for gains from the transfer of listed securities and derivative financial instruments transacted through a Romanian-resident intermediary or a non-resident intermediary with a permanent establishment in Romania.^[ro-pwc-income] Under that reform the withholding rates were 1% for instruments held over 365 days and 3% for instruments held 365 days or under, applied to the gross transfer value per transaction. The intermediary withholds and remits as final tax; the investor is not required to report those gains on the annual return. Law 239/2025 materially increased those rates from 1 January 2026: the regime now withholds 3% (held over 365 days) and 6% (held 365 days or under).^[ro-kinstellar-2026] These remain withheld as final tax by the broker, preserving the administrative simplicity of the 2023 system. By contrast, gains on identical securities transacted through a non-Romanian intermediary (e.g., a foreign broker with no Romanian permanent establishment) fall outside the withheld regime and are taxed at 16% on net gain via self-assessment.

What are the current rates at a glance?

The table below summarises applicable rates as of 1 January 2026:

How is the real estate transfer tax calculated?

Gains from the sale of real estate from personal patrimony are not taxed on the net gain; instead, Romanian law imposes income tax on the gross transfer value under Article 111 of Fiscal Code Law 227/2015.^[ro-fiscal-code] The rate depends solely on how long the seller has held the property: 1% for properties held more than three years, and 3% for properties held three years or under. The holding period runs from the acquisition date recorded in the notarial act (or inheritance certificate, court decision), not from the payment date. The notary public (notar) calculates and withholds the tax at the moment of signing the transfer deed and remits it to the state by the 25th of the following month. A previous exemption for transactions below RON 450,000 was eliminated in 2023 and does not apply to transactions concluded after that date.^[ro-notari] Certain transfers remain exempt: donations and sales between spouses and relatives up to the second degree, and inheritances finalised within two years of the decedent's death. No equivalent of a principal-residence capital gains exemption exists in Romanian law. For property developers who habitually buy and sell real estate, ANAF may reclassify activity as independent economic activity subject to income tax and VAT rather than the Article 111 regime. Consult a qualified tax professional if multiple disposals occur in a short period.

Does CASS health contribution apply to investment income?

Yes. Romania's health insurance contribution (Contributia de asigurari sociale de sanatate, CASS) at 10% applies to investment income -- including capital gains on securities, dividends, and rental income -- once annual non-salary income exceeds 6 gross minimum national salaries.^[ro-pwc-other] For 2026 (minimum gross salary RON 4,050 per month until June, rising to RON 4,325 from July), the CASS activation thresholds are approximately RON 24,300 (6 x minimum). Once activated, the contribution is not calculated on the full income amount but on a capped base that tracks which band total non-salary income falls into:

• Annual non-salary income between 6 and 12 minimum salaries: CASS base = 6 minimum salaries (approximately RON 24,300 for 2026)
• Annual non-salary income between 12 and 24 minimum salaries: CASS base = 12 minimum salaries (approximately RON 48,600 for 2026)
• Annual non-salary income at or above 24 minimum salaries: CASS base = 24 minimum salaries (approximately RON 97,200 for 2026)

CASS is reported and paid through Form 212 alongside any non-withheld income tax. Investors whose gains are fully covered by broker or notary withholding must still file Form 212 to declare the CASS position if non-salary income crosses the activation threshold.

How are non-residents taxed on Romanian-source capital gains?

Non-resident individuals are subject to the same rates and regimes as residents for Romanian-source gains.^[ro-pwc-income] A non-resident selling Romanian real estate faces the same 1% or 3% tax on transfer value, collected by the notary as final tax. A non-resident holding Romanian-listed securities through a Romanian broker benefits from the same 3%/6% withheld regime effective 2026; the broker withholds as final tax and no Romanian filing is required. Where a non-resident holds Romanian securities through a foreign broker (no Romanian permanent establishment), they self-assess at 16% on net gain and file Form 212. Romania has concluded double-taxation treaties (DTTs) with over 88 jurisdictions; under Article 13 of the OECD Model, real estate gains are taxable in the situs state (Romania), which the treaty ordinarily confirms rather than relieves. Treaty relief may reduce or eliminate Romanian tax for specific asset categories -- a qualified tax professional familiar with the relevant bilateral treaty should be consulted before a transaction is concluded. The Romania country overview links to treaty summaries for the most common source countries.

For any transaction with a significant tax impact, the information on this page is a research starting point. Rates and thresholds have changed materially in both 2023 and 2026, and further changes remain possible given Romania's ongoing fiscal consolidation programme. Engage a qualified tax professional registered with the Camera Consultantilor Fiscali (CCF) -- the Romanian Chamber of Tax Consultants -- before concluding a disposal.