The Romanian government has announced significant capital gains tax changes as part of the second package of fiscal measures scheduled to enter into force on 1 January 2026. These changes directly affect individuals investing in securities, whether transactions are carried out through Romanian brokers or through foreign platforms.
We explain below the capital gains tax changes, comparing the current tax treatment with the new regime applicable as of 2026, and highlighting the practical impact on investors.
Capital gains refer to income generated from the sale of securities, such as shares, bonds, ETFs, or other financial instruments. Until now, Romanian tax legislation applied different tax treatments depending on whether transactions were executed through Romanian intermediaries or through foreign platforms.
Starting in 2026, the latest capital gains tax changes will generate increase in the tax rates, particularly for investors using international platforms. They will also narrow the tax rates advantages previously available under the Romanian broker regime.
Under the current rules, capital gains obtained through authorized Romanian brokers benefit from a simplified and relatively favorable tax regime:
Key characteristics of the current system:
This regime has been particularly attractive for retail investors due to its low tax rates and minimal administrative burden.
Under the announced capital gains tax changes, transactions executed through Romanian brokers will remain subject to withholding at source, but tax rates will increase substantially:
This represents:
While the simplicity of withholding at source continues in 2026 as well, the increased rates will materially affect net investment returns, especially for active traders.
This category includes transactions carried out through:
At present, the tax treatment for such transactions is as follows:
This loss-offset mechanism can significantly reduce the effective tax burden for investors with diversified portfolios or volatile returns.
As part of the capital gains tax changes, the income tax rate for these transactions will increase to:
This new rate aligns capital gains taxation with the standard personal income tax rate applicable for other investment incomes, such as dividends. As you may recall, the income tax rate applicable for dividends will also increase to 16% as of 2026.
Practical impact:
The increase from 10% to 16% may significantly reduce net returns for investors using foreign platforms, especially where losses are limited or absent. In many cases, international platforms may become less tax-efficient compared to Romanian brokers, purely from a tax perspective.
| Type of transaction | Current tax rate | Tax rate as of 2026 |
|---|---|---|
|
Romanian broker – holding > 1 year |
1% |
3% |
|
Romanian broker – holding < 1 year |
3% |
6% |
|
Foreign platforms / non-Romanian intermediaries |
10% |
16% |
This table illustrates the scale of the capital gains tax rates changes as of 2026. It also shows their differentiated impact, depending on the investment channel used.
Given the upcoming capital gains tax changes, investors may wish to reassess their investment strategies for 2026:
Early planning is important to mitigate the financial impact of the new rules.
The announced capital gains tax changes represent a substantial shift in the taxation of securities investments in Romania. While the existing framework favoured low rates and administrative simplicity, the 2026 regime introduces higher tax costs across the board, with a particularly strong impact on foreign-platform investors.
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