← Tax Optimization · Individuals
Capital gains — Romanian or foreign broker?
A lower rate doesn't automatically mean lower tax — the loss-offsetting mechanism can matter more than the nominal rate, especially in volatile years.
What the law says
Through a Romanian broker, gains from shares are taxed directly at source — 3% for holdings over 365 days, 6% for holdings under 365 days — with no ability to offset losses from other transactions.
Through a foreign broker (eToro, Interactive Brokers, Trading 212, etc.), the rate is 16%, self-declared by you through the Declarația Unică, but losses are deducted from gains and can be carried forward up to 5 years. State bonds (Fidelis) listed on the BVB remain fully tax-exempt, regardless of the broker used.
Art. 97 para. 8¹ Cod fiscal (Law 239/2025).
How it applies, in numbers
Illustrative example: a year with a 5,000 lei loss, followed by a year with a 5,000 lei gain. Through a foreign broker, the carried-forward loss practically cancels out the following year's tax. Through a Romanian broker, each year is taxed separately, at source, with no offsetting — tax on the second year's gain is paid in full, regardless of the prior loss.
Common mistakes
The typical mistake is choosing a broker based only on the nominal rate (3-6% always seems lower than 16%) — but for someone with frequent transactions and volatile years, the loss-offsetting mechanism at foreign brokers can reduce total tax more than a low rate applied with no offsetting at all.
