Tezaur government bonds are tax-free; gains through a Romanian intermediary 3 or 6%
According to the ANAF tax authority, income from Finance Ministry government bonds “sunt neimpozabile”, that is, not taxable (October 2026 Tezaur issue). From 2026, gains on securities through a Romanian intermediary are taxed at 3% for holdings of 365 days or more and 6% for shorter holdings; without a Romanian intermediary 16% (Law 239/2025). Dividends 16% since January 1, 2026 (Law 141/2025), interest 10%. The tax on expensive homes is 0.9% on the part above RON 2.5 million.
What this changes in the calculation
Government bonds 0% for Tezaur and Fidelis; funds 16% through a foreign broker, 3 or 6% through a Romanian intermediary. Deposits 10% and corporate bonds 10% match.