How profit from investments and trading is taxed in Moldova
A guide for the 2025–2026 tax years: stocks, bonds, dividends, interest, CFDs, ETFs, and crypto — covered separately for individuals and companies, with calculation examples, an international comparison, and a calculator.
A familiar field, rules still taking shape
In Moldova, investing and trading have existed for a while, but mostly among ordinary individuals. On a larger scale — at the level of companies, with a well-established legal foundation — the field is only just taking shape. That's why the tax side is also still developing: some rules are already clear in the law, others are not yet addressed explicitly. For stocks, dividends, and interest, the basic rules in the Tax Code have been in place for many years. For newer products — CFDs, currency-market trading, crypto — the State Tax Service has not yet published specific official positions.
For comparison: in the United States, the rules on capital gains (short-term and long-term) have existed for decades; European Union countries have detailed rules for each asset class. Here in Moldova, the exemption on interest from government securities appeared in 2024, the automatic exchange of information with other states began in 2024, a legal framework for financial service providers was adopted in 2025, and full crypto regulation is planned for 2026. So: some things are already clear, others are still being built. Where no explicit rule exists, we show you the most solid interpretation of the law and mark the confidence level.
- Are positions I haven't closed yet also taxed?
- What happens with losses?
- Do I need to bring the money into Moldova to pay tax?
The answers are in the chapter "What Actually Gets Taxed."
The Basic Principle
The standard personal income tax rate in the Republic of Moldova is 12% (art. 15 lit. a) of the Tax Code). However, the effective tax you pay differs depending on the type of income — sometimes it's even lower.
Two things determine your tax treatment. The first is tax residency: you are a tax resident of Moldova if you have a permanent home here or if you spend at least 183 days a year in the country (art. 5 pct. 5 of the Tax Code). A resident declares income earned anywhere in the world, including through foreign brokers. The second is the form of the income: a capital gain (when you sell an asset for more than you bought it for) is taxed differently from a dividend or interest.
Filing is done once a year, through the Individual's Declaration (CET18 form), submitted by April 30 of the following year. For income earned in 2025, the deadline is April 30, 2026.
What Assets You Can Trade
Before getting into taxes, let's look at what you can buy or trade. Assets broadly fall into two categories: those in Moldova and those abroad — accessed through regulated international brokers.
Assets in Moldova
Shares listed on the Moldova Stock Exchange, government securities (with tax-exempt interest), municipal and corporate bonds.
Assets Abroad
Global stocks, ETFs, foreign bonds, CFDs (including on the currency market), futures contracts and options, commodities. This is where most of the opportunities for an investor from Moldova are concentrated.
What Actually Gets Taxed
Three rules answer the questions from the introduction:
Only Closed Positions
Only realized gains are taxed — that is, positions you've closed. An open position, even one showing "paper" profit, does not generate tax until you close it.
The Net Result Counts
Losses from positions closed at a loss are deducted from gains, within the limits allowed by law. You pay on the difference, not on each profitable trade separately.
Regardless of Where the Money Sits
Realized profit must be declared even if it stays in the account with a broker abroad. Repatriating the money is not what triggers the tax.
In short: you are taxed on what you actually earned by closing positions, on a net basis, regardless of whether the money is in the country or in an account elsewhere.
How Much You Pay, in Short
For a resident individual who does not carry out entrepreneurial activity. We've separated real assets (which you own) from CFDs (contracts for difference, where you don't own the asset).
→ Swipe the table sideways to see all columns.
| Type | Activity | How the income is classified | How much you pay | How you declare it |
|---|---|---|---|---|
| Real assetsyou own the asset | Selling shares of Moldovan companies | capital gain | 6%effective | CET18, by Apr. 30 |
| Selling shares of foreign companies | capital gain | 6%effective | CET18, by Apr. 30 | |
| Selling bonds before maturity (at a gain) | capital gain | 6%effective | CET18, by Apr. 30 | |
| Selling ETF units | capital gain | 6%effective | CET18, by Apr. 30 | |
| Selling crypto held outright (spot) | capital gain | 6%interpretation | CET18, by Apr. 30 | |
| Dividends from shares of Moldovan companies | dividend | 6% | withheld at source, not declared | |
| Dividends from shares of foreign companies | foreign dividend | 12% | CET18 + foreign credit | |
| Coupon / interest on bonds and deposits in Moldova | interest | 6% | withheld at source, not declared | |
| Interest on government securities (Moldova) | interest (exempt) | 0% | not declared | |
| Coupon / interest on foreign bonds or deposits | foreign interest | 12% | CET18 + foreign credit | |
| CFDyou don't own the asset | CFDs on currencies (currency-market trading) | financial income | 12%interpretation | CET18, by Apr. 30 |
| CFDs on indices, commodities, stocks, or crypto | financial income | 12%interpretation | CET18, by Apr. 30 |
For CFDs and for crypto, the State Tax Service has not published an explicit official position. The figures above are the most solid interpretation of the law, not a rule confirmed in writing. Below we explain each case and the confidence level.
Taxation of Individuals by Asset
Stocks — Capital Gainshigh confidence
Stocks are considered capital assets (art. 39 alin.(1) lit. a) of the Tax Code). When you sell them for more than you bought them for, you realize a capital gain. The key rule: only 50% of the gain is taxed (art. 40 alin.(7)), at the 12% rate. The effective result is 6% of the total gain. The rule is the same for shares of companies in Moldova and for those of foreign companies. Filing also works the same way in both cases: you declare the gain in CET18, because no tax is withheld at source when shares are sold (unlike dividends, which are withheld automatically).
You bought shares for 100,000 lei and sold them for 130,000 lei.
- Gain (capital increase)
- 30,000 lei
- Taxable base (50% of the gain)
- 15,000 lei
- Rate applied
- 12%
- Tax due
- 1,800 lei
Losses can be deducted, but only up to the gains realized in the same year; the remainder is carried forward to subsequent years (art. 40 alin.(2)–(3)). Keep proof of the purchase price (contract, account statement). Without it, the cost basis is considered zero and the tax is calculated on the entire amount received.
Bonds — Two Sources of Profithigh confidence
A bond can bring you profit in two ways, taxed differently:
The Coupon (Interest)
The periodic interest payment. For bonds in Moldova: 6% final withholding at source (art. 90¹ alin.(3⁷)). For government securities: 0%, exempt since August 15, 2024 (art. 20 lit. z²⁰). For foreign bonds: 12%, declared in CET18.
Selling Before Maturity
If you sell the bond before maturity at a different price, a capital gain or loss arises. The gain is taxed the same way as for stocks: 6% effective. The loss can be deducted from other capital gains.
Dividends
From companies in Moldova: a final 6% is withheld at source (art. 90¹ alin.(3¹)). You don't need to do anything — the money reaches you already taxed and doesn't need to be declared.
From foreign companies: nothing is withheld in Moldova — but tax is usually withheld automatically in the asset's country of origin. For example, dividends from United States companies typically have 30% withheld at source. You declare the income in CET18 and pay 12% on the total dividend amount (without the 50% reduction, which applies only to capital gains). The tax already withheld abroad is credited, but only up to 12% (see the chapter on double taxation).
Interest
Deposits and Bonds in Moldova
Interest on bank deposits and bonds in Moldova — final withholding at source (art. 90¹ alin.(3⁷)). It doesn't need to be declared.
Government Securities
Interest on government securities has been tax-exempt since August 15, 2024 (art. 20 lit. z²⁰).
Deposits and Bonds Abroad
Interest from a bank or a bond in another country is declared in CET18, with a credit for the tax withheld abroad.
CFDs, Including Currency-Market Tradingmedium confidence
A CFD (short for Contract for Difference) lets you profit from the price movement of an asset — a currency pair, an index, a commodity, a stock — without owning the asset. In practice, currency-market trading through a broker (also known as Forex) is usually also done through CFDs or similar leveraged contracts. That's why we treat them together.
The Tax Code defines "financial income" as including income obtained "from exchange-rate differences" and other income from financial activity (art. 12 pct. 6). The closest interpretation: profit from CFDs is financial income and is taxed at 12% on net profit, declared in CET18.
An important difference: CFD trading does not benefit from the 50% reduction that stocks get, because a CFD is not an asset of ownership in the legal sense — you don't own anything, only a contract. There is not yet a written ruling from the State Tax Service that explicitly confirms this treatment; hence the confidence level.
ETFs
An ETF (Exchange-Traded Fund) groups many assets into a single instrument. The tax treatment depends on the type:
Accumulating ETF
It doesn't pay dividends — it reinvests them automatically. You only pay tax when you sell the units, as with capital gains: 6% effective.
Distributing ETF
It pays you dividends periodically. The dividends are foreign income, 12%. The gain from selling the units remains a capital gain, 6% effective.
Cryptocurrencies — Spot vs. CFDmedium confidence
Here the distinction changes both the tax and the applicable rules:
Spot Crypto
You actually own the coin (for example Bitcoin) and then sell it. The Tax Service has treated crypto held by an individual as a capital asset, hence a capital gain, 6% effective. Note: for transfers to crypto platforms in other countries, banks do not allow amounts that cumulatively exceed 50,000 lei per month (Law no. 308/2017).
Crypto via CFD
You don't own the coin — you only have a contract on the price difference. The profit is financial income, 12%. Here the transfer restrictions above do not apply, since there is no ownership and no transfer of a virtual asset.
Moldova is preparing a complete legal framework for crypto, planned for 2026. Until it is adopted, the tax treatment remains partly unclear — declare cautiously and keep an eye on updates.
Options, Futures, and Other Derivatives
Options on stocks or other capital assets fall under the capital-gains regime (art. 39 alin.(1) lit. d)) — 6% effective. Futures contracts without physical delivery, settled in cash, are closer to the CFD regime — 12% on net profit.
The Personal Exemption — How Much You Can Deduct
Every resident is entitled to a personal exemption — an amount of income that is not taxed. For 2025 and 2026 it is 29,700 lei per year.
Three conditions to remember. The exemption applies only to income you declare (capital gains, dividends, and interest from abroad), not to income already withheld finally at source (for example the 6% dividends from Moldova). It applies only if your annual taxable income is under 360,000 lei. And it cannot be used twice — if you already apply it to your salary, you can't use it separately for investments.
A person with no salary (and who therefore hasn't used the exemption elsewhere) sells shares with a gain of 80,000 lei.
- Capital gain
- 80,000 lei
- Taxable base (50%)
- 40,000 lei
- Less: personal exemption
- − 29,700 lei
- Remains taxable
- 10,300 lei
- Tax (12%)
- 1,236 lei
Without the exemption, the tax would have been 4,800 lei (12% of 40,000). Always check whether you meet the conditions for the relevant year.
Legal Entities (Companies)
For a company (SRL, SA) the regime is different. The 50% reduction for capital gains does not apply — it is only available to individuals who do not carry out entrepreneurial activity. For a company, the gain from selling financial instruments is included in full in the taxable profit.
Standard Regime
On fiscal profit (art. 15 lit. b)). Trading-related expenses (commissions, software) are deductible.
Reduced Regime
On operating income, for companies not registered as VAT payers. It applies to receipts, not profit.
Dividends Between Companies in Moldova
Dividends received from another resident company are non-taxable (art. 20 lit. z¹⁹).
The 4% rate looks small, but it applies to gross income, not profit. For a company with a high turnover from frequent buying and selling, 4% on receipts usually exceeds 12% on profit. For a trading company, the standard 12%-on-profit regime is generally more advantageous.
Trading as an Activity, Not a Hobby
There is a thin but important line. The Tax Code classifies income as "investment income" or "financial income" only if your participation "is not regular, permanent, and substantial" (art. 12 pct. 5–6). In other words: an occasional investor declares and pays taxes simply. Someone who trades intensely and systematically, as their main source of income, may be reclassified by the Tax Service as carrying out entrepreneurial activity.
The law does not set a numeric threshold — the assessment is made case by case, based on frequency, volume, and the share it represents in your total income.
For someone who trades often and consistently, an SRL brings real advantages: 12% on profit (not on receipts), full deduction of expenses, and loss carryforward. For clarity, you can request an advance individual tax ruling from the Tax Service (art. 8 lit. e¹)) before you start.
Double Taxation
When you earn income from a foreign country, tax may be withheld at source there. So that you don't pay twice, Moldova allows the tax paid abroad to be credited (art. 82), but only up to 12% of the income. If you paid more than 12% abroad, the difference is not refunded.
Moldova has double-taxation treaties with 50 states, including Romania, Germany, France, Italy, the United Kingdom, and Switzerland. The rules in these treaties take priority over domestic law (art. 4).
Moldova has no tax treaty with the United States. For dividends paid by American companies, the source typically withholds 30%, and Moldova only credits 12% — the rest is lost. One solution for exposure to the US market is European ETFs that invest in the United States, where the withholding at source is lower.
Moldova started the automatic exchange of information on financial accounts in September 2024, in accordance with the OECD standard. Brokers and banks in participating jurisdictions transmit data on the accounts of Moldovan residents to the State Tax Service. The exact list of jurisdictions is set by order of the Ministry of Finance. In short: declare your foreign income correctly.
Moldova, Romania, and the United States
Why does the comparison matter? Because the tax depends on the tax residency you use when opening your account. Many Moldovan citizens also hold other citizenships or residence permits, and some foreigners hold a residence permit in Moldova. For all of them, it's useful to know that Moldova has one of the lowest rates in the region.
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| Item | Moldova | Romania (from 2026) | United States |
|---|---|---|---|
| Gain from selling stocks | 6%effective | 3% if held for more than a year, 6% if under a year (through a broker in Romania); 16% through a foreign broker | 0%, 15%, or 20%, depending on the holding period and total income |
| Domestic dividends | 6% | 16% | 0%, 15%, or 20% |
| Bank interest | 6% | 10% | progressive rate |
| Health contribution on investments | no | 10%, if income outside salary exceeds an annual threshold (set relative to 6, 12, or 24 minimum wages) | 3.8%, above a certain income level |
| The broker withholds the tax | no — you declare it yourself | yes, for brokers in Romania | yes |
| Filing deadline | April 30 | May 25 | April 15 |
The rates for Romania reflect the changes applicable from 2026. For specific situations, the rules should be verified at the time of the transaction.
United States citizens are taxed on their worldwide income regardless of where they live. For them, simply moving their residence to Moldova does not eliminate the US tax obligation. Likewise, if you spend enough time in two countries, you can become a tax resident in both — a situation resolved through the treaty between those states. Tax residency is a decision with serious consequences; don't treat it lightly.
Tax Calculator
Quickly estimate the tax on a gain, depending on the type of activity. Try different settings to see how the result changes.
Rough Estimate
For a resident individual of Moldova.
Only half of the gain is taxed, at the 12% rate. It's declared in CET18.
Common Mistakes
"The Broker Pays for Me"
With foreign brokers, you are responsible for declaring. The broker does not withhold tax for Moldova.
Not Keeping Proof
Without proof of the purchase price, the cost basis is considered zero and you pay tax on the entire amount received.
Confusing Spot Crypto With CFD
These are different regimes: 6% for spot (with ownership), 12% for CFD (without ownership). Check what you actually traded.
Thinking "Money in a Foreign Account" Doesn't Need to Be Declared
For a resident, realized profit must be declared even if it stays in the account with a broker abroad.
Frequently Asked Questions
If you didn't earn any taxable income, no payment obligation arises. However, declaring capital losses lets you carry them forward and deduct them from gains in future years.
The tax on capital gains arises at the moment the asset is sold, when the gain becomes realized — regardless of whether you withdraw the money, reinvest it, or leave it in the broker account.
This is the most solid interpretation of the law (financial income), but the State Tax Service has not published an explicit official position. For certainty, you can request an advance individual tax ruling.
Yes. Crypto held outright (spot) — as a capital gain, 6% effective. Crypto via CFD — as financial income, 12%. A complete legal framework is expected from 2026.
Through the CET18 form, in the sections for income from outside Moldova, by April 30. The filing can be done electronically, in the Taxpayer's Cabinet on the State Tax Service website.
Important note. This material is for educational and informational purposes only. It does not constitute individual tax advice. The information reflects the legislation in force during 2025–2026 and may change. For specific situations — large amounts, dual residency, intensive trading activity — consult an authorized tax professional or check directly with the State Tax Service and the Tax Code. Investing in financial markets involves risks, including the loss of the invested capital.
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