NNDKP CELF Alert No. 4/2023 – New regulations in the area of control topics with litigation potential

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4.07.2023 – Order 920/2023 regarding high-net worth individuals was published in the Official Gazette no. 585

The Romanian version of this newsletter is available here.

In order to ensure fiscal compliance, NAFA notifies individuals who are part of the group of high-net worth individuals, presenting in detail the elements on the basis of which their wealth was estimated.

Any natural person tax resident in Romania holding assets, both in Romania and abroad, that are estimated at a value exceeding 25 million euro, the equivalent in lei calculated at the Euro average exchange rate from the year preceding the one on which the amount of the wealth was estimated, is considered a high-net worth individual.

High-net worth individuals constitute the group of high-net worth individuals, while together with their spouses and relatives up to the second degree form the extended group of high-net worth individuals.

The group of high-net worth individuals is updated once every 3 years, in the sense that new individuals who meet the legal inclusion criterion are added, and once every 6 years, in the sense that individuals who no longer meet this criterion are eliminated.

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