Eligible investors

Romanian tax-resident individuals. The investor and affiliated parties may not hold, and must not have held, more than 30% of the ordinary share capital of the investee company in any relevant period. No professional investor licence is required.

Qualifying companies

Romanian-registered companies meeting the RISE SEED or RISE SCALE thresholds. Priority sectors are those with high knowledge intensity, in line with the NACE classification for information and communications and research and development, with possible extension per the impact study.

Minimum holding period

Shares must be held for a minimum of three years from the date of issue. Early disposal triggers clawback of the relief granted, in accordance with standard anti-avoidance rules.

Capital gains exemption

After the minimum holding period, gains on disposal of qualifying shares are exempt from Romanian capital gains tax, a mechanism encouraging long-term holding and ecosystem reinvestment.

Loss relief

Where qualifying shares are disposed of at a loss after the holding period, the investor may offset the net loss, after application of the tax credit, against other taxable income in the year of disposal.

Anti-avoidance provisions

Restrictions on affiliated parties, rules on value received by the investor outside shares, and the condition of no pre-arranged exit at the time of investment. ANAF is designated competent authority for scheme administration and compliance.

European compliance

The scheme is designed for classification under Article 21 of the General Block Exemption Regulation (GBER), covering risk finance measures for SMEs. GBER-compliant schemes do not require prior notification to the European Commission. The detailed compliance assessment is included in the impact study.