Tax and Legal Flash no. 135

Law No. 202/2026 on Savings and Investment Accounts (CEI)

Law No. 202/2026 on the establishment and operation of savings and investment accounts and on amendments to the Fiscal Code (the “Law”) was published in the Official Gazette No. 865 of 15 October 2026.
The Law establishes a voluntary savings and investment mechanism for individuals, designed to provide additional income upon reaching retirement age. It introduces two categories of accounts with different tax treatments, including tax incentives for contributions made by employees, employers and individuals carrying out independent activities.

The main developments and amendments introduced by Law No. 202/2026 are outlined below:

1. Two types of accounts – CEI-S and CEI-D
  • CEI-S (tax-exempt account): contributions are made by the account holder, while withdrawals are exempt from income tax and health insurance contributions (CASS).
  • CEI-D (tax-deductible account): contributions may be made by the account holder or, subject to the statutory conditions, by the employer with whom the account holder has their primary employment. Upon withdrawal, amounts are subject to a final 10% tax, withheld at source by the payer, and are not subject to CASS.
  • An individual may hold multiple CEI-S and CEI-D accounts simultaneously, with the same or different account providers. The account type cannot be changed after opening.

2. Contributions and tax incentives
  • CEI-D contributions paid by employees are deductible when calculating salary income tax in the month of payment, based on supporting documents issued by the account provider.
  • For independent activities where net income is determined based on actual income and expenses, CEI-D contributions qualify as deductible expenses.
  • CEI-D contributions paid by an employer for employees whose primary employment is with that employer, in accordance with the employment contract or internal regulations, fall within the category of employee benefits subject to the aggregate monthly ceiling of 33% of the basic salary, under Article 76(4¹) of the Fiscal Code. The Law also brings such contributions within the corresponding exemption regime for social security contributions.
  • The Law does not establish a separate annual monetary cap for CEI-D contributions. For employer-funded contributions, the tax incentives are conditional upon compliance with the aggregate monthly ceiling of 33% of the basic salary, under the rules applicable to employee benefits.
 
3. Tax treatment of investments and withdrawals
  • Income and gains generated within CEI accounts during the holding period are not taxable, pursuant to the new Article 93(1)(e) of the Fiscal Code. Transfers of assets between CEI accounts of the same type held by the same individual, as well as transfers to heirs’ accounts, are treated as non-taxable transactions.
  • Upon withdrawal, amounts from CEI-S accounts are exempt from income tax and mandatory social security contributions, whereas CEI-D withdrawals are subject to a final 10% tax on the full amount withdrawn, withheld at source. Income arising from CEI withdrawals is exempt from CASS.

4. Eligibility, permitted investments and access to funds
  • Any individual may open one or more CEI accounts.
  • Contributions are permitted until entitlement to an old-age, early retirement or disability pension arises, or until the age of 65, whichever occurs first. Withdrawals are permitted from the same point in time.
  • Subject to the statutory conditions, funds may be invested in shares, bonds (including government securities), undertakings for collective investment in transferable securities (UCITS) and other eligible financial instruments traded on regulated markets in the EU or equivalent markets in OECD member states (including ETFs). Direct investments in derivatives (e.g. CFDs, futures, etc.) are prohibited, except through UCITS that use derivatives for index replication (e.g. UCITS ETFs) or risk hedging.
 
5. CEI account providers
  • Accounts will be managed by investment firms and banks authorised to provide portfolio management services.
  • CEI account providers are subject to specific obligations in addition to those laid down by financial instruments market legislation, including:
    • Maintaining separate records of assets held in CEI accounts and other assets under management;
    • Providing account holders with periodic information, including an online account statement at least annually, showing asset values, portfolio composition, performance and related costs;
    • Issuing supporting documents for CEI-D contributions, specifying the account holder’s identification details, the transaction settlement date, the contribution amount and the account type;
    • Ensuring transparency of fees and charges, which must be disclosed before account opening, with at least 30 calendar days’ prior notice of any changes;
    • Providing a standardised pre-contractual disclosure document covering the tax regime, eligible instruments, costs, transfer and inheritance conditions, and investment risks;
    • Notifying entities paying income from eligible financial instruments to enable application of the tax treatment provided by law;
    • Reporting information on CEI accounts under management to the Financial Supervisory Authority (ASF), in accordance with the requirements and deadlines to be established by the implementing regulations.
6. Transfers, asset protection and inheritance
 
  • Assets may be transferred, in whole or in part, between providers into accounts of the same type held by the same individual, within a maximum of 15 business days and without transfer fees.
  • The account holder owns the assets and enjoys all rights arising from such ownership. The Law provides for their protection, including under the Investor Compensation Fund framework, as well as special rules on protection from seizure and inheritance.
  • Accordingly, the assets held in the CEI accounts shall be unattachable and may not be subject to any compulsory enforcement measure or transaction, under penalty of nullity of the legal acts and measures carried out in breach of the law.
  • Furthermore, the assets held in the CEI accounts may not be assigned or pledged and any such legal acts shall be considered as null.

7. Sanctions
Certain acts carried by CEI account operators constitute administrative offences, including:
  1. failure by a CEI account operator to comply with the obligation to keep the assets held in the CEI accounts separately recorded from the other assets; or
  2. failure by a CEI account operator to comply with the transparency obligations regarding fees and charges.

Such offences shall be sanctioned by ASF with:
  • a) a written warning;
  • b) an administrative fine applicable to companies ranging from RON 1,000 to RON 100,000.
 
8. Tax treatment of non-residents
  • Law No. 202/2026 introduces specific provisions both for CEI accounts managed by non-resident entities and for income received by non-resident account holders or heirs.
  • Where CEI accounts are managed by entities that are not Romanian tax residents and do not have a permanent establishment in Romania, the tax treatment provided by the Law does not apply, and the accounts are treated as ordinary investment accounts.
  • At the same time, for non-resident individuals, income represented by amounts withdrawn from CEI accounts benefits from the same tax treatment as that applicable to Romanian tax-resident individuals.
  • Further clarification is needed regarding the practical application of these provisions, including whether a non-resident provider may offer CEI-D and CEI-S accounts and how the rules applicable to non-resident beneficiaries interact with Romania’s double taxation treaties.
9. Entry into force and implementation
 
  • Although the Law entered into force on 18 October 2026, the provisions concerning CEI accounts and the tax amendments apply from 1 January 2027. The tax incentives apply to contributions paid and income earned from that date.
  • The Financial Supervisory Authority (ASF) must issue implementing regulations within 90 days of the Law’s publication. Institutions choosing to offer CEI accounts must comply with the specific requirements within 90 days of publication of those regulations, before providing the service.
 
10. Practical implications for employers and investors
  • Employers may consider including CEI-D contributions in their employee benefit packages, updating internal regulations or employment contracts, as well as payroll and documentation procedures. Individuals should compare the tax advantages of CEI-S and CEI-D, restrictions on access to funds, investment costs and risks to determine whether these products suit their investment strategy.