Wealth management in Romania: choosing a private bank in Bucharest

Private banking still young in Romania

Wealth management in Romania refers to private banking, wealth planning and portfolio management offered mainly in Bucharest by banks and investment firms supervised by the BNR and the ASF under the EU MiFID II framework. BCR, BRD and Raiffeisen have run private banking departments since the 2000s. Their clients are mostly Romanian entrepreneurs, with fewer foreigners than in Vienna or Zurich.

The country's large banks, including BCR, BRD and Raiffeisen, have built private banking departments since the 2000s. In private banking in Romania, clients are mostly Romanian entrepreneurs; foreign clients are fewer than in Vienna or Zurich.

Dual supervision: BNR for banks, ASF for markets

The BNR supervises banks offering wealth management, while the Autoritatea de Supraveghere Financiară oversees investment firms, funds and the Bucharest Stock Exchange. Both apply the MiFID II investor protection rules to private clients.

The Bucharest Stock Exchange in a portfolio

The Bursa de Valori București lists companies such as Banca Transilvania, OMV Petrom, Hidroelectrica and Romgaz. For a private client, these lei-denominated shares add local exposure, with lower liquidity than the large European markets.

Fidelis and Tezaur government bonds

The Ministry of Finance regularly issues bonds aimed at individuals, Tezaur and Fidelis, the latter listed on the exchange and offered in lei and sometimes euros. They are often used for the cautious part of wealth invested in Romania.

Gains on securities: the 2026 reform

For a Romanian resident investing through a Romanian intermediary, gains on securities have been taxed since 2026 at 3% after one year of holding and 6% below that. A non-resident remains subject to their own country's rules and the tax treaty.

The Romanian Investor Compensation Fund (FCI)

If an investment firm cannot return a client's assets, the Fondul de Compensare a Investitorilor pays up to the equivalent of 20,000 euros. Securities held in segregated custody remain the client's property and are not part of the insolvency.

MiFID profile and type of mandate

Before any proposal, the bank assesses knowledge, experience, financial situation and risk tolerance. It then offers advisory management or a discretionary mandate, with periodic reports detailing performance, positions held and all fees charged to the client.

Wealth in lei, euros or dollars

High yields on lei investments offset a risk of currency depreciation. An investor living in the euro area often keeps most assets in euros and limits the lei portion to spending or projects carried out in Romania.

Real estate and succession in Romania

In wealth management in Romania, many fortunes include property. On death, the estate is opened before a public notary, and the EU regulation lets a foreigner choose their national law; the bank then acts on the certificate of inheritance.

Meeting a private banker in Bucharest

Banca Transilvania has developed a private banking offer for wealthy clients; the first meeting covers the origin of wealth, tax residence and objectives, before any MiFID questionnaire, risk profile or mandate proposal is put forward.

The steps of wealth management in Romania

The process starts with a first meeting with a relationship manager at the private bank, who wants to understand your situation: assets, goals, investment horizon, country of tax residence and links with Romania. It lets you check that the offer matches your profile before the opening formalities begin, which include identification and the compliance review.

Next comes the review of the file: source of funds, the MiFID II suitability questionnaire and the choice between advisory management and a discretionary mandate. The bank proposes an agreement setting out the services, fees, reporting frequency and termination terms. Read it in full and have every clause explained that limits withdrawals, transfers or changes of strategy, because these clauses matter the day you want to change the plan.

A wealth management account is not judged on its first weeks: it is steered over time, with regular meetings and understandable reports. Add an annual review to your calendar.

Documents and source of wealth for Romanian wealth management

For wealth management in Bucharest, the bank asks for identity documents, proof of address, the tax number of the country of residence and documents proving the origin of the funds: sale of a business or a property, inheritance, accumulated professional income or capital gains.

Documents in another language may need a certified translation.

Choosing a private bank in Bucharest: criteria and questions

Start by checking what the bank can really do for a client like you. Some houses are at ease with lei investments, government bonds aimed at individuals or the Bucharest Stock Exchange, others with diversified international portfolios in euros or dollars. If your wealth includes property in the country, also ask how the bank takes it into account in the overall picture it presents to you.

Then ask precise questions. Written answers allow you to compare several offers without relying only on the commercial brochures of each institution.

Finally, think about practical proximity: is one meeting a year in Bucharest enough, or do you need to talk regularly by video call? Private banking in Romania that accepts remote exchanges makes life easier for a client living abroad, provided the signing and identification rules are clearly explained before the agreement is signed and the reports come in a language you master. Wealth management in Romania is easier to follow when both sides agree on the format of exchanges.

Risks, monitoring and checks with the BNR and the ASF

Have the bank explain the risk level of each product, the adverse scenarios and the limits of the strategy. Watch concentration: a portfolio too exposed to one issuer, one sector or one currency, including the leu, is more fragile, even if it has performed well in recent years. Currency risk matters most to an investor whose spending is in euros.

Monitor regularly: read the reports, compare net-of-fee performance with the stated objective and ask for explanations when a gap appears. In a dispute, start with a written complaint to the bank, then ask the BNR or the ASF, depending on the nature of the service, about the remedies available.

Lei bonds, Bucharest shares and the 2026 tax change: practical checks

Government bonds aimed at individuals call for a precise question to the banker. Tezaur and Fidelis are issued by the Ministry of Finance, so ask which of the two the bank can actually buy for you, in lei or in euros, and whether Fidelis can be sold on the exchange before maturity at a price you may not control. For the cautious share of a portfolio, compare this with an international bond fund in euros, remembering that a Romanian resident and a non-resident are taxed under different rules.

Shares listed in Bucharest, such as Banca Transilvania, OMV Petrom, Hidroelectrica or Romgaz, add local exposure but trade less than large European stocks. Ask the bank to show how long the sale of a meaningful position may take to execute and whether the spread widens. On tax, the 2026 reform sets 3% after one year and 6% below that for a Romanian resident using a Romanian intermediary; a non-resident should ask the adviser whether the treaty with the country of residence changes the result before placing the order.

For clients whose fortune includes property in Romania, ask the bank how it reports the real estate beside the financial portfolio, and which notary handles the estate. On death, the estate opens before a public notary and the bank acts on the certificate of inheritance; a foreigner may choose the law of nationality under the EU regulation. Also remember that the Fondul de Compensare a Investitorilor limit of 20,000 euros is small next to a sizeable portfolio, so the real protection is segregated custody rather than compensation. Keep the bank’s written answers with your file so the heirs find them.