A high-net-worth individual is a Romanian tax resident who owns assets valued at more than 25 million euros, the equivalent in lei calculated at the average exchange rate of the euro for the year prior to the valuation of the assets, according to the order published in the Official Gazette.

HotNews.ro also wrote about this topic when he was at version of the projectt. But now it’s official.

When determining wealth, the following are taken into account:

• real estate in ownership;

• movable property owned;

• held financial assets

Before the start of the inspections, HUDFO will gather the relevant persons into a group (or rather a list).

It will then notify those people that they are on the list.

The group of individuals with large assets is updated once every 3 years, in the sense of introducing individuals who meet the criterion of 25 million euros, and once every 6 years, in the sense of excluding individuals who no longer meet this criterion.

At the same time as the affluent group is updated, the extended affluent group is also updated.

This is because the high-net-worth group, which consists of the high-net-worth group and their spouses and relatives up to the second degree, will also be expanded.

ANAF wants to implement alternative tax regimes to increase voluntary tax compliance based on identified risks, as well as: “selection based on risk analysis of individuals who present a risk of non-compliance when declaring taxable income, in order to carry out physical person checks/document checks, respectively to legislation”.