Invest in Moldova
You've saved up some money and want it to work for you, not sit still. Here you'll see what you can start with from Moldova, how easy each option is, and what return to expect.
- eVMS
- Bonds
- Shares
- Deposits
Why you actually invest
Money kept at home or in a current account loses value year after year, because prices rise. A leu today buys less a year from now. The goal of investing is simple: to grow your money faster than inflation melts it away.
That's why the return that truly matters isn't the one written on paper, but what's left after you subtract inflation. A 6% interest rate with 5% inflation means a real gain of just 1%. With that in mind, below you'll see what you can do from Moldova.
The options in Moldova
Four directions you can access directly from here. Each has its own page, where you can go into detail.
Government securities (eVMS)
You lend to the state for a period and receive interest. Purchases are made online, with an electronic signature and an account at a bank in Moldova. The simplest entry point.
How eVMS worksCorporate bonds
Same as with the state, except you lend to a company. They appear rarely on the local market and are bought through a licensed investment firm.
How to buyShares on the Moldova Stock Exchange
You buy a piece of a Moldovan company. It's possible, but trading is very thin, so they're hard to sell when you want out.
About the local exchangeBank deposits
You put money in a bank for a term and receive interest. Simple and guaranteed up to the legal ceiling — but, as you'll see below, it rarely beats inflation.
Their place in the decisionInternational markets
If you want a wider palette and real diversification, you can also look to foreign markets — stocks, bonds and ETFs from the major exchanges, accessed through regulated brokers. It's not "in Moldova", which is why we set it apart: you'll see it compared in the table below, so you can decide for yourself whether it makes sense for you.
How they compare
The same options, placed side by side on three things that matter for the decision: how easily you start, how much you can spread your money (diversification), and how wide the range of possible gains is — from conservative to aggressive. The tax column lists the exact rates for each option, with more details on the taxation page.
| Option | How easy | Diversification | Gain range | Tax (individuals) |
|---|---|---|---|---|
| eVMS (state) | Easy | Low | Narrow, stable | 0% — interest and capital gains* |
| Bank deposits | Easy | Low | Very narrow | 6% on interest (final withholding) |
| Corporate bonds | Hard | Low | Narrow–medium | 6% capital gains; interest withheld at source |
| MD shares (local exchange) | Hard | Low | Medium, but illiquid | 6% capital gains · 6% dividends |
| International markets(stocks, bonds, ETFs) | Easy | Broad | From narrow to wide | 6% capital gains · 12% foreign dividends |
*eVMS: tax exemption introduced by Law 214/2024. Capital gains are calculated on 50% of the gain, at the 12% rate — effectively 6% — and declared via the CET18 form, by April 30. More on the taxation page. The last row is an alternative from outside Moldova, included here for comparison only.
How to buy
The real steps for each local option. eVMS has its own process, detailed on its page; here's the summary plus the steps for shares and bonds on the local exchange.
eVMS — government bonds
You create an account on the state platform, authenticate with an electronic signature, and link an account at a bank in Moldova. The complete process, step by step, is on the eVMS page
Shares and bonds on the local exchange
You can't buy directly here — you need an authorised intermediary. In short:
- 1Choose a CNPF-licensed investment firm from the public register.
- 2Open an account and pass identity verification.
- 3Transfer money into the trading account.
- 4Place the buy order for what you want to acquire.
Keep in mind. Trading.md does not open trading accounts on the local market and does not recommend a particular investment firm. The list of licensed firms is public on the CNPF website — check it there directly before opening an account.
Conclusion and the first step
The bank deposit is the most within reach, but it has an important downside: it's not quite an investment for gains. Most of the time the deposit's interest doesn't even cover inflation, so in real terms your money slowly loses power. The gain that matters in a country is the clean return, the one left above the inflation rate in the currency you invested in — and the deposit rarely reaches it.
That doesn't mean the deposit is useless. If you'd keep the money under the mattress anyway, a deposit is clearly better: at least you receive interest and the money is guaranteed. It's a starting point, not a destination.
In short: for preservation, a deposit or eVMS will do the job. For real growth, the simple local options don't give you much, so you need to learn. And if you postpone every decision, inflation makes it for you.
The most accessible start in Moldova: eVMS
Theory matters, but your first real investment teaches you the most. If you want to make the first move, with low risk and no tax, eVMS is the place to start from.
- 1First you need an electronic signature and an account at a bank in Moldova.
- 2Open an account on the eVMS platform.
- 3Buy your first government security — you can start with a small amount.
It's a starting point, not the destination. After the first step, you can gradually widen your options as you understand more.
What's next for the local market
Moldova's capital market is still at the start of its road. There are initiatives for a new trading infrastructure, aligned with European standards, which could, in time, open an ordinary investor's access to more local instruments.
We're following these changes closely. If the local market becomes more accessible and better regulated, that's exactly the direction we'd want to support. More on the page about Moldova's international exchange
Frequently asked questions
Yes. eVMS and deposits start from small amounts. How much is right for you depends on your goals — there is no "universal minimum".
Disclaimer
This material is for informational and educational purposes only and does not constitute investment advice, tax or legal counsel. Any investment involves risks, including the risk of losing part or all of your capital. Past results do not guarantee future results. Always verify a provider's licence with the CNPF before investing.