Starting from April 1, 2025, Law No. 34/2024 comes into force, which regulates the manner in which cash payments can be made in the Republic of Moldova. The purpose of this law is to increase financial transparency and limit the risks related to undeclared transactions.
Real estate more expensive than 100 average salaries in the economy (more expensive than 80,000 euros) will be able to be traded only by bank transfer. (According to Government Decision No. 845/2024, for 2025, the average monthly salary in the economy is forecasted to be 16,100 lei).
The value limits for cash payments for real estate will gradually decrease:
- starting with January 1, 2026 – 75 average monthly salaries forecasted by the economy
- starting with January 1, 2027 – 50 average monthly salaries forecasted by the economy
- Starting with January 1, 2028 - up to 200,000 MDL (10,000 euros)
Procedure for purchasing real estate by bank transfer
The process of buying and selling real estate is complex and often stressful, especially for people who have no experience in the field. Behind a simple transaction, there are numerous legal, financial, technical and emotional stages that must be followed carefully to avoid costly mistakes.
1. Signing the Arvuna / Pre-contract at the Notary
The intention of sale-purchase is established between the seller and the buyer, data about the real estate, price and terms of release of the real estate, details about the term of payment and transfer of funds).
2. Verification of legal documents
The notary will verify the property deeds, the Extract and the Cadastral Value, will verify the absence of prohibitions and encumbrances.
3. Opening bank accounts
- The buyer must open an active bank account from which to make the payment. He will deposit the necessary funds, presenting proof of the origin of the funds (real estate sale-purchase contracts, donation contract, loan contract, etc.)
- The seller must have a bank account where he will collect the money for the sale of the real estate.
If the value of the real estate does not exceed 100 average salaries in the economy, payment can be made in cash or by bank transfer. The sale of real estate more expensive than 100 average salaries will be made only by bank transfer.
On the territory of the Republic of Moldova, all payments are made in MDL - respectively, currency exchange operations will be involved for the conversion from Euro to MDL and vice versa, which will involve certain additional costs.
Exception to the rule - payment by bank transfer in foreign currency
At the same time, also from April 1, 2025, the amendment to Article 21 of Law No. 62/2008 on currency regulation enters into force, indicating that payments and transfers in foreign currency are allowed on the territory of the Republic of Moldova in the case of:
a) a single operation between individuals (citizens of the Republic of Moldova, residents, foreign citizens and stateless persons) certified by an appropriate identity document, related to the sale-purchase of real estate, once every 3 years, for the buyer;
b) a single operation between individuals (citizens of the Republic of Moldova, residents, foreign citizens and stateless persons) certified by an appropriate identity document, related to the sale-purchase of real estate, once every 3 years, for the seller.
Accordingly, individuals will be able to make bank transfers in foreign currency in the case of the purchase or alienation of their primary residence.
The primary residence is considered the residence that constitutes the taxpayer's domicile/residence during the last 3 years until the time of alienation, including if the domicile/residence was canceled no more than 90 calendar days before the date of alienation.
4. Signing the sale-purchase contract at the notary (with reservation of ownership as appropriate)
The contract includes the price, the parties' data, the description of the property and the payment method.
5. Payment of Notary services and state tax.
According to the law, the buyer will pay the state tax of 0.5% and notary services from 0.1% to 0.8% depending on the value of the transaction.
6. Making a bank transfer
After signing the contract, the Buyer transfers the funds to the Seller's account. For cash withdrawals at the counter, banks will charge a commission that cannot exceed 0.1% of the amount transferred.
7. Confirmation of payment and registration of ownership
The seller must confirm receipt of the money (bank statement) and present it to the Notary.
The notary will cancel the property reservation and submit the sale-purchase contract for registration of the ownership right to the Cadastre online.
Within 1-10 days, the buyer will receive confirmation by email or will be able to pick up the new statement with the wet stamp from the Cadastre.
Conclusion
The new law regulating cash payments has as its main purpose the fight against the shadow economy and the reduction of tax evasion. At the same time, it contributes to increasing transparency in the real estate market and reducing risks for both parties involved in transactions — both sellers and buyers of real estate.
Do you need the services of a professional real estate specialist to help you throughout the entire process of selling and buying a real estate asset?
Contact us at 078 888 900, or come to Acces Imobil headquarters - Chisinau, Grigore Vieru blvd 12/1.
Acces Imobil - with us you make the right choice!
Author: Victor Cernomorcenco, Real Estate Specialist at Acces Imobil.
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