At the same time, Moldova has its own peculiarity: a significant part of the population’s money does not work inside the economy. They either lie in cash, or are “frozen” in real estate, or go abroad. And it is not a question of financial culture, it is a question of lack of choice.
Where Moldovans keep their money
If we look at the structure of savings, the picture is quite eloquent.
In Moldova, according to experts’ estimates:
- about 30-40% of funds are in banks;
- about 35% – in real estate;
- up to 30% – in cash;
- investment gold occupies about 2%;
- financial instruments (stocks, bonds) – 1-3%.
For comparison, the structure of savings in Romania:
- in banks – 50-60%;
- investment gold – 10-15%;
- real estate – about 20%;
- financial investments and pension funds – about 10%;
- cash – 5-10%.
The difference between the countries is fundamental. In Romania, money mainly works inside the financial system, in Moldova – a significant part of capital is either idle or withdrawn outside the country.
The same purchase of an apartment in our country is often perceived not as consumption, but as a way to save money. This is a rational behavior in conditions when there are few other clear and protected instruments. But such investment has a side effect: money becomes illiquid; the housing price bubble grows; capital is poorly redistributed within the economy.
Meanwhile, there are alternatives, one of which is investment gold.
Gold is not a luxury, but a form of savings
Investment gold is neither jewelry nor a status item.
It is: high-grade gold bars; official investment coins; an asset whose value is determined by metal, not design.
Around the world, investment gold is viewed as a form of store of value, not a consumer good. That is why it is not subject to VAT in most developed countries: value added tax by its nature is a tax on consumption, and gold is not consumed.
Gold and real estate: comparison of dynamics
If we analyze both assets, it becomes clear why gold deserves such attention.
Gold:
- price growth over the last 5 years almost doubled – 160-170%;
- stable global trend;
- high liquidity;
- minimal dependence on the local economy.
Real estate in Moldova:
- Price growth from 2021 to2025. – about 100%;
- strong dependence on mortgage programs, supply and demand;
- low liquidity in the short term.
This does not mean that real estate is a bad asset. It proves that gold is a full-fledged alternative, especially for those who are not ready or unable to invest in large properties.
What is happening because of VAT today
When investment gold is subject to VAT, it automatically becomes more expensive. For the middle class, access to it is severely restricted. Money flows to countries with a neutral tax regime, with some transactions going into the shadows. And the population continues to keep their savings in cash currency.
As a result, the state does not win strategically: the market does not develop, there is no transparency and trust.
What will VAT abolition bring to an ordinary person
For the consumer it means:
- A fair price – without overpaying for an asset that is not consumed.
- A legal market – buying through banks and licensed dealers.
- An alternative to the dollar – protection from currency risks without being tied to a specific country.
- An accessible savings instrument – understandable even for conservative citizens.
And what will the state get
It is important to emphasize: the abolition of VAT on investment gold is neither a gift to the rich nor a loss for the budget.
The state continues to receive tax on profits of banks and dealers, as well as taxes on personal income. VAT on related services (storage, insurance, logistics) also remains in force. As well as all license and regulatory fees.
But it receives strategic benefits. First, it is a decrease in dollarization and other global currencies. Secondly, it is an increase in the transparency of capital turnover and reduction of the gray market of “cash”. Thirdly, it strengthens confidence in the financial system.
Why it is important now
Today Moldova faces a choice: either to preserve the model where money lies in cache and goes abroad, or to give citizens a civilized choice of savings instruments.
The abolition of VAT on investment gold is not a radical reform, but a calm, pragmatic step that has long been implemented in other countries.
World practice has long proved that investment gold is not a luxury or speculation, but a tool to protect labor, income and the future of citizens. By removing VAT on investment gold, Moldova does not lose the budget and does not weaken control. It gives people the right to choose a modern and transparent way to save their money.
It is with such steps that the financial maturity of a state begins.
Mircea Baciu,
Moldovan entrepreneur
