Compare Investing in Italy

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20 live offers compared from 20 providers, from 0.75% /yr. Updated daily.

What is Investing in Italy?

Investing means putting money into assets — shares (azioni), bonds, ETFs and funds — with the aim of growing it over time. In Italy the most popular entry points are ETFs and single stocks bought through an online broker or bank, often via a PAC (piano di accumulo del capitale), a regular automated plan that invests a fixed sum each month to smooth out market timing.

Retail investors typically open a securities account (deposito titoli) with a broker or bank and trade on Borsa Italiana and international exchanges.

How the Italian market works

A key choice is between the regime amministrato and the regime dichiarativo. Under the amministrato regime, your broker or bank acts as tax withholding agent (sostituto d'imposta) and handles capital-gains tax for you automatically — the simplest option for most people. Under the dichiarativo regime you report gains yourself in your tax return, which some active or foreign-broker investors prefer.

Providers range from full-service Italian banks and brokers to low-cost international platforms, so investors can pick on fees, product range and tax handling.

Key features and tax wrappers

ETFs and PAC — diversified, low-cost funds bought outright or via a monthly accumulation plan.

PIR — Piani Individuali di Risparmio offer capital-gains tax exemption when you invest in qualifying Italian and EU companies and hold for at least five years, encouraging long-term domestic investment.

Regime amministrato — the broker withholds and pays your tax, sparing you the paperwork.

MiFID II suitability — providers assess your knowledge, objectives and risk tolerance before offering products.

How to choose

Look at total cost: trading commissions, any custody or account fees, ETF ongoing charges, and the imposta di bollo — a 0.20% annual stamp duty levied on the value of your securities holdings. Match the platform to your style: a PAC-friendly broker for regular investing, a low-commission platform for frequent trading, or a full bank if you want advice. Confirm whether the provider operates the regime amministrato so tax is handled for you.

Leading providers in Italy

Popular platforms include Fineco Bank, Directa SIM, Banca Sella and ING among Italian institutions, and Trade Republic, DEGIRO, Libertex Italia and savings marketplace Raisin among international names. Giraffy tracks around 20 live investing options for the Italian market.

What it costs

Costs run from effectively €0 commission on some ETF and PAC offers up to around €5 or a small percentage per trade on other platforms, plus fund ongoing charges. On top sits the 0.20% imposta di bollo on your holdings. On profits, the standard capital-gains tax is 26%, reduced to 12.5% on Italian government bonds (BTP) and other qualifying sovereign debt — a meaningful advantage for bond investors.

Protections and regulation

Securities and investment services are regulated by CONSOB, Italy's markets authority, with Banca d'Italia supervising banking aspects. Under MiFID II, providers must assess suitability and disclose costs transparently. Investments carry market risk and are not capital-guaranteed, but client assets are ring-fenced and eligible platforms participate in investor-compensation schemes.

Common questions

What is a PIR? A tax-advantaged plan that exempts capital gains if you invest in qualifying Italian/EU firms and hold for at least five years.

Do I have to file taxes on my gains? Not under the regime amministrato — your broker withholds the tax; only the dichiarativo regime requires self-reporting.

Why is tax lower on BTP? Italian government and qualifying sovereign bonds are taxed at 12.5% instead of the standard 26% to encourage holding public debt.

Investing & Brokerage in Italy — FAQ