Investor rules by EU country

The EU sets the floor – €100,000 deposit guarantee, at least €20,000 investor compensation, the same fund rules everywhere. Tax and special accounts are national. Here are the basics for five countries, each linked to official sources.

Not yet reviewed by a tax professional. Checked against official sources on 25 Oct 2026. Tax rules change, often every January: always confirm on the official links before you act.

Rule	Germany	France	Netherlands	Spain	Italy
Deposit guarantee	€100,000	€100,000	€100,000	€100,000	€100,000
Investor compensation	90%, up to €20,000	€70,000 (securities)	€20,000	€100,000	€20,000
Tax on gains and dividends	25% flat + solidarity surcharge (+ church tax)	31.4% flat tax from 2026, or the progressive scale	No gains tax; Box 3 tax on an assumed return	Progressive savings scale (state + regional)	26% flat (12.5% on government bonds)
Tax-free allowance	€1,000 (€2,000 couples)	None	€59,357 per person (2026)	None	None
Tax-advantaged accounts	No tax-free investment account (state-subsidised pension contracts only)	PEA; assurance-vie	Lijfrente (pension saving)	PALP (SIALP / CIALP)	PIR
Regulator and register	BaFin	AMF (banks: ACPR)	AFM (banks: DNB)	CNMV	CONSOB

GermanyIn Germany, gains, dividends and fund income are taxed at a flat 25% Abgeltungsteuer, plus a 5.5% solidarity surcharge on that tax and church tax if you are a church member.Full rules and sources →FranceFrom 2026, investment income and gains in an ordinary securities account are taxed at a flat 31.4% (12.8% income tax + 18.6% social charges), unless you choose the progressive income-tax scale on your return.Full rules and sources →NetherlandsIn the Netherlands you normally pay no tax when you sell shares or ETFs at a profit; instead Box 3 taxes an assumed yearly return on what you own on 1 January.Full rules and sources →SpainIn Spain, gains from selling shares and ETFs, dividends and interest all go into one 'savings' tax base. That base is taxed at rising rates in bands, under a state scale and a matching regional scale.Full rules and sources →ItalyIn Italy most investment gains and income are taxed at a flat 26%, with no yearly tax-free amount found; Italian and 'white list' government bonds get a lower 12.5% rate.Full rules and sources →

What the EU rules guarantee everywhere

Bank deposits: €100,000 per person per bank if the bank fails (Directive 2014/49/EU).
Investments held at a firm that fails: at least €20,000 per investor if the firm can't give back your shares or cash (Directive 97/9/EC). This never covers market losses.
Funds sold to the public follow the UCITS rules, and packaged products come with a Key Information Document (KID).

Everything else in the table – tax rates, allowances, special accounts – is set by each country and can change every year. This page describes the rules; it doesn't calculate your tax. For your own situation, use the official links on each country page or ask a qualified tax adviser.

Before sending money to any broker, check it in the official register: see how to check a broker.

Education, not advice. I'm not a financial adviser and I don't know your situation. These tools show the maths behind common rules of thumb; check important decisions with a qualified professional. Full disclaimer.