What works in Italy

Regime amministrato

Gains are taxed one by one while ETF losses are mostly wasted.

Tax cost a year (median)

3.1 pts

Median strategy, before / after tax

9.3% / 6.4%

S&P 500 held, after tax

9.7%

60/40 after tax (worst fall)

7.1% (-21%)

17 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 6 beat the S&P 500 held throughout. Returns a year, in EUR.

The rules

• 26% on ETF gains, withheld at each sale, with no offset possible.
• ETF losses can only offset gains on ETCs, ETNs, shares or bonds, within 4 years.
• The government-bond share of a fund is taxed at an effective 12.5%.
• Stamp duty of 0.2% of the account value every year.

Confidence in these rules: high. Checked 8 October 2026. Sources: Normattiva: TUIR, DPR 917/1986 (art. 44, 45, 67, 68); Normattiva: d.lgs. 461/1997 (regimi dichiarativo, amministrato, gestito); FiscoeTasse: ETF armonizzato, la tassazione.