The securities account is the most flexible vehicle: US equities, bonds, commodities, world ETFs, derivatives... No deposit limits, no geographical constraints. The natural complement to the PEA.
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Understanding the mechanics to make the right wealth decisions.
Where the PEA is limited to Europe, the CTO allows investment everywhere in the world: US equities (Apple, Nvidia...), emerging markets, bonds, US REITs, etc.
Gains realised in a CTO are subject to the flat tax (PFU) of 31.4% in 2026 (12.8% income tax and 18.6% social levies). Opting for the progressive scale makes sense if your marginal bracket is 0% or 11%.
Tax management of a CTO involves regular arbitrages: realising losses to offset gains, or planning gradual exits based on your tax bracket.
The PEA and CTO are not in opposition, they complement each other. Recommended strategy: maximise the PEA first (€150,000, 5-year wait for exemption) for European equities + synthetic world ETFs, then use the CTO for PEA-ineligible markets (physical S&P 500, US REITs, bonds) and for amounts exceeding the PEA ceiling.
Building a diversified portfolio across all global markets, complementary to your PEA.
CTO taxation is actively managed: timing of sales, loss offsetting, donation strategy and inheritance planning.
