Greece
Hungary
Ireland
Latvia
LuxembourgNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Consob decision, including banking and payment rails.
Get a forex license in Italy.
Two regulators, one S.p.A.: forex and CFD brokerage in Italy runs on the SIM authorisation that Consob grants under Art. 19 of the Consolidated Law on Finance (TUF, D.Lgs. 58/1998) after Banca d'Italia's opinion on the business plan. Initial capital follows the EU tiers of €75,000, €150,000 and €750,000, Consob charges no application fee, and its own rulebook commits it to a decision within 120 days of a complete file. Corporate tax is 24% IRES plus IRAP at 4.65%. We run the file from our Milan office.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Italy in brief
Two regulators, two clocks, one S.p.A.
Italy licenses forex and CFD brokerage as investment services under the Testo unico della finanza, D.Lgs. 24 febbraio 1998, n. 58, as consolidated to D.Lgs. 47/2026. The firm is a società di intermediazione mobiliare (SIM): an Italian S.p.A. with its registered office and head office in Italy, authorised by Consob under Art. 19 TUF after the opinion of Banca d'Italia and entered on the Albo of Art. 20. The authorisation lists the Art. 1(5) services the model needs - negoziazione per conto proprio and execution for a market maker, execution or reception and transmission for an agency broker, with client money as the ancillary custody service. CFDs sit at point 9 of Allegato I Sezione C and, in Consob's definition, include rolling spot forex. Initial capital under Banca d'Italia's SIM regulation is €750,000 for dealing on own account, €150,000 in all other cases, €75,000 only where the by-laws forbid holding client cash or instruments.
Two clocks run on the file. TUF Art. 19 gives Consob six months from a complete application; Consob's Regolamento Intermediari (delibera 20307/2018) Art. 9 commits it to 120 days, after a 10-working-day completeness check and a 90-day cure period, with the term suspended for each information request and restarted by any change of officer or shareholder. There is no Consob application fee, only stamp duty. The running cost is the 2026 contribution of €5,890 plus 0.68% of investment-service revenues, the Fondo Nazionale di Garanzia quota and IRAP at the financial-sector rate of 4.65%, from which the 2026 budget law's two-point surcharge excludes SIMs. The awkward fact sits in Consob's own recitals: the Italian retail CFD market is served mainly by EU firms passporting in, and the 2019 measure binds them equally. A SIM makes sense when Italy is the core market and the founders want Consob on the letterhead. We run the file from our Milan office.
The SIM authorisation under Art. 19 TUF (D.Lgs. 58/1998): an Italian S.p.A., capital €75k/€150k/€750k, Consob's decision after Banca d'Italia's opinion, 120 days from a complete file, delibera 20976/2019 for retail CFDs, passport into 30 states.
No application fee; €5,890 + 0.68% of revenues a year; 24% IRES and 4.65% IRAP. Filed from our Milan office.
The two routes
Dealing on own account - or the agency SIM.
One SIM authorisation under Art. 19 TUF, two architectures: the market maker at €750,000, or agency and STP models at €75,000-€150,000, each passported under the Regolamento Intermediari. We fix the model first, then build once.
The €750k market-maker SIM - or agency at €75k-€150k, passported.
01 - NEGOZIAZIONE PER CONTO PROPRIO
The market-maker SIM
Dealing on own account in contropartita diretta under Art. 1(5)(a) TUF with execution: the principal authorisation at €750,000 initial capital, the 2019 CFD measure built into the product and the Fondo Nazionale di Garanzia joined before the decision.
Dealing on own account in contropartita diretta under Art. 1(5)(a) TUF with execution: the principal authorisation at €750,000 initial capital, the 2019 CFD measure built into the product and the Fondo Nazionale di Garanzia joined before the decision.
- ✓Dealing on own account - Art. 1(5)(a) TUF
- ✓€750,000 initial capital, bank-attested
- ✓Banca d'Italia's opinion on the plan
- ✓Consob delibera 20976/2019 engineered in
- ✓FNG membership before authorisation
- ✓Passport into 30 EEA states (Reg. Int. Art. 14, 16)
02 - AGENCY · STP SIM
€75k-€150k initial capitalThe agency SIM
Execution and reception-transmission under Art. 1(5)(b) and (e) at €150,000 - or €75,000 where the by-laws forbid holding client cash and instruments, a limitation that excludes almost every retail margin model and suits an introducing desk.
Execution/RTO; €150k with client money, €75k with a by-law ban on client assets; same 120-day term; extension by Art. 7(5-bis).
- ✓Execution and RTO - Art. 1(5)(b), (e)
- ✓€150,000 - with client money (custody)
- ✓€75,000 - by-law ban on client assets
- ✓Same 120-day Consob term
- ✓Extension by the Art. 7(5-bis) procedure
- ✓Same conduct discipline
Costs and timelines are confirmed for your case before any work begins. Consob charges no application fee; stamp duty, the Fondo Nazionale di Garanzia quota, capital and substance costs are itemised in your quote.
Why Italy
A domestic licence for a market served from abroad.
The same MiFID passport as everyone else, plus the one thing a passported firm cannot buy: Consob on the register.
✓
No application fee
The 2026 Consob contribution table carries no fee for a SIM authorisation; the application pays stamp duty. The first annual contribution falls due the year after the firm joins the Albo.Stamp duty only.
✓
A 120-day commitment
Regolamento Intermediari Art. 9 binds Consob to a decision within 120 days of a complete file, inside the six months of TUF Art. 19. The term is suspended for each question, so the file answers them before they are asked.Consob's own commitment, Art. 9.
✓
IRAP without the surcharge
The 2026 budget law (L. 199/2025) adds two IRAP points for banks and financial companies in 2026-2028 and expressly excludes SIMs: a SIM stays at 4.65%, plus a regional variation of up to 0.92 points.SIMs spared the 2026 surcharge.
✓
The home market of Italian retail
Consob's recitals describe a retail CFD market served mainly from abroad under the passport, with 78-83% of accounts losing money in its 2016-2017 reviews. A SIM with Consob on the register and the ACF, Consob's out-of-court body, for client disputes is the domestic alternative.Served from abroad; be the domestic one.
✓
Capital proved by a bank letter
Initial capital of €750,000, €150,000 or €75,000 is evidenced by a bank attestation of the paid-in funds for a new company; own funds follow IFR Art. 9 from day one.Paid in, proved, IFR own funds.
✓
Two regulators read the plan
Banca d'Italia's opinion tests the coherence of forecasts, income stability, capital adequacy over the whole plan horizon and the adverse scenarios Art. 7(3-bis) requires. The plan is written for that reading, not for a pitch deck.Banca d'Italia tests the plan.
How it compares
How Italy differs from other routes.
The honest comparison: Italy charges nothing to apply and taxes more to run; most of its retail CFD flow is served from other EU states under the passport.
Italy vs other jurisdictions
| Feature |  Italy | Other jurisdictions |
|---|---|---|
| Regime | TUF 58/1998 - MiFID II, Consob + Banca d'Italia | One regulator, MiFID or offshore |
| Initial capital | €75k-€750k by model | US$0-2M spread |
| Application fee | None - stamp duty | €947 Lithuania · €15,000 Malta (2026) |
| Decision term | 120 days Consob · 6 months TUF | 2 months Poland · 6 months EU standard |
Regime
ItalyTUF 58/1998 - MiFID II, Consob + Banca d'Italia
Other jurisdictionsOne regulator, MiFID or offshore
Initial capital
Italy€75k-€750k by model
Other jurisdictionsUS$0-2M spread
Application fee
ItalyNone - stamp duty
Other jurisdictions€947 Lithuania · €15,000 Malta (2026)
Decision term
Italy120 days Consob · 6 months TUF
Other jurisdictions2 months Poland · 6 months EU standard
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Italy | Consob SIM | 24% IRES + 4.65% IRAP | €75k-€750k, S.p.A., two regulators |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
 Malta | MFSA investment firm | 35% · 5% after refund | IFD €75k-€750k, fee €15,000 (2026) |
 Spain | CNMV sociedad de valores | 25% CIT | €750k S.V., CFD advertising ban |
ItalyLicense typeConsob SIM
Taxation24% IRES + 4.65% IRAP
Requirements€75k-€750k, S.p.A., two regulators
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD €75k-€750k, EU passport
MaltaLicense typeMFSA investment firm
Taxation35% · 5% after refund
RequirementsIFD €75k-€750k, fee €15,000 (2026)
SpainLicense typeCNMV sociedad de valores
Taxation25% CIT
Requirements€750k S.V., CFD advertising ban
Europe
Forex licences in neighbouring jurisdictions
Before you apply
Requirements for the SIM authorisation.Requirements for the licence.
Art. 19 TUF, the Regolamento Intermediari and Banca d'Italia's SIM regulation define the file; the craft is a plan that survives Banca d'Italia's reading. The checklist below is what a passing application contains.
01
An Italian S.p.A. - with società di intermediazione mobiliare in its name and both registered office and head office in Italy (TUF Art. 19(1)).
02
Initial capital - €750,000 for dealing on own account, €150,000 otherwise, €75,000 only with a by-law ban on client assets; proved by a bank attestation of the paid-in funds.
03
Fit-and-proper officers - directors, managers and statutory auditors including alternates meeting Art. 13 TUF, verified and minuted by the board itself and kept for five years (Reg. Intermediari Art. 8).
04
Qualifying shareholders - holders meeting Art. 14-15 TUF, in a group structure that does not impede effective supervision.
05
The Art. 7 file - Delegated Regulation (EU) 2017/1943 documentation on the 2017/1945 forms, the applicant's LEI and stamp duty paid; missing documents cured within 90 days or the application is inadmissible.
06
A programme with adverse scenarios - the activity plan must show the stress cases, their capital impact and the strengthening actions (Reg. Intermediari Art. 7(3-bis)), because Banca d'Italia's opinion tests exactly that.
07
Organisation and resources - Banca d'Italia expects an operator adequately structured organisationally and commercially, with technical and human resources adequate in quality and number.
08
Fondo Nazionale di Garanzia - application filed before authorisation, membership running from the decision (Statute Art. 16); cover €20,000 per investor.
09
Retail CFD conduct - Consob delibera 20976/2019: initial margins from 3.33% to 50%, close-out at 50%, negative balance protection, no benefits, the Annex II warning with the 74-89% standard text for a new provider.
10
AML/CFT - obliged-entity duties under D.Lgs. 231/2007 Art. 3(2) with suspicious-transaction reports to the UIF through Infostat-UIF, supervised by Banca d'Italia.
01
Italian S.p.A., SIM in the name.
02
Capital per class, bank-attested.
03
Art. 13 officers, minuted.
04
Art. 14-15 shareholders.
05
Art. 7 file, LEI, stamp duty.
06
Plan with adverse scenarios.
07
Adequate organisation and staff.
08
FNG applied for before decision.
09
Delibera 20976/2019 engineered in.
10
AML duties, UIF reporting.
Reflects the TUF (D.Lgs. 58/1998, consolidated to D.Lgs. 47/2026), the Regolamento Intermediari and Banca d'Italia's SIM regulation as of 2026.TUF 58/1998 + Regolamento Intermediari + Banca d'Italia SIM regulation, as of 2026.
How it works
From first call to the Albo.
01
Model and strategy
Market maker or agency, Art. 1(5) services and the capital class - fixed in writing before any drafting.MM or agency - Art. 1(5) services fixed.
02
S.p.A. and people
Italian company with the reserved name, capital attestation, directors and auditors assessed under Art. 13 TUF.Name, capital, Art. 13 officers.
03
The application file
The Art. 7 pack with adverse scenarios and LEI - complete before filing, because Consob's 10-working-day check dates the application from completion.Complete - dated from completion.
04
Review by both regulators
Banca d'Italia's opinion, Consob's questions answered without restarting the term; 120 days committed, 10-14 months realistic end to end in our planning.120 days committed, 10-14 planned.
05
Albo entry and launch
Register entry, FNG membership effective, the Art. 13 start communication, EEA passports and banking live - 30 states from one Milan licence.Register, FNG, passports.
Quick facts
RegulatorConsob · Banca d'Italia
FrameworkTUF 58/1998 · MiFID II
Capital - no client assets€75,000
With client money€150,000
Own account€750,000
Application feeNone · stamp duty
Decision term120 days Consob rule
Corporate tax24% IRES + 4.65% IRAP
Consob's 120 days run only from a complete file and stop for every question. The craft is a file that answers Banca d'Italia's plan test before it is asked; we plan for 10-14 months.
On the ground in Italy
Run from our Milan office.
Prifinance - Italy
Milan · Italy
Milan, Italy
01
Italian S.p.A. formation
The società per azioni with the reserved name, the capital attestation and the board and statutory auditors Art. 19 TUF requires - built for the SIM from day one.Reserved name, capital, auditors.
02
The Consob file
The Art. 7 pack, the programme with its adverse scenarios and the organisational report - drafted by our Milan lawyers and defended through Consob's and Banca d'Italia's questions.Drafted in Milan, defended twice.
03
People and substance
Directors, statutory auditors, compliance and AML officers sourced in Milan; the Art. 13 assessments minuted the way Consob expects to see them.Officers sourced in Milan.
04
FNG, passport and launch
Fondo Nazionale di Garanzia application, the start-of-business communication to Banca d'Italia, EEA notifications and banking - each service live inside its one-year window.Scheme, start notice, EEA.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in Italy.
24% IRES, IRAP at the financial-sector rate, 26% on dividends out unless an EU company takes them - and a 2026 budget law that spared SIMs its surcharge.
IRES 24%
Corporate income tax under TUIR Art. 77 on a SIM's profit, computed on Banca d'Italia IFRS accounts. Whether the 3.5-point surcharge on banks and financial intermediaries reaches a SIM is confirmed per case before the model is built.Surcharge confirmed per case.
IRAP 4.65%
The financial-sector rate (D.Lgs. 446/1997 Art. 16(1-bis)) on the margine di intermediazione less 50% of dividends and 90% of administrative expenses and depreciation; regions may add up to 0.92 points. SIMs are excluded from the 2026-2028 surcharge.Financial-sector rate, no surcharge.
Dividend withholding 26%
DPR 600/1973 Art. 27(3) to non-residents; 1.20% to EU/EEA companies subject to corporate tax; exemption for an EU parent holding 10% for one year (Art. 27-bis, replaced by D.Lgs. 33/2025 Art. 56 from 1 January 2027).1.20% EU company, 0% parent.
VAT-exempt dealing
DPR 633/1972 Art. 10(1) n. 4 and n. 9 exempt transactions in securities, their negotiation and intermediation; currency transactions are exempt under n. 3.Art. 10 DPR 633/1972.
Consob contribution 2026
€5,890 plus 0.68% of investment-service revenues, capped at €162,040 for revenues up to €50 m; due 15 April. A SIM authorised during 2026 pays from the following year.From the second year.
Interest and dividends
A SIM deducts 96% of its interest expense and, from the 2025 tax period, excludes 95% of dividends from EU/EEA subsidiaries from the IRAP base (L. 199/2025 commi 46-50).IRAP dividend exclusion 95%.
Tax summary
IRES24%
IRAP4.65% · financial-sector rate
Dividend withholding26% · 1.20% EU company · 0% parent
VAT on dealingExempt · Art. 10 DPR 633/1972
Consob contribution€5,890 + 0.68% of revenues
*As of 2026 per the TUIR, D.Lgs. 446/1997, L. 199/2025 and Consob delibera 23799/2025. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Italian SIM, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Follow Prifinance
Active across our channels.
Italy · Consob
Launch your forex project in Italy with expert support.
Full-service assistance - from the S.p.A. to the SIM authorisation, passporting and ongoing compliance - run through our Milan office.
Get a consultation →Free legal opinion
Is Italy the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Italy forex licence, answered.
What licence does a forex broker need in Italy?+
A SIM authorisation from Consob under Art. 19 of the TUF (D.Lgs. 58/1998), granted after Banca d'Italia's opinion and entered on the Albo of Art. 20. CFDs and FX derivatives are Allegato I Sezione C instruments; the authorisation lists the Art. 1(5) services the model uses.
How much capital does a SIM need?+
€750,000 for negoziazione per conto proprio or underwriting, €150,000 in all other cases, €75,000 only where the by-laws forbid holding client cash and instruments - Banca d'Italia's SIM regulation, with own funds composed under IFR Art. 9 and proved by a bank attestation.
How long does Consob take?+
Consob commits to 120 days from a complete file (Regolamento Intermediari Art. 9), inside the six months of TUF Art. 19; the term is suspended for each information request and restarts if an officer or shareholder changes. With the S.p.A. and Banca d'Italia's opinion in the path, we plan for 10-14 months end to end.
What does the authorisation cost?+
Consob charges no application fee for a SIM in its 2026 table; the application carries stamp duty. Once on the Albo, the annual contribution is €5,890 plus 0.68% of investment-service revenues, and the Fondo Nazionale di Garanzia quota is confirmed in the quote.
What does Banca d'Italia check?+
Sound and prudent management: coherence of forecasts with the market, stability of income, capital adequacy over the whole plan horizon, organisation and internal controls, human and technological resources, and the qualifying shareholders. It expects an operator adequately structured organisationally and commercially.
What retail CFD rules apply in Italy?+
Consob delibera 20976/2019: initial margin of 3.33% on major pairs (30:1), 5% on major indices, non-major pairs and gold, 10% on other commodities and indices, 20% on shares, 50% on crypto; close-out at 50%; negative balance protection; no benefits; the Annex II warning, with the 74-89% standard text for new providers.
Does a SIM passport across the EU?+
Yes - branches and tied agents in other EU states under Regolamento Intermediari Art. 14, services without a branch under Art. 16, with full MiFID effect in 30 EEA states. Each authorised service must start within one year or lapses (Art. 10(3)).
How is a SIM taxed?+
24% IRES, IRAP at the financial-sector rate of 4.65% on a margin-based base (SIMs are excluded from the 2026-2028 surcharge), 26% withholding on dividends to non-residents with 1.20% for EU companies and 0% for a qualifying parent, and VAT-exempt dealing.
Italy or Cyprus for a broker serving Italian clients?+
Most of Italy's retail CFD market is served by EU firms passporting in (Consob's own words), and in our experience most of them hold a Cypriot licence: Limassol's cluster, 15% tax, a faster desk. A SIM gives you Consob on the register, the ACF for client disputes and a domestic licence. We model both against where your clients are.
Why Prifinance for Italy?+
Our Milan office, lawyers who draft the Art. 7 file with the adverse scenarios Banca d'Italia tests, and directors, statutory auditors and compliance officers sourced in Milan. We run the Fondo Nazionale di Garanzia application, the start communication and the passport notifications as one programme.
What licence?+
SIM - Consob, Art. 19 TUF.
Capital?+
€75k/€150k/€750k by class.
How long?+
120 days committed; 10-14 planned.
Fee?+
None; €5,890 + 0.68% yearly.
Banca d'Italia?+
Tests the plan and capital.
Retail rules?+
Delibera 20976: 30:1, NBP, warning.
Passport?+
Yes - Art. 14 and 16, 30 states.
Taxes?+
24% IRES, 4.65% IRAP, 26% WHT.
Vs Cyprus?+
Their cluster; your Consob stamp.
Why you?+
Milan office, plan built for two readers.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Commissione Nazionale per le Società e la Borsa (Consob), the Banca d'Italia or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.