Cross-Border Investment Clients Doubled Since 2023
In 2025, investment firms served 15.5 million retail clients across the EU and European Economic Area.
Updated on Oct. 14, 2026 in Investing
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Investment firms expanded their cross-border reach significantly in 2025, serving 15.5 million retail clients across the European Union and European Economic Area. This total reflects nearly double the number of retail clients reported in 2023.
Why it matters
The rapid growth in cross-border retail investment services highlights increasing financial integration across European markets. Despite this surge in client volume, consumer complaints among these international accounts saw a slight decline.
Regulatory data shows 379 firms provided cross-border services in 2025, marking a 2% rise over the previous year. Cyprus, Luxembourg, and Germany serve as the primary home jurisdictions for these investment firms.
The players
European Union
The political and economic union of 27 member states that regulates financial services across the European single market.
European Economic Area
An agreement that extends the EU internal market to include Iceland, Liechtenstein, and Norway.
The details
Firms operated across 30 EU and EEA jurisdictions, with France, Spain, Germany, and Italy identified as the main destinations for cross-border services. While the number of active firms grew only marginally, the volume of retail clients managed by these institutions rose by 47% compared to 2024.
Timeline
2023 served as the baseline year for retail client totals.
2024 provided the comparative benchmark for year-over-year growth.
2025 was the period of tracked cross-border investment activity.
2027 is the scheduled date for the next data collection.
Market Dynamics
The expansion of cross-border retail services reflects a maturation of European financial integration. This growth follows market patterns established by the Markets in Financial Instruments Directive (MiFID II) and suggests a structural shift toward broader regional service access.
Individual investors in the EU and EEA now have significantly expanded access to a wider range of international firms. While this increases options for portfolio diversification, it also requires retail clients to navigate various national regulatory protections.
The takeaway
The sharp increase in cross-border clients suggests that retail investors are increasingly comfortable using firms based outside their home country. Investors should verify that their chosen firm is registered in their local jurisdiction to ensure continued regulatory protection.
What happens next
The next data collection regarding cross-border retail investment activity is scheduled to occur in 2027.
Further reading
For more context on market trends, visit our section on Investing.
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Do you trust financial firms based outside your country to manage your retail investments?
