European Union – October 27, 2026 -- The number of retail clients receiving cross-border investment services in the EU/EEA rose 47% in 2025 from 2024 to about 15.5 million, according to the European Securities and Markets Authority (ESMA).
That is almost twice the 2023 level. ESMA compiled the annual analysis with national competent authorities (NCAs), using data from investment firms across 30 jurisdictions.
Firm numbers rise 2% while client numbers surge
A total of 379 financial firms provided cross-border services to retail clients. That is 2% more than in 2024, so the client increase far outpaced firm growth.
Complaints stayed stable, down 0.2% from 2024.
Cyprus hosts 20% of passporting firms
Cyprus remained the main base for firms providing cross-border investment services in the EU/EEA, with 20% of passporting firms. Luxembourg followed with 14% and Germany with 12%.
France, Spain, Germany and Italy are the main destinations for retail clients receiving services from firms in other Member States.
ESMA schedules next data collection for 2027
ESMA and the NCAs will use the findings to monitor cross-border investment services and developments affecting retail investors across the EU/EEA. The next data collection takes place in 2027.