The key differences
The PEA (Plan d'Épargne en Actions, French equity savings plan) and the standard brokerage account (CTO) both hold securities. They differ mainly in eligibility rules, caps and taxation.
| Criterion | PEA | CTO |
|---|---|---|
| Contribution cap | Yes, set by regulation | No |
| Number per person | One PEA per person | Several possible |
| Eligible securities | Mainly EU/EEA companies and eligible funds | Very wide (shares worldwide, bonds, funds…) |
| Taxation | Favourable treatment after a minimum holding period; social contributions still due | Income and gains taxed in the year they are received or realised |
| Withdrawals | Consequences depend on the age of the plan | Free, with no effect on the account |
Two complementary wrappers
The two wrappers are not mutually exclusive: one person can hold a PEA and one or more CTOs. The choice depends on the securities targeted, the investment horizon and each person's tax situation — PortefeuilleZen makes no recommendation on this.
Key takeaway
The same kind of product (an ETF, for example) may exist in a PEA-eligible version and a non-eligible version: eligibility depends on the exact instrument, not on the index it tracks.
Things to watch
Attention
Caps, holding periods and rates are set by regulation and may change. Always check the rules in force on the official pages cited at the bottom of this guide.