Opening a PEA: who can do it and how to contribute

To open a PEA (Equity Savings Plan), you must be an adult and have your tax residence in France. The plan is personal: joint accounts are not permitted, and only one standard PEA is allowed per person. It is opened with an authorized institution, by written contract. The opening date is the date of the first deposit, not the date of signature. Deposits are made in cash, up to a limit of €150,000 per PEA.

This page deals with opening and making contributions. It does not cover the case of a holder leaving France after opening the account, nor the securities that the plan can contain, nor the taxation of withdrawals: these topics have their own pages.

The sums paid into a PEA, bank or insurance, or into a PEA-PME-ETI, are invested in shares or units of account: they carry a risk of capital loss.

Who can open a PEA?

The conditions of the holder

The BOFiP (French Official Tax Bulletin) states that "individuals of legal age whose tax residence is located in France" may open a PEA (equity savings plan). Legal entities, regardless of their tax status, are not authorized to open one.

Tax residence is defined in Article 4 B of the French General Tax Code (CGI). According to service-public.fr, it is in France if one of the following criteria is met:

• your home's usual residence is in France; ;
• you stay there for at least 183 days during the year; ;
• that is where you have your main professional activity; ;
• You made your main investments there.

The French public service website clarifies that an international agreement between France and another country may stipulate different rules. If your situation involves two countries, your tax residence will be verified before opening an account.

One personal plan, only one per person

The BOFiP (Official Bulletin of Public Finances) states that "since a PEA (Equity Savings Plan) can only have one holder, it cannot take the form of a joint account." Service-public.fr says the same thing: a PEA is personal.

Two rules of number:

• One standard PEA per person. The French tax authorities prohibit holding multiple PEAs (equity savings plans) simultaneously, whether traditional, bank-based, or insurance-based. According to the BOFiP (Official Bulletin of Public Finances), holding more than one PEA by the same person results in the closure of all plans.
• An additional PEA-PME-ETI. The BOFiP (Official Bulletin of Public Finances) allows the same person to hold both a PEA (Equity Savings Plan) and a PEA-PME-ETI (Equity Savings Plan for SMEs and Mid-Sized Companies). The number of PEA-PME-ETI accounts is limited to one per person.

The couples

Each spouse or civil partner subject to joint taxation can open their own standard PEA (equity savings plan) and their own PEA-PME-ETI (equity savings plan for SMEs and mid-sized companies). The investment limits are assessed plan by plan, holder by holder.

The adult attached to the tax household

An adult dependent on a taxpayer's tax return can open a PEA (equity savings plan), with a contribution limit of €20,000 (BOFiP). Two restrictions apply:

• The PEA-PME-ETI is prohibited for him (public service and BOFiP); ;
• Her payments do not count towards the limits of the taxpayer to whom she is attached.

When the affiliation ends, the ceiling of his plan is automatically increased to €150,000.

For example, the French government's official tax website (F3085) describes the conditions for claiming a dependent adult child for the 2025 tax return: under 21 years old on January 1, 2025, under 25 if a student, and no age limit for a child with a disability. This document does not cover the PEA (equity savings plan), and the conditions applicable to opening one today should be checked on the government website.

Where to open a PEA

According to the BOFiP (Official Bulletin of Public Finances), the authorized bodies are credit institutions, the Caisse des Dépôts et Consignations (Deposits and Consignments Fund), the Banque de France (Bank of France), La Banque Postale (Postal Bank), investment firms, and insurance companies authorized for the "Capitalization" branch. The body determines the form of the plan.

The opening of the account is subject to a written contract between the subscriber and the managing organization. This contract stipulates that only one plan may be opened per adult. It specifies the consequences of failing to comply with the conditions and the procedures for transferring the plan, including their cost.

Opening fees

Since July 1, 2020, the fees for opening a PEA (equity savings plan) are capped at €10 (economie.gouv.fr, AMF). This page does not specify management fees or brokerage fees: these vary depending on the institution, within the limits set by regulations (AMF), and are detailed in the contract. The AMF indicated in 2020 that these fee caps could be reviewed every three years: the current amount can be verified with the institution or on economie.gouv.fr.

How to pour

When is the plan open?

The plan's opening date is the date of the first deposit. The BOFiP (French Official Tax Bulletin) specifies that this is not the same as the contract signing date if it differs. This date serves as the starting point for the five-year term, as discussed on the page about limits, withdrawals, and taxation.

Payment rules

• Cash only. The BOFiP (Official Bulletin of Public Finances) states that contributions must be made in cash. Economie.gouv.fr lists cash, checks, and bank transfers. Service-public.fr states that only cash contributions are permitted. The cited texts therefore do not cover contributions to the plan of securities you already hold. Transferring a PEA (Equity Savings Plan) from one institution to another is a separate matter, addressed on a dedicated page.
• No minimum, no imposed pace. The BOFiP states that there is no legal obligation for a minimum payment or a payment schedule.
• The earnings are not payments. The BOFiP specifies that the gains made in the plan do not constitute payments: the ceiling is measured on the sums paid.

Payment limits

The €450,000 limit for a couple comes from the impots.gouv.fr page dedicated to assurance-vie and PEA (modified on 08/04/2026).

What happens if the ceiling is exceeded

The institution cannot accept a payment that would cause the limits to be exceeded, and it risks a fine if it does. For the account holder, the BOFiP (French Official Tax Bulletin) classifies exceeding the legal payment limit as grounds for closing the plan, along with the registration of ineligible securities.

After a withdrawal to create or take over a business

If a withdrawal for business creation or takeover occurs before five years without resulting in closure, no further contributions are possible, even if the limit has not been reached (BOFiP). The conditions for this withdrawal are detailed on the withdrawals page.

Numerical example (fictitious profile)

Situation. Marc, 52, a French tax resident, holds a PEA (equity savings plan) opened several years ago. He has contributed a total of €130,000 to it, without making any withdrawals. He does not hold a PEA-PME-ETI (equity savings plan for SMEs or mid-sized companies) and has not contributed anything to such a plan. He has an additional €60,000 available for further contributions.

Issue. The maximum deposit for a PEA (equity savings plan) is €150,000. There is €20,000 remaining in the plan. Contributing €60,000 would bring the total deposits to €190,000, exceeding the limit by €40,000. The institution cannot accept this excess amount, and exceeding the limit results in the plan's closure.

Track. Marc can check the available space in each plan: €20,000 in the PEA (Equity Savings Plan), and across both plans, €225,000 minus €130,000, or €95,000. Contributing €60,000 to the PEA would exceed its limit. A PEA-PME-ETI (Equity Savings Plan for SMEs and Mid-Sized Companies), which is subject to the same eligibility requirements, could receive the remaining balance, provided he opens one. Whether this plan is suitable for Marc, and which companies it can include, is a separate issue, addressed on the eligibility requirements page.

Result.

The PEA (Equity Savings Plan) reaches €150,000 and the total of the two plans €190,000, below the limit of €225,000. This profile is hypothetical. The calculation assumes that no withdrawals have been made and that Marc does not hold any PEA-PME-ETI (Equity Savings Plan for SMEs/Mid-Caps). The sums paid in remain subject to the risk of capital loss. The figures illustrate the mechanism of the limits and do not reflect your individual situation.

What changes depending on your situation

• Your tax residence. It determines whether you can open a PEA (equity savings plan). A tax treaty may stipulate other rules.
• The plans you already have. A classic PEA, a PEA-PME-ETI, or both: the available places are not the same.
• Your status within the tax household. For dependent adults or taxpayers: the limit is €20,000 or €150,000.
• The type of organism. Bank or insurer: the form of the plan differs.
• Your past withdrawals. A withdrawal for the purpose of starting or taking over a business before five years, without closing the plan, prohibits any further payments.

No results are promised.