On 30^th September, the European Commission (EC) issued Recommendation (EU) 2025/2029, aimed at increasing the availability and uptake of Savings and Investments Accounts (SIAs) across Member States and encourage more participation in capital markets. The SIA Recommendation is part of the broader Savings and Investments Union Strategy (SIU) which was published in March 2025.

The key objectives of the EC’s Recommendation are:

• Stronger retail investors’ participation in the capital markets with a view of enhancing long-term return on retail savings and supporting households’ wealth creation.
• Mobilisation of investments in the EU economy (to support the dual digital and green transitions and other strategic objectives such as the Union’s security and defence).
• Coordinated efforts by Member States to encourage the development and stronger uptake of SIAs and ensure greater effectiveness in this area.

The Recommendation is a non-binding EU Act under the Treaty on the Functioning of the European Union (TFEU) and accordingly, it does not impose any legal obligations on Member States but expresses the Commission’s view and expectation on the adoption of best practices. However, Member States will be required to inform the Commission of measures taken to comply with the Recommendation and of the actual uptake of SIAs in each Member State.

The EC recommends that in creating SIAs:

• Member States should establish SIA frameworks and are encouraged to give them the characteristics outlined in the EC Recommendation.
• Member States should ensure that no minimum amount is imposed for the opening of an SIA or for regular payments into it.
• Member States should allow investors to open multiple SIAs, including with different providers.
• Holders of SIAs should not be required to receive financial advice when investing through an SIA, unless specifically required under EU legislation.

The EC recommends, for the scope of the assets, that:

• SIAs should provide access, at a minimum, to the following financial instruments: shares, bonds and shares or units in UCITS, with the possibility to extend the scope of financial instruments.
• Providers should offer the widest possible array of investment options to ensure portfolio diversification across asset classes, geographies, issuers, asset managers, financial instrument manufacturers, and risk profiles.
• Inclusion of investment options that allow retail investors to channel their investments into the EU economy.

The Recommendation outlines best-practice features for successful SIAs, centered around simplicity, flexibility, and tax incentives.

1. Simplicity – SIAs should be simple and user friendly, accessible via digital or other means, have straightforward onboarding processes and transparent fee structures.
2. Flexibility – SIAs should be available through a wide range of providers with the ability to open multiple accounts, have a wide variety of assets, and no minimum holding period or contribution limits.
3. Tax Incentives – Member States are encouraged to implement incentives to further encourage individuals to SIAs such as tax deductions, exemptions or deferred taxation until funds are withdrawn.

What is next for Ireland?

In the Budget 2026, published on 7^th October 2025, the Minister for Finance Pascal Donohoe announced that the Department of Finance will publish a roadmap in early 2025, setting out the Department’s approach to simplifying and adapting the tax framework in Ireland top encourage retail investment. This roadmap will take into account the European Commission’s Recommendation.