The initiative aims to encourage long-term investment in European companies and financial markets. Investors can buy and sell eligible assets without immediate taxation on gains. However, the accounts are not yet available as banks await further regulations for the scheme to become operational.

Tax benefits apply to qualifying investments held for more than five years. The first €10,000 in eligible capital gains may be exempt from tax, with a further 20% exemption on remaining gains.

Eligible assets include shares, investment funds and exchange-traded funds. Dividends remain taxable, while regulators have four months to establish a register of eligible investment funds.

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