The CVM considers that individual savings and investment accounts can be an important tool for the country's critical challenges and has already submitted a proposal to the government in this regard.
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13/10/2026
by
Lusa
A The Securities Market Commission (SCM) considers that individual savings and investment accounts can be an “important instrument” for the country’s “critical challenges”, and has already submitted a proposal to the government in this regard.
The CVM submitted to the Ministry of Finance a proposal for the creation of the Individual Savings and Investment Account (CIPI), “now competing with the Government the assessment and decision on it, whether in its entirety or in relation to the different components that integrate it”, indicated official source to Lusa.
The institution says it is “available for the provision of clarifications and support that is considered appropriate”.
The proposal follows the European Commission’s recommendation on increasing the availability of savings and investment accounts and has been “considered international examples of savings and investment accounts in various jurisdictions, European and extra-European”, the institution ensures.
“ However, even though international examples are very useful for formatting the model, the main inspiration is the conviction that it can be an important instrument to face critical challenges facing our country and its citizens and businesses,” he said.
The CIPI is concerned, which “constitutes a savings plan in financial instruments” and ends up being an “involvement for which the investor makes cash deliveries and within which he can apply these savings in certain financial instruments and carry out transactions in them, all of which are from them and the proceeds of their sale credited and maintained in the CIPI until they are used in the acquisition of other financial instruments or from them taken by the holder”.
“The CIPI is thus an autonomous account, which includes a liquidity sub-account and another of financial instruments and operates in a closed circuit, without prejudice to cash inflows and outflows, and which presents as its own and essential feature the income obtained from it benefit from simplified and advantageous tax treatment,” explains the CVM.
The institution’s proposal provides for the possibility of investing in shares and bonds traded on a regulated market or multilateral trading system operating in the European Economic Area or in an OECD third country and appearing on a list approved by the SEC and in shares in collective investment undertakings, including ETFs and others, provided that they do not qualify as savings-reform plans.
“ The CIPI may also include financial instruments the acquisition of emerging rights to instruments held there or events related to them (e.g. subscription rights, mergers, conversions)”, he adds.
The accounts would be made available by the entities empowered to provide at least one of the investment services determined by the regulator, such as recording and depositing financial instruments and discretionary and individualised portfolio management.
The scheme also provides for the portability of CIPI between institutions, tax simplification, exempting CIPI holders from declarative obligations, which will be borne by the entities making the account available, and exemption of IRS from the income obtained therefrom, provided that the conditions of the scheme are respected, in particular the minimum period of three years of CIPI's holding, during which withdrawals of the account are permitted only in exceptional situations.
The account is available to natural persons and includes a cumulative delivery limit of EUR 250,000, according to the proposal of the CVM, which also considers that an annual limit on deliveries to CIPI is established, “by admitting the possible need to calibrate the pace of deliveries and mitigate the risk of a possible concentration of high values” at the beginning.