How IVAFE applies to US brokerage, custodial (CIA) and investment accounts held by Italian residents: rate, tax base, account codes and Quadro RW reporting.
Published: 2026-05-09 · Last verified: 2026-05-09 · 9 min
In Italian Quadro RW practice, CIA stands for Conti di deposito e di investimento amministrato all'estero — foreign brokerage and custodial accounts that hold securities, ETFs, mutual funds, bonds and cash positions. The US equivalents are typical Charles Schwab, Fidelity, Interactive Brokers, Vanguard or Merrill Edge accounts opened by an Italian resident.
IVAFE — Imposta sul Valore delle Attività Finanziarie all'Estero — is the Italian wealth tax that hits these holdings every year.
For securities, ETFs, mutual funds, bonds, derivatives and crypto held with a US custodian:
Note the structural difference with bank current accounts: bank accounts pay a fixed €34.20 per account (only if average balance > €5,000); brokerage / CIA accounts pay the proportional 0.20% with no flat alternative.
The IVAFE base for a US brokerage account is the year-end market value of:
Each position is valued in euro using the year-end ECB reference rate. The aggregate value is the IVAFE base.
When reporting a US brokerage account in Quadro RW, the typical fields are:
The exact mapping depends on the Quadro RW form version and on the broker's account structure (cash account vs margin vs IRA).
A US brokerage account held by an Italian who later becomes a US tax resident triggers FBAR if the aggregate balance across foreign accounts (from the US perspective) exceeds $10,000 at any point. The mirror situation — an Italian resident with a US-located brokerage — does not trigger FBAR (the account is domestic from the US perspective), but it absolutely triggers Quadro RW + IVAFE on the Italian side.
[LAST UPDATED: 2026]
CIA stands for Conti di deposito e di investimento amministrato — foreign brokerage/custodial accounts holding securities, ETFs, funds and cash. US examples: Charles Schwab, Fidelity, Interactive Brokers.
0.20% per year on the year-end market value of the financial assets, pro rata by months of holding. The US is not on the Italian black list, so the doubled 0.40% rate does not apply.
No. The €34.20 flat IVAFE applies only to bank current accounts and postal deposits. Brokerage / CIA accounts always pay the proportional 0.20%.
Yes. Idle cash held within the brokerage cash sweep is part of the IVAFE base and must be reported in Quadro RW.
Yes, when the exchange holds the keys (custodial wallet). The position is reportable on Quadro RW and subject to IVAFE at 0.20%.
IVAFE on US Brokerage & CIA Accounts: Codes, Calculation, Quadro RW is handled from our Florida practice for Italian clients living in the United States and in Italy: office in St. Petersburg (Pinellas County, Tampa Bay), assistance across Florida — including Miami and South Florida — and remotely throughout Italy.
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IIILEX International Consulting LLC is the Florida-based practice of Avv. Dott. Massimo Leonardi — Italian-qualified Attorney (Avvocato), Dottore Commercialista and Statutory Auditor (Revisore Legale), qualified in Italy, with 30+ years of Italian practice. We work exclusively on cross-border matters between Italy and the United States, in coordination with licensed U.S. professionals for matters of U.S. law.
IIILEX International Consulting LLC · 7901 4th St N STE 300, St. Petersburg, FL 33702 · us@3lex.us · +1 (786) 604-8763 · +39 335 344 9660
Massimo Leonardi is admitted to practice law in Italy and is not admitted to practice law in Florida or elsewhere in the United States. He is qualified in Italy as Dottore Commercialista and Revisore Legale and is not a U.S. Certified Public Accountant. IIILEX International Consulting LLC provides cross-border consulting and Italian legal and tax advisory services. Matters requiring advice on U.S. or Florida law are handled in coordination with appropriately licensed U.S. professionals.