ESMA's annual analysis for 2025 shows that about 15.5 million clients in the EU and EEA receive investment services from firms based in another member state, almost double the 2023 figure. Compared with 2024, retail clients rose 47%, while the number of firms grew only 2% and complaints stayed stable. Cyprus remains the main home of passporting firms with a 20% share, followed by Luxembourg and Germany. France, Spain, Germany and Italy are the main destination markets.
What it means: The data show that the single market for investment services works for retail investors mainly through a few digital platforms, many of them licensed in Cyprus. For Greek investors, that means the app they use to buy shares or ETFs is probably supervised by another country's authority, and resolving a dispute may be more complicated. The rapid rise in clients against an almost flat number of firms points to concentration: a handful of large players are winning most of the market. For Greek investment firms, competition from such platforms is already intense, and differentiation comes from local service, the Greek language and specialised advice. The fall in complaints per client is encouraging, yet regulators will keep watching aggressive marketing aimed at young investors. The Hellenic Capital Market Commission can use these figures to seek closer cooperation with home-country authorities. Greek fintechs with European ambitions can also see the room for growth here.
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