How to buy Ferrari and Eni shares from India — the full 2026 playbook

Ferrari and Eni are, for most Indian investors, the two most recognisable names on the Italian market — one the ultimate luxury-industrial brand, the other a global energy major. The good news is that they are also two of the easiest Italian blue-chips to own from India, because both carry a New York listing alongside their home listing on Milan. You do not need a euro account, a relationship with an Italian bank, or any familiarity with the Borsa Italiana settlement system to hold them.

This guide walks through the whole playbook end to end: the listing choices, the broker setup, how the Liberalised Remittance Scheme and TCS apply when you fund the purchase, what Italy takes at source, what India taxes on the way out, and the disclosure paperwork that trips up more Indian investors than the tax itself. It sits alongside our broader Italy market hub and the sibling guide on Italy dividend withholding tax.

The two listings, and why it matters

Ferrari and Eni each trade in two places, and choosing between them is the first real decision.

Ferrari (the company is Ferrari N.V.) has its primary listing on Euronext Milan and an ordinary-share listing on the New York Stock Exchange under the ticker RACE. Because these are ordinary shares in both venues, a Ferrari share bought in New York is the same equity as one bought in Milan — just priced in US dollars rather than euros.

Eni is different in a subtle but important way. On Milan it trades as ordinary shares; in New York it trades as an American Depositary Receipt (ADR) under the ticker E, and one Eni ADR represents two ordinary Eni shares. The ADR is a US-listed certificate that gives you economic ownership of the underlying Milan-listed shares without you ever touching the Italian market directly.

	Ferrari	Eni
Home listing	Euronext Milan	Euronext Milan
US listing	NYSE ordinary shares (RACE)	NYSE ADR (E)
Currency in New York	USD	USD
US share = underlying	1 share	1 ADR is 2 ordinary shares
Company incorporated in	Netherlands	Italy

For an Indian resident, the practical takeaway is that the New York route is usually the path of least resistance. It is dollar-denominated, it uses the same India-facing brokers you may already use for US stocks, and it sidesteps the euro, Milan settlement, and Italy's financial transaction tax handling. The Milan route is the home market and is worth it only if you specifically want euro exposure or want to hold the exact ordinary shares — we cover the euro angle in the euro-rupee currency-risk guide.

Setting up to buy

There are two broad ways in.

Route 1 — buy the New York listing through an India-facing broker

This is the simplest path. Several India-facing platforms let resident Indians open a US brokerage account and buy NYSE-listed names. You buy RACE or E in US dollars exactly as you would buy Apple or Microsoft. There is no separate Italian registration, no Italian tax identification number, and no euro conversion.

The funding still happens under the LRS (covered below), and the holding is a US-listed foreign security for Indian reporting purposes. The mechanics here are identical to buying any US stock, which we lay out in how US stocks are taxed in India.

Route 2 — buy the Milan listing through an international broker

If you want the ordinary shares on their home exchange in euros, you need a broker with direct Euronext Milan access — Interactive Brokers and Saxo Bank are the usual choices for Indian residents. You will fund a multi-currency account, convert rupees to euros, and buy on Milan. This route exposes you to Italy's financial transaction tax and to euro settlement, both of which the New York route avoids.

A key 2026 change to be aware of: Italy's financial transaction tax (the "Tobin tax") was doubled in the 2026 Budget Law. On regulated markets such as Euronext Milan, the rate on share purchases rose from 0.1% to 0.2%, and for off-market transfers from 0.2% to 0.4%, effective 1 January 2026. Shares of smaller companies (below a market-cap threshold set annually by CONSOB) remain exempt, but Ferrari and Eni are far too large to qualify for that carve-out.

Funding the purchase — LRS and TCS

However you buy, the money leaves India under the Liberalised Remittance Scheme. The headline numbers as of mid-2026:

• The LRS limit is USD 250,000 per individual per financial year, covering all permitted current and capital account transactions combined.
• TCS (Tax Collected at Source) of 20% applies on LRS remittances for investment purposes once your cumulative remittances cross Rs 10 lakh in the financial year. Below that threshold no TCS applies to investment remittances.
• TCS is not a tax — it is a prepayment you reclaim against your overall tax liability when you file your return, or get refunded. But it is real cash out the door at the time of remittance, so it affects timing.

Our LRS and TCS calculator will show you the exact TCS hit on a given remittance, which is worth running before you size a lump-sum purchase of either name.

Item	As of mid-2026
LRS annual limit	USD 250,000 per person
TCS threshold (investments)	Rs 10 lakh per financial year
TCS rate above threshold	20% (reclaimable)
Schedule FA disclosure	Mandatory, any value

What Italy takes at source

This depends entirely on which listing you bought.

If you buy Ferrari or Eni on Milan, you are receiving Italian-source dividends, and Italy applies its 26% domestic withholding tax on dividends to non-residents. As an Indian resident you can reduce that — either via the India-Italy tax treaty or via Italy's partial-refund mechanism — but the relief is a reclaim process, not automatic at source. The full mechanics, including the partial-refund route that gets the effective rate down to around 15%, are in the Italy dividend withholding guide.

If you buy Eni as a NYSE ADR, the dividend still originates in Italy and Italian withholding still applies at the source before it reaches you through the ADR pipeline; the ADR wrapper does not change Italy's taxing right, though it can change the practical mechanics of claiming relief.

On capital gains, here is a piece of genuinely good news: gains realised by a non-resident on the sale of non-substantial holdings of listed Italian shares are generally exempt from Italian capital-gains tax. A retail Indian investor selling a normal-sized position in Ferrari or Eni is well within "non-substantial" territory, so Italy typically does not tax the gain. The gain is then taxed in India, as below.

What India taxes on the way out

Whichever route you took, India taxes your gains and dividends as a resident.

Capital gains. Ferrari and Eni shares — including the NYSE-listed versions — are foreign shares for Indian purposes, taxed under Section 112 (note: Section 112, not the Section 112A that applies to Indian-listed equities):

• Long-term (held more than 24 months): 12.5% without indexation, and without the Rs 1.25 lakh exemption that domestic equities enjoy.
• Short-term (sold within 24 months): added to your total income and taxed at your slab rate.

You can model this with our US capital-gains calculator, which applies the same Section 112 logic that governs any foreign listed share.

Dividends. Italian dividends are taxable in India at your slab rate. Where Italy has already withheld tax, you can claim a foreign tax credit in India by filing Form 67 (being renumbered Form 44 from TY2026-27) before your return, using Schedule TR. Our Form 67 FTC guide and Form 67 calculator walk through how much credit you can actually take.

India-side item	Treatment
LTCG (more than 24 months)	12.5%, no indexation, Section 112
STCG (within 24 months)	Slab rate
Dividends	Slab rate, FTC for Italian WHT via Form 67

The disclosure that matters most

Here is the part more Indian investors get wrong than any tax calculation: every foreign share is a reportable foreign asset under Schedule FA of your income-tax return, regardless of how small the holding is. Hold even one share of RACE or one Eni ADR and it must appear in Schedule FA.

Two features trip people up. First, Schedule FA reporting is based on the calendar year, not the financial year, so the period you report does not line up with the rest of your return. Second, omissions can attract penalties under the Black Money Act, which are severe and not proportional to the small size of the holding. Our Schedule FA helper handles the initial, peak, and closing-value math the schedule demands.

A note on US estate tax

Indian investors are increasingly aware of the US estate-tax trap — the 60,000-dollar non-resident exemption above which the IRS can take up to 40% of US-situs assets. How does it apply here?

• Ferrari is incorporated in the Netherlands. Its shares are generally treated as non-US-situs even when held on the NYSE, so Ferrari shares are largely outside the US estate-tax net.
• Eni is an Italian company, so the underlying shares are non-US. The ADR is a US-listed instrument, however, and the situs treatment of ADRs is more nuanced. A large dollar-denominated ADR position is worth a conversation with a cross-border advisor.

This is one more reason some buy-and-hold investors prefer the Milan ordinary shares or a UCITS wrapper for European exposure, a theme we explore in the UCITS-vs-US-domiciled comparison.

Putting it together

For most Indian residents, the clean default is: buy RACE and E on the NYSE through an India-facing broker, fund it under the LRS while watching the Rs 10 lakh TCS threshold, accept that Italy still withholds on the dividends and claim that back via Form 67, expect Italy not to tax your capital gains as a non-substantial holder, pay 12.5% Indian LTCG after two years, and — above all — disclose both holdings in Schedule FA every year.

If you specifically want euro exposure or the home-market ordinary shares, the Milan route via an international broker works too, at the cost of the 0.2% financial transaction tax and euro conversion. Either way, these are two of the most accessible foreign blue-chips an Indian investor can own. Compare the broader landscape across our Italy hub, Spain, France, Germany, and all markets.

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This is general information, not tax, legal, or investment advice. Tax rules in both India and Italy change, and your situation may differ. Figures reflect rules as understood in mid-2026; verify the current position and consult a qualified cross-border advisor before acting.