20 market guides

The world's largest equity markets, explained.

For each of 20 of the world's largest markets: what's there, how to access it from outside, the tax treatment for foreign retail, and — because Vested writes mainly for Indian residents — the India-specific angle. LRS, DTAA, Schedule FA.

United States
S&P 500 · USD
#1
The world's deepest equity market — 6,000+ listings, the most liquid ETF universe on earth, and the home of the global tech complex.
/us
China
SSE Composite · CNY
#2
Two major mainland exchanges plus Hong Kong as the global gateway — but capital controls, Stock Connect quotas, and VIE-structure risk shape how foreigners actually buy in.
/china
Japan
Nikkei 225 · JPY
#3
After three decades in deep freeze, the Nikkei printed new all-time highs in 2024–25. Corporate-governance reform, share buybacks, and a weak yen reshaped the case for owning Japan.
/japan
India
Nifty 50 · INR
#4
For a global investor looking in, India has two doors: the FPI route into mainland NSE/BSE, or the IFSC at GIFT City — with very different tax and access trade-offs.
/india
Hong Kong
Hang Seng Index · HKD (pegged to USD)
#5
The most open major market in Asia. No capital-gains tax, no dividend withholding, and the cleanest gateway to Chinese internet and tech names.
/hong-kong
United Kingdom
FTSE 100 · GBP
#6
Home to the deepest UCITS ETF ecosystem in Europe — a major perk for non-US investors who want to skip US PFIC and estate-tax exposure. Plus 0% dividend WHT.
/uk
France
CAC 40 · EUR
#7
Europe's largest equity market by some measures — home to LVMH, Hermès, L'Oréal and TotalEnergies. The 2025 India–France treaty refresh reset the WHT picture.
/france
Canada
S&P/TSX Composite · CAD
#8
Banks, miners, energy and pipelines. Many Canadian names dual-list on NYSE — which changes the calculus when the dividend WHT picture is in play.
/canada
Saudi Arabia
TASI (Tadawul All Share) · SAR (pegged to USD)
#9
The largest GCC equity market by far. Saudi Aramco anchors the index; direct foreign retail access is restricted, so most outsiders come in via the iShares KSA ETF.
/saudi-arabia
Germany
DAX 40 · EUR
#10
Europe's industrial heart — SAP, Siemens, Allianz, the auto majors. UCITS-ETF capital. And a 26.4% default WHT that you have to actively reclaim down to the treaty rate.
/germany
Switzerland
SMI (Swiss Market Index) · CHF
#11
Nestlé, Roche, Novartis, UBS. Quality at a price — and a 35% withholding tax that's one of the world's highest. The MFN dispute makes the India treaty rate 10%, not 5%.
/switzerland
Taiwan
TAIEX · TWD
#12
TSMC is, in many practical senses, the Taiwan market. Direct TWSE retail access is paperwork-heavy for foreigners — the TSM ADR is the cleanest route.
/taiwan
South Korea
KOSPI · KRW
#13
Samsung, SK Hynix, Hyundai. Korea's Investment Registration Certificate was abolished at end-2023 — direct foreign retail access just got materially easier.
/south-korea
Australia
S&P/ASX 200 · AUD
#14
Big Four banks, BHP, Rio Tinto and a deep A-REIT market. Franking credits are a major resident perk — but they're worthless to a foreign shareholder.
/australia
Netherlands
AEX 25 · EUR
#15
Small market, outsized weight — ASML alone makes Amsterdam a must-think-about market for any global investor with a tech tilt. Plus a deep UCITS-ETF venue.
/netherlands
Brazil
Ibovespa · BRL
#16
Latin America's largest market — iron ore, oil, and banks via B3 and a deep NYSE ADR roster. But a brand-new 2026 dividend tax changes the math for foreign investors.
/brazil
Spain
IBEX 35 · EUR
#17
Santander, BBVA, Iberdrola and Inditex on the IBEX 35 — open EU access, 19% dividend withholding, and a small financial-transaction tax.
/spain
Italy
FTSE MIB · EUR
#18
Ferrari, Eni, and the big banks on the FTSE MIB — easy EU access, but a steep 26% dividend withholding that treaty residents must reclaim.
/italy
Indonesia
IDX Composite (Jakarta Composite) · IDR
#19
Southeast Asia's largest economy and equity market — bank-heavy and fast-growing, with a quirky 0.1%-on-sale share tax and 20% dividend withholding.
/indonesia
Mexico
S&P/BMV IPC · MXN
#20
América Móvil, Cemex and FEMSA with a deep NYSE ADR roster — a nearshoring play with a flat 10% on both dividends and listed-share gains.
/mexico

Compare markets at a glance

Headline tax treatment for a non-resident Indian investor. Click any column to sort. These are indicative summaries — see each market guide for the full picture and caveats.


United States	USD	25% (DTAA)	Exempt	25%	Yes
China	CNY	10%	Exempt*	10%	Yes
Japan	JPY	15.3%	Exempt	10%	Yes
India	INR	20% (source)	12.5% LTCG	N/A	N/A
Hong Kong	HKD (pegged to USD)	0%	0%	5%	Yes
United Kingdom	GBP	0%	Exempt	10–15%	Yes
France	EUR	12.8%	Exempt	10%	Yes
Canada	CAD	25%	Exempt	25%	Yes
Saudi Arabia	SAR (pegged to USD)	5%	None	5%	Yes
Germany	EUR	26.4% → 10%*	Exempt	10%	Yes
Switzerland	CHF	35% → 10%*	0%	10%	Yes
Taiwan	TWD	21%	0%	12.5%	Yes
South Korea	KRW	22%	22%*	15%	Yes
Australia	AUD	30% / 0%*	Exempt	15%	Yes
Netherlands	EUR	15%	Exempt	10%	Yes
Brazil	BRL	10% (from 2026)	15%	15%	Yes
Spain	EUR	19%	Exempt*	15%	Yes
Italy	EUR	26%	Exempt*	15%	Yes
Indonesia	IDR	20%	0.1% on sale	10%	Yes
Mexico	MXN	10%	10%	10%	Yes

* China A-share CGT exemption is provisional; Germany/Switzerland dividend WHT is reclaimable down to the treaty rate; Australia shows unfranked / franked; South Korea capital gains apply to larger holdings. Rates as of May 2026.

About these guides

Each market page covers the headline data — exchanges, indices, top sectors, regulator — then drills into the instrument inventory (stocks, ETFs, ADRs, REITs, bonds), foreign-access brokers and KYC, capital-gains and dividend-withholding treatment, and a dedicated section for Indian residents covering LRS eligibility, Indian feeder-fund options, and the Schedule FA / treaty caveats.

Country rankings reflect total domestic equity market cap as of late 2025 / early 2026. Tax rates and treaty withholding rates change — treat the figures here as indicative and confirm with a qualified advisor before acting on them.