Most of the Centovalli Express from Domodossola to Locarno is mostly in Italian territory, yet it is run by the Swiss. In fact, Swiss travel passes and tickets are valid on this line, making it the only panorama railway outside of Switzerland that you can go on for free with a Swiss railway subscription.
The highlight of the ride is the 20-minute long stretch in the “Hundred Valleys” in the Ascona region of Northern Italy. However, I found that the view of the snow-capped peaks were more appealing than the narrow gorge.
The panorama train requires a supplement of CHF 1.50 or EUR 1.50 to be paid to a conductor on board, but you can find other regular trains along the same route that do not require a supplement. Yes, the train company is called FART.