Popular investment vehicles in Spain

Updated on December 2023

• Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario (SOCIMI) 
• Sociedad Anónima (SA)
• Sociedad de Responsabilidad Limitada (SRL or SL)

Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario (SOCIMI) 

• Public Corporation

Sociedad Anónima (SA)

• Public limited liability company
• Investors own shares
• Subject to Spanish Companies Act
• Opaque unless listed

Sociedad de Responsabilidad Limitada (SRL or SL)

• Private limited liability company
• Investors own shares
• Subject to Spanish Companies Act
• Opaque

Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario (SOCIMI)

• Taxable at 0% if certain requirements are met. However, non-distributed benefits are taxed at a 15% tax rate.
• SOCIMIs are liable to pay 19% on dividends distributed to shareholders that

1. hold at least 5% of its capital,
2. which are tax exempt or taxed at an effective rate lower than 10%,
3. are not distributed to other SOCIMI or foreign REIT.

Sociedad Anónima (SA)

• Opaque and taxable at general CIT rate of 25% (23% and 15% reduced tax rates could be applied in certain cases)
• Has access to double tax treaties and to EU Parent-Subsidiary Directive

Sociedad de Responsabilidad Limitada (SRL or SL)

• Same as SA  (see above)

• No RETT applies on the transfer of shares provided that the real estate assets are linked to the development of an economic activity for Spanish tax purposes.

• No RETT applies on the transfer of shares provided that the real estate assets are linked to the development of an economic activity for Spanish tax purposes.

• Same as SA (see above)

Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario (SOCIMI)

• Yes. Listing is a requirement
• Usually, these companies are listed in the Spanish MAB (Mercado Alternativo Bursátil) but there are recent precedents of listings on France's Euronext since any regulated secondary market in the EEA may be eligible

Sociedad Anónima (SA)

• Yes, but unusual (for listing purposes, SOCIMI is more usual)

Sociedad de Responsabilidad Limitada (SRL or SL)

• No

Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario (SOCIMI)

• Open-ended
• Minimum floating capital is required by Law

Sociedad Anónima (SA)

• Open-ended if listed

Sociedad de Responsabilidad Limitada (SRL or SL)

• Closed-ended

Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario (SOCIMI)

• Relevant stock Market supervising body

Sociedad Anónima (SA)

• Only if listed

Sociedad de Responsabilidad Limitada (SRL or SL)

• No

Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario (SOCIMI)

• No specific investor restriction
• However, tax treatment is different depending on the corporate income tax payable by the shareholder

Sociedad Anónima (SA)

• No

Sociedad de Responsabilidad Limitada (SRL or SL)

• No

Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario (SOCIMI)

• Zero corporate income tax rate
• 95% relief in transfer tax and stamp duty applicable to acquisition of residential units or land to be used for residential developments

Sociedad Anónima (SA)

• If listed, more control by the regulatory and, then, more security for investors
• High liquidity, if listed

Sociedad de Responsabilidad Limitada (SRL or SL)

• High flexibility and potential liquidity 

Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario (SOCIMI)

• EUR 5m minimum share capital
• 80% of its assets shall be qualifying assets (rental properties, investment in REITs or other real estate collective investment schemes)
• Limitations to corporate structuring (a SOCIMI affiliate, which is not a SOCIMI cannot have further affiliates)
• Profit distribution obligations

Sociedad Anónima (SA)

• If listed, regulatory approval and regulated status vehicle

Sociedad de Responsabilidad Limitada (SRL or SL)

• None in particular

Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario (SOCIMI)

• Rental real estate properties

Sociedad Anónima (SA)

• Extended use for funds and joint-ventures on real estate sector
• Especially used if the listing of the vehicle is expected within the future 

Sociedad de Responsabilidad Limitada (SRL or SL)

• Extended use for funds and joint-ventures on real estate sector