Why Spain for Investment Funds?
Spain is an attractive destination for launching investment funds due to its strong regulatory framework, access to the EU financial market, and growing investor demand. Whether you’re a wealth manager, private equity group, or international investor, Spain offers regulated fund structures under EU-aligned rules.
At Borderless Lawyers, we guide you through the legal process of establishing funds under Spanish and European law.
🧾 Types of Investment Funds in Spain
Spain recognizes multiple categories of Collective Investment Institutions (IICs):
📊 Open-Ended Funds (FI – Fondo de Inversión)
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Investors can buy/sell shares at net asset value
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Highly liquid and commonly used for mutual funds
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Managed by a Management Company (SGIIC)
🏦 Closed-Ended Funds (SICAV / SICC)
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Fixed capital structure with limited redemption windows
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Often used for private equity and real estate investment
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Can be structured as a company (SICAV) or fund (FCR)
🌱 Venture Capital Funds (FCR & SCR)
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Designed for private equity and startup investments
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Subject to special rules under Law 22/2014
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Must register with the CNMV and comply with AIFMD (Alternative Investment Fund Managers Directive)
🛠 Legal Requirements to Set Up a Fund
🏢 Fund Management Structure
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Must appoint a Management Company (SGIIC) and a Depositary Bank
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The SGIIC must be authorized by the CNMV (Spain’s securities regulator)
📋 Required Registrations
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Register the fund and its governing documents with the CNMV
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Obtain a Spanish Tax Identification Number (NIF)
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Comply with AML (Anti-Money Laundering) and KYC rules
📊 Minimum Capital Requirements
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Varies by fund type:
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FI: Typically €3 million
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SICAV: Minimum €2.4 million
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FCR/SCR: Varies, often €1.2–€1.5 million
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🔍 Ongoing Reporting Obligations
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Regular NAV disclosures
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Annual audited accounts
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Investor prospectus updates
📜 Taxation of Investment Funds
🧾 Tax Advantages
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Funds generally taxed at a 1% corporate rate in Spain
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Investors taxed on distributions or capital gains
🌍 International Investors
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May benefit from Double Tax Treaties
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No withholding tax on EU/EEA institutional investors under certain conditions
👨⚖️ How Borderless Lawyers Helps
Our legal team supports you throughout every stage:
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✅ Fund structuring (FI, SICAV, FCR, etc.)
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✅ Drafting statutes and offering documents
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✅ CNMV authorization & compliance
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✅ Coordination with custodians, auditors, and banks
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✅ Ongoing legal & tax support for fund operation
📌 Multilingual legal experts | 🎯 EU regulatory compliance | 🧩 Turnkey fund setup
💬 Real-World Example
Case: A Luxembourg-based asset management firm wanted to expand into Spain with a regulated real estate investment fund (SICAV inmobiliaria). We handled the CNMV filing, legal structuring, and set up coordination with Spanish financial entities.
🚀 Launch Your Fund in Spain Today
Spain offers a solid legal and financial environment for launching investment funds, with access to the broader European market.