What Are Collective Investment Schemes in Spain?
Collective Investment Schemes (CIS) in Spain are pooled investment vehicles that allow multiple investors to combine capital into a fund managed by professionals. These funds are regulated under Law 35/2003 on Collective Investment Institutions, which aligns with EU UCITS directives.
Open CIS allow investors to enter or exit at the Net Asset Value (NAV), making them highly flexible for retail and institutional investors alike.
📘 Key Types of Open CIS in Spain
🔓 Open-Ended Investment Funds (Fondos de Inversión)
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Investors can buy or redeem shares daily based on NAV.
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Managed by a SGIIC (Sociedad Gestora de Instituciones de Inversión Colectiva).
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Assets include stocks, bonds, money markets, or mixed strategies.
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Popular with both retail and institutional investors.
🏢 SICAV (Sociedades de Inversión de Capital Variable)
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A corporate form of CIS with open-ended characteristics.
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Minimum capital: €2.4 million and at least 100 shareholders.
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Once favored for tax efficiency, now subject to stricter rules.
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Must be managed by an authorized SGIIC and supervised by CNMV.
📌 SICAVs are becoming less attractive due to tightening tax and shareholder regulations.
⚖️ Legal & Regulatory Framework
🏛️ CNMV Supervision
The Comisión Nacional del Mercado de Valores (CNMV) oversees all open CIS, ensuring:
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Investor protection and transparency
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Sound risk management practices
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Regular audits and financial reporting
📜 Requirements to Register an Open CIS
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Fund documentation: Prospectus, bylaws, and risk disclosures.
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Appoint SGIIC and Custodian: The SGIIC manages the fund while a depositary holds its assets.
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Minimum capital: €3 million for funds.
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Regulatory approval: Submit to CNMV for formal authorization.
📂 Documentation must clearly detail the fund’s investment policy, liquidity rules, and investor rights.
🧾 Taxation of CIS in Spain
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Funds: Generally taxed at 1% on profits (corporate tax base).
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Investors: Capital gains tax applies upon redemption, typically between 19%–26%.
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Deferral benefits: Tax deferral applies when switching between CIS in the same fund family (for residents).
🧮 Double tax treaties may reduce withholding for foreign investors depending on jurisdiction.
🌍 Why Launch an Open CIS in Spain?
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Alignment with EU UCITS regulations
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Access to the EU single market and passporting rights
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Strong investor protections under Spanish law
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Transparent and reputable jurisdiction for international investors
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Scalable structure for retail or institutional offerings
🔑 Spain is an ideal gateway for EU-wide investment distribution.
🤝 Borderless Lawyers: How We Help
We support fund sponsors, wealth managers, and financial institutions with:
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🏗️ Structuring compliant CIS in Spain
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📑 Drafting prospectuses and bylaws
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📋 CNMV filings and registration
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⚖️ Legal opinions and investor disclosures
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📊 Ongoing compliance and governance support
🚀 Ready to Launch Your Open CIS in Spain?
Whether you’re starting a UCITS-style fund or seeking an EU-compliant structure for global investors, Borderless Lawyers offers the legal and regulatory expertise you need.