What Are AIFs in Spain?
Alternative Investment Funds (AIFs) in Spain are collective investment vehicles that do not qualify as UCITS (Undertakings for Collective Investment in Transferable Securities). AIFs offer broader flexibility in investment strategies and are typically aimed at professional and qualified investors.
These vehicles are governed by:
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Law 22/2014 on Collective Investment and Closed-Ended Investment Vehicles
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CNMV (National Securities Market Commission) as the supervisory body
🧠 Common AIF types include:
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Hedge funds
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Real estate investment vehicles
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Venture capital funds
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Private equity funds
🏦 Types of AIF Structures in Spain
AIFs can be created under one of two main forms:
| Legal Form | Description |
|---|---|
| SICC (Sociedad de Inversión Colectiva Cerrada) | Closed-ended collective investment company |
| FICC (Fondo de Inversión Colectiva Cerrado) | Closed-ended collective investment fund |
👉 Both structures must be managed either internally or by an authorized SGEIC (Sociedad Gestora de Entidades de Inversión Colectiva) – the management company.
📝 Requirements to Set Up an AIF in Spain
| Requirement | Details |
|---|---|
| Minimum Capital | €1 million (higher in some cases) |
| Eligible Investors | Professional or qualified investors |
| Legal Form | SICC or FICC |
| Management Entity | Internal or via licensed SGEIC |
| Regulatory Approval | Mandatory CNMV authorization |
| Depositary | Required to safeguard assets |
| Reporting Obligations | Annual reports, NAV calculation, risk disclosure |
📌 AIFs must comply with the AIFM Directive (EU) and Spanish financial legislation.
🧑⚖️ CNMV Authorization & Registration
Before launching, your AIF must be approved by the CNMV. The application process involves:
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Filing the prospectus and internal regulations
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Submitting risk control measures and valuation procedures
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Declaring the management structure
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Appointing a depositary and auditor
⏱ Approval time can vary from 2 to 6 months depending on fund complexity.
📊 Tax Considerations
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Corporate Income Tax: Standard rate is 25%, though exemptions may apply for venture capital entities
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Withholding Tax: Dividends and capital gains may be exempt under certain conditions
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Double Tax Treaties: Spain’s treaties reduce or eliminate withholding tax for foreign investors
🌍 Can Foreign Investors Launch an AIF in Spain?
Yes. Foreign individuals and legal entities can set up AIFs in Spain, provided they comply with the CNMV’s regulatory and licensing framework. A local management entity or representation may be required.
📌 Borderless Lawyers provides a full turnkey solution for international clients launching AIFs in Spain.
🛠️ Services We Offer
Borderless Lawyers can assist with:
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Legal structure selection (SICC or FICC)
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CNMV licensing and filings
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Drafting of bylaws, prospectus, and internal rules
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Tax structuring and compliance
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Appointing auditors, custodians, and management companies
💬 Real-World Example
Case: A Swiss private equity group sought to establish a Spanish AIF focused on renewable energy. We handled the CNMV authorization, compliance structuring, and cross-border tax alignment. The fund now operates under an approved SICC model with multinational investors.
🚀 Launch Your AIF in Spain with Legal Confidence
Setting up an Alternative Investment Fund in Spain requires deep knowledge of regulatory, tax, and investor protection laws. Let Borderless Lawyers guide you from concept to approval.