Clifford Chance
Domestic and cross-border mergers and transfer of registered office of Spanish SICAVs to another EU country
7 April 2016
The political uncertainty in Spain is causing concern to some Spanish entities, including SICAVs. Spanish SICAVs are collective investment undertakings ("CIUs") regulated, supervised and registered by the Spanish Securities Market Commission ("CNMV"), which, as CIUs, are taxed at 1%, compared to the standard Corporate Income Tax rate of 25%. However, the future of
Spanish SICAVs may change if some of the proposals of the different political groups are eventually approved, including the establishment of a maximum percentage stake for each investor, the granting of powers to the Spanish Tax Agency to monitor and inspect SICAVs, and the elimination of the 1% tax rate.
