Spain is the second country with more SOCIMIs in the world
Currently, Spain is one of the countries with mores SOCIMIs in the world. Since its creation, six years ago, there are 72 companies of this kind trading on the Spain stock market.
Considering the attractive of the sector and its great tax benefits, it is not surprising that this kind of companies have proliferated so quickly.
To form a SOCIMI in Spain it is necessary to comply with certain requirements established on the Law 11/2009. The most important requirements are:
- The Company must have a share capital of, at least, 5 million euros.
- The main activity of the company must be the purchase and promotion of urban real estate (commercial/residential) properties for rent. However, it can develop secondary activities as long as these activities do not exceed the 20% of the income received in a fiscal year.
- The company is obliged to be listed and must distribute at least the 80% of the profit with the stockholders.
The companies that meet with the necessary requirements may apply to the special regime called SOCIMI. This Regime has certain tax benefits, such as the payment of a 0% in Corporate Tax, among others.
B Law & Tax
International Tax & Legal Advisors