INSIGHTS
The taxation of SOCIMI (REITs):
according to the Doctrine of the Directorate-General for Taxation
SOCIMI (investment vehicles in real estate assets, the Spanish equivalent to REIT) is the vehicle that has experienced the most growth and development in recent years.
SOCIMI only became available as a vehicle choice in 2009. According to the data from the Bank of Spain of August 2020, there were 90 SOCIMIs in Spain, with a market capitalization value of EUR 27 billion (representing 2% of GDP) and a total of EUR 46 billion in assets. SOCIMIs are rapidly increasing in popularity. Meanwhile, the Spanish press reported that 119 companies of this type had been created by the end of 2023, with a value of more than €23 billion.
As the vehicle type is so new, it is regulated by Law 11/2009 and by the new interpretations of the Directorate-General for Taxation (DGT), published in the form of consultations. These are constantly being updated and can be hard to keep track of.
To make life easier, Auxadi have published a guide. We summarize the main points of the updates, and go over the different changes to the regulation that have occurred in the last two years.
Download our guide for free:
Working Breakfast:
SOCIMI, from law to investment strategy
Come to this event which will bring together experts in these investment vehicles for an in-depth understanding.
Investor needs and the current tax landscape will be the main topics of discussion. Speakers from BME, Caixabank, Uría Menéndez, and Auxadi will gather on October 16 to discuss SOCIMI.
