Business · Markets · 17 hrs ago
Spanish banks prepare to offer a new tax-advantaged investment account
Spain is preparing a new investment account, called Caife, to encourage people to invest savings that are now sitting in low-interest current accounts.
The account is designed for individuals and can hold up to €150,000.
It will allow investment in listed European companies and in funds with at least 70% of their holdings in Europe.
Investors could trade without paying tax on each transaction, while withdrawals after five years would receive tax relief on gains; dividends would still be taxed.
At first, account holders will be able to buy and sell listed shares, with eligible funds to be approved later.
Banks including Santander, BBVA and CaixaBank are preparing to offer the account, but they are waiting for a Finance Ministry order to set its launch.
The plan aims to channel more household savings into European businesses, though its impact will depend in part on whether people find the account simple to use.
Spanish banks are preparing to offer a new tax-advantaged investment account for individuals to invest savings in European companies.
The account, called Caife, is included in a government housing decree-law that is still awaiting approval by a standing committee of Congress.
Account holders will be able to deposit up to €150,000 and trade shares without paying tax on each transaction.
After five years, gains are exempt from personal income tax on the first €10,000, with 20% tax applying to gains above that amount.
Banks are waiting for a ministerial order from the Finance Ministry to set implementation in motion.
- Who
- Spanish banks and other authorised providers, including neobanks, are preparing to offer the account to individual investors.
- What
- The Caife is a tax-advantaged account for investing in European shares and eligible funds.
- When
- The launch date has not been set; banks are awaiting a ministerial order.
- Where
- Spain; eligible investments are in listed European companies or qualifying funds.
- Why
- The government aims to encourage individuals to invest savings currently held in low-earning current accounts.
This story does not have two clearly opposing sides.
Our assessment is positive
It is a positive first step to have a product with tax incentives that will help encourage investment in the stock market
full acceptance
The Caife was included in the housing decree-law, which is still awaiting approval by Congress's standing committee.
Banks and other authorised providers are waiting for the Finance Ministry to issue an order to start implementation.
Initially, account holders will be able to buy and sell listed shares.
The CNMV has four months to certify funds that receive the Finance Europe label.
- Account name
- Cuenta de Ahorro e Inversión Financia Europa (Caife)
- Maximum deposit
- €150,000
- Eligible funds
- At least 70% of the fund's portfolio must be in Europe
- Tax exemption
- After five years, the first €10,000 of gains are exempt from personal income tax
- Tax on gains above exemption
- 20% of gains above €10,000
- Potential providers
- Santander, BBVA, CaixaBank, Banc Sabadell, Bankinter and neobanks
Sources
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