Welcome to SPANISH REIT. Our mission here is to provide comprehensive information on the Iberian & Latin American property market, with a special focus on Spain’s burgeoning property fund and SOCIMI market. With a team of contacts dotted around the region we bring you exclusive interviews and reports from Spain and Latin America’s dynamic economies.
The Spanish REIT (SOCIMI) structure was approved and founded in October 2009 under the name of Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario («SOCIMI»). Its legal regime was set out in the Law 11/2009 of 26 October, which was subsequently amended by Law 16/2012 of 27 December to relax the legal requirements for their incorporation, remove the regulatory barriers and enhance the tax treatment applicable from 2009.
SOCIMIs are public limited companies (sociedades anónimas) whose corporate purpose is the holding of either (i) leased urban assets (by means of acquisition or development) or (ii) a stake in the share capital of other SOCIMI or foreign entities of analogous or similar activity (the vehicles known as Real Estate Investment Trusts or «REITs»). Since the amendment made in 2012 SOCIMI are subject to zero taxation under Corporate Income Tax, thus putting them on equal footing with the already existing regimes for REIT abroad.