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Types of Investment Funds in Spain

Types of Investment Funds in Spain

Updated on Monday 12th September 2016

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Types-of-Investment-Funds-in-Spain.jpgThe investment funds are vehicles through which both local and foreign investors can conduct various investment strategies in order to obtain a high return. Spain offers a wide set of investment funds which can be addressed to retail investors or to professional investors. Our team of lawyers in Spain can offer assistance on the types of fund structures available in Spain and, at the same time, our attorneys can provide more details on the legislation regulating the variety of fund vehicles available here.

Collective investment structures in Spain 

Collective investment schemes (CIS) in Spain can be registered under several types of legal entities. Spanish CIS are regulated by the Collective Investment Schemes Act, which incorporated in its national requirements the provisions imposed by the European Union (EU), under the Directive 2011/61/EU. 
A financial CIS in Spain is incorporated with the purpose of investing in financial assets and it can be set up as a securities company with variable capital (SICAV). Also, such structures can be registered as non-financial CIS
Non-financial CIS can be registered as a closed-ended real estate investment company or as a real estate investment fund. Their main purpose is to invest and manage assets deriving from the real estate market. 
Furthermore, CIS can also be registered as private equity entities performing temporary investments in the share capital of non-listed companies; our team of attorneys in Spain can provide more details on the regulations referring to private equity companies

Open-ended funds in Spain 

An open-ended fund in Spain is a legal structure in which the investor is not imposed with any restrictions referring to the issuance of shares. Alternative Investment Funds (AIFs) in Spain, registered following the regulations imposed by the Collective Investment Schemes Act, can be set up as closed-ended or open-ended funds
The open-ended funds follow the regulations prescribed by the Law 35/2003, as well as the Royal Decree 83/2015. 
Businessmen interested in receiving more details on the types of investment funds available in Spain can address to our Spanish law firm for legal assistance on this matter. 


  • Ema 2016-09-12

    I am interested in finding out more on the SICAV structure. Thank you!

    Hello, you can send us your request via e-mail at and one of our lawyers will answer you. 

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