The Government has created the Financia Europa Savings and Investment Account, a vehicle that allows investment of up to 150,000 euros in funds, ETFs, and shares with tax advantages. Gains over five years will be exempt up to 10,000 euros per taxpayer.
The Government has approved the creation of the Financia Europa Savings and Investment Account, a financial instrument aimed at shifting part of Spanish households' savings from bank deposits to capital markets. The measure, published in the BOE, establishes a limit of 150,000 euros in pending recoverable contributions and allows investment in shares, funds, and ETFs with a more favourable tax treatment than a conventional securities account, as reported by articulo14.es.
The new account does not function like a traditional deposit. It is a tax wrapper that integrates a cash account and a securities account from which investments are made. Each taxpayer may have only one general account simultaneously. The limit of 150,000 euros applies to pending recoverable contributions; gains generated and reinvested within the vehicle do not count as new contributions, meaning the total value of the portfolio can exceed this figure.
The main difference from conventional investment accounts lies in the tax treatment. When an investor sells shares with capital gains in a regular account, they must declare the gain in the IRPF even if they immediately reinvest the money. With Financia Europa, gains and losses from sales or redemptions are excluded from the taxable base as long as the capital remains within the account. Taxation occurs when the holder makes a withdrawal, either total or partial.
The incentive is strengthened for contributions held for more than five years. In that case, 100% of the gain will be exempt up to a maximum accumulated amount of 10,000 euros per taxpayer. On the remaining portion, 20% may be excluded from taxation. However, dividends do not enjoy this deferral: income from capital generated by the assets in the account will be taxed according to the general IRPF regime and will be paid outside the account itself, as established by the BOE.
The account is primarily oriented towards Europe. It will include listed shares of companies domiciled or with their main activity in EU or EEA countries, as well as investment funds and ETFs deemed eligible by the CNMV. To obtain this status, funds must maintain at least 70% of their portfolio in assets linked to the European Economic Area, with a minimum of 50% in equities and at least 35% in EEA equities.
This excludes products commonly used by small investors. A global fund with significant exposure to the United States may not meet the requirements, no matter how common it is in other portfolios. Certain derivatives, SICAVs, and, in general, SOCIMIs are also excluded.
Cash cannot remain indefinitely idle either. The operational sub-account will typically have a limit of 1,500 euros. When a sale raises the balance above this amount, the holder will have three months to reinvest the excess or withdraw it.
"The goal is not to eliminate deposits or replace the money that a family needs to keep available for expenses or emergencies," states the European Commission, which acknowledges that deposits are safe and easily accessible.
The Spanish creation is part of a broader European project. The European Commission estimates that households in the Union hold around 10 trillion euros in bank deposits, nearly 70% of their financial savings, while many European companies need financing to grow. The European Central Bank adds that nearly a third of the financial assets of households in the euro area remains in cash and low-yielding deposits, and that approximately 80% of families do not own shares or other financial instruments directly linked to the markets.
The measure follows Brussels' strategy to encourage a greater portion of European savings to leave low-yield deposits and reach capital markets.
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