The Sicav (Investment companies with variable capital) are corporations whose purpose, like mutual funds, is to channel investment in financial assets. The Sicav taxed in the income tax by income and gains obtained at the rate of 1% while its shareholders only taxed dividends received or capital gains once transmit their actions Sicav.


The Sicav they must have a minimum capital of 2.400.000 euros and, being collective investment companies, a minimum number of 100 investors is required. However, these entities have been used as an individual or family investment formula, so that a person or family group owns almost all of the capital of the company. Sicav completing the minimum number of partners, to 100, by incorporating persons whose participation is purely symbolic.

New tax regime:

In order to prevent Sicav, which should be collective investment companies, be used as individual investment vehicles on October 25 2016 day the Congress of Deputies approved a Proposal not Law which calls for the modification of its tax regime.

The proposed amendment is that only counted for the purpose of 100 minimum number of shareholders, those who have a stake of more than 0,55%. If not met that requirement entity would not have the favorable tax treatment mentioned above.


If SICAV has a capital of 2.400.000 euros, equal to the legal minimum as the non-legislative proposal, then you must have at least 100 shareholders with capital contributed more than 13.200 euros and these, taken together, will have a stake of more than 55% of total.


The implementation of the proposal in the non-legislative proposal that would be discussed Sicav They would no longer be a vehicle for personal investment and fulfill its purpose: be a collective investment vehicle.

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Xavier Vales DiG barcelona Lawyers tax

Xavier Vales

DiG Lawyers