El Gobierno incluye la cuenta europea de inversión en el decreto de vivienda

The Spanish government has included the European Investment Account in the Housing Emergency Decree, as reported in the Official State Bulletin (BOE) on Wednesday. The general mode of the European Account alters the Income Tax Law to defer the taxation of profits or losses on assets until a total or partial disposition is made. This instrument requires a single general account, contributions made exclusively in cash, with a maximum of 150,000 euros in pending contributions, and an incentive for a permanence of more than 5 years.

The income tax on the first 10,000 euros of profits attributable to contributions of more than 5 years is exempt, as well as 20% on the remaining amount. The oldest contributions are considered recovered first, according to the BOE. Regarding returns and losses, dividends and capital stock returns are taxed under the general regime and are not included in the account, while losses on partial dispositions reduce subsequent profits.

The reinvestment mode is a special model linked to the exemption for reinvestment of gains from the transfer of residences, compatible with the ownership of a general account account. In this case, contributions must come exclusively from the sale of qualifying residences, with a maximum accumulated limit of 800,000 euros that is not recovered upon making dispositions.

With respect to permanence and taxation, having funds available before 5 years obliges to regularize the reinvestment exemption, except in the case of death. The gains of more than 5 years are subject to a 20% income tax exemption, but not the 100% exemption for the first 10,000 euros, as is the case with the general mode. The BOE also publishes the launch of the Individual Long-Term Savings Insurance (SIALPFE) in Spain, which allows contributions of up to 10,000 euros annually, compared to the 5,000 euros of other instruments.

It requires a minimum investment of 30% in variable income and does not require the 85% guarantee that applies to the regular SIALP and the Individual Long-Term Savings Account. Eligible assets include shares of EU and European Economic Area (EEA) companies, excluding mutual funds; eligible collective investment institutions (excluding CDAIs); and public and private fixed income from the EEA with a minimum credit rating of BBB.

This savings insurance maintains the exemption of positive returns if the capital is not recovered within 5 years, and its mobilization can only be made to another of the same type, otherwise the fiscal exemption is lost. Neither the European Account nor the Insurance can be marketed until the corresponding ministerial order enters into force, the BOE notes.