Only 2% of the assets of Spanish investment funds would initially meet the conditions to be eligible to be included in the new Cuenta de Ahorro e Inversión Financia Europa. This is the estimate from finReg360 collected by Cinco Días in an analysis of the restrictions introduced by the regulations to select available products.
The account, regulated by Royal Decree-Law 29/2026, offers favorable tax treatment for investments that meet the legal conditions. Its commercialization, however, still depends on the entry into force of a ministerial order on the obligations for tax information.
Article 355 of Law 6/2023, amended by the royal decree-law, establishes that at least 70% of the total value of a fund’s portfolio must be invested in assets issued by entities domiciled in the European Economic Area or linked to financing its productive economy.
To that geographic requirement, two composition conditions are added: at least 50% of the portfolio must be invested in equity instruments and a minimum of 35% must correspond to renta variable computable as an EEA asset. The three percentages must be met simultaneously.
The fixed-income instruments issued by public or private entities domiciled in the EEA do count toward reaching the geographic threshold, but they do not serve to meet the minimum equity percentage. That is why funds focused exclusively on debt cannot avail themselves of this regime.
What investments does the account allow
The regulations admit listed shares of companies with domicile, central administration, or main activity in the European Union or in another State of the European Economic Area. It also allows holdings and shares of financial collective investment institutions, including exchange-traded funds, provided they meet the eligibility criteria.
The finReg360 analysis published by Cinco Días indicates that certain ETFs linked to European indices, such as the Stoxx Europe 600 and the MSCI Europe, would also not fit the current conditions due to their exposure to markets such as the United Kingdom and Switzerland.
Article 352 excludes, with the exceptions provided for index replication, investments in SOCIMIs, real estate collective investment institutions, and variable capital investment companies. Derivatives on the admitted assets also cannot be incorporated directly into the account.
Collective investment institutions that want to be part of this product must register in the Register of Eligible IICs of the CNMV. The management company will have to prove compliance with the requirements and submit a responsible statement that it will maintain them on an ongoing basis.
The limit on contributions and tax advantages
The account is reserved for natural persons who are taxpayers under the IRPF and each account holder may only have one in the general modality. The limit on contributions pending recovery is 150,000 euros. The amounts obtained from the sale or redemption of assets may remain within the account without being counted as new contributions.
Its main tax incentive is the deferral of the taxation of gains and losses generated by transactions while the money remains in the product. Taxation applies when disposals are made, in accordance with the conditions set out in Article 95 ter of the IRPF Law.
In addition, for gains attributable to contributions that have remained for more than five years, the rule provides for a 100% exemption up to a cumulative maximum of 10,000 euros per taxpayer and 20% on the remaining portion. Dividends and other returns from investment income generally maintain their ordinary taxation.
When Financia Europa may be contracted
The eleventh final provision of the Royal Decree-Law conditions the marketing and contracting of the Financia Europa Account on the entry into force of a ministerial order that develops the obligations for tax information. Until then, entities may not offer it to their clients.
Once that step has been completed, the account may be marketed with eligible assets other than units and shares of investment funds. The latter may be included only when they are registered in the specific register of the CNMV.
The rule grants the supervisor a maximum period of four months from the entry into force of the Royal Decree-Law to create the register and enable the registration procedure for the institutions that meet the conditions.