The new housing decree incorporates a fiscal measure that goes far beyond the real estate market and directly affects savers. The Royal Decree-law 29/2026, published this Wednesday in the BOE and which comes into effect this Thursday, recovers the European Finance Investment Savings Account, an instrument that allows investing in European stocks and funds with an unprecedented tax advantage: if the money remains for more than five years, the first 10,000 euros of profit are exempt from personal income tax (IRPF).
The measure was already included in the housing decree that Congress rejected last week and now returns practically unchanged. According to the analysis carried out by TaxDown for DEMÓCRATA, the main novelty is not only in the exemption but in the way of taxing: the investor will be able to buy and sell stocks and ETFs within the account without paying taxes for each operation. The Treasury will only calculate the profit when the money leaves the account.
The change allows deferring the tax bill and keeping within the investment the money that, with the ordinary system, would have to be allocated to taxes after each sale with profits.
Up to 10,000 euros of profit without taxation
The tax advantage is conditioned on the money remaining for more than five years in the account. In that case, the first 10,000 euros of accumulated profit are completely exempt from taxation for the entire life of the holder, not each year. Additionally, of the profit that exceeds that amount, another 20% is also tax-free. The remaining 80% is taxed in the IRPF according to the rates applicable to savings, which range from 19% to 30%.
The rule to determine which money has remained for more than five years follows the FIFO criterion: it is considered that the first to leave is the first that entered.
TaxDown's calculations show that the effect of the exemption is especially significant in smaller investments. For example, a person who contributes 20,000 euros and withdraws 32,000 six years later obtains a profit of 12,000 euros. The first 10,000 are exempt, and of the remaining 2,000, another 20% is also tax-free. The tax bill remains at 304 euros, compared to the 2,400 euros that would be paid with a conventional investment, according to the company's calculations. The savings thus reach 87%.
The percentage benefit decreases as the size of the investment increases, because the exemption of 10,000 euros is a fixed amount. A person who contributes 150,000 euros and withdraws 250,000 ten years later would have a profit of 100,000 euros. In this case, the tax bill would be 15,440 euros, compared to 21,880 euros outside the account, a saving of 6,440 euros, equivalent to 29%.
Five years to access the tax advantage
The five-year period is decisive. Anyone who withdraws the money before will not be able to apply the exemption on the first 10,000 euros. Thus, a person who contributes 30,000 euros and withdraws 36,000 three years later will have to pay taxes on the 6,000 euros of profit as they would with an ordinary investment: 1,140 euros, according to TaxDown's calculations.
There is, however, an advantage during that period: the operations carried out within the account do not generate individual taxation. That is to say, the investor can sell a stock with profits and immediately use that money to buy another stock or ETF without having to declare the capital gain at that moment.
The stock market stops taxing operation by operation
This is one of the most relevant changes of the new account. In the usual regime, each sale of profitable shares generates a capital gain that must be included in the income tax declaration, even if the money obtained is reinvested immediately.
Traditional investment funds have an exception allowing the transfer of money from one fund to another without taxation until the final reimbursement. Stocks and ETFs do not currently enjoy that same treatment.
The Cuenta Financia Europa extends a similar logic to these investments. Within it, assets can be bought and sold without each operation triggering a tax settlement. The tax is deferred until the money leaves the account.
TaxDown gives an example: if an investor buys an ETF for 10,000 euros and sells it for 13,000 to subsequently buy shares of another company, the profit of 3,000 euros would currently be taxed immediately. Within the new account, the operation would not generate taxation as long as the money remained within the vehicle.
The cumulative effect can be relevant: the money that is not handed over to the tax authorities in each operation remains invested and can continue generating returns.
One account and up to 150,000 euros
The Cuenta Financia Europa will function as a securities account associated with a cash account and linked to the account holder's bank account. It may be offered by banks, agencies, and securities companies, including foreign entities with a branch in Spain.
Each person may have one unique account, always in their name and without co-holders. In the case of a couple, each member may open their own.
The limit is set at 150,000 euros of pending contributions to withdraw. This is not an annual limit: if the holder withdraws money, they may contribute again until they reach the maximum again.
Contributions must be made in cash. Directly introducing shares or funds that the saver already owns will not be allowed.
Additionally, it will be possible to transfer the account from one entity to another once a year without losing the accumulated seniority.
What can be bought and what is excluded
The new account does not allow investing in any financial asset. Only listed shares of companies in the European Union or the European Economic Area may be acquired, excluding SOCIMIs, and shares of funds and ETFs included in a specific register of the CNMV.
These funds must invest at least 70% in Europe and half of their portfolio in stocks.
Derivatives, investments financed through loans, and SICAVs are excluded.
There is also a limit for cash within the account: only 1,500 euros may be maintained. Amounts exceeding this amount must be invested within three months or will be considered withdrawn.
Dividends have a different treatment. They do not remain within the account for the purposes of this tax advantage, but are credited to the account holder's bank account and are taxed annually as before.
the fine print of the account finances Europe
- The €10,000 is not annual: it is a lifetime exemption per person.
- Five years: to access the main tax advantage, the money must remain for more than five years.
- Not everything is exempt: above €10,000 in profit, only the additional 20% is tax-free.
- Maximum €150,000: limits its appeal for large fortunes.
- Only European assets: shares from other markets, derivatives, SICAVs, and other products are excluded.
- Dividends: are taxed each year as before.
- No portfolio transfer: you cannot directly contribute shares or funds that you already own.
- No guarantee: it is not a deposit; the investor can lose money if the market falls.
- Not yet available: the ministerial development and the registration of funds by the CNMV are pending, in addition to the validation of the decree.
- Risk of losing the tax advantage: failing to meet the conditions may result in the money being considered withdrawn and the tax benefit being lost.
It is not a deposit: the capital is not guaranteed
The new account also does not eliminate the inherent risk of investing in the stock market. It is not a bank deposit and the capital is not guaranteed. If the shares or funds acquired lose value, the holder may lose money.
There are also tax consequences if the conditions of the product are not met. The acquisition of non-permitted assets or exceeding the contribution limit may cause all the money in the account to be considered withdrawn on that date and the tax advantage linked to the five-year term to be lost.
Taxation also changes in situations such as the death of the holder or the relocation of residence abroad. In the event of death, the gains generated within the account that have not yet been taxed are included in the last declaration of the deceased. If the holder relocates their residence outside of Spain, taxation may also occur, although there are specific rules for changes of residence to other European countries.
Another account for those who sell an empty home to an Administration
The decree also incorporates a second modality, the Account Finances Europe Reinvestment, compatible with the previous one and aimed at owners who sell certain empty homes to public Administrations.
The measure applies to homes that have remained empty for at least two years and that are sold, until the end of 2027, to a municipality, an autonomous community, or another public housing entity for a price lower than 800,000 euros.
If the owner reinvests the money obtained from the sale in this account within a maximum period of six months, the part of the profit that was not already exempt may be free of taxation, provided that the money remains for five years. In this modality, the initial exemption of 10,000 euros does not apply and only the 20% planned for the rest of the profits is excluded from taxation.
It cannot be contracted yet
Despite the decree coming into effect this Thursday, the Cuenta Financia Europa is still not available for savers.
TaxDown warns that the ministerial order that must develop the operation of the product is missing and, in the case of the funds, the creation of the specific register of the CNMV. Furthermore, the Royal Decree-law must be validated by the Permanent Deputation of Congress within a period of 30 days from its publication.
The measure aims to channel a part of household savings towards European markets through a fiscally incentivized vehicle. For TaxDown, it is a tool that can promote long-term investment, although its effective application is pending regulatory development and parliamentary validation.
The company believes that the design benefits proportionally more to small savers because the exemption of the first 10,000 euros of profit has a greater weight the smaller the invested capital. In any case, the main advantage is not limited to that exemption: the possibility of reorganizing a portfolio of stocks and ETFs without being taxed for each sale introduces a relevant change in the way of managing an investment in the stock market for tax purposes.