Financial Taxation

A highly specialized view of the tax system of the financial sector, its products and clients

We provide ongoing legal advice to banks, insurance companies and financial institutions on the national and international structuring of their activities and transactions, optimizing their institutional taxation and procedures. We also manage their tax risks and support them in all types of proceedings with the tax authorities and courts.

We guarantee that the tax component is incorporated with the attention it deserves in areas such as defining corporate strategies, planning and implementing transactions and restructuring, start-up and development of new financial products, creating marketing channels, investment and financing transactions (including real estate transactions), analyzing and designing compensation plans for employees and executives, and carrying out due diligence.

We provide clients with legal and tax support, and are actively involved in marketing private banking, investment banking, and venture capital products and services, and any other products and services specific to the banking sector and financial institutions.

To do this, we form multidisciplinary teams with lawyers from our other practice areas, enabling us to help clients implement complex transactions easily and efficiently. We take a practical approach when offering viable alternatives that adapt to clients’ needs, combining knowledge of finance with a solid understanding of the market.

Institutional taxation of financial institutions: We advise all types of financial institutions (mainly credit institutions, investment service companies and insurance companies) on their recurrent tax obligations (e.g., corporate income tax, VAT, and withholdings and payments on account), helping them to meet these obligations and manage their tax risks. Our lawyers, who are highly specialized in all types of institutions, their lines of business, their accounting regulations and their financial oversight, provide these services. They offer comprehensive advice, including providing assistance and representation in audits and administrative actions undertaken by the tax authorities.

Taxation of financial services and products: Conscious of the fact that financial institutions need specialized advice regarding their business and transactions, we have developed a highly reputable practice in the field of financial services and products, of which we highlight the following: 

• Taxation of complex financial instruments: structured products, hybrids and derivatives
• Taxation of collective investment institutions (funds, SICAVs, SIMs, SOCIMIs, UCITS)
• Taxation of life insurance and pension plans
• Taxation of transactions to raise financing and funds (issues, securitization funds, hybrid instruments)
• Taxation of venture capital entities and transactions
• Taxation of securities market transactions (takeover bids, public offerings of securities, leveraged buyouts, management buyouts)
• Crossborder services and transactions
• Taxation of awarded assets

Taxation of mergers and acquisitions in the financial sector: Given the particular complexity of the financial sector, which is subject to oversight, and strict accounting and equity regulations, we offer sectorial specialization when advising on mergers and acquisitions in the financial sector. To do so, we have formed teams of lawyers from our various practice areas (corporate, banking, and financial taxation), who work together to provide a comprehensive and coordinated legal advisory service, giving special attention to tax aspects to ensure the security of transactions and of our clients’ interests.

Restructuring of groups of financial institutions (national and crossborder): Based on our knowledge of the sector, we have broad experience in implementing and restructuring businesses and groups of financial institutions, both on a national and crossborder level. As in the preceding case, we act jointly with lawyers who are highly specialized in the financial sector and offer our clients a global solution, combining the various practice areas involved (corporate, banking and financial taxation) into one coordinated service that ensures maximum quality.

Financial VAT: The European regulation on VAT and on many of the activities of the financial sector have brought about the need to be familiar with and optimize VAT taxation associated with the activities and transactions characteristic of these types of institutions. In addition, given the notable increase in the crossborder nature of the financial activity carried out by international groups, the possibilities and challenges posed by legislation on VAT groups, and the increasingly important EU doctrine affecting the financial sector, we know that VAT specialization in the financial sector is a service that is highly sought after by our clients. We respond to this need with a team of lawyers who have broad experience and knowledge of VAT, as well as of its practical application in groups of Spanish and international financial institutions.

Private banking and wealth management: Aware of the high value that these types of transactions provide to the overall practice of financial institutions, we have developed a specific line of service focused on private banking and wealth management. As in the case of our other services, we act jointly and always based on the needs of each case, assigning lawyers specialized in the relevant issues to support the institutions in their endeavor to provide their clients with optimal and safe solutions.