All Spanish Real Estate Investment Trusts that wish to opt for the SOCIMI special tax regime must communicate their decision to the Spanish tax authorities

All Spanish Real Estate Investment Trusts that wish to opt for the SOCIMI special tax regime must communicate their decision to the Spanish tax authorities
All Spanish Real Estate Investment Trusts (commonly known as SOCIMI for their abbreviation in Spanish) that wish to opt for the SOCIMI special tax regime must communicate their decision to the Spanish tax authorities at least three months before the end of the tax period during which this regime will apply.
Therefore, for SOCIMI whose tax period coincides with the calendar year and that want to apply for the special tax regime with effects as from January 1, 2021, the limit to communicate their decision expires on September 30, 2021.
As of December 31, 2020, there were 90 SOCIMI whose shares were admitted to trading in Spanish multilateral trading facilities (MTF), and four were listed in stock markets.
Under Act 11/2009, of October 26 (the “SOCIMI Act”), in order for companies to benefit from the SOCIMI special tax regime, they must have their shares admitted to trading in a regulated market or an MTF.
However, companies can decide to opt for the special tax regime even if at the time of their decision they do not meet all the requirements set forth under the SOCIMI Act.Therefore, there are two types of requirements.
Essential requirements
Companies must fulfill the requirements below by the time they decide to be opt for the special tax regime (otherwise, the special tax regime will not be applicable):
Rest of requirements
The following requirements can be fulfilled within two years:
If a SOCIMI is another SOCIMI’s (sub-SOCIMI) sole shareholder, the requirements regarding the admission to trading of shares, minimum share capital and corporate purpose will only apply to the SOCIMI.
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