MFEX by Euroclear, the global fund distribution platform has been authorized to offer Spanish fiscal deferral regime of ‘Traspasos’ by the Dirección General de Tributos (DGT).
MFEX by Euroclear, will now be able to facilitate investments for Spanish tax residents through foreign sub-distributors. MFEX’s sub-distributors, are European financial institutions nonresident in Spain with a passported license at the local regulator ‘CNMV’, are now allowed to provide services without a Spanish branch.
Under the Spanish tax deferral regime (‘Traspasos’), which only applies to individuals who are Spanish fiscal residents, a final investor can take advantage of switch operations between funds without incurring capital gains tax, if the funds (local and international) are registered and have the ‘traspasable’ status.
Antonio Manso, CEO of MFEX Spain: “The Spanish tax deferral regime (‘Traspasos’) is a must-have feature in the Spanish fund market. This functionality has been key to the growth in international fund investment for retail clients. We are therefore very happy to be able to offer this service from our MFEX Spanish branch to international distributors.