A Sicav is an investment company with variable capital. This open-ended collective investment scheme is supervised by the “Comisión Nacional del Mercado de Valores” (CNMV – The Spanish Securities Commission), audited and established as an incorporated company. Its corporate purpose is the management of its own wealth formed by investor subscriptions. A Sicav does benefit from the same tax rules as an investment fund, because both of them are collective investment institutions. They are being charged 1% company tax and when investors sell with a profit they are taxed based on savings at 19% up to 6,000 euros of profits, 21% between 6,000 and 50,000 euros of profits and 23% from 50,000 euros upwards*.

* Official Spanish taxable base of savings for 2016.