Santander and Bankinter already have half of their sicavs in liquidation.

  • They are the financial entities with the largest number of companies

The sicavs are beginning to say goodbye. Once the ban has been opened with the change in regulation , which requires having at least one hundred shareholders with a minimum investment of 2,500 euros or 12,500 euros in the case of compartments, for at least three quarters of the tax period , the variable capital investment companies are announcing to the regulator their intention to go into liquidation.

This situation was foreseeable, taking into account that the vast majority completed the requirement of one hundred shareholders, which in the European Union is only required in Spain and Portugal (in France the minimum is two) with fill-in persons, acquaintances like mariachis in financial jargon, who invested a token amount.

The two banks with the largest number of companies of this type, Santander and Bankinter, with 399 and 353 sicavs respectively, have already reported at least 53% in the case of the entity chaired by Ana Botín and up to 46% in the case of the bank run by María Dolores Dancausa, according to data compiled by elEconomista from the CNMV records, an organization that has been flexible in extending the date for submitting communications beyond the January 31 established by the norm.

But surely this number will continue to increase in the coming days, given that precisely Santander and Bankinter are the firms that have the largest number of companies of this type with assets below five million euros , the volume that experts consider to be an acceptable minimum to maintain a vehicle of these characteristics, although for practical purposes of the new regulation the tax interests of the investor with a greater number of shares prevail more.

Until the shareholders' meeting formally approves the closing and liquidation of the sicavs, and allows them to benefit from reinvestment in other Spanish collective investment institutions to enjoy the advantage of not paying taxes on capital gains, the firms are beginning to show the solutions that they will offer to their customers.

 

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