Austria
North Macedonia
Poland
Romania
SwedenNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the CNMV decision, including banking and payment rails.
Get a forex license in Spain.
Spain licenses forex and CFD brokerage through the CNMV under Ley 6/2023: a sociedad de valores at €750,000 for the market maker, an agencia de valores at €150,000 for the STP broker, a €10,000 authorisation fee and a six-month clock after which silence means refusal. Capital is fully paid in cash and decision-making must demonstrably sit in Spain. The awkward fact comes first: since 3 August 2023 no CFD may be advertised to Spanish retail investors on any medium - no sponsorship, no referral bonuses, no call centres, no credit-card deposits. We build the file from Madrid.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Spain in brief
Cheap to run, hard to market in.
Spain rewrote its securities law in 2023. Ley 6/2023 de los Mercados de Valores y de los Servicios de Inversión (in force 7 April 2023) and Real Decreto 813/2023 (in force 29 November 2023) transpose MiFID II and the IFD, and they sort investment firms into four classes under Art. 128. For a forex or CFD broker two of them matter. A sociedad de valores may provide every investment service, including dealing on own account, and needs €750,000 of initial capital under Art. 66 of the RD; an agencia de valores does everything except own-account dealing (incidental positions up to 15% of initial capital only, to settle client orders) and needs €150,000, or €75,000 if it never holds client funds or securities. Capital is paid in cash in full (RD Art. 20.1 d). The CNMV authorises by electronic procedure, must decide within six months, and under Art. 131 its silence is a refusal.
Then the marketing law. The CNMV went further than any other EU authority: its Resolution of 11 July 2023, applicable from 3 August 2023, prohibits every advertising communication on CFDs addressed to retail investors or the general public in Spain, on any medium, and adds a ban on sponsorship and brand advertising, on paying clients for referrals, on remunerating sales staff by clients acquired or deposits, on call centres and on accepting deposits by credit card. It binds a Cypriot firm passporting in exactly as it binds a Madrid sociedad de valores. The 2019 ESMA package (30:1 to 2:1, 50% close-out, negative balance protection, no bonuses) stays in force underneath. Running costs are modest - CNMV supervision at 0.1% of required own funds with a €500 floor, FOGAIN fixed amounts of a few thousand euros - and the €10,000 authorisation fee falls due only when the licence is granted. We build the file from our Madrid office.
CNMV authorisation under Ley 6/2023: a sociedad de valores at €750,000 may deal on own account, an agencia de valores at €150,000 (€75,000 restricted) may not; the €10,000 fee is due only on grant; six months, and silence means refusal.
Since 3 August 2023 no CFD advertising to Spanish retail clients on any medium, no sponsorship, no referral pay, no card deposits. Cheap to run, hard to market in - built from our Madrid office.
The two routes
Sociedad de valores - or the agencia de valores.
Two statutory classes, two capital figures: the sociedad de valores at €750,000 that may deal on own account, or the agencia de valores at €150,000 (€75,000 without client funds) that may not. The class is chosen in the by-laws, the exclusive corporate object follows, and the CNMV reads both before anything else.
Sociedad de valores at €750k - or agencia de valores at €150k/€75k.
01 - SOCIEDAD DE VALORES
The market-maker class
The only ESI class allowed to deal on own account (Ley 6/2023 Art. 128): the firm is counterparty to its clients' CFDs at €750,000 paid-in capital, with IFR K-factors above the floor, client money segregated at credit institutions, FOGAIN membership, and the CNMV's 2019 and 2023 CFD resolutions built into the product and the marketing plan.
The only ESI class allowed to deal on own account (Ley 6/2023 Art. 128): the firm is counterparty to its clients' CFDs at €750,000 paid-in capital, with IFR K-factors above the floor, client money segregated at credit institutions, FOGAIN membership, and the CNMV's 2019 and 2023 CFD resolutions built into the product and the marketing plan.
- ✓Sociedad de valores - all services
- ✓€750,000 paid in cash · RD Art. 66
- ✓K-factor own funds above the floor
- ✓CNMV fee €10,000 · Tarifa 4.1.1
- ✓CFD resolutions 2019 and 2023 built in
- ✓Passport into 30 states · Art. 143-144
02 - AGENCIA DE VALORES
€150k · €75k restrictedThe agency class
Reception, transmission and execution of client orders without dealing on own account: €150,000 when client money is held, €75,000 for the restricted agencia (RTO only, no client funds) at a reduced €6,000 fee. Own-account positions are capped at 15% of initial capital and allowed only to settle client orders (RD Art. 6).
Agencia: RTO/execution, no own account; €150k with client money, €75k restricted at a €6,000 fee; positions capped at 15%.
- ✓Agencia de valores - no own account
- ✓€150,000 with client money
- ✓€75,000 restricted · RTO only
- ✓Fee €10,000 · €6,000 restricted
- ✓Positions capped at 15% of capital
- ✓Same passport, same CNMV supervision
Fees and the calendar are confirmed for your file before any work starts. The CNMV fee accrues only on grant (Ley 16/2014 Art. 42) and nothing is due on refusal or withdrawal; capital, FOGAIN contributions and substance costs are itemised in your quote.
Why Spain
Low running costs, the strictest marketing rules.
Spain is the MiFID desk where supervision is cheap and the advertising rules are the toughest in the Union - both facts belong on the same page.
✓
A fee that accrues only on grant
€10,000 for a sociedad or agencia de valores, €6,000 for a restricted agencia (Ley 16/2014 Tarifa 4.1.1, 4.2.1) - and under Art. 42 nothing is owed if the CNMV refuses or you withdraw.€10,000; nothing on refusal.
✓
Running costs you can budget
Supervision at 0.1% of the own funds the prudential rules require, €500 minimum (Tarifa 6.1.1); FOGAIN fixed amounts of €2,700 for own-account dealing and €1,000 for RTO plus 0.2% of covered client cash; €300 per register entry.0.1% of own funds, €500 floor.
✓
FOGAIN cover of €100,000
The Fondo General de Garantía de Inversiones pays up to €100,000 per client for cash and instruments the firm cannot return - five times the EU floor, and a figure Spanish retail clients recognise.Five times the EU floor.
✓
The strictest CFD marketing rules in the EU
Since 3 August 2023: no CFD advertising to retail investors or the public on any medium, no sponsorship, no referral payments, no acquisition-based sales pay, no call centres, no credit-card deposits, no free demo accounts for the public. The CNMV's reasoning is that 70-90% of retail CFD investors lose money. Build the acquisition model around it, or do not file here.No retail CFD advertising since 2023.
✓
Six months, then silence is refusal
Art. 131 of Ley 6/2023 gives the CNMV six months; without an express decision the application is deemed rejected. The deadline is real, and so is the incentive to file complete.Silence is refusal.
✓
A new code, still moving
Ley 6/2023 was amended three times in September and October 2026 and RD 813/2023 on 8 October 2026. We check the consolidated text line by line before filing rather than assume it.Ley and RD amended in autumn 2026.
How it compares
How Spain differs from other routes.
Spain is cheap to supervise and hard to market in. Against the desks a retail broker usually shortlists, the trade-offs look like this.
Spain vs other jurisdictions
| Feature |  Spain | Other jurisdictions |
|---|---|---|
| Regime | Ley 6/2023 · RD 813/2023 - CNMV | Same directive or offshore |
| Authorisation fee | €10,000 · only on grant | €947 Lithuania · €15,000 Malta · €50,000 Luxembourg |
| Retail CFD marketing | Banned on every medium since 2023 | ESMA package alone in Cyprus, Estonia, Bulgaria |
| Investor compensation | FOGAIN €100,000 per client | €20,000 Germany, Luxembourg · €22,000 Lithuania |
Regime
SpainLey 6/2023 · RD 813/2023 - CNMV
Other jurisdictionsSame directive or offshore
Authorisation fee
Spain€10,000 · only on grant
Other jurisdictions€947 Lithuania · €15,000 Malta · €50,000 Luxembourg
Retail CFD marketing
SpainBanned on every medium since 2023
Other jurisdictionsESMA package alone in Cyprus, Estonia, Bulgaria
Investor compensation
SpainFOGAIN €100,000 per client
Other jurisdictions€20,000 Germany, Luxembourg · €22,000 Lithuania
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Spain | Sociedad de valores - CNMV | 25% · 23% below €10m turnover | €750k SV / €150k AV, €10,000 fee, ad ban |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
 Malta | MFSA investment services licence | 35% · 5% after refund · 15% flat option | IFD €75k-€750k, €15,000 fee (2026), CFD questionnaire |
 Bulgaria | Investment intermediary - FSC | 10% flat · 5% WHT | IFD €75k-€750k, euro area |
SpainLicense typeSociedad de valores - CNMV
Taxation25% · 23% below €10m turnover
Requirements€750k SV / €150k AV, €10,000 fee, ad ban
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD €75k-€750k, EU passport
MaltaLicense typeMFSA investment services licence
Taxation35% · 5% after refund · 15% flat option
RequirementsIFD €75k-€750k, €15,000 fee (2026), CFD questionnaire
BulgariaLicense typeInvestment intermediary - FSC
Taxation10% flat · 5% WHT
RequirementsIFD €75k-€750k, euro area
Europe
Forex licences in neighbouring jurisdictions
Before you apply
Requirements for the CNMV authorisation.Requirements for the licence.
RD 813/2023 Art. 20 lists the conditions, the CNMV's Guía de autorización lists the documents, and the adviser signs a self-check list confirming the file is complete before it goes in. What follows is what a passing application contains.
01
Spanish company - an SA or SL of indefinite duration with registered shares, an exclusive corporate object and simultaneous foundation without founder privileges (RD Art. 20.1 a-c).
02
Capital paid in cash - €750,000 for a sociedad de valores, €150,000 for an agencia, €75,000 for a restricted agencia (RD Art. 66), fully paid before authorisation (Art. 20.1 d).
03
Decision-making in Spain - registered office and effective administration in Spain (Art. 20.1 h), with the geographic justification of the seat that the CNMV checklist asks for.
04
Suitable board and managers - honorabilidad, knowledge, experience and good governance under Ley 6/2023 Art. 161-164, with questionnaires, CVs and criminal-record certificates for every director, senior manager and control-function head.
05
Vetted shareholders - 10% holders assessed under Art. 152-159 with proof of financial means; third-country corporate shareholders add a solvency certificate and a no-objection statement from their home supervisor.
06
Programme of activities and projections - services and instruments listed, three-year balance sheet and P&L (consolidated if a group), first-year solvency projections, organisation chart and staffing.
07
FOGAIN adhesion - the commitment to join the Fondo General de Garantía de Inversiones goes in the file (RD Art. 20.1 f).
08
AML manual vetted by SEPBLAC - procedures under Ley 10/2010, an internal control body and a representative before SEPBLAC; the CNMV obtains SEPBLAC's mandatory report during the file (Art. 20.1 g).
09
Online capacity and the equality plan - security, confidentiality and capacity for online services, plus the equality plan and anti-harassment protocol of Ley Orgánica 3/2007 (Art. 20.1 g, j).
10
The CFD resolutions engineered in - 30:1 to 2:1 margin, 50% close-out, negative balance protection and no bonuses from 2019, and a client-acquisition model with no retail advertising, referral pay, call centres or card deposits from 2023.
01
SA or SL, exclusive object.
02
Capital paid in cash.
03
Decision-making in Spain.
04
Suitable board, certificates filed.
05
10% holders vetted.
06
Programme and three-year projections.
07
FOGAIN adhesion.
08
AML manual for SEPBLAC.
09
Online capacity, equality plan.
10
CFD resolutions built in.
Reflects Ley 6/2023, RD 813/2023, Ley 16/2014 and the CNMV's authorisation checklist, as of 2026.Ley 6/2023, RD 813/2023, Ley 16/2014, CNMV checklist, as of 2026.
How it works
From first call to the CNMV register.
01
Class and services
Sociedad or agencia de valores, the service list and the capital figure - fixed in writing, because the by-laws must match.SV or AV, by-laws match.
02
Company and people
Name reservation, SA or SL formation, cash capital, directors and control-function heads with their questionnaires and certificates.SA/SL, cash capital, certificates.
03
The file and the self-check
Guía de autorización, projections, AML manual, FOGAIN commitment - complete, with the adviser's signed self-check list, before electronic filing.Complete, signed, filed.
04
CNMV review
SEPBLAC's report, question rounds, the six-month clock with silence meaning refusal (Art. 131). We plan for 8-12 months end to end.6 months hard; plan 8-12.
05
Authorisation, register, passport
Registration requested within a year of the notice (RD Art. 19.4), €300 per entry, then Art. 143-144 notifications into 30 states.€300 entries, 30 states.
Quick facts
RegulatorCNMV
FrameworkLey 6/2023 · RD 813/2023
Sociedad de valores€750,000
Agencia de valores€150,000
Restricted agencia€75,000
Authorisation fee€10,000 · €6,000 restricted
Statutory clock6 months · silence = refusal
Our planning range8-12 months
Six months is a hard figure in Spain because silence counts as a no. The self-check list exists so that the clock starts on a file the CNMV can decide - and that is the work.
On the ground in Spain
Run from our Madrid office.
Prifinance - Spain
Madrid · Spain
Madrid, Spain
01
Spanish company formation
SA or SL with the exclusive object, registered shares and cash capital RD Art. 20 demands - name reserved, by-laws drafted for the class you chose.By-laws for the class.
02
The CNMV file
Guía de autorización, three-year projections, honourability questionnaires, AML manual and the signed self-check list - filed electronically and defended through the question rounds.Checklist signed, defended.
03
People in Madrid
Directors, control-function heads and the SEPBLAC representative sourced in Spain, so decision-making demonstrably sits where the law says it must.Decisions taken in Spain.
04
An acquisition model that survives 2023
Website, client-initiated contact, professional clients and the passport - a growth plan drafted against the CNMV Resolution of 11 July 2023 before the first client is onboarded.Drafted against the 2023 ban.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in Spain.
A 25% headline with real relief for small and new companies - tied to turnover and to the first profitable years, so the model matters more than the rate.
Impuesto sobre Sociedades 25%
The general rate under Ley 27/2014 (LIS Art. 29) for tax periods starting in 2026; credit institutions pay 30%, an investment firm does not.General rate 2026.
23% below €10 million turnover
Entidades de reducida dimensión (LIS Art. 101) pay 23% in 2026, down from 24% in 2025 - a start-up broker usually sits under the turnover threshold in its first years.Below €10m turnover.
19% / 21% for micro-companies
Turnover below €1 million: 19% on the first €50,000 of taxable base and 21% on the rest in 2026 (2025: 21% / 22%).Below €1m turnover.
15% for new companies
A newly created company pays 15% in its first profitable year and the next (LIS Art. 29.1) - two years of relief a licensed launch can actually use.First two profitable years.
Dividend withholding 19%
Non-resident shareholders pay 19% under the IRNR (RDL 5/2004 Art. 25.1 f); EU/EEA parents holding 5% for one year are exempt (Art. 14.1 h), treaty rates otherwise.0% EU parent, 5% held.
VAT-exempt dealing
Financial operations, including currency and derivative transactions and their negotiation, are exempt under Ley 37/1992 Art. 20.Uno.18º; no input-VAT recovery, 21% standard rate on overheads.21% only on overheads.
Tax summary
Corporate tax25% general
Reduced dimension23% below €10m turnover
Micro / new company19%-21% · 15% first two profitable years
Dividend withholding19% · 0% EU parent
VAT on dealingExempt · 21% standard
*As of 2026 per Ley 27/2014, RDL 5/2004, Ley 37/1992 and the AEAT rate tables. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Spanish company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Follow Prifinance
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Spain · CNMV
Launch your forex project in Spain with expert support.
Full-service assistance - from company formation to the CNMV authorisation, FOGAIN adhesion, passporting and ongoing compliance - run through our Madrid office.
Get a consultation →Free legal opinion
Is Spain the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Spain forex licence, answered.
What licence does a forex broker need in Spain?+
Authorisation from the CNMV as an empresa de servicios de inversión under Ley 6/2023 Art. 131. A market maker that is counterparty to client CFDs must be a sociedad de valores; an STP broker that executes or transmits orders and holds client money is an agencia de valores; an introducer without client funds is a restricted agencia.
How much capital does the CNMV require?+
€750,000 for a sociedad de valores, €150,000 for an agencia de valores, €75,000 for an agencia not authorised to hold client funds or securities (RD 813/2023 Art. 66), fully paid in cash before authorisation. Own funds must then stay above the minimum under the IFR at all times.
How long does the CNMV take?+
The statute gives six months (Ley 6/2023 Art. 131) and treats silence as refusal; changes to the service list take three months (RD Art. 13.1). Our planning range is 8-12 months end to end, with the self-check list signed and SEPBLAC's report requested early.
What does the authorisation cost?+
€10,000 for a sociedad or agencia de valores and €6,000 for a restricted agencia (Ley 16/2014 Tarifa 4.1.1 and 4.2.1), payable only when the authorisation is granted; registration costs €300 per entry. Annual supervision is 0.1% of required own funds with a €500 floor, plus FOGAIN contributions.
Can a Spanish broker advertise CFDs?+
No - not to retail investors or the general public, on any medium, since 3 August 2023 (CNMV Resolution of 11 July 2023). Sponsorship, brand advertising, referral bonuses, acquisition-based sales pay, call centres, free public webinars and demo accounts and credit-card deposits are banned too. Information at the client's own initiative and the firm's website remain allowed.
Which leverage and margin rules apply?+
The CNMV Resolution of 27 June 2019, confirmed in 2023: 30:1 on major currency pairs, 20:1 on other currencies, gold and major indices, 10:1 on other commodities and indices, 5:1 on shares, 2:1 on crypto-assets; 50% margin close-out per account, negative balance protection, no incentives and the standardised risk warning.
Does the 2023 advertising ban hit firms passporting into Spain?+
Yes. The Resolution binds every firm marketing to retail investors in Spain regardless of home state, branch or free provision - a Cypriot or Maltese broker faces the same ban as a Madrid sociedad de valores. The one asymmetry: for CFDs on non-MiFID crypto-assets it also follows Spanish ESI into other EU states.
What does FOGAIN cost and cover?+
Cover is €100,000 per client for cash and instruments the firm cannot return. Contributions are a fixed amount per registered service (€2,700 for own-account dealing, €1,000 for RTO, €800 for advice) plus 0.2% of covered client cash and 0.008% of covered securities, with extra levies possible after a member failure.
Spain or Cyprus for a retail CFD broker?+
Cyprus wins for an advertising-led retail model: 15% tax, the Limassol cluster and the ESMA package without a national ad ban. Spain wins for a firm that acquires clients through its own site, professional clients or a group network: 23% tax below €10 million turnover, FOGAIN at €100,000, a €10,000 fee due only on grant. We model both honestly.
Why Prifinance for Spain?+
We build the sociedad or agencia de valores from our Madrid office: SA or SL formation with the exclusive object, the Guía de autorización file with projections and questionnaires, the SEPBLAC-ready AML manual, FOGAIN adhesion and a client-acquisition plan drafted against the 2023 Resolution - then the passport into 30 states.
What licence?+
CNMV - sociedad or agencia de valores.
Capital?+
€750k SV; €150k/€75k AV.
How long?+
6 months, silence = no; plan 8-12.
Fee?+
€10,000, only on grant.
Advertise CFDs?+
No - any medium, since 2023.
Leverage rules?+
30:1 to 2:1, 50% close-out, NBP.
Passporting firms?+
Same ban applies.
FOGAIN?+
€100,000 cover; fixed + 0.2%.
Vs Cyprus?+
Their ads; your cost base.
Why you?+
Madrid desk, file built for the 2023 rules.
Client notes
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Founders who wanted it done right.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Comisión Nacional del Mercado de Valores (CNMV) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.