Nikolai 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 an investment license in Spain.
The 2023 code: Ley 6/2023 de los Mercados de Valores y de los Servicios de Inversión and Real Decreto 813/2023 replaced the old rulebook and gave the CNMV one authorisation ladder - sociedad de valores, agencia de valores, sociedad gestora de carteras, empresa de asesoramiento financiero - plus a domestic EAFN that a natural person may hold. Capital follows IFD art. 9 through RD 813/2023 art. 66: €75,000 without client money, €150,000 general, €750,000 for dealing; an EAFN starts at €50,000 or a €1,000,000 indemnity policy. The CNMV charges €10,000 to authorise a broker-dealer and €1,000 for an adviser, decides within six months, and FOGAIN covers €100,000 per investor - five times the EU floor. Ninety-nine SV and AV, 88 EAF and 52 EAFN worked under it at end-2024.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Spain in brief
One code, one regulator, and €100,000 behind every investor.
Spain rewrote its securities law in 2023. Ley 6/2023 of 17 March, in force since 7 April 2023, transposes MiFID II and IFD; Real Decreto 813/2023 of 8 November sets the regime of the empresas de servicios de inversión and repealed RD 217/2008. Art. 128 of the Ley names the types: the sociedad de valores, with every service of art. 125, own-account dealing and underwriting included; the agencia de valores, everything except own-account dealing (RD art. 6 allows limited positions); the sociedad gestora de carteras for portfolio management and advice; the empresa de asesoramiento financiero for advice alone. Initial capital sits in RD 813/2023 art. 66 and follows IFD art. 9: €750,000 for own-account dealing or firm-commitment underwriting, €75,000 for firms that hold no client money, €150,000 for the rest. The CNMV authorises under art. 131 and registers under RD art. 19; a registration not requested within a year lapses (art. 19.4).
The domestic adviser is the regime's own invention: the empresa de asesoramiento financiero nacional of RD 813/2023 art. 5 may be a natural person, holds €50,000 or an indemnity policy of €1,000,000 per claim and €1,500,000 a year (art. 5.3), cannot serve other EU states (art. 5.4) and must have each client sign an acknowledgement of that limit (art. 5.5). The money is published: Ley 16/2014 sets €10,000 to authorise an SV or AV, €6,000 for an SGC, €1,000 for an EAF, €300 to register, and an annual solvency fee of 0.10% of required own funds with a €500 minimum. FOGAIN, under RD 948/2001 art. 6.1, guarantees €100,000 per investor; the Directive 97/9/EC floor is €20,000. Ninety-nine sociedades and agencias de valores, 88 EAF and 52 EAFN were registered at end-2024 for a market of 49,570,725 people. We build the file from Madrid.
One 2023 code: Ley 6/2023 and RD 813/2023 give the CNMV the SV, AV, SGC and EAF ladder on IFD capital of €75k/€150k/€750k, a six-month clock and fees of €10,000 to €1,000 - plus the domestic EAFN at €50,000 that a natural person may hold.
FOGAIN covers €100,000 per investor, five times the EU floor; 25% corporate tax, 15% for new companies; 99 SV and AV, 88 EAF, 52 EAFN. Built from Madrid.
The two builds
The sociedad or agencia de valores - or the adviser.
One authorisation ladder under Ley 6/2023 art. 128: the broker-dealer at €10,000 of CNMV fee and IFD capital by scope, the advisory firm at €1,000 and €75,000 - or €50,000 as a domestic EAFN. We fix the type before drafting.
The SV or AV broker-dealer - or the €1,000-fee adviser.
01 - SOCIEDAD · AGENCIA DE VALORES
The broker-dealer
The SV provides every service of art. 125, own-account dealing and underwriting included, at the €750,000 tier; the AV does everything but deal on own account. Both file on the Regulation (EU) 2017/1945 templates, pay €10,000 and passport across the EEA.
The SV provides every service of art. 125, own-account dealing and underwriting included, at the €750,000 tier; the AV does everything but deal on own account. Both file on the Regulation (EU) 2017/1945 templates, pay €10,000 and passport across the EEA.
- ✓SV - all services, own account, underwriting
- ✓AV - all services except own account
- ✓€75,000 / €150,000 / €750,000 (IFD art. 9)
- ✓CNMV authorisation fee €10,000
- ✓FOGAIN cover €100,000 per investor
- ✓99 SV and AV at end-2024
02 - EAF · ADVISORY FIRM
€75,000 · EAFN from €50,000The adviser - MiFID or domestic
The empresa de asesoramiento financiero gives investment advice only, holds €75,000 under IFD art. 9(2), pays €1,000 to the CNMV and passports; its domestic twin, the EAFN, may be a natural person resident in Spain at €50,000 or a €1,000,000 indemnity policy - with no passport at all.
Advice only at €75,000 with the passport - or the domestic EAFN at €50,000 without it.
- ✓Investment advice only (art. 125)
- ✓€75,000 - no client money
- ✓CNMV fee €1,000 + €300 registration
- ✓EAF passports; EAFN does not
- ✓EAFN: natural person, €50,000 or PII
- ✓88 EAF and 52 EAFN at end-2024
Costs and timelines are confirmed for your case before any work begins. The sociedad gestora de carteras (portfolio management and advice, €6,000 CNMV fee) and the SGIIC under Ley 35/2003 are scoped where the model is management rather than brokerage.
Why Spain
Published fees, a short code and €100,000 of cover.
Spain's case is legibility: one 2023 statute, a fee schedule in a law, and a compensation fund that pays five times the EU minimum.
✓
FOGAIN at €100,000
RD 948/2001 art. 6.1 guarantees each investor's global position up to €100,000 - five times the €20,000 floor of Directive 97/9/EC, and a line worth printing in every client agreement.Five times the EU floor.
✓
A code written in 2023
Ley 6/2023 and RD 813/2023 replaced RD 217/2008 after MiFID II and IFD - one text, current numbering, and no 2025-2026 amendment of the decree to track.One text, current numbering.
✓
Fees in a statute
Ley 16/2014 prints them: €10,000 for an SV or AV, €6,000 for an SGC, €1,000 for an EAF, €300 to register, 0.10% of required own funds a year with a €500 floor.€10,000 · €6,000 · €1,000.
✓
The EAFN door
A domestic adviser that a natural person may hold at €50,000 or a €1,000,000 indemnity policy (RD art. 5.3) - no passport, and clients sign to say so (art. 5.5). A starting point, not a destination.Natural person, no passport.
✓
Silence approves changes
Under RD 813/2023 art. 12.2 a request to amend the statutes is deemed approved if the CNMV has not decided within two months - silence working for the applicant, for once.Changes deemed approved in 2 months.
✓
A 49.6 million home market
INE counts 49,570,725 residents at 1 January 2026; BME runs the Madrid, Barcelona, Bilbao and Valencia exchanges; 107 credit institutions sell investment services beside the 99 SV and AV.BME at home.
How it compares
How Spain differs from other routes.
The honest comparison: the highest compensation ceiling in this set and a printed fee schedule - against a higher headline tax than the island regimes.
Spain vs other jurisdictions
| Feature |  Spain | Other jurisdictions |
|---|---|---|
| Regime | Ley 6/2023 + RD 813/2023 - CNMV | FR: ACPR + AMF · MT: ISA Cap. 370 |
| Capital | IFD €75k-€750k · EAFN €50k | Same tiers · no €50k domestic tier |
| Passport | EEA - SV, AV, SGC, EAF; EAFN none | Same passport · CIF in France none |
| Timeline | 6 months (art. 131) · changes 2 months | FR 3 + 6 months · CY 8-14 realistic |
Regime
SpainLey 6/2023 + RD 813/2023 - CNMV
Other jurisdictionsFR: ACPR + AMF · MT: ISA Cap. 370
Capital
SpainIFD €75k-€750k · EAFN €50k
Other jurisdictionsSame tiers · no €50k domestic tier
Passport
SpainEEA - SV, AV, SGC, EAF; EAFN none
Other jurisdictionsSame passport · CIF in France none
Timeline
Spain6 months (art. 131) · changes 2 months
Other jurisdictionsFR 3 + 6 months · CY 8-14 realistic
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Spain | CNMV ESI - SV, AV, SGC, EAF | 25% · 15% new | IFD €75k-€750k, FOGAIN €100k |
 France | ACPR EI · AMF SGP | 25% · 15% SME | IFR €75k-€750k, FGDR €70k |
 Malta | MFSA investment services licence | 35% · 6/7 refund | €75k-€750k, 6 months, ICS €20k |
 Cyprus | CySEC CIF | 12.5% · 15% large | IFD €75k-€750k, 8-14 months |
SpainLicense typeCNMV ESI - SV, AV, SGC, EAF
Taxation25% · 15% new
RequirementsIFD €75k-€750k, FOGAIN €100k
FranceLicense typeACPR EI · AMF SGP
Taxation25% · 15% SME
RequirementsIFR €75k-€750k, FGDR €70k
MaltaLicense typeMFSA investment services licence
Taxation35% · 6/7 refund
Requirements€75k-€750k, 6 months, ICS €20k
CyprusLicense typeCySEC CIF
Taxation12.5% · 15% large
RequirementsIFD €75k-€750k, 8-14 months
Before you apply
Requirements for the Spanish licence.Requirements for the licence.
The CNMV authorises under Ley 6/2023 art. 131 and RD 813/2023 arts 19-32, and the six-month clock runs from a complete file. The checklist below is what a passing application contains.
01
SA or SL of indefinite duration - RD 813/2023 art. 20.1.b, with domicilio social and effective administration in Spain (art. 20.1.h); only an EAFN may be a natural person.
02
Initial capital - RD 813/2023 art. 66 on the IFD art. 9 tiers: €75,000 without client money, €150,000 general, €750,000 for own-account dealing or firm-commitment underwriting.
03
Board suitability - honorabilidad, conocimientos and experiencia under Ley 6/2023 arts 161, 163.1 and 164 and RD arts 54-55; heads of internal control meet the same test in significant ESI (art. 20.1.e).
04
Significant holdings - shareholders assessed under Ley 6/2023 arts 152-159; no foreign-ownership cap exists.
05
Application file - the templates of Regulation (EU) 2017/1945, filed electronically (RD art. 19.1), with a programme of activities the CNMV can test.
06
Organisation - compliance, risk and internal audit under Ley 6/2023 art. 176 and Delegated Regulation (EU) 2017/565.
07
FOGAIN membership - RD 948/2001 art. 3.1: fixed contributions of €800-€2,700 by service plus 2‰ of client cash and 0.08‰ of client securities (art. 8.2).
08
CNMV fees paid - €10,000 for an SV or AV, €6,000 for an SGC, €1,000 for an EAF, €300 on registration (Ley 16/2014 arts 41 and 46).
09
Registration inside one year - RD art. 19.4: an authorisation whose registration is not requested within twelve months lapses.
10
EAFN specifics - a natural person resides in Spain (art. 21.b.2º), holds €50,000 or a €1,000,000 per-claim policy (art. 5.3) and has every client sign the no-passport acknowledgement (art. 5.5).
01
SA or SL, run from Spain.
02
Capital per IFD tier.
03
Board suitability proven.
04
Holdings assessed.
05
2017/1945 file complete.
06
Control functions in place.
07
FOGAIN joined.
08
CNMV fees paid.
09
Registered within a year.
10
EAFN: resident, insured.
Reflects Ley 6/2023, RD 813/2023, Ley 16/2014 and IFR/IFD as of 2026. The director minimum under RD 813/2023 art. 54 and the capital tiers under art. 66 are confirmed against the current text in the quote.Ley 6/2023 + RD 813/2023 + IFR/IFD, as of 2026.
How it works
From first call to the CNMV register.
01
Type and scope
SV, AV, SGC, EAF or EAFN - services under art. 125 and the IFD tier fixed in writing before any drafting.Fixed in writing.
02
Company and board
SA or SL, capital paid, directors and control heads assembled to the suitability standard.Suitable people.
03
The application
2017/1945 templates filed electronically with the €10,000 (or €6,000, €1,000) fee - complete, first time.Templates, fee paid.
04
CNMV review
Six months from a complete file under art. 131 and MiFID II art. 7(3); Banco de España consulted for systemic entities (RD art. 19.2) - 8-12 months end to end is our planning figure.8-12 months realistic.
05
Registration and passport
€300 registration inside the year, FOGAIN membership, EEA notifications, banking live.Live within the year.
Quick facts
RegulatorCNMV
StatuteLey 6/2023 · RD 813/2023
TypesSV · AV · SGC · EAF · EAFN
No-client-money tier€75,000
Dealing tier€750,000
EAFN€50,000 or PII €1m
Statutory clock6 months
Corporate tax25% · 15% new
The CNMV publishes counts, not processing times; its 2016 internal procedure spoke of three months and a six-month maximum with negative silence. Our range is a planning figure built on the six-month clock and a complete first filing.
On the ground in Spain
Run from our Madrid office.
Prifinance - Spain
Madrid · Spain
Madrid, Spain
01
Type and company
SV, AV, SGC, EAF or EAFN decided in writing, then the SA or SL and its capital built for that type.Built for the type.
02
The CNMV file
Programme of activities, governance and suitability files on the 2017/1945 templates - complete on filing so the six-month clock starts.Complete on filing.
03
Board and control functions
Directors and internal-control heads sourced to the Ley 6/2023 arts 161-167 standard.Suitability standard.
04
Passport and launch
Registration inside the year, FOGAIN, EEA notifications under arts 142-148 and banking sequenced with the decision.EEA from Madrid.
We also have offices in
Tallinn
Estonia
Roseni 13
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 investment firms in Spain.
A 25% headline with a 15% rate for new companies, VAT exemption on financial operations and a 19% dividend withholding.
Corporate tax 25%
The general rate of Impuesto sobre Sociedades under Ley 27/2014 art. 29 - the figure for an ESI of ordinary size.Headline and start-up rate.
15% for new companies
Newly created companies pay 15% - the rate a first-year SV or EAF budgets on before the general rate applies.21-24% in 2025.
Small-company bands
For 2025, micro-enterprises under €1 million of turnover pay 21% on the first €50,000 and 22% above; reduced-size entities pay 24%.Five points above an ESI.
Banks pay 30%
Credit institutions carry a 30% rate - the 107 banks selling investment services in Spain pay five points more than an ESI on the same mandate.Finance exempt.
VAT 21%, finance exempt
Operaciones financieras y de seguros are exempt from 21% IVA - the rate touches overheads, not mandates.Non-resident dividends.
Dividend withholding 19%
Non-resident shareholders without a permanent establishment pay 19% on dividends under the IRNR; the general non-resident rate is 24%, 19% for EU and EEA residents, with treaties and the parent-subsidiary exemption below that.Solvency fee, min €500.
Tax summary
Corporate tax25% · 15% new
Small-company bands21-24% (2025)
Dividend withholding19%
VAT on services21% · finance exempt
CNMV solvency fee0.10% own funds · min €500
*Figures as of 2026 per Spanish law. 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 SA or SL, 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 firm.
Follow Prifinance
Active across our channels.
Spain · CNMV
Launch your investment firm in Spain with expert support.
Full-service assistance - from the Spanish SA or SL and board to the CNMV file, registration, FOGAIN, 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 Spanish investment licence, answered.
What licence does an investment firm need in Spain?+
CNMV authorisation as an empresa de servicios de inversión under Ley 6/2023 art. 131: a sociedad de valores for the full service set, an agencia de valores without own-account dealing, a sociedad gestora de carteras for management and advice, or an empresa de asesoramiento financiero for advice alone.
What capital is required?+
RD 813/2023 art. 66 applies the IFD art. 9 tiers: €75,000 for firms that hold no client money or securities, €150,000 as the general tier, €750,000 for own-account dealing or firm-commitment underwriting. An EAFN needs €50,000 or a €1,000,000 per-claim indemnity policy.
Sociedad or agencia de valores?+
The sociedad de valores may deal on own account and underwrite, so it sits at €750,000; the agencia de valores provides every other service - execution, RTO, management, advice - with only the limited own-account positions RD 813/2023 art. 6 allows, at the lower tiers.
What is an EAFN?+
The empresa de asesoramiento financiero nacional of RD 813/2023 art. 5: a domestic-only adviser, open to natural persons resident in Spain, at €50,000 or a €1,000,000 indemnity policy. It has no passport, and each client signs an acknowledgement of that (art. 5.5). 52 existed at end-2024.
How long does licensing take?+
Six months from a complete application under Ley 6/2023 art. 131, mirroring MiFID II art. 7(3); amendments to the statutes are deemed approved after two months of silence (RD art. 12.2). The CNMV publishes no processing statistics, so we plan on 8-12 months including preparation.
What does the CNMV charge?+
Ley 16/2014: €10,000 to authorise an SV or AV (also an SGIIC or SGEIC), €6,000 for an SGC, €1,000 for an EAF, €300 for registration, and an annual solvency-supervision fee of 0.10% of required own funds with a €500 minimum.
How does FOGAIN work?+
Every ESI and EAFN joins the Fondo de Garantía de Inversiones (RD 948/2001 art. 3.1); it guarantees each investor's global position up to €100,000 (art. 6.1), funded by fixed contributions of €800-€2,700 plus 2‰ of client cash and 0.08‰ of client securities.
How are Spanish investment firms taxed?+
25% corporate tax, 15% for new companies, 21-24% bands for small entities in 2025, 30% for credit institutions; VAT at 21% with financial operations exempt; 19% withholding on dividends to non-residents, reduced by treaty or the parent-subsidiary exemption.
Spain or Cyprus for a new firm?+
Cyprus buys 12.5% tax, a regulator that has processed thousands of CIF files and a service cluster that staffs key functions in weeks. Spain buys a 49.6 million home market, €100,000 of investor cover and fees printed in a statute - at 25% tax. Pan-European brokers often start in Limassol; firms selling to Spanish clients file in Madrid.
Why Prifinance for Spain?+
A Madrid office that builds the SA or SL, drafts the 2017/1945 file to the Ley 6/2023 standard and runs FOGAIN, registration and the passport as one sequence - with our Madeira office alongside for Iberian groups.
Which licence?+
ESI from the CNMV.
Capital?+
€75k/€150k/€750k.
SV or AV?+
Own account or not.
EAFN?+
Domestic, €50k, no passport.
How long?+
6 months statutory.
Fees?+
€10,000 · €1,000.
FOGAIN?+
€100,000 per investor.
Taxes?+
25%, 15% new.
Or Cyprus?+
Cover vs 12.5%.
Why you?+
One sequence from Madrid.
Client notes
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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 CNMV or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.