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SearchRoyal Decree-Law 29/2026 reinstates the investment vehicle, with a limit of 150,000 euros and tax advantages conditional on retention. The account cannot yet be contracted, and the decree requires ratification.
The Government has once again included the Financia Europa Savings and Investment Account (CAIFE) in Royal Decree-Law 29/2026, after the Congress of Deputies rejected the previous text that incorporated it. The measure aims to channel retail savings into European assets and offer favorable tax treatment for long-term held investments.
The restoration of this figure does not mean it is already available to savers. The decree must be ratified by the Standing Committee of the Congress of Deputies and, even after that, contracting will depend on the entry into force of development regulations regarding tax information. Additionally, the National Securities Market Commission (CNMV) must create the register of eligible funds.
Each person may have an individual and non-transferable account and contribute up to 150,000 euros. The portfolio may include shares of companies linked to the European Economic Area, investment funds, and exchange-traded funds (ETFs) that meet the established requirements. Liquidity will be limited to 1,500 euros.
The composition will also be subject to minimums: at least 70% of the portfolio must be in assets linked to the European Economic Area; at least 50% must be invested in equity, and at least 35% of the total value must be in equity computable as European. These conditions delimit the product: it is not a conventional savings account and does not allow building any portfolio without restrictions.
While the money remains in the account, asset purchase and sale operations may benefit from a tax deferral of capital gains. Taxation materializes upon withdrawal of the money, under the conditions provided by the regulation. Dividends and other income from movable capital, in general, are not included in that deferral and remain subject to their usual tax treatment.
If the minimum retention period of five years is met, the first 10,000 euros of capital gains may be exempt. For gains exceeding that threshold, the regulation establishes a 20% reduction: tax is paid on 80% of that portion, according to published information about the decree. The specific application will depend on the prevailing legal and tax conditions.
Although the decree enters into force generally after its publication, the account cannot be marketed until the necessary ministerial orders are approved to regulate information obligations before the Tax Agency. The register of eligible funds that the CNMV must also prepare is still missing. According to published coverage, the entity has a maximum period of four months to create it.
Until that register is available, the offer of eligible funds and ETFs cannot be completed according to the provided mechanism. The regulation provides that, in an initial phase, the account may operate with shares, but effective availability will also depend on the pending regulatory steps being fulfilled.
The account may be offered by credit institutions and authorized investment service firms, including those operating in Spain through a branch. Some digital platforms, including InbestMe and MyInvestor, are already working on developing an offer. Traditional entities, for their part, may face adjustments to adapt their products and portfolios to the eligibility criteria.
The regulation also requires interested managers to adapt funds, apply for registration, and demonstrate compliance with the requirements. Therefore, the approval of the figure does not imply that a wide range of products is immediately available: the offer will depend on both regulatory development and the decisions of entities and managers.
The Government presents the instrument as a way to promote long-term investment in European companies. For financial companies and investment providers, the main operational aspect to follow is the ratification and regulatory development calendar; for potential users, the key will be to check the conditions of the account and eligible assets when its marketing begins.
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