SPAIN’S PLAN TO INCENTIVISE SAVINGS AND INVESTMENT

The CNMV (National Securities Market Commission) has highlighted the need to make European savings accounts more attractive both fiscally and operationally. They encourage offering tax advantages to incentivise long-term investment and direct savers’ money towards key sectors like digitalization and sustainability.

Spain, along with other European countries, is promoting a Competitiveness Laboratory to establish a label for investment products that provide tax benefits. However, since taxation is a national competence, the European Commission can only make suggestions or recommendations.

The CNMV also emphasizes the need to improve financial education so that citizens can access more profitable investment options beyond bank deposits. Additionally, measures are being prepared to strengthen capital markets and reduce burdens for fund managers.

In this regard, Inverco and the CNMV have joined forces to implement key European and OECD proposals for funds and pensions, welcoming additional tax incentives. This was discussed at the 2025 General Assembly of Inverco held in Madrid on June 04-06-2025, specially how to boost savings, investment in funds and pensions.

Nationwide, a key factor would be to maintain the current regulatory framework for funds while welcoming extra tax advantages to attract new investment flow. On the European side, the upcoming measures should eliminate national barriers to the cross-border commercialization of founds.

Moreover, the OECD made a report in which recommends to take action and promote measures such as boosting company and individual pension plans while considering contentious issues like removing the ten-year liquidity cutoff in pension vehicles. 

SOURCES:

1. Ángel Alonso, Madrid, 04-06-2025 “la CNMV insiste en que las cuentas de ahorro europeas sean ‘fiscalmente atractivas y sencillas operativamente’”
2. Funds Society, 04-06-2025 “Inverco y la CNMV suman fuerzas para materializar las propuestas marcadas por Europa y la OCDE en fondos y pensiones, y dan la bienvenida a incentivos fiscales añadidos.”

Against Squatting in Barcelona

The Provincial Court of Barcelona has changed its stance regarding squatting and now considers that "cutting off or refusing to pay utilities for squatters who forcefully occupy properties will not constitute a crime of coercion". The courts have also clarified that it must be "verified that the conditions that originally justified the measure still
apply," referring to Real Decreto-ley 11/2020 and Real Decreto-ley 1/2025, which extend the extraordinary suspension of evictions for 'vulnerable' individuals.

However, this change is limited to specific circumstances. First, these measures only apply in cases where the squatter has taken possession by force—they do not apply to tenants who fail to pay rent (which would still constitute coercion). Second, it must be proven that the squatters are not in a vulnerable situation or that their actions amount to
'true abuse.' Finally, this ruling only applies in Barcelona and Girona, as the rest of Spain has not yet adopted this legal shift.

The courts are debating the interpretation of the law and the reality faced by citizens. While it is true that some cases of squatting stem from necessity, it is equally true that legitimate property owners often feel abandoned. This is why the decision has been made to protect owners from those who exploit legal loopholes (fraus legis) to take
advantage of laws originally designed to protect genuinely vulnerable individuals. This could mark the beginning of the end for the government's anti-eviction policies. Time will tell whether this approach spreads to other Spanish courts.

This newsletter provides a selection of regulatory news and comments from our SPANISH legal experts on interesting policy developments, recent case law, and new regulatory directions of major industry practices. The aim is to provide an up-to-date tool for quick and easy consultation on the most current and important topics at a SPANISH level.

Tariffs on European wine imports in the U.S. market were set to rise by up to 200%, according to announcements from the White House. Some local farmers welcomed the news, believing it would boost demand for American products, while others opposed possible policies due to poor harvests caused by wildfires, droughts, and other crop damage.[1]

To put things in perspective, the 2025 OIVE Economic Report shows that the U.S. increased its wine imports to 1.226 billion liters, valued at $6.789 billion. Nearly 5.5% of U.S. imports (67.3 million liters) come from Spain. Notably, December 2024 saw the sharpest surge in imports due to uncertainty over potential tariffs.[2]

Major wine exporters like Spain, France, and Italy have pressured Brussels to prevent the U.S. from imposing these tariffs at all costs. Ultimately, the European Commission excluded bourbon from its list of products facing a 25% tariff, averting the 200% increase on the other side of the Atlantic.[3] The historic alliance is now forced to negotiate and ease tensions fueled by threats from one side and retaliatory measures from the other. However, on the global stage, the EU –and Spain in particular– has begun moving closer to the U.S.’s current rival, China, to diversify export partnerships and bypass U.S. tariffs.[4] As the European Commission's vicepresident Kaja Kallas warned: "Only China will benefit from a transatlantic trade war".

[1]      CNN Business, article by Samantha Delouya https://edition.cnn.com/2025/03/22/economy/tariff-eu-trade-war-california-wine/index.html

[2]      Interprofesional del Vino https://interprofesionaldelvino.es/informe-de-importaciones-de-vino-en-eeuu/

[3]      El Economista, article by Lidia Montes https://www.eleconomista.es/economia/noticias/13308014/04/25/bruselas-apunta-al-maiz-el-calzado-y-los-muebles-en-su-respuesta-arancelaria-a-trump.html

[4]      El Economista https://www.eleconomista.es/economia/noticias/13307985/04/25/se-afianza-la-relacion-entre-xi-jinping-y-sanchez-en-plena-guerra-arancelaria-china-pone-a-espana-a-la-vanguardia-de-sus-vinculos-europeos.html