Castellana will take measures to continue its business if the tax regime for SOCIMI is lifted

Castellana Real Estate said it would not hesitate to take appropriate measures to ensure the continuity of its business in the “best” possible way if the removal of the special tax regime for SOCIMI agreed between PSOE and Sumar is finally completed.

In a statement sent to BME Growth, SOCIMI explained that its responsibility is to look after its business, the interests of its shareholders and the more than 8,000 direct jobs it creates in its 15 shopping centers and parks across Spain.

“We don’t understand that there are arguments in favor of proposal to change the current tax regime for SOCIMI, which is 100% dedicated to retail trade.“Recognizing that the change mentioned could lead to international investors leaving for other destinations and also discourage future investment in Spain,” he added.

The company recalled that socimis “is a vehicle created to attract investment and provide access to small investors, savers” and that other countries such as France, UK, USA, Germany, Italy, Belgium, Finland, Ireland, Hungary, Lithuania, Netherlands, Luxembourg and Portugal have “similar vehicles subject to tax regimes similar to Spain.”

In addition, he emphasized that SOCIMI, as entities regulated and supervised by the National Securities Market Commission (CNMV), has helped to increase the transparency of the real estate market and create a constant flow of investment and international capital attraction in Spain.

Investments in Spain

Castellana Properties emphasized that SOCIMI manages only 0.69% of the total number of rental houses throughout the country and that they benefit from a tax regime that has increased investment in Spain, generating revenue for the Spanish administration for concepts such as corporate tax itself, VAT , IBI, IAE or inherited transfers, among others, ensuring that the system is subject to control and supervision.

However, Castellana Properties explained that most SOCIMI invest in property upgrades, improving the energy efficiency of buildings, which reduces costs. performance and promotes environmental sustainability.

In addition, he emphasized that they have brought significant benefits in terms of investment, employment, taxation and sustainable development. “They have played a key role in revitalizing the non-residential property market and professionalizing the sector, contributing to economic development and the creation of value-added jobs in various areas,” he concluded.