The Bank Asset Funds (FABs) are investment vehicles of SAREB exclusively, created on basis of the Law 9/2012. They include grouped assets and liabilities constituted as separate patrimony without legal personality, although titles proceeding from rights and obligations may occur. They are intended for professional investors only.
Fiscally, it is an attractive product as it contributes to the Corporate Tax at 1% charge rate. Also, it covers the IRNR (Income Tax for Non-Residents) if the investor is not a permanent resident of Spain.
SAREB is responsible for naming the FABs´ management and representation to a special purpose vehicle (SPV) fund. The FABs operate like joint ventures, in majority held by SAREB. The minimum investment value is €100.000.
SAREB´s obligation to report embraces as follows:
– Registering in the CNMV
– Providing annual accounts to the National Stock Market Commission
– Publishing biannual reports on a FAB´s managing company´s website
– Making its audit of accounts public
– Publishing any relevant information concerning transfer governing