GLOSSARY · BLOCKCHAIN & WEB3
SOCIMI (Spanish REIT)
What a SOCIMI is: Spains listed real estate investment vehicle, its requirements, special tax regime and how it compares to real estate tokenization.
WHAT IS IT? · FOR DUMMIES
A SOCIMI is Spains version of the REIT: a company that lives off renting property, lists on a stock market and distributes most of its profits as dividends — in exchange for a special tax regime. It is the traditional way to invest in Spanish real estate without buying bricks.
WHAT IS IT? · PRO
SOCIMIs (Law 11/2009) require, among other things: minimum capital, a stock market listing (many on BME Growth), a portfolio mostly of urban rental property and mandatory dividend distribution. In exchange they enjoy a special corporate tax rate, shifting taxation to the shareholder. They are the institutional vehicle of Spanish rental — from Merlin to dozens of mid-size BME Growth SOCIMIs.
Against real estate tokenization, the SOCIMI offers stock-market liquidity and a proven regime, but demands size and heavy corporate structure; tokenization fractionalises specific assets with smaller tickets and modern settlement, no listing required — and they are not mutually exclusive: interests in real estate vehicles can themselves be represented by tokens, the terrain of our real estate tokenization service and our guide to investing in tokenized real estate.
01 / Key points
- The Spanish REIT: a listed company living off property rental
- Law 11/2009: listing, mostly-real-estate assets, mandatory dividends
- Special tax regime: taxation shifts to the shareholder
- Alternative (and sometimes complement) to real estate tokenization
02 / Advantages
- Stock-market liquidity and market supervision
- Tax-efficient vehicle
- Proven regime with a two-decade track record
03 / Disadvantages
- Size and costs: listing is not for a single building
- Retail buys the whole portfolio, not the asset it wants
- Uneven real liquidity in small BME Growth SOCIMIs