---
title: "SOCIMI (Spanish REIT)"
url: "https://www.unknowngravity.com/en/glosario/socimi"
site: Unknown Gravity
published: "2026-08-27T09:15:04+00:00"
modified: "2026-08-27T09:15:04+00:00"
language: en-US
description: "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."
section: "Home > SOCIMI (Spanish REIT)"
---

# SOCIMI (Spanish REIT)

GLOSSARY · BLOCKCHAIN & WEB3

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](/en/servicios/tokenizacion-de-inmuebles) service and our guide to [investing in tokenized real estate](/en/articulos/invest-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

This entry is informative. It is not legal, tax or investment advice. The rules cited change: check the current version on [BOE](https://www.boe.es) and [EUR-Lex](https://eur-lex.europa.eu).