European long-term investment funds (ELTIF) provide long-duration financing for a range of infrastructure projects for non-listed companies and listed SMEs that issue debt or capital instruments for which there are no easily identifiable buyers. They thus help to finance the real economy of the EU and to implement its policies.
At the same time, the engagement of citizens in the funding of said goals is another priority, since society must ultimately mobilise its savings if the main collective goals are to be attained and greater welfare is to result. To encourage the engagement of citizens in the financing of technological innovation and business capitalisation projects with a view to furthering economic activity in association with European funds for fostering investment, for fostering economic activity and for fostering productive capitalisation, this Provincial Regulation establishes a number of tax incentives in the main direct taxes levied on taxpayers.
In addition to meeting the requirements of the Regulation (EU) 2015/760, the European Parliament and the Council of 29 April 2015 on European long-term investment funds, so that the tax incentives apply (227 KB) European long-term investment funds (ELTIF) must comply with the following:
- i) The fund must invest at least 95% of its equity in assets suitable for investment as provided for under Article 10 of Regulation (EU) 2015/760 of the European Parliament and the Council of 29 April 2015 on European long-term investment funds.
- ii) No investor may hold more than a 15% stake in the equity of the fund, taking into account all direct and indirect stakes, including those of related persons or entities as per Article 42 of Provincial Regulation 11/2013 of 5 December.
For the purposes of this subsection, stakes held by institutional investors are not included. Such stakes are understood to be those defined in Annex II to Directive 2014/65/EU of the European Parliament and the Council of 15 May 2014 on markets in financial instruments.
Furthermore, in the event that investors in a fund wish to benefit from tax incentives for European long-term investment funds (ELTIF) recognised by the Provincial Council of Bizkaia, said fund must have obtained administrative recognition as a European fund for fostering innovation, a European fund for fostering the funding of economic activities or a European fund for fostering productive capitalisation, which will take place when the following requirements are met, which differ depending on each type of ELTIF:
European long-term investment funds recognised by the Provincial Council of Bizkaia.
|Name of the investment fund||Tax identification number of the investment fund||Managing entity||Fund type||Resolution date||Resolution number||Resolution of the Directorate General of Internal Revenue|
|FONDO DE INNOVACIÓN FILPE||V-95.920.310||Solventis SGIIC||European fund for fostering innovation.||18/06/2018||14/2018||Resolution 14/2018 (223 KB)|
|TALDE DEUDA ALTERNATIVA FILPE||V-95.953.196||TALDE GESTIÓN SGEIC, S.A.||European fund for fostering the funding of economic activities||24/07/2019||19/2019||Resolution 19/2019 (224 KB)|