The transfer of units between funds has established itself as an essential instrument for efficient wealth management within collective investment in Spain. It is a common tool in portfolio architecture — particularly in private banking — and its relevance is underpinned by a distinctive feature of the Spanish market.

That feature is the tax deferral regime, which allows portfolios to be adapted to market conditions without triggering immediate taxation, provided the capital does not become available to the unit-holder. In practice, its main advantage is that it facilitates continuous portfolio improvement: it makes it possible to switch funds according to market conditions without being decapitalised at that moment due to the tax ‘toll’.

This regulatory framework, applicable to both domestic funds and those established in other European Union countries and registered with the CNMV, provided they meet certain requirements, has encouraged greater mobility of savings and more flexible management by financial institutions.

Inversis’s specialisation and its 360° model

In this context, Inversis plays a highly significant role as an institutional platform for the distribution and subscription of funds. Through its open architecture solution, Funds Globe, the firm offers access to a wide network of domestic and international fund managers, enabling banks, fund managers and other intermediaries to operate with a global range of investment vehicles. Furthermore, it facilitates the execution of fund switches and portfolio management within an integrated and regulated environment.

In this regard, Inversis stands out as a leading provider capable of offering a comprehensive solution for this service. Unlike other players focused primarily on order processing, Inversis provides a 360º solution covering operations, positions and reporting, as well as support for the reporting and tax obligations associated with redemptions. In this way, the firm is a rare exception in the market stands out in the market for its ability to offer both reporting and position management right through to the end client.

Added to this is another distinguishing feature: although its business model is B2B2C, Inversis’s commercial relationship is always established with institutional clients. This enables it to have an infrastructure equipped to manage the level of detail and monitoring required by the end client, whilst maintaining rigour in data governance and information protection.

How the transfer works

The case of the Spanish Transfer is particularly illustrative of a common profile in private banking: a high-net-worth individual who is a tax resident in Spain and opens a banking relationship in another European jurisdiction.

Furthermore, the Spanish regulatory framework and Inversis’s operations enable foreign financial institutions with clients who are tax residents in Spain to channel investments into funds marketed in Spain via a Spanish distributor, always in accordance with established procedures and in compliance with current regulations. This mechanism offers an orderly and secure way to integrate international portfolios into distribution structures under Spanish supervision, thereby strengthening interoperability between markets.

In this scheme, Inversis acts as a bridge, providing the necessary ‘Spanish layer’ to execute the operations: receipt and processing of orders, operational coordination, reporting to the regulator and, at the time of redemption, payment to the tax authorities on behalf of the client. As a result, private banks in Switzerland, Andorra or Luxembourg can benefit from the service without the need for a local presence or specific capabilities to interact with the associated processes and requirements.

In terms of eligibility, the service is aimed at individual’s resident in Spain and does not apply to legal entities. The product range is limited to investment funds registered in Spain, as well as corporate-structured collective investment schemes (CIS) with more than 500 shareholders, with ETFs excluded from this operation.

Growth and presence in Luxembourg

Year after year, Inversis has recorded significant increases in the volume managed through this operation, tripling and even reaching five times the previous figuresin some financial years. This development ties in naturally with Luxembourg, where the firm strengthened its value proposition in 2024 with the opening of its operational branch, exceeding €21.7 billion in assets under custody in the first half of 2025.

In the Grand Duchy, Inversis offers a full custodian service and fulfils all the functions required by the regulator. Thanks to its infrastructure, the firm is able to offer a distinctive proposition: a 360-degree service in both Spain and Luxembourg.