The growth of the Spanish economy has been characterised by its progressive opening overseas and its full integration into the international economy. Intertrust opened its Madrid office in 1995 to service our growing Spanish client base and to promote all services of Intertrust in a structured manner. In 1996 Spain introduced a favourable tax regime in order to encourage the establishment of holding companies of foreign subsidiaries, referred to as Spanish Foreign Securities Holding Company (Entidad de Tenencia de Valores Extranjeros). Intertrust Spain provides formation, management, domiciliation and administration of Spanish Holding companies. Focusing on clients needs, tailor-made solutions are implemented to optimise capital gains, dividends, royalties (image rights, trademarks), financing, asset restructuring, estate planning and portfolio structuring.
From our local office markets you have access to all our services globally. With our international network, we can provide you with preliminary assistance to local advisers and clients. Services include the formation, management, domiciliation and administration of companies under various jurisdictions and related financial services.
Geography |
Southwestern Europe, bordering the Bay of Biscay, Mediterranean Sea, North Atlantic Ocean, and Pyrenees Mountains, southwest of France - 40 00 N, 4 00 W |
Capital |
Madrid |
Time zone |
UTC+1 |
Population |
40,525,002 (July 2009 est.) |
Nationality |
Noun: Spaniard(s) - Adjective: Spanish |
Languages |
Castilian Spanish (official) 74%, Catalan 17%, Galician 7%, Basque 2%, are official regionally |
Government type |
Parliamentary monarchy |
Legal system |
Civil law system, with regional applications; accepts compulsory ICJ jurisdiction with reservations |
Economy overview |
The Spanish economy grew every year from 1994 through 2008 before entering a recession that started in the third quarter of 2008. Spain's mixed capitalist economy supports a GDP that on a per capita basis is approaching that of the largest West European economies. The Socialist president, Jose Luis Rodriguez ZAPATERO, in office since 2004, has made mixed progress in carrying out key structural reforms. The economy was greatly affected, especially after Zapatero's second term began in April 2008, by the bursting of the housing bubble and construction boom that had fueled much of the economic growth between 2001 and 2007. The global financial crisis exacerbated the economic downturn. GDP growth in 2008 was 1.3%, well below the 3% or higher growth the country enjoyed from 1997 through 2007. The Spanish banking system is considered solid, thanks in part to conservative oversight by the European Central Bank, and government intervention to rescue banks on the scale seen elsewhere in Europe in 2008 was not necessary. After considerable success since the mid-1990s in reducing unemployment to a 2007 low of 8%, Spain suffered a major spike in unemployment in the last few months of 2008, finishing the year with an unemployment rate over 13%. |
Currency |
Euro (EUR) |