Royal Decree-Law 26/2026 of 29 September adopting urgent measures for the protection of the social function of housing and the expansion of affordable housing supply

I. GENERAL PROVISIONS
HEAD OF STATE
20266 Royal Decree-Law 26/2026, of 29 September, adopting urgent measures for the protection of the social function of housing and the expansion of the supply of affordable housing.

I
Article 47 of the Spanish Constitution enshrines the right of all citizens to access, enjoy, and remain in a dignified and adequate home. Likewise, it mandates public authorities to promote the relevant conditions and norms to make that right effective and to combat speculation, in connection with Article 9.2 of the fundamental law. In this way, the social function of housing is emphasized over other considerations, as it is the prerequisite for the enjoyment of other fundamental rights such as physical and moral integrity, health protection, and the right to a suitable environment, as well as freedom of enterprise and the right to property.

Although access to housing constitutes a right, its economic dimension, which decisively conditions its effective exercise, cannot be overlooked. Unlike other economic aspects, housing is affected by imperfect market conditions that require regulation through public policy to guarantee the fulfillment of the right. In other words, the law of supply and demand does not guarantee by itself the minimum and necessary conditions for an effective right of access to housing in the terms set forth in the Magna Carta in its Article 47.

Over the last few decades, Spain has suffered different crises regarding access to housing that have affected different generations. Although all of them were of different nature and origin, they coincide, however, in their effect: the restriction of the right to housing in dignified and adequate conditions for broad sectors of the population and, in particular, for the middle and working classes.

The current crisis is polyhedral and multicausal, but it cannot be understood without referring back to the previous real estate crisis, that of 2011. It meets all the characteristics to be classified as a housing emergency. Nor can its clear impact on society be overlooked, with the housing problem being one of the main concerns of citizens, as collected by studies from the Sociological Research Centre. Nor its economic impact, with potential adverse effects on well-being, labor mobility, and the evolution, consequently, of the economy in the medium and long term.

This situation implies a clear social demand in favor of regulation to guarantee the right, and its turning point is the sad and dramatic eviction of Mari Carmen Abascal.

Mari Carmen Abascal is not just a number. She is a vulnerable 87-year-old woman, victim of sexist and retrograde legislation from a dictatorship and the most voracious speculation, which have prevented her from continuing to live in the same house where she resided for her last 70 years, despite not having a dignified housing alternative. This woman is the symbol of a right broken by competent administrations that have not provided full satisfaction to the existing regulation to guarantee her right to housing. Not even an express request for suspension of the eviction by the United Nations served to stop it. Undoubtedly, this case confirms by the way of facts that there are deficiencies that allow situations like this to occur and that it is urgent to remedy them legally.

OFFICIAL STATE GAZETTE
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The impetus that determines the approval of this norm to face the housing emergency is none other than not to legitimize the growing inequality that the problem of access and permanence in housing in dignified conditions and at affordable prices for the majority of citizens is generating in society. The disproportionate concentration of capital and power determining the rules in which transactions take place and the influence, ultimately, on price increases are totally linked to the unrest that has swept through democracies since the beginning of the 21st century.

The consolidation of housing as the fifth pillar of the Welfare State is one of the political and management priorities of the Government of Spain. The Executive has not only multiplied the resources allocated to public housing policies but has also assumed for the first time a leading role in housing competencies thanks to the approval of Law 12/2023, of 24 May, on the right to housing. A law that has endowed the state with capacity for action and whose constitutional fit has been endorsed in the eight appeals resolved by the Constitutional Court.

A multifactorial and global problem like access to housing cannot be solved with a single measure nor with the impetus of a single administration, especially considering that there are different competencies, among which the one corresponding to the autonomous communities stands out.

The Government and the vast majority of economic, academic, social, and political experts share the diagnosis to solve, not only this housing crisis, but also to limit the capacity for a new access crisis to repeat in the future. That diagnosis involves understanding housing as public infrastructure, as are roads, as are institutes and schools for education; or as hospitals and health centers are for healthcare.

Acting in regulation to protect the social function and intervene in the supply by creating a public stock of protected housing on a permanent and indefinite basis with sufficient capacity to guarantee the right.

This objective faces two major challenges: the need to mobilize substantial and sustained public resources over time, and the timelines required for housing development, which prevent obtaining the ambitious results in the short term.

Aware of this complexity, the Ministry of Housing and Urban Agenda has opted for an integral policy that has changed the paradigm of public housing policies in Spain. It has done so with structural measures such as the creation and operation of CASA 47, the State Housing Entity, or the approval of the State Housing Plan 2026-2030, which for the first time safeguards public housing, and with immediate effect measures such as the persecution of illegal tourist apartments or the freezing of rents in tense zones.

This paradigm shift not only affects those provisions with a state character but also has a clear influence on autonomous and municipal competencies. Without going into details, suffice it to mention that, at the beginning of the current legislature, less than a third of the autonomous communities protected public development housing on an indefinite basis, and it will finish, a priori, with a majority of two-thirds of them having this protection approved and in force.

As a consequence of the previous crisis, a deficit in housing supply, especially at affordable prices, has been generated in Spain, particularly in metropolitan areas and large cities of our country, due to the paralysis of the construction sector, the concentration of greater housing demand in those geographic points, and the demographic growth intrinsic to a country with such positive current and projected economic growth as is the case of Spain.

This supply deficit and concentration of demand are exacerbated due to the absence of a public housing stock available to citizens at affordable prices. This situation is not a consequence of a lack of budgetary commitment by public institutions. Only in democracy, in Spain, more than two million protected homes have been built at the expense of the public budget effort, either directly through the granting of subsidies or the alienation of land at a cost much lower than the real market value, or indirectly through tax benefits.

Currently, due to declassification processes and the loss of that protection, public administrations own slightly more than 300,000 of those homes. And, in the case of some autonomous or municipal administrations, due to the continued validity of these regimes, they will barely own any of them or any land in the coming decades.

To this dearth of affordable housing owned by administrations are added different changes in uses and social relations that have caused alterations in social and economic interactions. These social changes have led, under various circumstances, to changes in the use people make of housing.

Since the 2011 real estate crisis, the country has absorbed the surplus of housing production that occurred in the first decade of the 2000s. In the last fifteen years, more households have been created in Spain than the number of homes produced, as a consequence of the total paralysis of the sector after the previous crisis. Thus, between 2011 and 2020, the accumulated percentage differential between home construction and household creation was -1.2%. Between 2021 and 2025, that differential was -3.9%. In this way, Spain currently needs the production of 750,000 homes to address the creation of households over the last fifteen years, according to the Bank of Spain.

Never before have so many homes in Spain's building stock been destined for residential use. It suffices to note that the Bank of Spain has pointed out that, between 2021-2025, 1.2 million homes that previously had non-residential use or were vacant have come to have residential use by citizens.

Never before have so many households resided by rent in Spain as currently. Only in the last fifteen years, the percentage of households residing under this modality has increased by more than 4.5 points. And the creation of supply and increase of the residential rental housing stock have had a sustained growth rate of 95,000 units annually in the 2021-2025 period, as collected by the regulator in its latest Annual Report.

In summary, the residential use capacity of the housing stock in Spain is at historical highs.

According to the INE, the Housing Price Index has gone from 53.7 at the beginning of 2015 to 107.5 in the first quarter of 2026. By consulting official data on registered home sales from the General Council of Notaries, it is observed that between 2014-2024 the Case-Shiller index—which allows measuring the evolution of housing prices in real time from observations of repeated sales of the same property—prices in the city of Valencia have increased in that decade at an average annual rate close to 8%; in Malaga, over 7.5%; in Madrid, 6%; in Barcelona, 4.5%; in Zaragoza, 4%; and in Seville, 3.75%.

This sustained increase in the real price of housing under this index has also occurred at the national level, but with a particularly acute intensity between 2022 and 2024. While in 2022 this increase was negative, in 2023 it rose to 4%. And, just one year later, it multiplied to reach an annual variation rate close to 10%. That is, in barely two years, prices went from growing negatively to increasing with annual rates of 10%, under the methodology of this index.

In synthesis, although levels equivalent to those of the previous crisis have not been reached, nor are the causes that have led to the current one minimally comparable, it does oblige public authorities to continue taking exceptional measures to face the existing housing emergency. Because, as has been pointed out, although the causes and factors are different, the consequences always coincide in evident limitations in the right of access, permanence, and enjoyment of a dignified home by citizens.

As mentioned at the beginning, public authorities, as the pinnacle of power elected by the representatives of sovereignty, must promote the necessary conditions and eliminate obstacles that prevent or hinder the participation of all citizens in political, economic, cultural, and social life.

And this justification and need for adopting measures to face the housing emergency and guarantee the right of access find fit in the very configuration of the Spanish constitutional State. A social and democratic State of Law on the same hierarchical level and without a primacy of the first over the second and vice versa.

Spain's situation is not unique or exclusive. The problem of access to housing is a situation suffered in a generalized manner by the economies of developed countries. Only at the European scale, the 27 countries that currently make up the Union saw their prices increase in real terms by 58.97% between 2015 and 2026. This evolution among those countries forming the euro zone amounts to an increase of 62.14%. Although it is true that Spain is below both figures, specifically at 49.81%, the evolution of the environment, and more so in a globalized economy, does not make the country an environment absent and impermeable to being affected by these increases, as has been exposed above.

For these reasons, the European Commission has designed in the current Legislature a regulatory package that addresses an integral supranational response to the growing crisis of affordability and availability of housing. The known documents, regulation and recommendation, articulate a multi-level strategy oriented to address simultaneously the supply and demand factors in areas under residential stress.

While the regulation defines procedural limits and regulatory safeguards, the Recommendation offers a catalog of best practices to accelerate the real supply of housing, with special focus on affordable and social housing below market price.

These are two normative proposals in the direction of the policies adopted by the Government of Spain and the Ministry of Housing and Urban Agenda in recent years. According to the proposal, the European Commission suggests that competent administrations have the capacity to activate exceptional measures that prioritize the use as primary residence of homes and available land in tense zones. This matter is a priority that Spain has defended through its Government to preserve the residential character of homes against speculation.

Furthermore, the Commission's proposal establishes that, in areas under residential stress, competent administrations may place limits on tourist rentals if they demonstrate that these have contributed to making access to housing more expensive.

In its "Recommendation on affordable and accessible housing in areas under residential stress," the European Commission advocates for adopting housing acceleration plans in tense zones (to accelerate supply) and for promoting industrialized construction. In Spain, the Housing Law establishes the obligation to approve specific plans to reverse the situation of stress in housing prices in tense zones. Recently, the Government has submitted to public information a royal decree that allows providing extra funding to administrations with tense residential market zones to carry out that acceleration of the increase in available supply at affordable prices.

This economic and social situation therefore justifies the approval of a royal decree-law with urgent character to adapt the legal order and the mandate to which public authorities are subject to face the reality of the housing access crisis that is being faced in 2026.

This basic guarantee function of the right to enjoy a dignified home is what the State must perform in exercise of its competencies over the bases and coordination of the general planning of economic activity. Although most competencies in housing matters correspond to the autonomous communities and local entities, constitutional doctrine is clear in affirming that there is a duty of reciprocal cooperation between the State and the autonomous communities that does not need to be justified in specific provisions, as it is inherent to the territorial organization model established by the Constitution.

The operative part of the royal decree-law contains a total of 20 articles distributed in a total of six titles that, in sum, establish the necessary conditions to guarantee the right of access, permanence, and enjoyment of a dignified, adequate, and affordable home by citizens.

The first of the measures introduced by this royal decree-law is the protection of the residential use of housing against speculative activity.

Citizens who need a home have to compete in a market with different savings profiles—from saving families to speculative investment funds dedicated solely to obtaining the maximum economic return from the home. This situation produces that to access that competition on equal terms requires a very favorable economic condition. Since this is not the generalized situation of the majority of society in Spain, the direct consequence of this situation is the impossibility or displacement of access to housing in dignified and affordable conditions for these people.

The royal decree-law collects in its Article 1 the prohibition of speculative purchase of housing by any entity with or without legal personality, which includes the acquisition of real estate in its corporate purpose, will have limited the acquisition of a property, free of charge or for consideration, at a price lower than seventy percent of its market appraisal value. To guarantee its proportionality, in accordance with the doctrine of the Constitutional Court, this limitation will have a temporal validity until December 31, 2028.

The evictions of thousands of families were the most dramatic symbol of the consequences of the 2011 financial crisis. According to data from the General Council of the Judiciary, the annual average of launches derived from mortgage executions has reduced by almost 70% in the 2019-2025 period compared to the 2013-2018 period. Something similar happens with launches derived from the Urban Leases Act: its weight on the total of rental contracts in force has decreased by almost 50% between both periods, in a context in which the average number of contracts in force has increased by more than 600,000.

Although it is true that evictions have decreased significantly since 2019 thanks to the measures of the Government of Spain, both our condition as a social and democratic State of Law and the international commitments assumed by Spain, in the terms established by the Committee on Economic, Social and Cultural Rights of the United Nations, require greater protection so that no eviction of a person lacking a housing alternative occurs. Even more so when the administrations competent to provide it make an evident dereliction of their functions.

The royal decree-law, in matters of evictions, establishes two groups of measures, subdividing the first into two others:

First, eviction proceedings will be suspended in which the affected person lacks a housing alternative when the home is owned by a vulture fund. This suspension will remain until December 31, 2030. No compensations are foreseen, and the suspension will have indefinite character as long as the causes motivating it subsist. Additionally, a regime is established that will be applicable when the extraordinary enervation indicated below does not apply, and the claimants are not included within the aforementioned group of vulture funds. In this case, compensations are foreseen when the claimants are natural or legal persons dedicated to affordable rental.

OFFICIAL STATE GAZETTE
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Secondly, an extraordinary structural stay of action is included. The stay is an action that can be exercised by the tenant when there is an eviction process and amounts are owed. Through the stay, the tenant pays the owed amounts and the judicial process ends, continuing the life of the contract normally.

Under this new regulation, when no housing alternative is offered by the autonomous communities, they will be obliged to stay the action within a period of two months. During those two months, the process will remain suspended. If the action is stayed, the judicial process will end. If the action is not stayed within the two-month period, the suspension will remain in place until the competent Administration fulfills its obligation. According to statistics, this regulation will apply to the vast majority of eviction cases, with the rest covered by the suspension regulations mentioned earlier.

The General State Administration will compensate the autonomous communities, including the Basque Country Autonomous Community and the Chartered Community of Navarre, for the cost incurred by fulfilling this obligation, except for any late payment interest that may arise from the autonomous community's late compliance.

Spain not only complies with the pronouncements of the UN, but also establishes a measure of social justice, in line with the values of the society that makes up the country and legally provided for in the relationship between residents in the housing and owners.

This title also introduces a profound and ambitious modification of Law 29/1994, of November 24, on Urban Leases, with very specific regulation to end the fraud that seasonal rentals and room rentals produce on the rental of main residences.

The main reason is to prevent seasonal and room rentals from being used to evade the application of Law 12/2023, of May 24, on the right to housing. Many seasonal contracts actually conceal permanent housing needs, but without offering the tenant the security and rights that would legally correspond to them.

In recent years, new social realities have fostered new methods in housing rentals. In particular, this use of seasonal and room rentals over residential rental. Although a solid database is not currently required to quantify the weight of these short-term rentals, the Bank of Spain has already warned that these leases limit the capacity to increase the supply of housing for residential use.

These contracts are not only of shorter duration, but also imply the total absence of rights, duties, and guarantee mechanisms. In addition, as a mechanism to generate disproportionate returns in leasing, there is a significant number of properties whose contracts are constantly renewed with strong price increases, thanks to the absence of guarantees in annual updates and contract durations.

By diverting an increasing number of properties from the main housing market to the seasonal market, the available supply for permanent residents such as families, stable workers, and long-term students is drastically reduced, artificially increasing prices and making access to a stable home difficult.

It is necessary to respond to this challenge in line with the recent European Housing Plan, as well as the regulation and recommendation prepared by the European Commission, which establish support with legislative and non-legislative measures for those areas with housing pressure, limiting seasonal rentals in areas with high housing pressure, with the objective of protecting and promoting the affordability of housing in those areas.

This royal decree-law establishes a definition of what is considered a seasonal rental and room rental, and grants tenants guarantees and owners obligations that were previously unrecognized.

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In this way, any temporary rental or room rental contract that lacks an express cause motivating the real and proven need for temporary housing by the tenant will automatically become a standard contract.

It is also established that the sum of the rental price of the housing by rooms cannot exceed the amount of the rent of the unit lease contract of the entire housing. In addition, guarantees are added to limit their price in stressed residential market areas.

To safeguard autonomous competencies in this matter, the provisions of this royal decree-law regarding seasonal or room rentals will not prevent in any case the application of any regulations that have been or will be issued by the autonomous communities for application in their respective territories.

Likewise, other important measures are regulated, such as the prohibition of attributing to tenants the costs of real estate management for the formalization of the rental contract or taxes associated with the housing. Likewise, the guarantees of tenants are strengthened when the housing presents defects that affect its habitability, as well as the conditions under which a housing is delivered at the end of the contract.

On the other hand, the right of preferential acquisition of the leased housing by the tenant is expanded and strengthened.

These regulatory modifications will provide greater security to tenants, avoiding uncontrolled price increases year after year and guaranteeing that, if the need for housing is permanent, the contract will be governed by Law 29/1994, of November 24, and by the guarantees contemplated in this normative text.

Following the start of the conflict in Ukraine, inflation reached 10.8% and underlying inflation reached 7.6% in the years 2022 and 2023. This situation led the Government to establish an extraordinary limit on the update of rental incomes of lease contracts and an extraordinary extension of contracts.

One of the aspects that currently characterize the housing rental market in Spain is the strong financial overexposure of households to rental payments. According to the latest Eurostat data, 26.8% of households residing in market-price rentals in 2025 in our country allocated more than 40% of their income to paying rent. Although it has decreased significantly from 39.4% in 2022, it is still about 8 points above the European Union average, where 18.6% of households in market rentals are subject to financial burden.

This is added to the particular impact of price growth dynamics in housing, which, according to the latest data from the National Statistics Institute corresponding to the fourth quarter of 2025, have reached an annual increase of 12.9%, well above the annual variation of the Consumer Price Index in that same period, located at 4.9% in the advance indicator for September 2026.

Currently, with the conflict in the Middle East, inflation has recorded six consecutive months with an annual increase of more than three percent, and the international and economic situation does not show signs of improvement in this regard.

To address the economic and social consequences of these inflationary increases as a result of international conflicts, the royal decree-law establishes an extraordinary extension of housing lease contracts and an extraordinary limitation on the action of rental incomes of lease contracts until December 31, 2027. It will function under the following conditions: no update of the rent will be processed when the rental price of the housing is higher than the maximum limit of the reference price index, and when said price is not higher, it may be up to two percent, in the absence of agreement between landlord and tenant.

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Finally, the Law on the Right to Housing is modified to introduce the obligation to certify in the property registry the status of large holder of housing, according to the requirements established by the law itself or the autonomous legislation that supplements it.

And, on the other hand, it is established that lease contracts in stressed residential market areas that were celebrated before 2023 will have the same guarantees regarding their extensions as a contract celebrated after that entry into force.

Title II establishes a broad package in fiscal matters aimed at reorienting the use of housing towards its social and residential function. These fiscal instruments are justified insofar as the public housing stock acquires sufficient robustness to guarantee that the maximum number of available housing units in the housing stock has a residential use and an affordable price.

The Government has promoted different modifications in tax matters since 2018 to adapt fiscal policy to the supply of housing in the market at affordable prices. In this way, taxes in the matter of rental and purchase have been reoriented to ensure more beneficial taxation for all those practices that have as their purpose the residential use of housing.

The Housing Law introduced a novelty: unlike previous norms that modified the treatment of income from the rental of housing, for the first time, affordable rental was incentivized with reductions reaching up to 90 percent of the yields from the rental of main housing.

The Government has introduced new reductions in continuation with this fiscal path oriented towards the reduction of rental incomes, the residential use of housing, and the stability of contracts with this royal decree-law.

This new system establishes four scenarios to collect these reductions: when the same landlord formalizes a new lease contract for the housing; when the housing is rented for the first time; when the housing is rented to a public administration or non-profit entity so that it rents it at affordable or social prices; and when the housing has been rehabilitated in the previous two years.

Young people, families with medium and low incomes, and single-parent households dedicate an increasing part of their income to rent, in many cases above the threshold of overexertion. Thus, a deduction of up to 10 percent of the amounts paid for the rental of main housing is introduced, with limits on the income of the beneficiaries.

Although the number of households in financial burden has been significantly reduced in the current legislature, as mentioned above, the introduction of a deduction will directly alleviate that effort and increase their disposable income. In addition, it is intended that this deduction be an instrument that reduces the age of emancipation of young people, which has positive effects on natality, labor mobility, and personal autonomy.

A serious ailment suffered by the Spanish residential stock is its age, which makes it increasingly necessary to carry out actions in the matter of rehabilitation in order to ensure the availability of supply of the housing that has been built.

The Government has disposed of numerous instruments aimed at incentivizing its renovation through different public aids. These aids have not been subject to taxation, in order to incentivize the request for these and the execution of these actions.

In the same way, those fiscal incentives were expanded allowing a significant write-off of the cost to be assumed by the individual owners of the properties to be rehabilitated. With a result of almost 300,000 rehabilitation actions benefited between the years 2021 and 2025 and a savings for families of 853.9 million euros.

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In addition, the Government has included the rehabilitation aids of the State Housing Plan 2026-2030 exempt from taxation. Also included in the scenarios to establish the reduction of VAT to 10 percent are those rehabilitations of housing in which these actions are carried out with the final destination of being destined to habitual rental, in coherence with the aid lines of this State Plan and to increase the available supply.

Likewise, in order to avoid an increase in the number of empty housing, it is established that it will have the consideration of main housing, for the purposes of the exemption provided in the Personal Income Tax for the capital gain derived from its transmission, the housing in which people over 65 years old resided who, due to being in a situation of severe or great dependence, had to move to a residence or housing of a relative.

In the case of tourist use housing, until now, they lack a specific fiscal regime and in line with their irrefutable impact on the residential use of housing. The last Annual Report of the Bank of Spain reflects that this type of housing represents 10% of the rental market throughout Spain. Although the two most dramatic cases are those of Seville and Malaga where almost one in every two housing units rented in their historic centers is for tourist use. It is also important to highlight that there are at least six municipalities in the Canary Islands with more tourist beds than inhabitants residing in the municipality itself.

The entry into force of the reform of the Horizontal Property Law that empowers neighbors to face tourist apartments and the unique registry of short-term rentals have certified that their regulation helps to reduce their presence in the market.

Now, a specific fiscal regime is introduced for this type of housing: on the one hand, the obligation to pay Value Added Tax at a rate of 10 percent, so that they pay as the business they represent; and, on the other hand, municipalities and local entities are enabled to penalize in the Real Estate Tax the use of housing other than residential or empty housing.

In addition, with the objective of mobilizing non-residential housing to residential use, a surcharge in the Real Estate Tax is established that will apply to those housing considered as empty.

Furthermore, the fiscal regime of SOCIMI in its residential activity is modified through an increased tax rate on undistributed profits derived from the rental of housing. With this, it is incentivized that these companies orient their investment towards affordable rental, which will contribute to expanding the supply of this type of affordable housing in the short term to facilitate access for a greater number of people.

Among the instruments collected by this royal decree-law, the exemption in the tax on capital gains in the sale of a housing when the buyer is a public administration or dependent entity that establishes permanent and indefinite protection of the property stands out. Although it has different characteristics depending on the value of the housing, this exemption operates as an incentive for the rapid incorporation of housing into the public stock that has a condition of permanent and indefinite protection. In this way, private housing in sale will have an obvious appeal to become public housing and respond from then on to the general interest of the citizenry.

Likewise, with the objective of increasing the public housing stock with greater agility, the application of the super-reduced VAT to official protection housing is established when it has permanent and indefinite protection.

Thirdly, the block relative to measures for the increase of the public housing stock and the promotion of housing at affordable prices encompasses titles III and IV. Title III focuses on the state capacity to make available to the citizenry housing of a public nature at affordable prices, supplementarily to the competence that corresponds to the autonomies.

The General State Administration has promoted the necessary legal and administrative changes to provide housing at affordable prices through CASA 47, State Housing Entity. Substantially, the ownership of all state housing has been transferred to this Entity for its availability to the citizenry, highlighting in a preeminent way the package of housing coming from SAREB.

This high number of housing units come from the rescue of the banking sector carried out by the State in the previous crisis, to the detriment of thousands of Spanish families who lost the ownership of their homes and were sadly evicted.

In defense of the general interest, the Ministry of Housing and Urban Agenda, along with other competent ministries, has reoriented the destination of these properties for their service to the general interest.

Taken and executed this instrument, it remains to add an additional patrimonial protection of all the properties and lands that have been transferred, or will be, to CASA 47. As mentioned in the previous paragraphs, Spain has dispatrimonialized a large part of its public housing stock, built with large investments from the different public budgets of the different administrations. This absence of public housing stock represents an obvious disadvantage for public administrations to face the housing access crisis that the country faces.

Therefore, the royal decree-law fixes the permanent protection of all these state properties indefinitely, as an additional measure to shield their public character against any attempt at privatization in the future.

The permanent protection of housing owned by public administrations responds, undoubtedly, to the criteria of efficiency and economy in the execution of public resources, established in article 31 of the Spanish Constitution.

This duty of public administrations cannot be understood with a continuous dispatrimonialization of the housing and lands of their ownership to pass to uses that do not necessarily respond to the social function of housing, but rather to speculative purposes. A situation that has already occurred in certain cities, where housing built with large amounts of public resources were privatized at prices much lower than their real value and now are causing the unjust expulsion of hundreds of neighbors to designate those same housing for non-residential use.

The same occurs with residential use plots, whose alienation in favor of private hands not only implies the definitive elimination of any opportunity on the part of the administration to build on them in favor of the general interest. But it also implies a public intervention in the market far from any social function that is intended to be granted to housing.

All these dynamics, and their consequences, understand the need to establish a protection with the rank of law of all the public property of the properties of the state administration to prevent their alienation indefinitely.

The same Title III also definitively regulates the last transfer of properties of state public ownership to CASA 47. In this case, it is about the properties owned by Social Security that require a provision with the rank of law to effect their transfer in favor of the State Housing Entity.

Within this block of increase of the public housing stock and the promotion of housing at affordable prices, there is also Title IV, with a battery of measures for the promotion of new construction housing at affordable prices.

The concept of affordable housing is given a legal definition, which, although it is true, is understood to be collected in two definitions in Law 12/2023 on the Right to Housing, the concept has been consciously distorted at the moment when official protection housing has been offered at prices higher than the usual market prices in

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certain areas by autonomous and municipal administrations. To which associated expenses for annexes have also been included as an element to increase the rental price relative to the housing.
The sale or rental price of affordable housing, as understood by this regulation, shall not exceed thirty percent of the median income of the household of the municipality where the property is located. Nor, in the case of rental housing, may it include associated expenses for annexes to increase the original price of the housing, when it comes to affordable housing.
Likewise, the creation of a financing program for housing projects with a positive social impact is regulated. Thus, an instrument is articulated with the capacity to finance projects that attract private investment to innovative projects in the housing sector, provided these generate a positive social impact.
Likewise, the evident need and opportunity to make changes in the legal system to promote the production of housing with industrialization techniques in construction must be taken into account. Industrialized construction allows increasing the growth rate of the housing supply. Furthermore, due to its own particularities, housing produced with these techniques provides properties with greater quality at more affordable manufacturing costs. The first of these is a modification of the Law on Movable Mortgage to remove obstacles to access to credit for the production of industrialized components that are subsequently transported, assembled and assembled on site. In addition to this measure, the commissioning of a factory of industrialized elements for construction requires an initial investment that clearly limits business opportunities and initiatives. To this end, the State creates a guarantee system to provide guarantees for access to private financing so that SMEs of manufacturers and promoters can use these industrialization systems in construction. It is essential to point out that Spain lacks a sufficient muscle of companies that produce housing in these terms, which would not only be positive for correcting the existing housing deficit, but is also generating a competitive disadvantage for the Spanish sector and, therefore, for the economy of our country, compared to that of other countries in our vicinity. The TU CASA financing mechanism is created, through which loans of up to 50,000 euros at zero cost will be granted, with a grace period until the end of the mortgage payment or a maximum of 30 years, and from which a period of 10 years will be available for repayment and with an interest rate of 0%. An agreement of the Council of Ministers will regulate its objectives, beneficiaries and limits. The acquired housing will remain permanently subject to a maximum transmission price. It is also established that, within a maximum period of six months, the Ministry of Housing and Urban Agenda will regulate by regulation the definition and procedure for certification or recognition of the figure of affordable housing social providers. This definition will include cooperatives, with the reference of Housing Associations, for the purposes of making their activity viable and fostering it regulatorily and fiscally. This royal decree-law is adopted in a context of accelerated transformation of the economic and geopolitical environment of the European Union, which has placed the reinforcement of competitiveness and open strategic autonomy at the center of the European agenda. The reports "Much more than a market", presented by Enrico Letta in April 2024, and "The future of European competitiveness", presented by Mario Draghi in September 2024, agree in pointing out that Europe faces a structural deficit of investment that its financial intermediation mechanisms are not in a position to cover. The Draghi report quantifies it between 750,000 and 800,000
million euros annually until 2030, a magnitude that requires mobilizing European private savings on a large scale, while the Letta report proposes transforming the Union of Markets into a true Union of Savings and Investments in service of European strategic priorities. OFFICIAL STATE GAZETTE No. 241 Wednesday, September 30, 2026 Sec. I. Page 127828 cve: BOE-A-2026-20266 Verifiable at https://www.boe.es

This deficit contrasts with the abundance of savings accumulated by European households, of which a very significant part, estimated at around 10 trillion euros, remains immobilized and does not benefit from the opportunities to obtain a return through investment in the capital market. According to the European Central Bank, a volume of 8 trillion euros could be redirected towards investments in capital markets, an approximate flow of 350,000 million euros annually. The resolute and urgent development of European capital markets is therefore configured as an essential element to correct the imbalance between available savings and the investment needs of the Union, and thus contribute to channeling European savings towards the European economy. On 19 March 2025, the Commission adopted the Communication on the Union of Savings and Investments, which articulates an action schedule for the biennium 2025-2026 and provides for an interim review in 2027, and which the European Council welcomed favorably in its conclusions of 20 March 2025. The strategy rests on the co-responsibility of Member States, since a large part of the most effective levers to mobilize retail savings belong to the national competence area, so that its success depends on them acting quickly in their respective legal systems. Two subsequent milestones have contributed to turning the objective of advancing towards greater financial integration into a specific commitment for Spain to foster the development of new savings and investment products. First, on 5 June 2025, Spain signed, together with France, Germany, Luxembourg, the Netherlands, Portugal and Estonia, the terms agreement for the "Finance Europe" label, which establishes common criteria to identify long-term savings and investment products that allocate at least 70% of their assets to the European Economic Area. Second, on 30 September 2025, the European Commission adopted Recommendation (EU) 2025/2029, which urges Member States to incorporate into their legal systems savings and investment accounts with simplified and advantageous tax treatment, with a view to an interim review planned for 2027. Both initiatives thus form a coherent European framework, oriented towards expanding the participation of retail savers in capital markets and channeling their savings towards the strategic priorities of the Union. In conclusion, this royal decree-law is a broad package of structural measures that introduce numerous changes in the legal system to provide the necessary guarantees for the constitutional right to access housing and thereby preserve its social function. These are measures that enjoy broad and majority social support. A support that transcends those areas more closely related to housing, whether they be trade unions, business associations or organizations defending the right to housing. If public administrations close any perspective of action on redistribution, social justice and modification of a legal system that,
although complied with, represents a social and institutional failure, as has happened with the case of Maricarmen Abascal, it is entirely contradictory and incoherent to affirm that those same administrations are complying with the guiding principles of social and economic policy and the conditions of article 9.2 of the fundamental law of the State. The XIV and XV Legislatures of the current democratic period have promoted an unappealable number of advances in social rights and reinforcement of the welfare state. In the current Legislature, the agreement and majority social support for the dispositive part of this norm is uncontested. OFFICIAL STATE GAZETTE No. 241 Wednesday, September 30, 2026 Sec. I. Page 127829 cve: BOE-A-2026-20266 Verifiable at https://www.boe.es

II
The royal decree-law consists of an expository part and a dispositive part structured in six titles, with twenty articles, two additional provisions, two transitional provisions, one repealing provision and eleven final provisions. Title VI contains the modification of Law 6/2023, of 17 March, on Securities Markets and Investment Services, through which a new Title XI is incorporated into this law, divided into two chapters, along with the remaining necessary modifications to regulate the Savings and Investment Account Finance Europe. Title I. Measures in matters of protection of the social function of housing and against speculation.
Article 1 establishes a temporary limitation on certain acquisitions of
housing, from its entry into force until 31 December 2028. The measure affects entities, with or without legal personality, that have in their corporate object the acquisition of real estate for valuable consideration at a price lower than 70% of their market appraisal value.
Public sector entities and bodies whose purpose is the promotion and management of social and affordable housing are excluded. The limitation also does not apply to acquisitions intended for primary residence at affordable or social price for a minimum of five years, to residences for persons requiring sociosanitary care, to residences for vulnerable groups acquired by third sector entities nor to the protection of victims of gender violence. Transmissions elevated to public deed before the entry into force are preserved, even if pending registration, with the restrictions on modification or expansion provided for in the article.
Article 2 establishes a temporary regime for the suspension of evictions of
vulnerable persons without alternative housing. Until 31 December 2030, when the claimant is one of the entities that carry out the activity described in its paragraph 1, the court will suspend the process by order, even if there is a judgment, if the eviction has not yet been carried out, regardless of whether there has been a previous suspension. On the other hand, paragraph 2 establishes a regime that will be applicable when extraordinary enervation is not appropriate and the claimants are not included within paragraph 1. In this case, compensation is provided for when the claimants are natural or legal persons dedicated to affordable rental.
Article 3 modifies Law 29/1994, of 24 November, on Urban Leases, to reinforce the protection of tenant persons, clarify lease modalities and avoid the use of contractual formulas that distort the residential purpose of the housing.
Temporary lease requires a real and verifiable cause of displacement from the primary residence. Its duration must exceed thirty-one days and, as a general rule, not exceed twelve months, although it is admitted that the cause of temporality may persist subsequently. A duration exceeding twelve months without justification or the novation or succession of more than two consecutive contracts between the same parties and on the same housing determines its consideration as a habitual lease from the first of them. The regulation incorporates a limit linked to the Reference Index for Housing Leases —IRAV— for the annual percentage increase in rent of successive temporary contracts on the same housing and maintains this index as the limit for the annual update of the rent. It also strengthens the rules on recoverable expenses, repairs, additional guarantees and record of the state of the housing at the end of the contract. In joint sales, the preferential acquisition right of the tenant person is preserved when the housing is legally individualizable, with the price attributed by objective criteria, and the waiver of that right is prohibited.
Article 3 expressly includes the partial lease of rooms or spaces in the modalities of primary residence lease and temporary lease, taking into account the residential need they satisfy. It also establishes that the sum of the rents of the partial contracts valid simultaneously on the same housing may not exceed the rent of the unitary lease contract of the complete housing. In tense residential market areas, the rent of the unitary contract or, in its absence, the sum of the rents of the partial contracts must respect the limitations provided for in paragraphs 6, 7 and 8 of article 17 of the Urban Leases Law.
Assignments of rooms or spaces carried out by third sector social action entities, without profit purpose, in programs of reception, inclusion or accommodation of vulnerable persons and during their duration are excluded from the scope of application of this law. The regulation also incorporates a safeguard of autonomous provisions on temporary leases and rooms issued in the exercise of their competences. The reform is completed with mechanisms to ensure compliance with the obligations of short-term rental platforms in matters of information and data exchange, in connection with the Digital Window for Leases and Regulation (EU) 2024/1028, as well as with the corresponding control and sanctioning regime provisions.
Article 4 modifies Law 12/2023, of 24 May, on the right to housing. First, it clarifies the accreditation of the status of large holder through registry certification and the calculation of residential use units integrated into the same property, even if there is no registered horizontal division. The thresholds of more than ten urban residential properties or more than 1,500 square meters of residential built surface, excluding garages and storage rooms, are maintained, as well as the possibility of particularization up to five or more properties in the tense area, through autonomous motivation.
Second, it modifies the fourth transitional provision of said law to allow contracts prior to its entry into force to benefit from the extensions of article 10 of the Urban Leases Law in the wording introduced by it. Its updates are subject to the maximum limit of the eleventh additional provision of the Urban Leases Law. In other aspects, they retain the regime in force at the time of celebration.
Article 5 modifies article 685.2 of Law 1/2000, of 7 January, of Civil Procedure. The mortgage execution claim must indicate if the property constitutes the primary residence of the debtor and if the executing party has the status of large holder. When it is declared that this condition does not exist, a certification from the Property Registry with the list of properties in the name of the plaintiff must be attached.
Furthermore, this article includes the extraordinary enervation of the action with structural character. Through this new regulation, when no alternative housing is offered by the autonomous communities, they will be obliged to enervate the action within a period of two months. During those two months, the process will remain suspended. In case of enervation, the judicial process will end. In case the action is not enervated within the two-month period, the suspension will remain until the competent Administration fulfills its obligation. The General Administration of the State will compensate the autonomous communities, including the Autonomous Community of the Basque Country and the Chartered Community of Navarre, for the cost incurred by them in fulfilling this obligation, except for late interest that may be generated by the late fulfillment of the autonomous community. OFFICIAL STATE GAZETTE No. 241 Wednesday, September 30, 2026 Sec. I. Page 127830 cve: BOE-A-2026-20266 Verifiable at https://www.boe.es

Title II. Fiscal and tax measures in matters of housing.
Article 6 modifies Law 35/2006, of 28 November, on Individual Income Tax, through measures with three moments of effects: from 1 January 2026, from the entry into force of the royal decree-law and from 1 January 2027.
With effect from 1 January 2026, the rule of imputation of real estate incomes of 1.1% is extended to that exercise for properties located in municipalities whose revised, modified or determined cadastral values through general collective valuation have entered into force since 1 January 2012.
With effect from the entry into force of the royal decree-law, the reduction of the positive net yield from housing lease is reformed. For new contracts concluded by the same landlord who is not a large holder, a rent reduction exceeding 5% allows applying percentages of 100%, 95%, 90%, 85% or 70%, depending on whether the conditions provided for on continuity of the tenant, rent below the reference index, location in a tense area and age of the tenant are met. The 100% percentage is provided for continuity with the same tenant after the indicated periods or for another tenant when, in addition, the required rent limit is met. If the initial rent does not exceed the last rent of the previous contract, updated if necessary, the reduction is 50%. If it increases, the percentages are graduated at 40%, 30%, 25%, 20% or 15%, depending on whether the increase is, respectively, up to 5%, greater than 5% and up to 10%, greater than 10% and up to 15%, greater than 15% and up to 20%, or greater than 20%. For housing rented for the first time by taxpayers who are not large holders, reductions of 100%, 95%, 90%, 85% or 50% are provided for, depending on the reference rent, location and age of the tenants. Reductions of 70% are also regulated for social rental or public programs described and 60% for housing rehabilitated in the previous two years. During the tacit extension of article 10.1 of the Urban Leases Law, a reduction of 80% is contemplated when the landlord is not a large holder and the reference rent limit is respected. Rules for maintenance of requirements, application of the highest percentage when several concur, proportionality in certain cases with several tenants and exclusion of undeclared incomes or contracts that violate the indicated limitations are established. The transitional regime distinguishes contracts prior to Law 12/2023, of 24 May, those concluded between its entry into force and 1 December 2026 and the application of the reduction by tacit extension under the conditions provided. A deduction for primary residence rent is incorporated for taxpayers with a taxable base lower than 33,007.20 euros. The deduction is 10% of the amounts paid, with a maximum base of 11,630 euros when the taxable base does not exceed 23,007.20 euros; between that figure and 33,007.20 euros, the maximum base is reduced by the result of multiplying by 1.163 the difference between the taxable base and 23,007.20 euros. The state tax liability and the order of application of other deductions are adjusted. For at least half of the tax period, neither the taxpayer nor the members of their household may be owners, individually or jointly, of the full ownership or of a real right of use or enjoyment of another housing located less than fifty kilometers from the rented one, except for administrative or judicial resolution that prevents its use as a residence. Likewise, the list of public aid that is not integrated into the taxable base of the tax is expanded,
incorporating those provided for in rehabilitation programs and other expressly identified actions in the provision. The exemption upon transmission applies to capital gains obtained from the sale of housing to public sector entities and bodies dedicated to the promotion and management of social and affordable housing provided for in the norm, from the entry into force OFFICIAL STATE GAZETTE No. 241 Wednesday, September 30, 2026 Sec. I. Page 127831 cve: BOE-A-2026-20266 Verifiable at https://www.boe.es

until December 31, 2027, provided that the total value of the transfer is less than 800,000 euros and the housing has remained continuously unoccupied without justified cause for the two preceding years. The exemption is total up to a value of 200,000 euros and decreases between that amount and 800,000 euros. Coordination with reinvestment in the Financia Europa Reinvestment Savings and Investment Account is foreseen for the portion of the transfer value proportionally corresponding to the non-exempt gain, within a period of six months, with the temporary specialities described below and with a total maximum reinvestment of 800,000 euros. The accreditation of vacancy, co-ownership, and regularization with interest when conditions are not met are regulated.

The reform of long-term savings plans incorporates the Financia Europa Long-Term Individual Savings Insurance (SIALPFE), with contributions of up to 10,000 euros annually, compared to the limit of 5,000 euros of other instruments provided. A set of eligible assets is established, a minimum investment of 30% in equity, correction rules, information and mobilization, and tax consequences for non-compliance. The exemption of positive returns when capital is not withdrawn before the end of the five-year period from opening and the remaining plan requirements are met is maintained. The minimum guarantee of 85% of capital is maintained for the ordinary SIALP and the Long-Term Individual Savings Account, but is not required for the SIALPFE.

The assets of the SIALPFE may comprise shares of companies in the European Union or the European Economic Area, except SOCIMI and analogous foreign entities; eligible collective investment institutions, except variable capital investment companies; and fixed income of public or private entities domiciled in the European Economic Area with a minimum credit rating of BBB. Derivatives are excluded. The insurer determines the specific assets and the policyholder can only choose between the asset sets provided in the contract. The mobilization of this insurance can only be carried out to another SIALPFE. Failure to correct eligibility requirements results in the loss of this status and tax exemption, with the attribution and withholding consequences provided for in the law.

Law 35/2006, of November 28, on Personal Income Tax, is modified to incorporate the tax regime of the Financia Europa Savings and Investment Account. This regime defers taxation of gains or losses derived from assets integrated into the Account until a disposal occurs and establishes a tax incentive linked to the retention of contributions. Likewise, the regime of Long-Term Savings Plans is adapted through the creation of the Financia Europa Long-Term Individual Savings Insurance, with a specific contribution limit and own investment requirements, and additional provisions sixty-fifth and sixty-sixth are incorporated, relating to fiscal measures linked to the transmission of housing and the Financia Europa Reinvestment Savings and Investment Account.

New article 95 ter requires the ownership of a single account of the general modality, exclusively monetary contributions, and a maximum of 150,000 euros of pending recovery contributions. Gains and losses from the transmission or reimbursement of integrated assets are not incorporated into the taxable base until a total or partial disposal. For gains proportionally attributable to contributions held for more than five years, 100% is excluded from taxation up to a maximum total amount of 10,000 euros per taxpayer and 20% of the remaining part. For these purposes, the oldest contributions are considered recovered first.

Losses resulting from partial disposals are applied to reduce gains from subsequent disposals and the pending balance is integrated when the account is fully disposed of. Dividends and other returns on financial assets included in article 25.1 of the Tax Law are taxed according to the general regime and are not considered integrated into the account, with the exceptions expressly provided for certain return of contributions and issuance premiums. The consequences of death, loss of taxpayer status, non-compliance with requirements, and information obligations of provider entities are also regulated.

The Financia Europa Reinvestment Savings and Investment Account modality is configured as a specialty of the Financia Europa Savings and Investment Account, compatible with the ownership of an account of the general modality. The financial and tax regime of this and its respective development provisions apply to it, with the specialities provided for in additional provision sixty-sixth of Law 35/2006, of November 28, and in additional provision tenth of Law 6/2023, of March 17. These specialities address its link to the exemption by reinvestment of amounts from certain housing transmissions and include, among other aspects, the origin and limits of contributions, the exclusion of taxation of capital gains, and information obligations.

In the reinvestment modality, the limit of 800,000 euros applies to the total accumulated amount of contributions made by the taxpayer and is not replenished by total or partial disposals. The account must be identified separately and contributions must come exclusively from housing transmissions included in the exemption and be made within the applicable reinvestment period. Disposal before five years have passed since the corresponding contribution determines the regularization of the reinvestment exemption, except in the event of the taxpayer's death.

Gains from the reinvestment account itself proportionally attributable to contributions that have remained for more than five years are subject to the 20% tax exclusion, but not the 100% exemption of the first 10,000 euros provided for the general modality. The determination of gains, losses, and pending recovery contributions is carried out separately for each account.

Information obligations also include the origin of funds and their link to housing transmissions.

The exemption by reinvestment in the Financia Europa Reinvestment Savings and Investment Account will apply only to capital gains derived from transfers carried out thirty business days after the entry into force of this royal decree-law. When the transfer is carried out before the entry into force of the ministerial order that implements the fulfillment of the account's information obligations, the six-month period to make the reinvestment will be calculated from the date of entry into force of said order. For transfers carried out from that date, the general six-month period from the transfer is maintained. These provisions do not affect the application of the housing transmission exemption that does not require reinvestment.

Finally, from January 1, 2027, the minimum yield in case of kinship and the imputation of real estate incomes are modified. A scale is introduced on the sum of the cadastral values of the properties included in the regulation, with percentages of 1.1%, 1.5%, 2%, and 3%, and rules on temporal proportionality, absence of cadastral value, and properties under construction or not susceptible to use for urban planning reasons.

Article 7 modifies Law 37/1992, of December 28, on Value Added Tax. Leases of apartments or furnished housing are excluded from the exemption when the landlord provides complementary services typical of the hotel industry or when the conditions regarding a stay not exceeding thirty nights and accommodation different from the landlord's habitual residence concur jointly. These leases are included in the reduced rate of article 91.One.2.2.º Both modifications have effect from December 1, 2026.

The application of the reduced rate is extended to renovation and repair works of housing intended for habitual rental, regardless of the landlord's status, provided that the established requirements are met. Among them are payment by specified banking means, a minimum age of two years from construction or rehabilitation, and a limit of 40% of the taxable base for materials provided.

Likewise, the delivery by promoters of protected housing with permanent or indefinite qualification, together with the categories of official protection of special regime or public promotion, is expressly incorporated into the super-reduced rate. The regulation includes garages and annexes transmitted jointly, with a maximum of two parking spaces.

Article 8 modifies article 72 of the consolidated text of the Law Regulating Local Treasuries. In municipalities located in stressed residential market areas, it is also allowed to establish a surcharge of up to 50% of the net amount of the Property Tax (IBI) on residential properties intended for tourist accommodation in accordance with autonomous community regulations. The surcharge may reach 100% when it concerns holders of two or more residential properties intended for that use and 150% when they are holders of four or more. Its establishment and regulation correspond to town councils through a fiscal ordinance.

Article 9 modifies Law 11/2009, of October 26, regulating Listed Real Estate Investment Companies. It establishes a special tax of 25% on undistributed profits derived from the activity of leasing or granting use of residential housing described in the law, including tourist and short-term accommodations, in the part corresponding to rents that have not been taxed at the general rate of Corporate Tax nor are covered by the reinvestment period provided.

The tax is reduced by 50% when more than 80% of the housing stock for rent is affordable, or by 100% when, in addition, the undistributed profit is reinvested within three years in housing intended for affordable rental. Rules for calculation, consolidation, and valuation are included and the considered stock is limited to that located in Spain. Transitionally, higher percentages of over 60% are required for periods starting in 2026 and not concluded upon entry into force, and over 70% for those starting in 2027.

Article 10 fixes new maximum amounts of the coefficients applicable to the value of the land to determine the taxable base of the Tax on the Increase in Value of Urban Land, in accordance with article 107.4 of the consolidated text of the Law Regulating Local Treasuries. The scale distinguishes periods of generation from less than one year to twenty years or more.

Title III. Increase and protection of the public housing stock.

Article 11 modifies additional provision twentieth of Law 33/2003, of November 3, on the Property of Public Administrations.

In the alienation of housing in its ownership or promoted on residential plots alienated by the entity, the price may not exceed the result of applying the highest module of protected housing in force in the corresponding autonomous community to the registered surface area. The limitation is extended to successive transmissions, is incorporated into specifications and titles, and is recorded in the Property Registry. For housing subject to public protection, it begins to operate when its protection period ends.

Article 12 regulates the contribution to CASA 47 of real estate from the State Property suitable for housing policy, as well as housing located in the Social Security property, duly valued. The contribution is articulated through article 132.2 of Law 33/2003, of November 3, without prior valuation in general, without prejudice to the valuation expressly provided for Social Security housing, with a transmissive character and substitution of the entity in legal relations regarding the goods. The ministerial order constitutes title to register the transmission.

The specialities of real estate made available by INVIED, ADIF, the Infrastructure and Equipment Management of State Security, and the General Treasury of Social Security are included, with the compensation exclusions provided for INVIED, ADIF, and GIESE. In the case of housing from the Social Security property, after its valuation, the consideration may be instrumented through debt forgiveness by the Ministry of Finance for an amount equal to the value of the transferred housing. For goods from the Special Fund of MUFACE and the Royal Patronages administered by National Property, management through property transactions that assign use to CASA 47 is contemplated, preserving the original ownership.

Title IV. Promotion of affordable housing.

Article 13 creates the Social Impact Housing Fund, without legal personality, of indefinite duration, and attached to the Ministry of Housing and Urban Agenda, under article 137 of Law 40/2015, of October 1. Its purpose is to finance innovative housing projects that generate positive social impact and attract private investment.

It will be endowed through the Ministry's budget and will be governed by the royal decree-law, its regulatory development, and other applicable norms.

Article 14 defines affordable housing as that whose conditions of sale or rental price, including associated expenses, do not exceed 30% of the median income of the usual household unit in the municipality where it is located. Expenses of annexes may not increase the rental price determined for the housing according to this rule.

Article 15 modifies article 12 of the Law of December 16, 1954, on movable mortgage and pledge without displacement of possession to include, among mortgageable assets, the set of industrialized components intended for the construction of buildings, manufactured in a controlled environment for subsequent transport, reception, assembly, and installation on site. The measure facilitates their use as collateral in the financing of the production process.

Article 16 modifies article 86 of Royal Decree-Law 8/2023, of December 27, to regulate a line of guarantees up to 2,000 million euros, through agreements between the Ministry of Housing and Urban Agenda and the ICO, for a period of up to thirty-five years. The partial coverage reaches loans to public and private promoters intended to increase or improve the social or affordable rental stock, within the ICO MRR Facility for Social Housing Promotion or charged to the Spain GROWS investment strategy.

The agreements will determine the loan conditions, verification of requirements, and budgetary application to attend executions, with expandable credit. The publication of guarantees in the National Subsidies Database is foreseen.

Likewise, article 86 bis is incorporated which regulates the recovery of debt by the ICO for the entire operation, both in the guaranteed and non-guaranteed part, without application of the public law credit regime. It includes restructuring and insolvency intervention and attributes to credits derived from guarantees a financial character and ordinary rank, without prejudice to the guarantees of the main credit.

Article 17 authorizes a line of partial coverage guarantees of ICO financing for SME manufacturers or promoters using industrialized construction systems, within the ICO INDUSTRIALIZED CONSTRUCTION GROWTH line for investment and working capital. Its purpose is to boost industrial capacity and the working capital associated with housing manufacturing.

The maximum amount of guarantees is 280 million euros and their granting is foreseen until 2040, with the possibility of extension by agreement of the Council of Ministers. The regulation requires compliance with European State aid rules and foresees the attention of executions charged to an application of the Ministry of Housing and Urban Agenda that is specified in the agreement, with expandable credit.

Article 18 establishes the collection regime for this financing for the entire operation, with ICO acting in the name and on behalf of the Ministry regarding the guaranteed part, debtor responsibility for the entire debt, and rules on restructuring, guarantees, and insolvency treatment consistent with those provided for social and affordable housing financing.

Title V. Other measures in housing matters.

Article 19 creates the TU CASA mechanism, managed by the ICO, to complement private financing for those accessing their first habitual mortgaged housing. Loans cover the lesser amount between 20% of the value of the housing and 50,000 euros, at zero interest and without commissions. The text contemplates a period of up to ten years and a grace period equivalent to the mortgage term, with the maximum of thirty years provided for in the provision.

An agreement of the Council of Ministers will develop the object, beneficiaries, limits, characteristics, and initial amount of the line. The article does not establish an age limit to access the mechanism. Financing comes from the budget of the Ministry of Housing and Urban Agenda; repayments and returns can be reinvested during the validity of the mechanism and return to the Treasury afterwards. Separate accounting is established and the attribution of management costs to the mechanism's budget, in accordance with the agreement with the ICO.

Title VI. Measures for the creation of the Financia Europa Savings and Investment Account.

Article 20 modifies Law 6/2023, of March 17, on Securities Markets and Investment Services. It incorporates new article 309 bis, on infringements by provider entities; title XI, integrated by articles 341 to 356 and divided into two chapters, which regulates the account and eligible collective investment institutions; and additional provisions tenth and eleventh, relating to the reinvestment modality and the ordering and discipline norm.

Nature and definitions.

The account is configured as a contractual relationship of investment services between a natural person and a provider entity, articulated through an operational account and a securities account. The definitions of owner, contributions, eligible assets, sub-accounts, counterparty account, and disposals are regulated, and the denomination is reserved for contracts that meet legal conditions. Its ownership is individual and non-transferable and the same taxpayer can only be simultaneously owner of an account of the general modality, without prejudice to its compatibility with an account of the reinvestment modality.

The reinvestment modality is linked to contributions derived from the transmission of a housing in the tax terms to which the article refers. The financial regulation is integrated with securities market norms, collective investment institutions, investment services, investor protection, anti-money laundering, and tax obligations.

Providers, structure, opening, and marketing.

Credit entities authorized to provide investment services and investment service companies included in the provision may act as providers. Entities authorized in another European Union Member State or in a third country that act in Spain through a branch are included.

An operational cash sub-account is distinguished from the securities sub-account and the counterparty bank account. Contributions and disposals are made in

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previstas para determinadas devoluciones de aportaciones y primas de emisión. Se regulan asimismo las consecuencias del fallecimiento, la pérdida de la condición de contribuyente, el incumplimiento de requisitos y las obligaciones de información de las entidades proveedoras.

La modalidad de la Cuenta de Ahorro e Inversión Financia Europa Reinversión se configura como una especialidad de la Cuenta de Ahorro e Inversión Financia Europa, compatible con la titularidad de una cuenta de la modalidad general. Le resultan aplicables el régimen financiero y tributario de esta y sus respectivas disposiciones de desarrollo, con las especialidades previstas en la disposición adicional sexagésima sexta de la Ley 35/2006, de 28 de noviembre, y en la disposición adicional décima de la Ley 6/2023, de 17 de marzo. Estas especialidades atienden a su vinculación con la exención por reinversión de cantidades procedentes de determinadas transmisiones de viviendas y comprenden, entre otros aspectos, la procedencia y los límites de las aportaciones, la exclusión de gravamen de las ganancias patrimoniales y las obligaciones de información.

En la modalidad de reinversión, el límite de 800.000 euros se aplica al importe total acumulado de las aportaciones efectuadas por el contribuyente y no se repone mediante las disposiciones totales o parciales. La cuenta debe identificarse separadamente y las aportaciones han de proceder exclusivamente de las transmisiones de viviendas comprendidas en la exención y realizarse dentro del plazo de reinversión aplicable. La disposición antes de que transcurran cinco años desde la aportación correspondiente determina la regularización de la exención por reinversión, salvo fallecimiento del contribuyente.

A las ganancias de la propia cuenta de reinversión proporcionalmente atribuibles a aportaciones que hayan permanecido más de cinco años les resulta aplicable la exclusión de gravamen del 20 %, pero no la exención del 100 % de los primeros 10.000 euros prevista para la modalidad general. La determinación de ganancias, pérdidas y aportaciones pendientes de recuperación se realiza separadamente para cada cuenta.

Las obligaciones de información comprenden también la procedencia de los fondos y su vinculación con las transmisiones de viviendas.

La exención por reinversión en la Cuenta de Ahorro e Inversión Financia Europa Reinversión se aplicará únicamente a las ganancias patrimoniales derivadas de transmisiones realizadas transcurridos treinta días hábiles desde la entrada en vigor de este real decreto-ley. Cuando la transmisión se realice antes de la entrada en vigor de la orden ministerial que instrumente el cumplimiento de las obligaciones de información de la cuenta, el plazo de seis meses para efectuar la reinversión se computará desde la fecha de entrada en vigor de dicha orden. Para las transmisiones realizadas a partir de esa fecha, se mantiene el plazo general de seis meses desde la transmisión. Estas previsiones no afectan a la aplicación de la exención por transmisión de vivienda que no requiere reinversión.

Por último, desde el 1 de enero de 2027 se modifican el rendimiento mínimo en caso de parentesco y la imputación de rentas inmobiliarias. Se introduce una escala sobre la suma de los valores catastrales de los inmuebles comprendidos en la regulación, con porcentajes del 1,1 %, 1,5 %, 2 % y 3 %, y reglas sobre proporcionalidad temporal, ausencia de valor catastral e inmuebles en construcción o no susceptibles de uso por razones urbanísticas.

El artículo 7 modifica la Ley 37/1992, de 28 de diciembre, del Impuesto sobre el Valor Añadido. Se excluyen de la exención los arrendamientos de apartamentos o viviendas amueblados cuando el arrendador preste servicios complementarios propios de la industria hotelera o cuando concurran conjuntamente las condiciones relativas a una estancia no superior a treinta noches, un alojamiento distinto de la vivienda habitual del arrendador. Estos arrendamientos se incluyen en el tipo reducido del artículo 91.Uno.2.2.º Ambas modificaciones tienen efectos desde el 1 de diciembre de 2026.

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Se amplía la aplicación del tipo reducido a las obras de renovación y reparación de viviendas destinadas al arrendamiento habitual, cualquiera que sea la condición del arrendador, siempre que se cumplan los requisitos establecidos. Entre ellos figuran el pago mediante los medios bancarios especificados, la antigüedad mínima de dos años desde la construcción o rehabilitación y el límite del 40 % de la base imponible para los materiales aportados.

Asimismo, se incorpora expresamente al tipo superreducido la entrega por sus promotores de viviendas protegidas con calificación permanente o indefinida, junto a las categorías de protección oficial de régimen especial o promoción pública. La regulación comprende los garajes y anexos transmitidos conjuntamente, con un máximo de dos plazas de garaje.

El artículo 8 modifica el artículo 72 del texto refundido de la Ley Reguladora de las Haciendas Locales. En los municipios ubicados en zonas de mercado residencial tensionado se permite, asimismo, establecer un recargo de hasta el 50 % de la cuota líquida del IBI sobre los inmuebles residenciales destinados a alojamientos turísticos conforme a la normativa autonómica. El recargo podrá alcanzar el 100 % cuando se trate de titulares de dos o más inmuebles residenciales destinados a ese uso y el 150 % cuando sean titulares de cuatro o más. Su establecimiento y regulación corresponden a los ayuntamientos mediante ordenanza fiscal.

El artículo 9 modifica la Ley 11/2009, de 26 de octubre, reguladora de las Sociedades Anónimas Cotizadas de Inversión en el Mercado Inmobiliario. Establece un gravamen especial del 25 % sobre los beneficios no distribuidos procedentes de la actividad de arrendamiento o cesión de uso residencial descrita en la norma, incluidos los alojamientos turísticos y de corta duración, en la parte correspondiente a rentas que no hayan tributado al tipo general del Impuesto sobre Sociedades ni estén acogidas al período de reinversión previsto.

El gravamen se reduce en un 50 % cuando más del 80 % del parque de viviendas en arrendamiento sea asequible, o en un 100 % cuando, además, el beneficio no distribuido se reinvierta en tres años en viviendas destinadas al alquiler asequible. Se incluyen reglas de cómputo, consolidación y valoración y se limita el parque considerado al situado en España. Transitoriamente se exigen porcentajes superiores al 60 % para los períodos iniciados en 2026 y no concluidos a la entrada en vigor, y superiores al 70 % para los iniciados en 2027.

El artículo 10 fija nuevos importes máximos de los coeficientes aplicables al valor del terreno para determinar la base imponible del Impuesto sobre el Incremento de Valor de los Terrenos de Naturaleza Urbana, conforme al artículo 107.4 del texto refundido de la Ley Reguladora de las Haciendas Locales. La escala distingue períodos de generación desde menos de un año hasta veinte años o más.

Título III. Incremento y protección del parque público de vivienda.

El artículo 11 modifica la disposición adicional vigésima de la Ley 33/2003, de 3 de noviembre, del Patrimonio de las Administraciones Públicas.

En la enajenación de viviendas de su titularidad o promovidas en solares residenciales enajenados por la entidad, el precio no podrá superar el resultado de aplicar a la superficie registral el módulo más alto de vivienda protegida vigente en la comunidad autónoma correspondiente. La limitación se extiende a sucesivas transmisiones, se incorpora a pliegos y títulos y se hace constar en el Registro de la Propiedad. Para viviendas sometidas a protección pública, comienza a operar cuando finaliza su plazo de protección.

El artículo 12 regula la aportación a CASA 47 de inmuebles del Patrimonio del Estado susceptibles de destinarse a la política de vivienda, así como de las viviendas que se encuentren en el patrimonio de la Seguridad Social, debidamente valoradas. La aportación se articula por la vía del artículo 132.2 de la Ley 33/2003, de 3 de noviembre, sin valoración previa con carácter general, sin perjuicio de la valoración expresamente prevista para las viviendas de la Seguridad Social, con carácter traslativo y subrogación de la entidad en las relaciones jurídicas sobre los bienes. La orden ministerial constituye título para inscribir la transmisión.

Se incluyen las especialidades de los inmuebles puestos a disposición por INVIED, ADIF, la Gerencia de Infraestructuras y Equipamiento de la Seguridad del Estado y la Tesorería General de la Seguridad Social, con las exclusiones de compensación previstas para INVIED, ADIF y GIESE. En el caso de las viviendas del patrimonio de la Seguridad Social, tras su valoración, la contraprestación podrá instrumentarse mediante condonación de deuda por el Ministerio de Hacienda por un importe igual al valor de las viviendas traspasadas. Para los bienes del Fondo Especial de MUFACE y de los Reales Patronatos administrados por Patrimonio Nacional se contempla la gestión mediante negocios patrimoniales que atribuyan el uso a CASA 47, conservándose la titularidad de origen.

Título IV. Fomento de la promoción de vivienda asequible.

El artículo 13 crea el Fondo de Vivienda de Impacto Social, sin personalidad jurídica, de duración indefinida y adscrito al Ministerio de Vivienda y Agenda Urbana, al amparo del artículo 137 de la Ley 40/2015, de 1 de octubre. Su finalidad es financiar proyectos innovadores de vivienda que generen impacto social positivo y atraer inversión privada.

Se dotará a través del presupuesto del Ministerio y se regirá por el real decreto-ley, su desarrollo reglamentario y las demás normas aplicables.

El artículo 14 define la vivienda asequible como aquella cuyas condiciones de precio de venta o alquiler, incluidos los gastos asociados, no superen el 30 % de la renta mediana de la unidad de convivencia habitual del municipio en que se ubique. Los gastos de los anejos no podrán incrementar el precio de alquiler determinado para la vivienda conforme a esta regla.

El artículo 15 modifica el artículo 12 de la Ley de 16 de diciembre de 1954 sobre hipoteca mobiliaria y prenda sin desplazamiento de posesión para incluir, entre los bienes hipotecables, el conjunto de componentes industrializados destinados a la construcción de edificios, fabricados en un entorno controlado para su posterior transporte, recepción, montaje y ensamblaje en obra. La medida facilita su utilización como garantía en la financiación del proceso productivo.

El artículo 16 modifica el artículo 86 del Real Decreto-ley 8/2023, de 27 de diciembre, para regular una línea de avales de hasta 2.000 millones de euros, mediante convenios entre el Ministerio de Vivienda y Agenda Urbana y el ICO, por un plazo de hasta treinta y cinco años. La cobertura parcial alcanza préstamos a promotores públicos y privados destinados a incrementar o mejorar el parque de alquiler social o asequible, dentro de la Facilidad ICO MRR para Promoción de Vivienda Social o con cargo a la estrategia de inversión España CRECE.

Los convenios determinarán las condiciones de los préstamos, la verificación de requisitos y la aplicación presupuestaria para atender las ejecuciones, con crédito ampliable. Se prevé la publicación de los avales en la Base de Datos Nacional de Subvenciones.

Asimismo, se incorpora un artículo 86 bis que regula la recuperación de la deuda por el ICO para el conjunto de la operación, tanto en la parte avalada como en la no avalada, sin aplicación del régimen de créditos de derecho público. Incluye la reestructuración y la intervención concursal y atribuye a los créditos derivados de los avales carácter financiero y rango ordinario, sin perjuicio de las garantías del crédito principal.

El artículo 17 autoriza una línea de avales de cobertura parcial de la financiación del ICO para pymes fabricantes o promotoras que utilicen sistemas de construcción industrializada, dentro de la línea ICO CRECIMIENTO CONSTRUCCIÓN INDUSTRIALIZADA para inversión y circulante. Su finalidad es impulsar la capacidad industrial y el circulante asociado a la fabricación de vivienda.

El importe máximo de avales es de 280 millones de euros y se prevé su otorgamiento hasta 2040, con posibilidad de extensión por acuerdo del Consejo de Ministros. La regulación exige el cumplimiento de las normas europeas sobre ayudas de Estado y BOLETÍN OFICIAL DEL ESTADO Núm. 241 Miércoles 30 de septiembre de 2026 Sec. I. Pág. 127836 cve: BOE-A-2026-20266 Verificable en https://www.boe.es

prevé la atención de las ejecuciones con cargo a una aplicación del Ministerio de Vivienda y Agenda Urbana que se concrete en el convenio, con crédito ampliable.

El artículo 18 establece el régimen de cobranza de esta financiación para la totalidad de la operación, con actuación del ICO en nombre y por cuenta del Ministerio respecto de la parte avalada, responsabilidad del deudor por el conjunto de la deuda y reglas sobre reestructuración, garantías y tratamiento concursal coherentes con las previstas para la financiación de vivienda social y asequible.

Título V. Otras medidas en materia de vivienda.

El artículo 19 crea el mecanismo TU CASA, gestionado por el ICO, para complementar la financiación privada de quienes accedan a su primera vivienda habitual hipotecada. Los préstamos cubren el menor importe entre el 20 % del valor de la vivienda y 50.000 euros, a interés cero y sin comisiones. El texto contempla un plazo de hasta diez años y una carencia equivalente al plazo de la hipoteca, con el máximo de treinta años previsto en el precepto.

Un acuerdo del Consejo de Ministros desarrollará el objeto, los beneficiarios, los límites, las características y el importe inicial de la línea. El articulado no establece un límite de edad para acceder al mecanismo. La financiación procede del presupuesto del Ministerio de Vivienda y Agenda Urbana; los reembolsos y rendimientos pueden reinvertirse durante la vigencia del mecanismo y retornan después al Tesoro. Se establece contabilidad separada y la imputación de los costes de gestión al presupuesto del mecanismo, conforme al convenio con el ICO.

Título VI. Medidas para la creación de la Cuenta de Ahorro e Inversión Financia Europa.

El artículo 20 modifica la Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión. Incorpora el nuevo artículo 309 bis, sobre infracciones de las entidades proveedoras; un título XI, integrado por los artículos 341 a 356 y dividido en dos capítulos, que regula la cuenta y las instituciones de inversión colectiva elegibles; y las disposiciones adicionales décima y decimoprimera, relativas a la modalidad de reinversión y a la normativa de ordenación y disciplina.

Naturaleza y definiciones.

La cuenta se configura como una relación contractual de servicios de inversión entre una persona física y una entidad proveedora, articulada mediante una cuenta operativa y una cuenta de valores. Se regulan las definiciones de titular, aportaciones, activos elegibles, subcuentas, cuenta de contrapartida y disposiciones, y se reserva la denominación a los contratos que cumplan las condiciones legales. Su titularidad es individual e intransmisible y un mismo contribuyente solo puede ser titular simultáneamente de una cuenta de la modalidad general, sin perjuicio de su compatibilidad con una cuenta de la modalidad de reinversión.

La modalidad de reinversión se vincula a las aportaciones procedentes de la transmisión de una vivienda en los términos tributarios a los que remite el articulado. La regulación financiera se integra con las normas de mercados de valores, instituciones de inversión colectiva, servicios de inversión, protección del inversor, prevención del blanqueo y obligaciones tributarias.

Proveedores, estructura, apertura y comercialización.

Pueden actuar como proveedores las entidades de crédito habilitadas para prestar servicios de inversión y las empresas de servicios de inversión comprendidas en el precepto. Se incluyen las entidades autorizadas en otro Estado miembro de la Unión Europea o en un tercer país que actúen en España a través de sucursal.

Se diferencia una subcuenta operativa de efectivo de la subcuenta de valores y de la cuenta bancaria de contrapartida. Las aportaciones y disposiciones se realizan en

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cash through this latter. Reimbursements for transfers and refunds, transaction expenses, and the treatment of dividends and other distributed returns, which are credited to the counterpart account, are regulated. Maintenance, administration, deposit, management, and mobilization expenses are charged to the counterpart account; only expenses and indirect taxes exclusively linked to the acquisition, subscription, transfer, or redemption of eligible assets may be charged to the operating account under the terms provided.

The operating account may not have a debit balance. The cash limit is 1,500 euros in the ordinary modality and 8,000 euros in the reinvestment modality, with three months to invest or withdraw excesses arising from permitted credits. Once this period has elapsed, the excess is considered a partial disposal, and the providing entity must transfer it to the counterpart account. Opening requires a written contract, on paper or electronic medium, and prominent information regarding the ownership of a single account, contribution limits, eligible assets, the tax and financial consequences of non-compliance, and the existence, if any, of profitability or capital preservation guarantees. Before opening, the entity will require a responsible declaration that the holder does not have another account of the same modality.

Marketing is subject to the conduct rules of Law 6/2023, of March 17, on Securities Markets and Investment Services, including suitability or appropriateness assessments as applicable.

Assets, contributions, and cancellation.

Negotiated shares of companies linked to the European Union or the European Economic Area and their preferential subscription rights are permitted, as well as participations or shares of financial collective investment institutions, including exchange-traded funds, that meet the established conditions. Shares of SOCIMI and analogous foreign entities, and participations or shares of variable capital investment companies, are excluded. Derivative contracts may not be integrated, providers may not grant credits or loans to carry out securities operations within the account, and operations on integrated assets are limited to their acquisition, transfer, subscription, or redemption.

The subsequent loss of eligibility must be communicated to the holder without delay, indicating the cause, the measures necessary to correct it, the deadline for remediation, and the consequences of not doing so. A general deadline of three months from communication is established for remediation, which corresponds to the holder when the service consists of receiving, transmitting, or executing orders, and to the providing entity when advisory or portfolio management services are provided. If not remedied, the sale of the affected assets and the transfer of their amount to the counterpart account proceed, considered as a partial disposal.

Pending contributions for recovery may not exceed 150,000 euros in the general modality, and the entity may not accept contributions exceeding this limit. Amounts obtained from the transfer or redemption of assets remaining within the account, nor those from corporate operations on already integrated assets, do not count as new contributions. In the reinvestment modality, an accumulated limit of 800,000 euros applies, with the specialities described in the tax section.

Cancellation causes are regulated, including the holder's request, non-compliance with contribution limits or obligations arising from the loss of eligibility, death, and loss of IRPF taxpayer status. Cancellation by request, non-compliance, or other contractual or regulatory causes entails total disposal and liquidation of the assets. In the event of death or loss of taxpayer status, the contractual relationship may continue with the successors or with the holder, respectively, without the need to liquidate the assets, although it ceases to be subject to the specific regime of the account.

Mobilization of the account may be effected for all its assets and cash, once per calendar year, to another account of the same modality in the same or another entity. It does not constitute a disposal or a new contribution and preserves the age of the contributions. Mobilization of the reinvestment account is independent of that which may be effected regarding the general modality. The request to the destination entity, the exchange of information between providers, its execution, and the continuity of financial and tax obligations are regulated. The origin entity has one business day to verify the request and transmit the information; once received and verified, mobilization must be executed within a maximum of ten business days, except in cases of force majeure. An order will develop the information, technical and operational requirements, and the limit of planned commissions.

Eligible Collective Investment Institutions.

Collective investment institutions must be registered in a specific CNMV registry, incorporate the information required in their prospectus, and present a responsible declaration of continued compliance. The procedure for Spanish entities and those authorized in other European Union or European Economic Area States is established, as well as the publication of the list and the deregistration regime. Eligibility recognition may also refer to compartments or sub-funds that meet the required requirements.

Eligibility requires at least 70% of the total portfolio value in assets linked to the European Economic Area, at least 50% in equities, and additionally, at least 35% of the total portfolio value in equities computable as assets of said space, with the direct and indirect computation rules provided. In the event of deregistration, providers have three months to withdraw the investment from the accounts' portfolios; during this period, holding does not in itself determine non-compliance.

Eligible institutions may not invest directly or indirectly in SOCIMI or analogous foreign entities, real estate collective investment institutions or analogous foreign entities, or variable capital investment companies. Investments made with the exclusive purpose of replicating a regulated market reference index are excepted when those shares form part of its composition. The prospectus must warn that eligibility does not grant tax incentives to investors from other States and that the holder may only benefit from the tax regime within the framework of the account.

Discipline and sanctions.

The regime is subject to the market organization and discipline rules of Law 6/2023, of March 17, and its development regulations. The new Article 309 bis typifies non-compliance by providing entities. Very serious are the acceptance of contributions above the limit, the inclusion of non-eligible assets, or the non-compliance with restrictions on financing and permitted operations, as well as the failure to alienate assets that have lost their eligibility and transfer their amount to the counterpart account when the failure to remediate is attributable to the provider. Non-compliance with obligations of responsible declaration, mobilization, or communication of the loss of eligibility is very serious when it is not merely occasional or isolated or affects a large number of investors, and serious in other cases.

The First Additional Provision entrusts the Government with the regulation, within six months and upon proposal of the Ministry of Housing and Urban Agenda, of the definition and procedure for certification or recognition of social providers of affordable housing, including cooperatives, with the reference of Housing Associations. The certification will have effects exclusively for participation in programs or access to financing, advantages, or specialities relating to state taxes or procedures.

The Second Additional Provision entrusts the CNMV with the creation of the Registry of Eligible CII within a maximum period of four months from the entry into force of the royal decree-law and the enabling of the necessary means to request the registration of institutions meeting the required requirements.

The First Transitional Provision preserves the validity of requests and communications of extraordinary extension formulated during the validity of Royal Decree-Law 8/2026, of March 20, without requiring a new communication and without prejudice to the lessee's withdrawal. Once the requested extension has ended, new requests must comply with the regime of the new royal decree-law.

The Second Transitional Provision applies the temporary regime provided until December 31, 2030 in Article 2 to ongoing executions in which the eviction has not been carried out, even if the prior procedure has already been resolved or the previous suspension exhausted. The documented request of the executed person determines the provisional suspension of the eviction by the lawyer of the Administration of Justice until the court resolves. The same provision is established regarding Article 5.Two on extraordinary enforcements.

The Sole Repealing Provision contains a general clause repealing norms of equal or lower rank incompatible with the royal decree-law.

The First Final Provision modifies Law 5/2019, of March 15, regulating real estate credit contracts, by incorporating an Article 25 bis on the assignment of rights. The borrower retains against the new holder the same exceptions and defenses as against the original creditor, including compensation. The rights recognized to the borrower by the codes of good practice to which the entity was adhering continue to be applicable, and the lender and the assignee must agree on the least burdensome form of preserving them. The assignment must be communicated to the borrower, unless the original lender continues to provide services relating to the credit, by common agreement with the new holder.

The assignment of overdue mortgage loans is prohibited where the debtor is benefiting from the measures of Royal Decree-Law 6/2012, of March 9. When an overdue credit secured by a mortgage on the primary residence is assigned, the debtor must be informed of the possibility of benefiting from those measures. If they prove they meet the requirements within the six months following the communication, the assignor must repurchase the loan at the same price of the assignment and offer the requested measures, with the exception provided in the provision for its offer by agreement. All communications will be sent to the holders and guarantors of the credit.

The Second Final Provision modifies Law 20/2015 on insurers.

The Third Final Provision modifies the IRPF Regulation. For certain exemptions, it preserves the status of primary residence for persons over 65 years old or in situations of severe or great dependency who relocate their residence to a specialized center or to the home of a relative up to the third degree by consanguinity or affinity for those reasons. It also contemplates cases of separation, divorce, or nullity and adapts the information and mobilization of long-term savings plans, including the SIALP Financia Europa.

The Fourth Final Provision modifies the General Regulation of Tax Management and Inspection Actions and Procedures.

The Fifth Final Provision establishes, at the request of the lessee, an extraordinary extension by annualities for up to a maximum of two additional years for active primary residence rental contracts that meet their conditions. It requires being up to date with the rent and having been so monthly during the eight months prior. The text expressly links the end of the mandatory extension to a date prior to December 31, 2028, and also contemplates the end of the implicit extensions indicated in the provision and the period of implicit reconduction according to Article 1566 of the Civil Code.

During the extension, the terms of the contract are maintained. Exceptions are provided for by agreement of the parties, new contract, or real and proven need for occupation by the landlord or their relatives under the conditions indicated. The extension of Article 10.3 of the Urban Leases Law is preferential and incompatible with this measure. It does not proceed when the renewal or a new contract is agreed upon with a rent at least 5% lower than the current one.

The Sixth Final Provision establishes an extraordinary limitation on annual rent updates comprised between the entry into force of the royal decree-law and December 31, 2027. When the rent is higher than the maximum limit of the price applicable according to the reference price index system, no increase will proceed. In other cases, the increase will be that resulting from the new agreement between the parties, and in the absence of this, it may not exceed 2%.

The Seventh Final Provision preserves the rank of the modified regulatory provisions; the Eighth enables the Government for development and execution; the Ninth collects the competence titles and incorporates a safeguard of the civil and tax foral regimes and autonomous community competencies; and the Tenth fixes the entry into force on the day following publication, unless one of the provisions of the royal decree-law establishes otherwise.

The marketing and contracting of the Financia Europa Savings and Investment Account will be conditioned on the entry into force of the ministerial order that instruments compliance with its tax information obligations. Financia Europa Individual Long-Term Savings Insurance will be subject, equally, to the entry into force of the corresponding ministerial order for its specific information obligations.

Once the condition corresponding to each product is met, both may be marketed before the operation of the Registry of Eligible CII using eligible assets other than participations or shares of collective investment institutions. The latter may only be incorporated when the corresponding collective investment institutions have been registered in said Registry. Therefore, the operation of the Registry conditions the incorporation of these assets, but not the marketing of the products with the remaining eligible assets.

Mobilizations of Financia Europa Savings and Investment Accounts between providing entities may not be effected until the entry into force of the ministerial order provided in Article 347 of Law 6/2023, of March 17.

III
This royal decree-law respects the constitutionally established limits for the use of this normative instrument, as it does not affect the ordering of the basic institutions of the State, the rights, duties, and freedoms of citizens regulated in Title I of the Spanish Constitution, the regime of the autonomous communities, nor the general electoral law. It should be noted that the matters addressed have been modified in the past, attending to reasons of urgent necessity, through this instrument. Among them, Royal Decree-Law 7/2019, of March 1, on urgent measures in housing and rental matters, or other Royal Decree-Laws such as 1/2025, of January 28, or 16/2025, of December 23, may be recalled.

The measures collected in this norm meet the requirements of extraordinary and urgent necessity that Article 86 of the Spanish Constitution requires as enabling premises for the approval of a royal decree-law.

Article 86 of the Spanish Constitution enables the Government to approve royal decree-laws "in case of urgent and extraordinary necessity", provided they do not affect the ordering of the basic institutions of the State, the rights, duties, and freedoms of citizens regulated in Title I of the Constitution, the regime of the Autonomous Communities, nor general Electoral Law.

The Constitutional Court has declared that this situation of extraordinary and urgent necessity can be deduced "from a plurality of elements", among them, those reflected in the statement of reasons of the norm" (STC 6/1983, of February 4). On the other hand, between the situation of extraordinary and urgent necessity that enables the use of the royal decree-law and the measures contained in it, there must be a "direct or congruent relationship".

Likewise, the extraordinary and urgent necessity of approving this royal decree-law is inscribed in the political or opportunity judgment that corresponds to the Government (SSTC 61/2018, of June 7, FJ 4; 142/2014, of September 11, FJ 3) and this decision, undoubtedly, implies an ordering of political priorities of action (STC, of January 30, 2019), centered on the compliance and development of measures to guarantee the right of access to housing and regulate its social function. The opportunity motives just exposed demonstrate that, in no case, the present royal decree-law constitutes a case of abusive or arbitrary use of this constitutional instrument (SSTC 61/2018, of June 7, FJ 4; 100/2012, of May 8, FJ 8; 237/2012, of December 13, FJ 4; 39/2013, of February 14, FJ 5). On the contrary, all the reasons exposed justify broadly and reasonably the adoption of the present norm (SSTC 29/1982, of May 31, FJ 3; 111/1983, of December 2, FJ 5; 182/1997, of October 20, FJ 3).

In sum, the use of the figure of the royal decree-law constitutes a constitutionally lawful instrument, provided that the end that justifies urgent legislation is, as our Constitutional Court has repeatedly required (SSTC 6/1983, of February 4, FJ 5; 11/2002, of January 17, FJ 4, 137/2003, of July 3, FJ 3 and 189/2005, of July 7, FJ 3), to subserve a concrete situation, within governmental objectives, that for reasons difficult to foresee requires an immediate normative action in a period shorter than that required by the normal route or by the urgency procedure for the parliamentary processing of laws, especially when the determination of said procedure does not depend on the Government.

For the concurrence of the premise of extraordinary and urgent necessity, constitutional jurisprudence requires, on the one hand, "the explicit and reasoned presentation of the motives that have been taken into account by the Government for its approval", that is, what has come to be called the situation of urgency; and, on the other, "the existence of a necessary connection between the defined situation of urgency and the concrete measure adopted to subserve it" (SSTC 29/1982, of May 31, FJ 3; 182/1997, of October 20, FJ 3, and 137/2003, of July 3, FJ 4, 61/2018, of June 7, FJ 4).

Both circumstances are the evident reason that justifies that the measures concretized in this royal decree-law be implemented. As they are legal modifications, they require that they be applied in a norm with this rank, and the situation of urgency itself obliges to undertake them with maximum speed, which does not allow the processing of an ordinary law.

The temporary limitation of certain acquisitions provided in Article 1 aims to prevent that, during the processing of an ordinary law, operations of the entities described in the provision are consolidated that reduce the availability of affordable primary housing and aggravate pressure on prices. Its connection with the situation of urgency lies in acting on those acquisitions from the day following publication, preserving transmissions already formalized in public deed and the residential and social purposes excepted. The measure is limited until December 31, 2028, and must be applied within its specific subjective and objective scope.

As for Article 2 and Article 5, paragraph two, it is extraordinarily urgent and necessary to protect vulnerable persons without alternative housing from evictions that could occur during the processing of ordinary legislation. Therefore, a temporary regime is established, applicable even when a judgment has been rendered but the eviction has not yet been carried out, with entry into force the day after publication. The differentiation based on the status of the plaintiff, the intervention of competent administrations, and the rules for compensation, review, and lifting of the suspension of paragraph 2 delimit the response to this immediate need. Article 5 completes the documentary identification of the status of large holders in mortgage executions.

The measures established in Articles 3, 4, and 5, linked to the serious situation exposed at the beginning of the explanatory part in the economic and social sphere that households in Spain continue to face, in a context characterized by price growth dynamics and insufficient supply of affordable housing, justifies the extraordinary and urgent need to modify Law 29/1994, of November 24, Law 12/2023, of May 24, and Law 1/2000, of January 7.

It must also be highlighted, as developed previously, the difficult economic situation of many people and families residing in a home under a rental regime in our country under financial overload. The data observed in the market, its evolution, and the impact of dynamics in the growth of housing prices, exposed in section I, raise the need to take measures to alleviate a potential increase in households exposed to financial overloads.

Accordingly, it is of extraordinary and urgent necessity to guarantee greater security for tenants, avoiding uncontrolled price increases year after year and ensuring that the contract is governed by Law 29/1994, of November 24, and by the guarantees contemplated in this normative text, when the need for housing is permanent. The modifications adopted in the other two mentioned laws are connected in some of their aspects and must equally be adopted to guarantee the effectiveness of the measure.

On the other hand, the regulation provided for seeks to take measures against speculation, all of this with a clear link to the legislative proposal being processed by the European Union in the Affordable Housing Act. It is extraordinarily urgent and necessary to be able to adopt regulations that allow putting an end to speculation in a decisive manner, ensuring and guaranteeing that our cities are what they truly should be: the home of citizens, and not a set of financial assets from which to obtain only an economic return. All of this linked to the scenario exposed above.

As for Article 3 and the new regulation of evictions in Article 5, it is extraordinarily urgent and necessary to respond to a social tragedy such as the evictions of vulnerable persons without alternative housing. In this sense, it is essential to guarantee that there is, as soon as possible, a regulation that is proportionate and compliant with what has been claimed by the United Nations Organization, protector of the rights of vulnerable citizens.

With respect to the measures in the field of taxation contained in Title II and in the second final provision, the conditions of extraordinary and urgent necessity also concur due to the situation already repeatedly described, being the fiscal incentive measures approved, actions of recognized effectiveness in promoting behavioral changes by the citizenry. This measure, in addition, represents a set ordered and coordinated with the others adopted, thus allowing to adopt a holistic vision as prescribed by the Bank of Spain regarding the taking of measures in the field of housing.

On the other hand, Title III seeks to incorporate measures to increase and protect the public housing stock; for this purpose, it allows facilitating the work of the state public housing company, Casa 47, in fulfilling its mission of offering the citizenry a large state housing stock that is affordable, with permanent protection and the guarantee of respect for maximum prices in case of sale of the entity's assets. In this way, the circle is finally closed regarding the impetus of measures that urgently and immediately give the mentioned holistic response that the housing market requires in our country, all of this in the social and economic context already described above in the exposition.

As for Title IV, it refers to measures for the promotion of affordable housing. Since a part essential to the problem is the lack of supply, especially affordable, it is extraordinarily urgent and necessary the adoption of this type of measures in a context as described above. This is guaranteed through the provision of financing for social housing providers, but also through the clear and manifest regulation of the concept of affordable housing, or through the guarantee of legal certainty of urban planning. It is also deployed with the facilitation of the expansion of industrialized construction through movable mortgages, or through the two new lines of ICO guarantees.

This same justification and situation justifies the urgent character of adopting a new line that facilitates financing for access to first home ownership by citizens who, being able to pay a mortgage, do not have the necessary savings for the down payment. In this way, the TU CASA mechanism articulates public financing, complementary to private mortgage financing, destined to facilitate access to the first habitual home through interest-free loans and without commissions of up to 20% of the value of the housing, with a maximum of 50,000 euros, managed by the ICO.

As for Title VI, the regulation described above is especially relevant and requires immediate entry into force, so that as soon as possible the investor pressure on the housing market is reduced, and at the same time, savings are channeled preferentially to businesses located in the European Union and not in third countries.

This same need is appreciated in the connected first final provision, or in the corresponding part of the second final provision.

Finally, it is of extraordinary and urgent necessity to approve the extraordinary extension of standard residential lease contracts collected in the third final provision, at the request of the tenant, since in the coming months the expiration of a significant number of lease contracts, or their mandatory or tacit extensions, will occur. This extension would cause a relevant increase in rents that must be addressed with maximum urgency through this law in processing, in order to safeguard the right to dignified and adequate housing by tenant persons. All of this in an inflationary context and with negative economic impact as a consequence of the Iran War.

IV
This royal decree-law complies with the principles of good regulation provided for in Article 129 of Law 39/2015, of October 1, on the Common Administrative Procedure of Public Administrations, in particular, the principles of necessity, effectiveness, proportionality, legal certainty, transparency, and efficiency.

Thus, attending to the principles of necessity and effectiveness, there is a clear and evident general interest that supports the measures approved in the norm, being thus the royal decree-law the most immediate and effective instrument to guarantee its achievement and attend to the reality described throughout these paragraphs. The principle of proportionality is also respected, given that it contains the merely indispensable regulation for the achievement of the previously mentioned objectives.

At the same time, the norm is coherent with the current legal order, adjusting, therefore, to the principle of legal certainty, modifying five norms through another of the same rank. And, finally, regarding the principle of transparency, this norm, although exempt from the procedures of public consultation, hearing, and public information because it is a royal decree-law, as authorized by Article 26.11 of Law 50/1997, of November 27, of the Government, clearly defines its objectives, reflected both in its explanatory part and in the Report accompanying it. Finally, regarding the principle of efficiency, this royal decree-law does not impose any type of additional relevant burdens on the citizenry.

This royal decree-law is issued under the auspices of:

1. Article 1, under Article 149.1.1st, 8th, and 13th of the Spanish Constitution, which attributes to the State exclusive competence over the regulation of basic conditions that guarantee the equality of all Spaniards in the exercise of rights and in the fulfillment of constitutional duties, civil legislation, and bases and coordination of the general planning of economic activity, respectively.

2. Articles 3, 4, and 15, the first transitional provision, and the fifth and sixth final provisions, under Article 149.1.8th of the Spanish Constitution, which attributes to the State exclusive competence in civil legislation matters.

3. Articles 4, 13, 14, 16, 17, 18, and 19 and final second, under Article 149.1.1st and 13th of the Spanish Constitution, which attributes to the State exclusive competence over the regulation of basic conditions that guarantee the equality of all Spaniards in the exercise of rights and in the fulfillment of constitutional duties and over the bases and coordination of the general planning of economic activity, respectively.

4. Articles 2 and 5 and the second transitional provision, under Article 149.1.6th of the Spanish Constitution, which attributes to the State exclusive competence in procedural legislation matters, without prejudice to the necessary specialties that derive from this order from the particularities of the substantive law of the autonomous communities.

5. Title II, the third final provision, and the fourth final provision, under Article 149.1.14th of the Spanish Constitution, which attributes to the State exclusive competence in general treasury matters.

6. Title III, under the competence of the State to regulate its own organization.

7. Title VI and the first final provision, under Article 149.1.11th and 13th of the Spanish Constitution, which attributes to the State exclusive competence over the bases of the ordering of credit, banking, and insurance and over the bases and coordination of the general planning of economic activity, respectively.

8. What is established in this law will be applied without prejudice to:
   a) The provisions of civil, foral, or special regimes in the scope reserved to them by Article 149.1.8th of the Constitution, where they exist, as well as the foral tax regimes of concert and economic agreement in force, respectively, in the Historical Territories of the Basque Country Autonomous Community and in the Chartered Community of Navarre. b) The exercise of the exclusive competence assumed by the autonomous communities by virtue of Article 148.1.3rd of the Constitution in matters of territorial ordering, urban planning, and housing.

By virtue thereof, making use of the authorization contained in Article 86 of the Spanish Constitution, on the proposal of the Minister of Housing and Urban Agenda; of the Minister of the Presidency, Justice and Relations with the Courts, of the Minister of Treasury; and of the Minister of Economy, Commerce and Business, and after deliberation of the Council of Ministers in its meeting on September 29, 2026,

I ORDER:

TITLE I
Measures in the field of protection of the social function of housing and against speculation

Article 1. Protection of the housing market against speculative activity.

1. From the entry into force of this royal decree-law until December 31, 2028, any entity with or without legal personality, that includes in its corporate purpose the acquisition of real estate, will have limited the acquisition of a home, free of charge or for consideration, at a price lower than seventy percent of its market appraisal value. The limitation will affect both homes in used condition and homes in buildings constructed on land with residential qualification that meet the requirements to obtain the habitability certificate, from the moment they have a certificate of completion of work.

2. The limitation of the previous paragraph will not apply when the transfer occurs with the following purposes:
   a) For its destination as habitual affordable or social housing, for a minimum period of five years. b) For its destination as a residence for persons requiring sociosanitary attention. c) For its destination as a residence for persons belonging to socially vulnerable groups by entities of the third sector of social action. d) For its destination to the protection of victims of gender violence, both in attention and residential, and in any of its modalities. e) It will also not apply when the purchasing legal person proves its adherence to a Code of Good Practices agreed upon with the competent authority in housing matters. This condition will be understood as fulfilled by territorial public entities and those other public bodies and companies or commercial societies belonging to the public sector, whose purpose is the promotion and management of social and affordable housing.

3. The provision of paragraphs 1 and 2 will not apply to property transfers that have been elevated to public deed upon the entry into force of this law, although these are not yet registered in the corresponding Property Registry. In that case, the registration will be carried out with respect to the content of the public deed protocolized before the corresponding notary on a date prior to the entry into force of this law, without, once the present law has entered into force, the deed being modified or expanded by addendum.

4. Likewise, what is provided in paragraphs 1 and 2 will not apply to property acquisitions deriving from execution procedures processed before judicial bodies in accordance with what is established in procedural legislation or mortgage execution procedures.

Article 2. Suspension of evictions of vulnerable persons without alternative housing.

1. From the entry into force of this royal decree-law until December 31, 2030, for processes in which any entity with or without legal personality dedicated to acquiring real estate or portfolios of unpaid mortgage loans acts as plaintiff at a price clearly lower than its market appraisal value, both with the object of evading the mechanisms of the social function of housing or maximizing its profitability through the disproportion in rental incomes, in resale prices, or by its destination to non-residential purposes, and in any case not applying to territorial public entities and those other public bodies and companies or commercial societies belonging to the public sector, whose purpose is the promotion and management of social and affordable housing, and in the case that the defendant person is in a situation of vulnerability, whether certified from a report by social services, or by application of the criteria of 441.7 of Law 1/2000, of January 7, of Civil Procedure, and does not have alternative housing, whether the process has been previously suspended or not under the terms established in Article 441.5 of Law 1/2000, of January 7, the court will suspend the process by order, this provision being equally applicable when a judgment, decree, or order ending the procedure or agreeing on the eviction has already been issued, provided that the latter has not been effectively executed.

2. From the entry into force of this royal decree-law, until December 31, 2030, and only in those cases where what is provided in Article 5.Two does not apply, for processes in which persons different from those provided in the previous paragraph act as plaintiffs, and in the case that the defendant person is in a situation of vulnerability, whether certified from a report by social services, or by application of the criteria of 441.7 of Law 1/2000, of January 7, of Civil Procedure, and does not have alternative housing, and the competent public administration has not offered a dignified and adequate alternative housing, the court will require, through the channel designated by the corresponding autonomous community, a report from the administration that is competent according to autonomous legislation in housing and social services matters, to explicitly report on the resources they have available and offer them. In the event that no response is received or it is reported that they do not have them, the court will suspend the process until such measures are adopted and an adequate alternative housing is guaranteed, this provision being equally applicable when a judgment, decree, or order ending the procedure or agreeing on the eviction has already been issued, provided that the latter has not been effectively executed.

The agreed suspension will be reviewed by the court every twelve months, for the purpose of determining if the situation of vulnerability and lack of alternative housing that motivated it persists. The suspension will be lifted when the vulnerability disappears, an adequate and effective alternative housing is made available, or the defendant party rejects it without justified cause, after hearing the parties, or three years have elapsed since the suspension was agreed.

The court, in addition, will determine in its order that the competent administration in housing matters will assume the necessary expenses for the compensation that is agreed in favor of the plaintiff person, when it is a natural person, or also, when it is a legal person dedicated to habitual affordable or social rental, which will comprise, as a maximum, the contractual rent not received, as well as costs of unpaid supplies. Hypothetical lost profit, nor moral damages, will not be compensable. Delay in payment in favor of the plaintiff person by the competent administration in housing matters once agreed by the court, will imply the application of the corresponding interests according to the applicable legislation. The suspension or compensation will not imply the disappearance of the obligation to keep up with the rent due.

In addition, the financing provided for in Royal Decree 1135/2025, of December 10, by which the conditions of the line of aid, on behalf of the State, are determined, for coverage in case of non-payment of rent for housing for young people and vulnerable groups, will apply, with regard to the possible coverage of the expenses incurred by the autonomous communities in application of what is provided in this paragraph. In the Autonomous Community of the Basque Country and in the

BOLETIN OFICIAL DEL ESTADO
No. 241 Wednesday, September 30, 2026 Sec. I. Page 127843 cve: BOE-A-2026-20266 Verifiable at https://www.boe.es

Comunidad Foral de Navarra, the financial instrumentation will be agreed bilaterally in accordance with their respective economic and financial regimes.
Suspension shall not proceed when the court appreciates, taking into account the concurrent circumstances, that the economic or housing vulnerability of the plaintiff must prevail, unless it is a legal entity, or a natural person who has the status of large holder. The economic vulnerability of the defendant shall not prevail either when the plaintiff is a natural person holding two or fewer dwellings.

3. The references in this article to actions in matters of housing, social services, intermediation or provision of housing alternatives shall be understood as made to the administration that results competent in accordance with autonomous legislation and its own institutional organization.

Article 3. Modification of Law 29/1994, of November 24, on Urban Leases.
The Law 29/1994, of November 24, on Urban Leases, is modified in the following terms:

One. Article 2 is modified, which reads as follows:

“Article 2. Housing Lease.

1. A habitual housing lease is considered that lease which falls on a habitable building whose main purpose is to satisfy the tenant’s housing need, including the partial lease of a room or space of the dwelling.
2. The regulations governing the lease of housing shall also apply to furniture, storage rooms, parking spaces and any other dependencies, leased spaces or services provided as accessories to the property by the same landlord.
3. A temporary housing lease shall be understood as that lease which falls on a habitable building, including the partial lease of a room or space, which serves to cover the tenant’s housing need when he is temporarily displaced from his usual residence, for a justified and verifiable cause.”

Two. Paragraph 2 of Article 3 is modified, which reads as follows:

“2. Those entered into to exercise an industrial, commercial, artisanal, professional, assistance, cultural or teaching activity on the property shall have this consideration, regardless of the persons who enter into them, excluding in any case those whose object is the accommodation or lodging of persons.”

Three. Paragraph 2 of Article 4 is modified, which reads as follows:

“2. Respecting what is established in the previous paragraph, the housing leases provided for in Article 2 shall be governed by the agreements, clauses and conditions determined by the will of the parties, within the framework established in Title II of this law and, suppletorily, by what is provided in the Civil Code.”

Four. Letter e) of Article 5 is modified, and letter f) is added to Article 5, which reads as follows:

“e) The temporary transfer of use of all or part, in accordance with the regulations of the administrations competent in tourist matters, of a furnished and equipped dwelling ready for immediate use, marketed or promoted in tourist offer channels or by any other mode of marketing or promotion, and carried out with profit-making purposes, when it is subject to a specific regime derived from its sectoral tourist regulations. The maximum duration of this type of transfer, which shall be fixed by the competent administrations, shall in no case exceed thirty-one days. f) The transfer of use of rooms or spaces of a dwelling carried out by entities of the third sector of social action, within the framework of programs for reception, inclusion or accommodation of persons in a situation of vulnerability, without profit-making purposes and for the duration of the program.”

Five. Article 7 is modified, which reads as follows:

“Article 7. Condition of habitual housing lease and temporary housing lease.

1. The housing lease shall not lose this condition even if the tenant does not have his usual residence in the leased property, provided that his legally or factually separated spouse or dependent children live there, or whenever it is occupied pursuant to a temporary housing lease contract.
2. Temporary housing lease contracts shall expressly provide for the cause motivating the temporary displacement of the tenant. This cause must be real and verifiable, with the burden of proof of its existence falling on the landlord. The absence of a duly provided temporary cause in the contract shall deprive it of its temporary nature and entail its submission to the present title under the same conditions as habitual housing lease contracts, with retroactive effect to the formalization of the contract.”

Six. A new paragraph 4 is added to Article 9, which reads as follows:

“4. What is provided in the previous paragraphs shall not apply to temporary housing lease contracts, which regarding their duration shall be governed by what is provided in Article 9 bis.”

Seven. A new Article 9 bis is added, which reads as follows:

“Article 9 bis. Term in temporary housing leases.

1. In temporary housing lease contracts, the duration of the lease shall be freely agreed by the parties, being required to be greater than thirty-one days, and generally not exceeding twelve months, taking into account the causes motivating it. In the event that the contract had been concluded for a duration lower than the maximum established and, upon its expiration date, the cause that caused the temporality still exists, it may be extended by express agreement of the parties, never exceeding as a general rule the maximum duration of twelve months in total, unless the cause of temporality subsequently persists.
2. Whenever the duration of the temporary housing lease exceeds twelve months without justification in the cause of temporality or they are renewed or succeeded by more than two consecutive temporary housing lease contracts, between the same parties and on the same dwelling, the first shall be understood as concluded as a habitual housing lease contract, and all provisions provided for such contracts shall apply to it, including the minimum term and the extension regime provided for in Articles 9 and 10.”

Eight. Paragraph 1 of Article 10 is modified, which reads as follows:

“1. If upon the expiration date of the habitual housing lease contract, or any of its extensions, after at least five years of duration thereof, or seven years if the landlord is a legal entity, neither party has notified the other, at least four months in advance in the case of the landlord and at least two months in advance in the case of the tenant, their intention not to renew it, the contract shall be automatically extended for annual periods up to a maximum of three more years, unless the tenant manifests to the landlord one month in advance to the termination date of any of the annualities, his intention not to renew the contract.”

Nine. Article 11 is modified, which reads as follows:

“Article 11. Withdrawal from the contract.

1. The tenant may withdraw from the lease contract, once at least six months have elapsed, provided that he communicates it to the landlord with a minimum notice of thirty days.
2. In temporary housing lease contracts, the tenant may withdraw from the contract once at least one month has elapsed since its formalization, provided that he communicates it to the landlord with a minimum notice of ten days.
3. In the two preceding paragraphs, the withdrawal of the tenant thus exercised shall not generate a right to compensation in favor of the landlord.”

Ten. Paragraphs 6 and 7 are modified, and new paragraphs 8 and 9 are added to Article 17, which read as follows:

“6. In housing lease contracts subject to this law where the property is located in a stressed residential market area within the validity period of the declaration of said area under the terms set forth in Law 12/2023, of May 24, on the right to housing, the rent agreed at the start of the new contract shall not exceed the last rent of a housing lease contract that had been in force in the same dwelling in the last five years, once the annual rent update clause of the previous contract has been applied. In no case may new contractual conditions be established that imply the pass-through to the tenant of fees, general expenses, services, taxes, rates, royalties, special contributions or other analogous concepts not included in the previous contract. It may only be increased, beyond what results from the application of the annual rent update clause of the previous contract, by a maximum of 10 percent on the last rent of a habitual housing lease contract that had been in force in the same dwelling in the last five years, when any of the following situations are accredited:
a) When the dwelling had been subject to rehabilitation actions under the terms provided in paragraph 1 of Article 41 of the Regulation on Personal Income Tax, which had ended in the two years prior to the date of celebration of the new lease contract. b) When in the two years prior to the date of celebration of the new lease contract, rehabilitation or improvement actions had been completed in the dwelling where an energy saving of non-renewable primary energy of 30 percent had been accredited, through separate energy efficiency certificates of the dwelling, one subsequent to the action and another prior that had been registered at most two years before the date of said action. c) When in the two years prior to the date of celebration of the new lease contract, improvement actions for accessibility had been completed, duly accredited. d) When the lease contract is signed for a period of ten or more years, or a right of extension is established to which the tenant may voluntarily adhere, allowing him to optionally extend the contract under the same terms and conditions for a period of ten or more years.
7. Without prejudice to what is provided in the previous paragraph, in housing lease contracts subject to this law where the landlord is a large housing holder according to the definition established in Law 12/2023, of May 24, on the right to housing, and where the property is located in a stressed residential market area within the validity period of the declaration of said area under the terms set forth in said Law 12/2023, of May 24, the rent agreed at the start of the new contract shall not exceed the maximum limit of the price applicable according to the system of reference price indices taking into account the conditions and characteristics of the leased dwelling and the building in which it is located, without in any case may new contractual conditions be established that imply the pass-through to the tenant of fees, general expenses, services, taxes, rates, royalties, special contributions or other analogous concepts that, directly or indirectly, imply exceeding the maximum rent limit applicable according to the system of reference price indices. To this effect, the methodological bases of said system and the protocols for collaboration and data exchange with the state and autonomous information systems applicable may be developed reglamentarily.
This same limitation shall apply to housing lease contracts where the property is located in a stressed residential market area within the validity period of the declaration of said area under the terms set forth in said Law 12/2023, of May 24, and over which no housing lease contract had been in force in the last five years, provided that this is collected in the resolution of the Ministry of Housing and Urban Agenda, having justified such application in the declaration of the stressed residential market area.
8. When several consecutive temporary housing lease contracts are concluded on the same dwelling, the rent corresponding to the subsequent ones shall not represent an annual percentage increase higher than the value corresponding to the Reference Index for the Annual Update of Housing Lease Contracts (IRAV) in force.
9. In partial lease contracts for rooms or spaces, the sum of the rents agreed in the partial contracts that are simultaneously in force on the same dwelling shall not exceed the amount of the rent of the unitary lease contract of the complete dwelling.
If the leased dwelling is located in a stressed residential market area, the rent of the unitary contract of the complete dwelling or, in default thereof, the sum of the rents of the partial contracts simultaneously in force on the same dwelling shall respect, in any case, the limitations provided for in paragraphs 6, 7 and 8.”

Eleven. Paragraph 1 of Article 18 is modified, which reads as follows:

“1. During the validity of the contract, the rent may only be updated by the landlord or the tenant on the date when each year of validity of the contract is fulfilled, under the terms agreed by the parties. In the absence of express agreement, no rent updates shall apply to contracts.
In the event of an express agreement between the parties on some mechanism for updating monetary values that does not detail the index or methodology of reference, the rent shall be updated for each annuality by reference to the annual variation of the Reference Index for the Annual Update of Housing Lease Contracts (IRAV) on the date of each update, taking as the reference month for the update the one corresponding to the last index that was published on the date of contract update. In any case, the increase produced as a consequence of the annual update of the rent shall not exceed the result of applying the percentage variation experienced by the Reference Index for the Annual Update of Housing Lease Contracts (IRAV) on the date of each update, taking as the reference month for the update the one corresponding to the last index that was published on the date of contract update.”

Twelve. Article 20 is modified, which reads as follows:

“1. The parties may agree that general expenses for the adequate maintenance of the property, its services, charges and responsibilities that are not susceptible of individualization and that correspond to the leased dwelling or its accessories, shall be borne by the tenant. In no case may taxes associated with the dwelling be imposed on the lessee, except in cases where such party has the status of tax obligor. In buildings under horizontal property regime, the expenses shall be those corresponding to the leased property based on its participation quota. In buildings that are not under horizontal property regime, community expenses cannot be imputed to the lessee. For its validity, this agreement must be in writing and determine the annual amount of said expenses at the date of the contract. The agreement referring to taxes shall not affect the Administration.
2. Real estate management and contract formalization expenses cannot be passed on to the tenant, directly or indirectly, under any concept or denomination.
Real estate management and formalization expenses shall be understood as any derived from services provided for the preparation, formalization, management, novation or renewal of the lease contract.
Any other service not essential for the perfection of the lease contract may only be borne by the tenant if he has requested it expressly in writing, having been previously informed of its optional nature and its cost.
3. During the first five years of validity of the contract, or during the first seven years if the landlord is a legal entity, the sum that the tenant shall pay for the concept referred to in paragraph 1, with the exception of the taxes indicated in paragraph 1, may only be increased, by agreement of the parties, annually, and never by a percentage higher than double that in which the rent may be increased according to what is provided in Article 18.1.
4. Expenses for services available in the leased property that are individualized by means of metering devices shall in all cases be borne by the tenant.
5. Payment of the expenses referred to in this article shall be evidenced in the manner provided in Article 17.4.”

Thirteen. A new paragraph 5 is introduced in Article 21, with the following wording:

“5. Without prejudice to what is provided in paragraph 3, when there are damages or defects in the dwelling that affect its habitability, safety or health, or in general, repairs provided for in paragraph 1 are necessary, the tenant may require the landlord, through written communication, the necessary repair, attaching a reasonable budget for its execution. The landlord shall have a period of fifteen calendar days from receipt of the request to accept the budget, propose an alternative repair or execute the repair directly. After this period has elapsed without response or in case of unjustified refusal, the tenant may execute the necessary works and deduct their amount from future rents. The cost of the repair must be reasonable and adequate to the damages and defects affecting the habitability and health sought to be remedied and must be documented.”

Fourteen. A new Article 21 bis is added, which reads as follows:

“Article 21 bis. Conservation of temporary housing.
The obligation to keep the dwelling in habitable conditions to serve the agreed use, as well as minor repairs required by wear and tear from ordinary use of the dwelling, shall always fall on the landlord. The tenant must inform the landlord at the earliest possible time from its detection or knowledge, who shall be obliged to respond within a maximum period of five business days, after which, without response, it shall be understood that the tenant may make the necessary repairs, immediately demanding their amount from the landlord or, in default thereof, with prior justification to the landlord, deducting their amount from the rent price of the following month.”

Fifteen. Article 25 is modified, which reads as follows:

“Article 25. Preferential acquisition right.

1. In the event of sale of the leased dwelling, the tenant shall have a preferential acquisition right over it, under the conditions provided in the following paragraphs.
2. The tenant may exercise a right of pre-emption on the leased property within a period of thirty calendar days, counting from the next day after he is notified in a reliable form of the decision to sell the leased dwelling, the price and the other essential conditions of the transmission. When the dwelling is transmitted jointly with other dwellings, premises, properties or assets, the notification must express the price attributed to the leased dwelling and the objective criteria used for its determination.
   The effects of the notification warned in the previous paragraph shall expire one hundred and eighty calendar days following the same.
3. In the case referred to in the previous paragraph, the tenant may exercise the right of redemption, subject to what is provided in Article 1.518 of the Civil Code, when he had not been made the warned notification or any of the requirements demanded had been omitted in it, including, if applicable, the price attributed to the leased dwelling and the criteria used for its determination, as well as when the effective price of the sale attributable to the leased dwelling were lower or its remaining conditions less burdensome”

essential conditions. The right of retracto will expire within thirty natural days, counted from the day following the notification that the purchaser must make to the tenant in a verifiable manner regarding the essential conditions under which the sale was carried out, by delivering a copy of the deed or document in which it was formalized.

4. The tenant's right of tanteo or retracto shall take precedence over any other similar right, except for the retracto recognized to the co-owner of the housing or the conventional one that was registered in the Property Registry at the time the lease contract was concluded.

5. To register in the Property Registry the titles of sale of rented housing, it must be justified that the notifications provided for in the preceding subsections have taken place, with the requirements demanded in them. When the housing is transmitted together with other housing, premises, real estate, or assets, the price attributed to the rented housing and the objective criteria used for its determination must be stated in the deed. When the sold housing was not rented, for the acquisition to be registrable, the seller must declare so in the deed, under penalty of falsity in a public document.

6. When the sale falls, in addition to on the rented housing, on the other objects rented as accessories to the housing by the same landlord referred to in Article 3, the tenant may not exercise the preferential acquisition rights solely on the housing.

7. The tenant's rights of tanteo and retracto shall not lapse by the fact that the rented housing is transmitted together with other housing, premises, real estate, or assets, provided that the housing is legally individualizable.
   For these purposes, the price attributable to the rented housing shall be that resulting from the proportional distribution of the global transmission price according to objective and verifiable criteria, preferably taking into account the cadastral reference value or, failing that, an independent appraisal. Price assignments whose purpose is to prevent or hinder the exercise of the preferential acquisition right shall be ineffective against the tenant. In cases of joint sale, subsidiarily to the exercise by the tenant, housing legislation may establish the right of tanteo and retracto, with respect to the entire building, in favor of the body designated by the competent Administration in housing matters, with the provisions in the preceding subsections applying for the purposes of notification and the exercise of such rights. If there is only one housing unit in the building, the tenant shall have the rights of tanteo and retracto provided for in this article.

8. The parties may not agree on the tenant's waiver of the right of preferential acquisition."

Sixteen. Letter f) of paragraph 2 of Article 27 is amended, which shall read as follows:

"f) When the housing ceases to be primarily intended to satisfy the housing needs of the tenant or of whoever effectively occupied it in accordance with the provisions of Article 7."

Seventeen. Paragraph 5 of Article 36 is amended, which shall read as follows:

"5. The parties may agree on a guarantee for the tenant's compliance with their lease obligations in addition to the cash deposit.
In no case may the tenant be required to contract insurance for non-payment of rent or other similar coverages.

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In the case of housing leases, in contracts of up to five years in duration, or up to seven years if the landlord is a legal entity, the value of this additional guarantee may not exceed two months' rent. In the case of temporary leases, the value of this guarantee may not exceed one month's rent."

Eighteen. A new paragraph 7 is introduced into Article 36, with the following wording:

"7. Upon termination of the contract, the parties must record in writing the state of the housing at the time of delivery of possession through a lease termination document signed by both parties.
In the event that the termination document is not signed, or that no damage is reflected in it, it shall be presumed, unless proven otherwise, that the housing was delivered in a suitable state of conservation."

Nineteen. Article 37 is amended, which shall read as follows:

"Article 37. Formalization of the lease.

1. The parties may compel each other to formalize the lease contract in writing.
   In this case, the identity of the contracting parties, the identification of the leased property, the agreed duration, the initial rent of the contract, and the other clauses freely agreed upon by the parties shall be stated.
2. At the request of the tenant, formalization of the lease contract in writing shall be mandatory. Failure to comply with this obligation shall in no case affect the validity and effectiveness of the verbally concluded contract, without prejudice to any administrative liabilities that may arise in accordance with the applicable sectoral legislation."

Twenty. Title V is amended, which shall read as follows:

"TITLE V
Sanctioning regime applicable for the purposes of the Digital Rental Window and Regulation (EU) 2024/1028 of the European Parliament and of the Council, of 11 April 2024, on the collection and exchange of data relating to short-term accommodation rental services and amending Regulation (EU) 2018/1724

Article 38. Responsible subjects.

1. The failure by short-term rental online platforms to comply with the data supply and exchange obligations linked to the Digital Rental Window, provided for in Regulation (EU) 2024/1028 of the European Parliament and of the Council, of 11 April 2024, shall be governed by the provisions of this Title.
   This is without prejudice to the regulatory competences corresponding to the autonomous communities in matters such as housing, tourism, consumer protection, or urban planning, and to the competences held by public administrations in accordance with state, autonomous, or local legislation, to inspect and sanction conduct related to the offer, advertising, intermediation, formalization, or execution of such contracts.
2. The subjects responsible for this sanctioning regime are the short-term rental online platforms, in accordance with Regulation (EU) 2024/1028 of the European Parliament and of the Council, of 11 April 2024, that commit the infractions typified therein.

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Article 39. Infractions.
Acts and conduct referred to in the following articles constitute infractions, which shall be classified as very serious, serious, and minor.

Article 40. Infractions considered very serious.
The failure to comply with the obligation described in Article 9 of Regulation (EU) 2024/1028 of the European Parliament and of the Council, of 11 April 2024, when applicable, and the failure to carry out the monthly or quarterly, as the case may be, collection and transmission of data to the Digital Rental Window, shall be considered very serious.

Article 41. Infractions considered serious.
The failure to comply with the obligation described in Article 9 of Regulation (EU) 2024/1028 of the European Parliament and of the Council, of 11 April 2024, when applicable, and the carrying out of monthly or quarterly, as the case may be, collection and transmission, but the data sent are not complete and accurate, shall be considered serious.

Article 42. Infractions considered minor.
The following shall be considered minor:
a) The failure to interconnect with the Digital Rental Window for the purposes of complying with the obligations described in Article 7.1.c) of Regulation (EU) 2024/1028 of the European Parliament and of the Council, of 11 April 2024. b) Compliance with the obligation described in Article 9 of Regulation (EU) 2024/1028 of the European Parliament and of the Council, of 11 April 2024, when applicable, outside the legally established deadline.

Article 43. Sanctions and corrective measures.

1. The amount of the sanctions may be increased taking into account:
   a) The gravity and significance of the act. b) Recidivism, by the commission within a period of two years of more than one infraction of the same nature, when this has been declared by a final resolution in the administrative route. c) The economic benefit obtained as a consequence of the commission of the infraction. d) The criterion of proportionality.
2. Very serious infractions shall be sanctioned with a fine of one million euros, which may be increased up to an amount equivalent to a maximum of 2% of the total global annual turnover of the previous financial year; serious infractions with a fine of five hundred thousand euros, which may be increased up to an amount equivalent to a maximum of 1% of the total global annual turnover of the previous financial year; and minor infractions with a fine of one hundred thousand euros.
3. In addition to the economic sanction, the obligation to adopt the necessary measures to guarantee the effective compliance with the obligations established in Regulation (EU) 2024/1028 may be imposed, including remedial actions, technological adaptation, system audits, and complementary submission of information.
4. Information identifying the offender, the infraction committed, and the amount of the sanction imposed shall be published in the "Official State Bulletin" when it concerns serious or very serious infractions and the sanction is final in the administrative route.

Article 44. Prescription and expiration.

1. Very serious infractions shall prescribe after five years, serious ones after three years, and minor ones after one year. Sanctions imposed for the commission of very serious infractions shall prescribe after five years, those imposed for the commission of serious infractions after three years, and those imposed for minor infractions after one year.
2. The prescription period for the infraction shall not begin to run until it manifests or externalizes itself, and in the case of continuing infractions, only when the infringing action or the last act with which the infraction is consummated ends.
3. The prescription period for the sanctions shall begin to run from the day following that on which the resolution imposing the sanction becomes enforceable or the period to appeal it has elapsed. The initiation of the execution procedure, with knowledge of the interested party, shall interrupt the prescription in these cases, and the period shall start to run again if it is paralyzed for more than one month for a cause not attributable to the offender. In the case of presumed dismissal of the appeal of alzada or reposición filed against the resolution imposing the sanction, the prescription period for the sanction shall begin to run from the day following that on which the legally established period for the resolution of said appeals ends.
4. The sanctioning procedure shall expire if no resolution is issued after nine months have elapsed since its initiation. The lack of progress in any of the steps followed in the procedure shall not in itself cause its expiration. If the accumulation of infractions that until then were processed separately is agreed upon in a single procedure, the period to issue a resolution shall be counted from the agreement to initiate the last of the procedures opened.
   Actions carried out during an expired procedure, as well as documents and other elements of evidence obtained in said procedure, shall retain their validity and effectiveness for evidentiary purposes in other procedures initiated or that may be initiated subsequently in relation to the same or another responsible party.
   In any case, a sanctioning procedure may be initiated as long as the infraction has not prescribed, regardless of the moment in which the preliminary diligences directed at clarifying the facts had ended or the expiration of a previous procedure on the same facts.
5. Complementarily to the cases set out in Article 22 of Law 39/2015, of 1 October, on the Common Administrative Procedure of Public Administrations, the passage of the nine-month period established to resolve the procedure may be suspended, by reasoned resolution, when it is necessary to request documents and other elements of judgment from third parties or when cooperation or coordination with other entities is required. For these purposes, the suspension time shall cover the time that elapses from the sending of the request until the receipt of the information requested by the body competent to continue the procedure.
6. In the case of monetary sanctions imposed on dissolved and liquidated entities, the corresponding administration may proceed, for the collection of the monetary sanctions imposed on said entities, against the partners or participants who shall respond jointly for the amount of the debt and up to the limit of the value of the liquidation share allocated to them.

Article 45. Procedural guarantees.
No sanction may be imposed for the infractions typified in this law except by virtue of a procedure conducted in accordance with the provisions of this Title and, subsidiarily, in the common administrative procedure regulations.

Article 46. Competent bodies.

1. The bodies competent to impose sanctions are:
   a) The person holding the position of Secretary of State for Housing and Urban Agenda, for the sanctioning of very serious infractions. b) The person holding the position of Secretary General of Urban Agenda, Housing and Architecture, for the sanctioning of serious infractions. c) The person holding the position of Director General of Planning and Evaluation, for the sanctioning of minor infractions.
2. The competences of paragraph 1 may be delegated to the extent and in the manner deemed appropriate, and specifically, to bodies entrusted with the automated processing of complaints.

Article 47. Initiation.

1. The sanctioning procedure shall be initiated ex officio by the competent body of the Secretary of State for Housing and Urban Agenda that has knowledge of the facts that may constitute infractions typified in this law, on its own initiative or through a complaint by any person who has knowledge of the facts.
   The procedure may be initiated from the application of automated information verification techniques.
2. The initiation agreement, in addition to the content indicated in Law 39/2015, of 1 October, shall contain a reference to the fact that there is a period of twenty natural days to make the payment, with the reduction and consequences established in Article 49, or to formulate allegations and propose the evidence deemed appropriate. In this case, the places, offices, or departments where they may be presented shall be indicated. If no allegations have been made or the fine has not been paid within the period indicated in the preceding paragraph, it shall be indicated that the procedure shall be considered concluded the day following the end of said period, as established in Article 50.4.
3. Prior to the initiation of the sanctioning procedure for technical or documentary non-compliance, the competent body may require remediation within a period of fifteen days, unless there is fraud or recidivism.

Article 48. Classes of sanctioning procedure.

1. Once the initiation agreement has been notified, whether at the time or at a later moment, the defendant shall have a period of twenty natural days to make voluntary payment with a reduction of the sanction, or to formulate allegations and propose or provide the evidence deemed appropriate. If the sanction is paid under the indicated conditions, the abbreviated sanctioning procedure shall be followed, and if not, the ordinary sanctioning procedure.

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2. The abbreviated sanctioning procedure shall not apply when any of the circumstances of Article 43.1 is appreciated, and this implies the possibility of increasing the amount of the sanction.

Article 49. Abbreviated sanctioning procedure.
Once the voluntary payment of the sanction has been made within the period of twenty natural days counted from the day following that of the notification of the initiation agreement, the sanctioning procedure shall conclude with the following consequences:
a) A reduction of fifty percent of the amount of the sanction. b) Waiver of the formulation of allegations. In the event that they are formulated, they shall be considered not presented. c) Termination of the procedure, without the need to issue an express resolution, on the day the payment is made. d) Exhaustion of the administrative route, being appealable only before the contentious-administrative jurisdictional order. e) The period to file the contentious-administrative appeal shall begin the day following that on which the payment takes place. f) The finality of the sanction in the administrative route from the moment of payment, producing full effects from the following day.

Article 50. Ordinary sanctioning procedure.

1. Once the initiation agreement has been notified, the interested party shall have a period of twenty natural days to formulate the allegations deemed appropriate and to propose or provide the evidence deemed appropriate.
2. The instructor may agree that the evidence deemed pertinent for the investigation and qualification of the facts and for the determination of possible responsibilities be carried out. The denial of the carrying out of evidence must be reasoned, leaving a record in the sanctioning procedure.
3. Upon conclusion of the instruction of the sanctioning procedure, the instructor body shall elevate a proposal for resolution to the body competent to sanction to issue the appropriate resolution. The proposal shall only be communicated to the interested party, so that they may formulate new allegations within a period of fifteen natural days, if facts or other allegations and evidence different from those adduced by the interested party appear in the sanctioning procedure or have been taken into account in the resolution.
4. If the defendant does not formulate allegations nor pay the amount of the fine within the period of twenty natural days following the notification of the initiation agreement, it shall produce the effect of a resolution act of the sanctioning procedure in the following cases:
   a) Minor infractions in all cases. b) Serious infractions. In these cases, the sanction may be executed after thirty natural days have elapsed from the notification of the complaint.
5. The termination of the procedure puts an end to the administrative route and the sanction may be executed from the day following the expiration of the thirty days indicated above.

Article 51. Appeals in the ordinary sanctioning procedure.

1. The sanctioning resolution shall put an end to the administrative route and the sanction may be executed from the day following that on which it is notified to the interested party,

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producing full effect, or, where applicable, once the period indicated in Article 51.4 has elapsed.

2. Against sanctioning resolutions, an optional appeal for reconsideration may be lodged within one month calculated from the day following its notification. The appeal shall be lodged before the body that issued the sanctioning resolution, which will be competent to resolve it.

3. The lodging of the appeal for reconsideration shall not suspend the execution of the challenged act nor the sanction, if it were classified as minor. In the event that the appellant requests suspension of execution, it shall be understood as denied upon the expiration of one month from the request without a resolution having been issued.

4. Facts, documents, and arguments of the appellant that could have been submitted in the original procedure shall not be taken into account in the resolution of the appeal.

5. The appeal for reconsideration regulated in this article shall be deemed dismissed if no express resolution is issued within one month, leaving the contentious-administrative route open."

Twenty-one. A new twelfth additional provision is added, with the following content:

"Twelfth Additional Provision. Regarding regional legislation.

1. This law is enacted under the exclusive competence granted by Article 149.1.8th of the Spanish Constitution to the State in matters of civil legislation, without prejudice to the conservation, modification, and development by the Autonomous Communities of civil, foral, or special rights where they exist, such as in the Autonomous Community of Catalonia, and without prejudice, likewise, to the competences of the Autonomous Communities in matters of housing and the norms issued by them in exercise of the aforementioned competences.

2. In particular, the provisions of this law regarding temporary housing rentals and rooms or spaces within a dwelling are understood without prejudice to the provisions that, in exercise of the competences referred to in the previous paragraph, have been or will be issued by the Autonomous Communities, which shall apply within their respective territorial scope."

Twenty-two. An eighth transitional provision is added, with the following content:

"Eighth Transitional Provision. Regime of seasonal or temporary housing contracts formalized before the entry into force of Royal Decree-Law 26/2026, of September 29, adopting urgent measures for the protection of the social function of housing and the expansion of the supply of affordable housing.

1. Lease agreements for seasonal use, temporary housing, and those of similar nature subject to this law, entered into prior to the entry into force of Royal Decree-Law 26/2026, of September 29, adopting urgent measures for the protection of the social function of housing and the expansion of the supply of affordable housing, shall continue to enjoy the status of lease agreements for non-residential use and shall be governed by the legal regime applicable to them until the end of the duration period agreed upon in the contract itself, at which point they shall be extinguished without possibility of extension.

2. Renewed temporary leases shall be governed by the provisions of this law for temporary housing leases."

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Article 4. Modification of Law 12/2023, of May 24, on the right to housing.
The Law 12/2023, of May 24, on the right to housing, is modified in the following terms:

One. Paragraph k) of Article 3 is modified, which reads as follows:

"k) Large holder: For the purposes of what is established in this law, the natural or legal person who owns more than ten urban residential properties or a constructed surface of more than 1,500 m² of residential use, excluding garages and storage rooms in all cases. This definition may be specified in the declaration of stressed residential market environments down to owners of five or more residential properties located in said area, when so motivated by the Autonomous Community in the corresponding justificatory report.

Such status must be accredited by certification from the Property Registry showing the list of properties registered in their name.

When a registry plot comprises a building composed of several units suitable for residential use, each of these units shall be understood to constitute an independent property for counting purposes, regardless of whether there is no horizontal division registered."

Two. Paragraph 1 of the fourth transitional provision is modified, which reads as follows:

"1. Lease agreements subject to Law 29/1994, of November 24, on Urban Leases, entered into prior to the entry into force of this law, shall be eligible for extension in accordance with what is provided in Article 10 of said law, in the wording introduced by this law, and shall be updated with the maximum applicable limit according to the eleventh additional provision introduced by this law, and the wording given to Article 18.1 of Law 29/1994, of November 24, in the wording given by Royal Decree-Law 26/2026, of September 29, adopting urgent measures for the protection of the social function of housing and the expansion of the supply of affordable housing, which adopts urgent measures in housing matters to respond to the housing emergency. In everything else, the legal regime of these contracts shall be that which was in force at the time of their celebration."

Article 5. Modification of Law 1/2000, of January 7, on Civil Procedure.
Law 1/2000, of January 7, on Civil Procedure, is modified in the following terms:

One. Paragraph 2 of Article 685 is modified, which reads as follows:

"2. The complaint shall be accompanied by the title or titles of credit, bearing the requirements this law demands for the dispatch of execution, as well as the other documents referred to in Article 550 and, in their respective cases, Articles 573 and 574 of this law.

In case of execution on mortgaged goods or goods under pledge without displacement, if the registered title cannot be presented, it must be accompanied by certification from the Registry accrediting the registration and subsistence of the mortgage.

In cases of execution complaint on mortgaged goods, it must be indicated whether the property subject to this constitutes the debtor's habitual residence, as well as whether the executing party holds the status of large holder of housing as provided in letter b) of paragraph 6 of Article 439.

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In the case of indicating that one does not hold the status of large holder, to corroborate this fact, certification from the Property Registry listing the housing owned by the plaintiff must be attached to the complaint."

Two. A new paragraph 6 is added to Article 22, with the following wording:

"6. In eviction proceedings for failure to pay rent or amounts due or other scenarios under Article 250.1, when it is proven that the tenant is in a situation of economic vulnerability as legally defined, and not applying for the scenario provided in Article 2.1 of Royal Decree-Law 26/2026, of September 29, adopting urgent measures for the protection of the social function of housing and the expansion of the supply of affordable housing, if the competent public administration does not offer an adequate housing alternative, it shall be obliged to enervate the action by paying the landlord or judicially consigning the total amount claimed and accrued up to the moment of payment or consignment.

Once the situation of vulnerability is accredited, this circumstance shall be communicated immediately to the competent public administration, which shall have a maximum and non-extendable period of two months from notification to offer an adequate housing alternative or, failing that, to make the payment or consignment.

During this period, the course of the procedure and, where applicable, the eviction shall be suspended.

If the payment or consignment of the total amount due is made within the period, the action shall be declared enervated and the procedure terminated, maintaining the validity of the lease agreement.

Upon the expiration of the two-month period without an adequate housing alternative being offered nor the full payment or consignment occurring, the competent public administration shall automatically be subrogated in the debtor position of the tenant, and there shall be no grounds for eviction, maintaining the validity of the lease agreement until its expiration as long as the situation of economic vulnerability persists as legally defined.

The enervation provided in this paragraph shall be independent of that established in paragraph 4 and shall not count as previous enervation for the purposes of said paragraph nor prevent the tenant from subsequently exercising, if applicable, the ordinary enervation provided therein.

The extraordinary enervation provided in this paragraph may occur even if the landlord has issued the credible payment demand provided in paragraph 4.

The General Administration of the State shall compensate the Autonomous Communities for expenses incurred in application of what is provided in this paragraph, with the exception of any interest that may accrue as a consequence of delay in fulfilling the obligation to enervate.

In the Basque Country Autonomous Community and the Chartered Community of Navarre, financial instrumentation shall be agreed bilaterally in accordance with their respective economic and financial regimes."

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TITLE II
Fiscal and Tax Measures in Housing Matters

Article 6. Modification of Law 35/2006, of December 28, on Personal Income Tax and partial modification of laws on Corporate Tax, Non-Resident Income Tax, and Wealth Tax.

First. With effect from January 1, 2026, the fifty-fifth additional provision of Law 35/2006, of November 28, on Personal Income Tax and partial modification of laws on Corporate Tax, Non-Resident Income Tax, and Wealth Tax, is modified, which reads as follows:

"Fifty-fifth Additional Provision. Imputation of real estate incomes during tax periods 2023, 2024, 2025, and 2026.

The imputation percentage of 1.1 percent provided in Article 85 of this law shall apply in the case of properties located in municipalities where cadastral values have been revised, modified, or determined through a collective valuation procedure of a general nature, in accordance with cadastral regulations, provided they entered into force from January 1, 2012 onwards."

Second. With effect from the entry into force of this Royal Decree-Law, the following modifications are introduced in Law 35/2006, of November 28, on Personal Income Tax and partial modification of laws on Corporate Tax, Non-Resident Income Tax, and Wealth Tax, in the following terms:

One. Letter ñ) of Article 7 is modified, which reads as follows:

"ñ) Positive yields from movable capital derived from life insurance, deposits, and financial contracts through which Long-Term Savings Plans referred to in the twenty-sixth additional provision of this law are implemented, provided the taxpayer does not dispose of any resulting capital from the Plan before the end of the five-year period from its opening.

Any disposal of said capital before the end of said period or breach of any other requirement provided in the twenty-sixth additional provision of this law during the Plan's validity shall determine the obligation to integrate the yields referred to in the previous paragraph generated during the Plan's validity into the tax period in which such breach occurs."

Two. Paragraph 2 of Article 23 is modified, which reads as follows:

"2. In cases of leasing of immovable property intended for housing referred to in paragraph 1 of Article 2 of Law 29/1994, of November 24, on Urban Leases, the positive net yield calculated according to the provisions of the previous paragraph shall be reduced:

a) When a new lease agreement has been formalized by the same landlord and does not have, at the time of celebration of the

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contract, the status of large holder referred to in letter k) of Article 3 of Law 12/2023, of May 24, on the right to housing:

1st In the case where the initial rent had been reduced by more than 5 percent compared to the last rent of the previous lease agreement of the same dwelling, after applying, if applicable, the annual update clause of the previous contract:

a') By 100 percent when, after finishing the minimum five-year term or the last of the extensions referred to in Articles 9 and 10 of Law 29/1994, of November 24, a new lease agreement has been formalized by the same landlord with the same tenant.

The same reduction shall apply when the new lease agreement has been concluded with another tenant, provided that the said initial rent was lower than the maximum limit of the price applicable according to the system of reference price indices taking into account the conditions and characteristics of the rented dwelling and the building in which it is located provided in the second additional provision of Royal Decree-Law 7/2019, of March 1, on urgent measures in housing and rental matters or applicable value, all in accordance with the methodology and criteria established by resolution of the Ministry of Housing and Urban Agenda.

b') By 95 percent, when the requirement provided in the previous paragraph is not met, the dwelling is located in a stressed residential market zone, and the tenant is aged between 18 and 35 years.

c') By 90 percent, when the requirements provided in the previous paragraphs are not met, the dwelling is located in a stressed residential market zone.

d') By 85 percent, when the requirements provided in the previous paragraphs are not met, the tenant is aged between 18 and 35 years.

e') By 70 percent, in remaining cases not provided for in the previous paragraphs.

For the purpose of applying the reduction provided in letters b') and d') above, when there are multiple tenants of the same dwelling, this reduction shall apply to the part of the net yield proportionally corresponding to the tenants who meet the age requirement referred to.

2nd In the case where the initial rent is not higher than the last rent of the previous lease agreement of the same dwelling, after applying, if applicable, the annual update clause of the previous contract, by 50 percent.

3rd In the case where the initial rent had increased relative to the last rent of the previous lease agreement of the same dwelling, after applying, if applicable, the annual update clause of the previous contract, it shall be reduced:

a') By 40 percent, when the said increase in initial rent is equal to or less than 5 percent.

b') By 30 percent, when the said increase in the said initial rent is greater than 5 percent but equal to or less than 10 percent.

c') By 25 percent, when the said increase in the said initial rent is greater than 10 percent but equal to or less than 15 percent.

d') By 20 percent, when the said increase in the said initial rent is greater than 15 percent but equal to or less than 20 percent.

e') By 15 percent, when the said increase in the said initial rent is greater than 20 percent.

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b) When the taxpayer has rented the dwelling for the first time and does not have, at the time of celebration of the contract, the status of large holder referred to in letter k) of Article 3 of Law 12/2023, of May 24, on the right to housing:

1st By 100 percent, when the said initial rent is lower than the maximum limit of the price applicable according to the system of reference price indices mentioned above, or applicable value in accordance with the methodology and criteria established by resolution of the Ministry of Housing and Urban Agenda.

2nd By 95 percent, when the requirement provided in the previous paragraph is not met, the dwelling is located in a stressed residential market zone, and the tenant is aged between 18 and 35 years.

3rd By 90 percent, when the requirements provided in the previous paragraphs are not met, the dwelling is located in a stressed residential market zone.

4th By 85 percent, when the requirements provided in the previous paragraphs are not met, the tenant is aged between 18 and 35 years.

For the purpose of applying the reduction provided in numbers 2nd and 4th above, when there are multiple tenants of the same dwelling, this reduction shall apply to the part of the net yield proportionally corresponding to the tenants who meet the age requirement referred to.

5th By 50 percent, when the rent is equal to or higher than the maximum limit of the price applicable according to the system of reference price indices mentioned above or applicable value in accordance with the methodology and criteria established by resolution of the Ministry of Housing and Urban Agenda.

c) By 70 percent when the tenant is a Public Administration or non-profit entity to which the special regime regulated in Title II of Law 49/2002, of December 23, on the fiscal regime of non-profit entities and tax incentives for philanthropy applies, which dedicates the dwelling to social rental with a monthly rent lower than that established in the rental aid program of the state housing plan, or to accommodation for persons in a situation of economic vulnerability referred to in Law 19/2021, of December 20, establishing the minimum vital income, or when the dwelling is covered by some public housing program or classification pursuant to which the competent Administration establishes a limitation on the rental income.

d) By 60 percent when the dwelling has been subject to rehabilitation actions as provided in paragraph 1 of Article 41 of the Tax Regulation, which ended in the two years prior to the date of celebration of the lease agreement.

The requirements stated in the previous paragraphs must be met at the time of celebrating the lease agreement, the reduction being applicable during the validity of the contract as long as the same are continued to be met. However, the reduction shall be 80 percent during the period in which, according to what is provided in paragraph 1 of Article 10 of the Urban Leases Law, the lease agreement for housing is tacitly extended in cases where the initial rent does not exceed the maximum limit of the price applicable according to the system of reference price indices mentioned above or applicable value in accordance with the methodology and criteria established by resolution of the Ministry of Housing and Urban Agenda, at the time of said extension, provided the landlord does not have the

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consideration of large holder referred to in letter k) of Article 3 of Law 12/2023, of May 24, on the right to housing.

In the event that the requirements to apply several of the reductions indicated to the same net yield are met, the reduction of the highest amount shall apply.

These reductions shall only apply to positive net yields that have been calculated by the taxpayer in a self-assessment return filed before a data verification, limited check, or inspection procedure has been initiated that includes the verification of such yields in its scope.

Under no circumstances shall the reductions apply to the part of the positive net yields derived from income not included or expenses improperly deducted in the taxpayer's self-assessment return and which are regularized in any of the procedures cited in the previous paragraph, even if those circumstances have been declared or accepted by the taxpayer during the processing of the procedure. The reductions shall not apply in relation to those rental contracts that violate the provisions of paragraph 6 of Article 17 of the Urban Leases Act.

The tense residential market areas to which the provisions of this paragraph may apply shall be those included in the resolution that, in accordance with the provisions of state legislation on housing, is approved by the Ministry of Housing and Urban Agenda."

Three. Article 67, paragraph 1, is amended, which shall read as follows:

"1. The state tax amount of the Tax shall be the result of decreasing the state gross tax by the sum of:
a) The deductions provided for in paragraphs 1 and 6 of Article 68 of this law. b) 50 percent of the total amount of the deductions provided for in paragraphs 2, 3, 4, and 5 of Article 68 of this law."

Four. Paragraph 6 of Article 68 is added, which shall read as follows:

"6. Deduction for rental of main residence.
Taxpayers whose tax base is less than 33,007.20 euros annually may deduct 10 percent of the amounts paid during the tax period for the rental of their main residence.
The maximum base for this deduction shall be:
a) when the tax base is equal to or less than 23,007.20 euros annually:
11,630 euros annually, b) when the tax base is between 23,007.20 and 33,007.20 euros annually: 11,630 euros minus the result of multiplying 1.163 by the difference between the tax base and 23,007.20 euros annually.

To apply the deduction, it shall be necessary that, for at least half of the tax period, neither the taxpayer nor any member of their family unit are holders, individually or jointly, of the full ownership or of a real right of use or enjoyment constituted on another dwelling less than fifty kilometers from the rented dwelling, unless there is an administrative or judicial resolution preventing them from using it as a residence."

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Five. A new Section 8th in Title X is added, which shall read as follows:

"Section 8th. Financia Europa Savings and Investment Account
Article 95 ter. Taxation of the holder of the Financia Europa Savings and Investment Account.

1. Taxpayers who are holders of a Financia Europa Savings and Investment Account regulated in Title XI of Law 6/2023, of March 17, on Securities Markets and Investment Services, shall apply the provisions of this article to the income derived from said account provided that the following requirements are met:
   a) The Financia Europa Savings and Investment Account must have a single holder and its ownership must be non-transferable. b) The Financia Europa Savings and Investment Account must be identified separately from other accounts, contracts, or financial instruments of the taxpayer. c) The taxpayer may only be the holder of one Financia Europa Savings and Investment Account. The assets and cash integrated into the account may be mobilized exclusively to another Financia Europa Savings and Investment Account in the same or another provider entity. The mobilization must be carried out for the entirety of the assets and cash integrated into the account and under the terms established in Article 347 of Law 6/2023, of March 17. d) Contributions to the Financia Europa Savings and Investment Account must be made exclusively in money. e) Only eligible assets provided for in Article 348 of Law 6/2023, of March 17, may be integrated into the Financia Europa Savings and Investment Account, without prejudice to the treatment applicable to the subsequent loss of eligibility of assets provided for in Article 349 of the same law. f) The amount of pending recovery contributions corresponding to the Financia Europa Savings and Investment Account of the same taxpayer may not exceed 150,000 euros.

For these purposes, the amount of pending recovery contributions shall be reduced by the part of total or partial withdrawals corresponding to contributions recovered by the taxpayer.

For the purposes of this article, pending recovery contributions shall be understood as the amount of contributions made by the taxpayer to the account that has not been recovered on account of previous withdrawals.

2. For the purposes of this article, the liquidation value of the account shall be understood as the market value of the assets integrated into it, increased by the amount of cash integrated into said account.

Unless proven otherwise, expenses and taxes inherent to the operations carried out with the assets integrated into the account shall be understood to be included in the liquidation value of the account, excluding interest, having formed part of the acquisition or subscription amount of the assets, having reduced the amount of their transmission or redemption, or having been paid from the cash integrated into the account.

The amount derived from capital reductions intended for the return of contributions and not derived from undistributed profits, the amount derived from distributions of the share premium of shares or participations, and the amount derived from social liquidation quotas in the event of the dissolution of companies shall be understood to be included in the liquidation value of the account.

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3. Capital gains or losses derived from the transmission or redemption of assets integrated into a Financia Europa Savings and Investment Account shall not be integrated into the taxpayer's tax base until the moment a total or partial withdrawal of the account is made, without prejudice to the provisions of paragraph 8.

The capital gains or losses referred to in the previous paragraph shall be integrated, where applicable, into the savings tax base in accordance with Article 49.1, letter b), in the tax period in which the total or partial withdrawal of the account is made, according to the following rules:
a) In the event of total withdrawal of the account, the capital gain or loss shall be determined by the difference between the liquidation value of the account on the date of withdrawal and the amount of pending recovery contributions corresponding to said account. b) In the event of partial withdrawal of the account, the capital gain or loss corresponding to said withdrawal shall be determined by applying to the withdrawn amount the proportion that represents the positive or negative difference between the liquidation value of the account on the date of withdrawal and the pending recovery contributions with respect to said liquidation value, according to the following formula:
The amount of pending recovery contributions understood to be recovered shall be determined by applying to the withdrawn amount the proportion that the pending recovery contributions represent with respect to the liquidation value of the account on the date of withdrawal.
The amount thus determined shall reduce the pending recovery contributions corresponding to the account. c) When a partial withdrawal results in a capital loss, such loss shall not be integrated into the tax base on account of said withdrawal. Nevertheless, such loss shall be integrated by reducing the capital gains that manifest themselves in subsequent withdrawals of the account successively. The un-reduced pending amount, if any, shall be integrated into the savings tax base when the total withdrawal of the account occurs.

4. The capital gain determined in accordance with the provisions of paragraph 3 or 8, as applicable, shall be excluded from taxation in the proportionate part attributable to contributions that have remained in the account for more than five years, in the following amounts:
   a) 100 percent of said capital gain, up to reaching a total maximum amount of 10,000 euros per taxpayer under this regime. b) 20 percent of the remaining part of the capital gain referred to in the first paragraph, after applying the provisions of letter a).

For the purposes of determining the age of contributions corresponding to each total or partial withdrawal, it shall be considered that the recovered contributions are the oldest contributions made to the account.

Prior to the application of the provisions of this paragraph, the provisions of letter c) of paragraph 3 shall apply.

5. Solely for the purposes of Article 37.2 of this law, the values integrated into a Financia Europa Savings and Investment Account shall not be considered homogeneous with other values of which the taxpayer is the holder.

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6. The regime provided for in Article 94.1.a) of this law shall not apply to operations of transmission or redemption of shares or participations in collective investment institutions integrated into the Financia Europa Savings and Investment Account.

7. The income from movable capital referred to in Article 25.1 of this law, derived from the assets integrated into the account, shall not be considered integrated into the same and shall be taxed in accordance with the provisions of this law, without the regime provided for in this article applying to them, with the exception of amounts derived from cases of capital reduction intended for the return of contributions and not derived from undistributed profits, or from distribution of the share premium of shares or participations.

In cases of capital reduction intended for the return of contributions and not derived from undistributed profits, or from distribution of the share premium of shares or participations, the amount obtained shall reduce the acquisition value of the affected securities or participations until their cancellation, without it being necessary to integrate into the tax base of the tax the excess that might exist over said acquisition value as income from movable capital.

8. In the event of death or loss of the taxpayer status for this Tax by the holder of a Financia Europa Savings and Investment Account, the capital gains or losses manifested previously and not integrated by application of this special regime shall be integrated into the savings tax base.

For these purposes, the capital gain or loss shall be determined, on the accrual date of the last tax period that must be declared for this Tax, by the difference between, on the one hand, the sum of the cash remaining integrated in the account and the acquisition value of the assets remaining integrated in it, and, on the other hand, the pending recovery contributions. The result, reduced, where applicable, by the pending capital losses referred to in paragraph 3.c), shall be integrated into the savings tax base corresponding to the last tax period that must be declared for this Tax. In the event of loss of taxpayer status, a complementary self-assessment return shall be filed, without penalty, late interest, or surcharge of any kind, within the declaration period of the Tax corresponding to the first tax period in which such status is no longer held.

When the loss of taxpayer status occurs due to relocation of residence to another Member State of the European Union or the European Economic Area, the taxpayer may opt to integrate the capital gains or losses manifested previously and not integrated by application of this special regime determined in accordance with the provisions of the previous paragraph, or to integrate said capital gains or losses as the assets that had remained integrated in the account on the accrual date of the last tax period that must be declared for this Tax are transmitted or redeemed, proportionally to their respective acquisition values, by filing a complementary self-assessment return without penalty, late interest, or surcharge of any kind, corresponding to the last period that must be declared for this Tax.

The self-assessment return shall be filed within the declaration period of the Tax corresponding to the tax period in which the transmission or redemption occurs.

9. The requirements provided for in paragraph 1 must be complied with throughout the validity of the Financia Europa Savings and Investment Account and, for the purposes of applying the regime provided for in this article, may be verified by the tax administration.

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Failure to comply with any of these requirements shall result in the loss of the right to apply the regime provided for in this article from the date of non-compliance. For the purposes of this Tax, a total withdrawal of the account shall be understood to have been made on the date on which the non-compliance occurs.

The capital gain or loss corresponding to the total withdrawal of the account shall be determined by the difference between the liquidation value of the account and the amount of pending recovery contributions corresponding to said account on the date of non-compliance. The result shall be integrated into the savings tax base of the tax period in which the non-compliance occurred, without the tax exclusion provided for in paragraph 4 applying.

From the date of non-compliance, the income derived from the assets remaining in the account shall be determined and integrated in accordance with the general provisions of this law.

The market value of each of the assets integrated into the account that had been taken into consideration to determine the liquidation value of the account on the date of non-compliance shall have the consideration of acquisition value of the corresponding asset for the purposes of its subsequent transmission or redemption. For these purposes, the provisions of paragraph 5 shall not apply.

10. The provider entities of Financia Europa Savings and Investment Accounts referred to in Article 343 of Law 6/2023, of March 17, shall supply the tax administration, with respect to the accounts they contract, information regarding their holders, integrated assets, contributions, operations carried out, and income linked to them, with the content and under the terms established by regulation."

Six. Paragraph 4 of Additional Provision Fifth is amended as follows:

"4. The following shall not be integrated into the tax base of this Tax: the aid granted by virtue of the provisions of Royal Decree 920/2014, of October 31, regulating the direct grant of subsidies intended to compensate for costs derived from the reception or access to audiovisual television communication services in buildings affected by the release of the digital dividend. Nor shall they be integrated in the year 2021 and subsequent years those granted by virtue of the different programs established in Royal Decree 691/2021, of August 3, regulating the subsidies to be granted to energy rehabilitation actions in existing buildings, in execution of the Energy Rehabilitation Program for existing buildings in municipalities facing demographic challenge (Program PREE 5000), included in the Regeneration and Demographic Challenge Program of the Rehabilitation and Urban Regeneration Plan of the Recovery, Transformation and Resilience Plan, as well as their direct grant to the autonomous communities; Royal Decree 737/2020, of August 4, regulating the aid program for energy rehabilitation actions in existing buildings and regulating the direct grant of aid from this program to the autonomous communities and cities of Ceuta and Melilla; and Royal Decree 853/2021, of October 5, regulating the aid programs in the matter of residential rehabilitation and social housing of the Recovery, Transformation and Resilience Plan or the aid granted within the framework of the financing line for the promotion of building rehabilitation, accessibility and urban and rural renewal of Royal Decree 326/2026, of April 22, regulating the State Housing Plan 2026-2030; and Royal Decree 477/2021, of June 29, approving the direct grant to the autonomous communities and to the cities of Ceuta and Melilla of aid for the execution of various programs of incentives linked to self-consumption and storage, with renewable energy sources, as well as

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the implementation of systems based on renewable energies in the residential sector, within the framework of the Recovery, Transformation and Resilience Plan."

Seven. Additional Provision Twenty-Sixth is amended, which shall read as follows:

"Additional Provision Twenty-Sixth. Long-Term Savings Plans.

1. Long-Term Savings Plans are configured as contracts celebrated between the taxpayer and an insurance or credit entity that meet the following requirements:
   a) The resources contributed to the Long-Term Savings Plan must be instrumented, either through one or successive individual life insurance policies referred to in paragraphs 2 and 3 of this Additional Provision, called Individual Long-Term Savings Insurance and Individual Long-Term Savings Financia Europa Insurance, or through deposits and financial contracts referred to in paragraph 4 of this Additional Provision integrated into an Individual Long-Term Savings Account. A taxpayer may only be the holder of a Long-Term Savings Plan simultaneously. b) The opening of the Long-Term Savings Plan shall occur at the moment the first premium is paid or the first contribution is made, as applicable, and its extinction, at the moment the taxpayer makes any withdrawal or violates the contribution limit provided for in letter c) of this paragraph.

For these purposes, in the case of Individual Long-Term Savings Insurance, it shall not be considered that withdrawals are made when, upon maturity, the insurance entity allocates, by order of the taxpayer, the entire amount of the benefit to a new Individual Long-Term Savings Insurance or to an Individual Long-Term Savings Financia Europa Insurance contracted by the taxpayer with the same entity. In these cases, the contribution of the benefit to the new insurance shall not count for the purposes of the limit indicated in letter c) of this paragraph, and for the calculation of the period provided for in letter ñ) of Article 7 of this law, the first premium paid to the first insurance shall be taken as reference. Likewise, in the case of Individual Long-Term Savings Financia Europa Insurance, it shall not be considered that withdrawals are made when, upon maturity, the insurance entity allocates, by order of the taxpayer, the entire amount of the benefit to a new Individual Long-Term Savings Financia Europa Insurance, contracted by the taxpayer with the same entity. In these cases, the contribution of the benefit to the new insurance shall not count for the purposes of the limit indicated in letter c) of this paragraph, and for the calculation of the period provided for in letter ñ) of Article 7 of this law, the first premium paid to the first insurance shall be taken as reference. c) The premiums or contributions to the Individual Long-Term Savings Insurance or to the Individual Long-Term Savings Account may not exceed 5,000 euros annually in any of the exercises of the plan's validity. The premiums paid to the Individual Long-Term Savings Financia Europa Insurance may not exceed 10,000 euros annually in any of the exercises of the plan's validity. d) The withdrawal by the taxpayer of the capital resulting from the plan may only occur in the form of capital, for the total amount thereof, and it is not possible for the taxpayer to make partial withdrawals. e) In the case of an Individual Long-Term Savings Insurance or an Individual Long-Term Savings Account, the insurance entity or, where applicable,

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the credit institution must guarantee to the taxpayer the receipt at maturity of the individual life insurance or at maturity of each deposit or financial contract of, at least, a capital equivalent to 85 percent of the sum of the premiums paid or of the contributions made to the deposit or to the financial contract.

Notwithstanding the foregoing, if said guarantee were less than 100 percent, the contracted financial product must have a maturity of at least one year.

2. The Long-Term Individual Savings Insurance shall be configured as an individual life insurance distinct from those provided for in article 51 of this law, which does not cover contingencies other than survival or death, in which the taxpayer themselves is the policyholder, insured, and beneficiary except in the event of death.

The contract terms shall expressly and prominently state that this is a Long-Term Individual Savings Insurance and its acronym (SIALP) is reserved for contracts entered into from January 1, 2015, that meet the requirements provided for in this law.

3. The Long-Term Individual Savings Insurance Financia Europa shall be configured as an individual life insurance distinct from those provided for in article 51 of this law, which does not cover contingencies other than survival or death, in which the taxpayer themselves is the policyholder, insured, and beneficiary, except in the event of death, and which meets the conditions provided for in this section.

Prior to the offer to contract a Long-Term Individual Savings Insurance Financia Europa, the insurance company shall establish one or more sets of assets that must be reflected separately in the balance sheet of said entity.

The determination of the assets comprising each of the different sets of separate assets must correspond, at all times, to the insurance company, who, for these purposes, shall have full freedom to choose the assets in the terms established in this section.

Only the following assets may be integrated into each set of assets in which the mathematical provisions are invested:
a) shares admitted to trading on regulated markets or multilateral trading systems issued by companies with registered office, central administration, or principal place of activity in a Member State of the European Union or in another State party to the European Economic Area, with the exception of shares issued by companies regulated in Law 11/2009, of October 26, regulating Listed Real Estate Investment Companies, or by analogous foreign entities; b) participations or shares of harmonized or non-harmonized collective investment institutions of a financial nature, including exchange-traded investment funds, that meet the requirements provided for in Chapter II of Title XI of Law 6/2023, of March 17, with the exception of Variable Capital Investment Companies regulated in Law 35/2003, of November 4, on Collective Investment Institutions; c) fixed-income instruments issued by public or private entities domiciled in the EEA with a minimum credit rating of BBB.

Regulatory provisions may develop the requirements that the financial assets referred to in letters a), b), and c) must meet.

Under no circumstances may contracts for derivatives on the eligible assets referred to in letters a), b), and c) above be integrated into the sets of assets in which the mathematical provisions are invested.

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Additionally, at least 30% of the value of each set of assets in which the mathematical provisions are invested must correspond directly or indirectly to equity instruments.

The investment shall be made in accordance with the rules established in article 89 of Royal Decree 1060/2015, of November 20, on the regulation, supervision, and solvency of insurance and reinsurance undertakings.

The policyholder may only choose, in accordance with the limits established in the policy specifications, among the different separate sets of assets expressly designated in the contract, which of said sets of assets the insurance company must invest the mathematical provision of the insurance. Under no circumstances may the policyholder intervene in the determination of the specific assets comprising each set.

The conditions indicated in this section must be complied with during the validity of the contract. The insurance company must include in the annual report of the annual accounts the breakdown of the assets linked to each of the sets of assets and the information and documentary evidence of compliance with the provisions of this provision.

The contract terms shall expressly and prominently state that this is a Long-Term Individual Savings Insurance Financia Europa and its acronym (SIALPFE) is reserved for contracts that meet the requirements provided for in this law.

When, for causes not attributable to the policyholder or derived from market evolution, corporate operations, or the subsequent loss of eligibility, any of the assets included in the Long-Term Individual Savings Insurance Financia Europa cease to meet the eligibility requirements, the insurance company shall have a period of three months from the non-compliance to remedy the situation. Regulatory provisions may establish a different period depending on the nature of the non-compliance.

Upon expiration of the remediation period without the non-compliance situation having been corrected, the insurance company must communicate this to the policyholder without delay and the insurance shall lose the status of Long-Term Individual Savings Insurance Financia Europa and the exemption established in article 7.ñ) of this law shall not apply.

The provisions of the preceding paragraph shall be without prejudice to the application of the special rule of temporal attribution provided for in article 14.2.h) of this law when the insurance loses the status of Long-Term Individual Savings Insurance Financia Europa and the requirements established in said article are not met.

4. The Long-Term Individual Savings Account is configured as a money deposit contract entered into by the taxpayer with a credit institution, from which one or more money deposits may be constituted, as well as financial contracts defined in the last paragraph of section 1 of article two of Order EHA/3537/2005, of November 10, which develops article 27.4 of Law 24/1988, of July 28, on the Securities Market, in whose terms it is provided that both the contribution and the settlement at maturity shall in all cases be made exclusively in money.

Said deposits and financial contracts must be contracted by the taxpayer with the same credit institution in which the Long-Term Individual Savings Account has been opened. The returns shall be integrated into the Individual Account and shall not be counted for the purposes of the limit provided for in letter c) of the previous section.

The Long-Term Individual Savings Account must be uniquely identified and separate from other forms of savings. Likewise, the deposits and financial contracts integrated into the Account must contain in their identification the reference to the latter.

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The contract terms shall expressly and prominently state that this is a Long-Term Individual Savings Account and its acronym (CIALP) is reserved for contracts entered into from January 1, 2015, that meet the requirements provided for in this law and will integrate deposits and financial contracts contracted from that date.

5. Contracting entities must inform in the contracts, expressly and prominently, of the financial conditions under which, before the maturity of the individual life insurance, the deposit, or the financial contract, the resulting capital may be accessed or new contributions made. Likewise, in the event that the capital is guaranteed, they must inform in the contracts, expressly and prominently, of the amount and the date to which the guarantee refers.

Contracting entities must warn in the contracts, expressly and prominently, that taxpayers may only hold a single Long-Term Savings Plan simultaneously, that they cannot contribute more than the amounts indicated in letter c) of section 1 per year to it, as applicable, nor partially access the capital being constituted, as well as the tax effects derived from making withdrawals before or after the passage of five years from the first contribution.

6. Regulatory provisions shall develop the conditions for the full mobilization of the economic rights of the Long-Term Individual Savings Insurance and the Long-Term Individual Savings Insurance Financia Europa and of the funds constituted in a Long-Term Individual Savings Account, without this implying the disposal of resources for the purposes provided for in letter ñ) of article 7 of this law.

Under no circumstances may a Long-Term Individual Savings Insurance Financia Europa be mobilized to a Long-Term Savings Plan that is not another Long-Term Individual Savings Insurance Financia Europa.

7. In the event that, prior to the end of the period provided for in letter ñ) of article 7 of this law, any withdrawal of the resulting capital occurs, the contribution limit provided for in letter c) of section 1 of this provision is breached, or an unremedied non-compliance with the eligibility requirements occurs, the entity must apply a withholding or payment on account of 19 percent on the positive returns of movable capital obtained since the opening of the plan, including those that could be obtained upon its termination.

8. Negative returns of movable capital, if any, obtained during the validity of the Long-Term Savings Plan, including those that could be obtained upon the termination of the plan, shall be attributed to the tax period in which said termination occurs and only to the extent that the total amount of said negative returns exceeds the sum of the returns of the same plan to which the exemption would have applied."»

Eight. Section 6 of the fiftieth additional provision is modified, which shall read as follows:

«6. The amount of these deductions shall be subtracted from the state gross tax liability after the deductions provided for in sections 1, 2, 3, 4, 5, and 6 of article 68 of this law.»

Nine. Section 5 of the fifty-eighth additional provision is modified, which shall read as follows:

«5. The amount of these deductions shall be subtracted from the state gross tax liability after the deductions provided for in sections 1, 2, 3, 4, 5, and 6 of article 68 of this law.»

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Ten. Section 6 of the sixty-second additional provision is modified, which shall read as follows:

«6. The amount of these deductions shall be subtracted from the state gross tax liability after the deductions provided for in sections 1, 2, 3, 4, 5, and 6 of article 68 of this law.»

Eleven. A new sixty-fifth additional provision is introduced, with the following content:

«Sixty-fifth additional provision. Exemption for the transfer of housing to promote housing supply.

1. The capital gain obtained from the onerous transfer of a housing unit carried out from the entry into force of Royal Decree-Law 26/2026, of September 29, adopting urgent measures for the protection of the social function of housing and the expansion of the supply of affordable housing, until December 31, 2027, to territorial public entities and other public bodies and companies or commercial societies belonging to the public sector, whose purpose is the promotion and management of social and affordable housing, provided that the total transfer value of the housing is less than 800,000 euros, shall be exempt:
   a) 100 percent, provided that said transfer value is equal to or less than 200,000 euros. b) If said transfer value is greater than 200,000 euros and less than 800,000 euros, by the percentage, expressed with two decimals, resulting from the quotient obtained by dividing the difference between 800,000 euros and the transfer value by 600,000 euros.

In cases of co-ownership of the transferred housing, the aforementioned percentages shall apply to the capital gain obtained by each of the co-owners.

To the part of the capital gain not exempt in accordance with the provisions of letter b) above, the exemption for reinvestment in the Financia Europa Reinversión Savings and Investment Account referred to in the sixty-sixth additional provision of this law may be applied, in the event that the transfer value proportionally corresponding to the non-exempt capital gain is reinvested within 6 months from the transfer into said account.

However, when on the date of the transfer the ministerial order implementing the fulfillment of the information obligations referred to in section 10 of article 95 ter of this law had not yet entered into force, the 6-month period to make the reinvestment shall be calculated from the date of entry into force of said order.

When the reinvested amount is less than said transfer value, the aforementioned percentage shall apply only to the proportional part of the non-exempt capital gain corresponding to the reinvested amount.

The exemption for reinvestment in the Financia Europa Reinversión Savings and Investment Account provided for in this section shall only be applicable to capital gains derived from transfers made once thirty business days have passed since the entry into force of Royal Decree-Law 26/2026, of September 29, adopting urgent measures for the protection of the social function of housing and the expansion of the supply of affordable housing.

2. For the purposes of what is established in this additional provision, it is an indispensable requirement for the application of the exemption that the transferred housing has remained unoccupied, continuously and without justified cause, during the two years immediately preceding the date of the transfer. Justified causes of vacancy, and solely for this purpose, are those enumerated for these effects in article 72.4 of the consolidated text of the Law regulating Local Treasuries, approved by Legislative Royal Decree 2/2004, of March 5. Vacancy during said period shall be accredited by any means of proof admitted in Law and, in particular, through data from the municipal register and consumption of supply services.

Housing shall be understood as any property that has such status in accordance with applicable legislation and urban and territorial planning.

The total maximum amount that may be reinvested in the Financia Europa Reinversión Savings and Investment Account shall be 800,000 euros.

Non-compliance with any of the conditions established in this additional provision and in the sixty-sixth additional provision of this law shall determine the taxation of the corresponding capital gain.

In such case, the taxpayer shall attribute the non-exempt capital gain to the year of its obtaining, filing a supplementary self-assessment, including late payment interest, and shall present it within the period between the date of the non-compliance and the end of the regulatory period for filing the declaration corresponding to the tax period in which said non-compliance occurs.»

Twelve. A new sixty-sixth additional provision is introduced, which shall read as follows:

«Sixty-sixth additional provision. Financia Europa Reinversión Savings and Investment Account.

1. The Financia Europa Reinversión Savings and Investment Accounts shall be the Financia Europa Savings and Investment Accounts regulated in article 95 ter of this law that are destined exclusively to the reinvestment of amounts derived from the transfer of housing in the terms provided for in the sixty-fifth additional provision.

The regime provided for Financia Europa Savings and Investment Accounts in article 95 ter of this law and in Law 6/2023, of March 17, on Securities Markets and Investment Services, as well as in their respective development provisions, shall apply to Financia Europa Reinversión Savings and Investment Accounts, with the specialities provided for in this provision.

2. The Financia Europa Reinversión Savings and Investment Account must be identified and separate from other Financia Europa Savings and Investment Accounts. Its denomination shall be reserved for Financia Europa Savings and Investment Accounts that comply with what is provided for in this provision.

The determination of capital gains and losses, pending contributions to be recovered, and pending losses to be integrated shall be made separately for each account, in accordance with the rules provided for in article 95 ter of this law.

The entire capital gain determined in accordance with sections 3 or 8 of article 95 ter, as applicable, that is proportionally attributable to contributions that have remained in the account for more than five years, shall be subject to the tax exclusion provided for in letter b) of section 4 of said article. The tax exclusion provided for in letter a) of said section shall not apply to Financia Europa Reinversión Savings and Investment Accounts.

3. The taxpayer may only be the holder of one Financia Europa Reinversión Savings and Investment Account. This ownership shall be compatible with that of a Financia Europa Savings and Investment Account that does not have the status of Financia Europa Reinversión Savings and Investment Account, without this determining non-compliance with the requirement provided for in article 95 ter.1.c).

The assets and cash integrated into a Financia Europa Reinversión Savings and Investment Account may be mobilized exclusively to another Financia Europa Reinversión Savings and Investment Account, in the same or another provider entity. The mobilization must be made for the entirety of the assets and cash integrated into the account and in the terms established in article 347 of Law 6/2023, of March 17.

The mobilization shall not be considered a disposal or a new contribution and shall preserve the age of the contributions for the purposes of the period provided for in section 6 of this provision.

The taxpayer may make one mobilization per calendar year of the Financia Europa Reinversión Savings and Investment Account, independent of the one made in the same year regarding the Financia Europa Savings and Investment Account that does not have such status. Mobilizations may only be made between accounts of the same modality.

4. Contributions to the Financia Europa Reinversión Savings and Investment Account shall correspond exclusively to the amounts obtained by the account holder in the transfer of housing that are reinvested for the purposes of the exemption provided for in the sixty-fifth additional provision, and must be made in money.

Contributions must be made within the reinvestment period applicable in accordance with what is provided for in the sixty-fifth additional provision of this law.

5. The total accumulated amount of contributions made by the same taxpayer to the Financia Europa Reinversión Savings and Investment Account may not exceed 800,000 euros.

Total or partial withdrawals shall not reduce the accumulated amount of contributions for the purposes of this limit. This limit shall be independent of that applicable to the Financia Europa Savings and Investment Account that does not have the status of Financia Europa Reinversión Savings and Investment Account.

6. When a total or partial withdrawal of the Financia Europa Reinversión Savings and Investment Account is made before the passage of five years from the date on which the contribution corresponding to the withdrawn amount was made, the regularization of the exemption for reinvestment provided for in the sixty-fifth additional provision shall proceed, in the terms established therein.

The period provided for in the preceding paragraph shall not be considered breached in the event of the death of the taxpayer.

7. The information supply obligations referred to in article 95 ter.10 and its development regulations shall be applicable to Financia Europa Reinversión Savings and Investment Accounts, which must be specifically identified as such.

The information shall additionally include the source of the contributions and their link to the corresponding housing transfers, the dates and amounts of said transfers and contributions, the accumulated amount of contributions computable for the purposes of the limit provided for in section 5, and the data necessary for the application of the tax exclusion and exemption provided for, respectively, in article 95 ter.4 and in the sixty-fifth additional provision.

The taxpayer must communicate to the provider entity the data necessary regarding the source of the contributions and previous reinvestments for the purposes of the limit provided for in section 5.

OFFICIAL GAZETTE OF THE STATE
No. 241 Wednesday, September 30, 2026 Sec. I. Page 127877 cve: BOE-A-2026-20266 Verifiable at https://www.boe.es

In the event of mobilization, the information to be transmitted to the destination entity shall include the specific information necessary to continue applying what is provided for in this provision.

Thirteen. A new paragraph 3 is added to the fifteenth transitional provision, which shall read as follows:

«3. The provisions of this provision shall not apply when the taxpayer has applied the deduction provided for in Article 68.6 of this law for that same dwelling in the same tax period.»

Fourteen. The thirty-eighth transitional provision is modified, which shall read as follows:

«Thirty-eighth Transitional Provision. Reduction applicable to certain residential leases.

1. The reduction provided for in paragraph 2 of Article 23 of this law in its version in force as of 31 December 2021 shall apply to the net positive income from real estate capital derived from residential lease contracts entered into prior to the entry into force of Law 12/2023, of 24 May, on the right to housing.

2. The reduction provided for in paragraph 2 of Article 23 of this law in its version in force as of 31 December 2025 shall apply to the net positive income from real estate capital derived from residential lease contracts entered into between the dates of entry into force of Law 12/2023, of 24 May, on the right to housing, and 1 December 2026.

Notwithstanding the provisions of the preceding paragraphs, regardless of the date on which the residential lease contract was entered into, the 80 percent reduction referred to in paragraph 2 of Article 23 of this law for cases where the residential lease contract is tacitly renewed shall apply to the net positive income from real estate capital derived from such renewal, provided that the minimum five-year term provided for in Article 9 of the Urban Leases Act occurs after 1 December 2026.»

Third. With effect from 1 January 2027, the following modifications are introduced into Law 35/2006, of 28 November, on Personal Income Tax and partial modification of the laws on Corporate Income Tax, on Non-Resident Income Tax, and on Wealth Tax, in the following terms:

One. Article 24 is modified, which shall read as follows:

«Article 24. Income in case of kinship.

When the acquirer, assignee, lessee, or sublessee of the real estate property or the real right attached to it is the spouse or a relative, including by affinity, up to the third degree inclusive, of the taxpayer, the total net income shall not be lower than that resulting from applying the effective average percentage referred to in the following paragraph to the cadastral value of the property.

If on the tax accrual date the property lacks a cadastral value or this has not been notified to the holder, 50 percent of the greater of the following values shall be applied: the value verified by the Administration for other tax purposes or the price, consideration, or value of the acquisition.

The effective average percentage shall be the result of multiplying by 100 the quotient obtained by dividing the imputed income resulting from the application of Article 85 by the sum of the cadastral values of the properties. For these purposes, in addition to the properties referred to in the cited article, the properties referred to in this article shall also be taken into account.»

Two. Paragraph 1 of Article 85 is modified, which shall read as follows:

«1. In the case of urban real estate properties, qualified as such in Article 7 of the consolidated text of the Real Estate Cadastre Law, approved by Royal Legislative Decree 1/2004, of 5 March, as well as in the case of rural properties with constructions that are not indispensable for the development of agricultural, livestock, or forestry operations, not allocated in both cases to economic activities, nor generating capital income, excluding the main residence and undeveloped land, the imputed income shall be the amount resulting from applying to the sum of the cadastral values of the properties referred to in this paragraph, the percentages indicated in the following scale:

Sum of cadastral values – Up to euros | Imputation of incomes – Euros | Rest of the sum of cadastral values – Up to euros | Percentage 0 | 0 | 100,000.00 | 1.1 100,000.00 | 1,100.00 | 400,000.00 | 1.5 500,000.00 | 7,100.00 | 500,000.00 | 2 1,000,000.00 | 17,100.00 | Hereafter | 3

The cadastral value corresponding to each property shall be determined proportionally to the number of days corresponding to each tax period.

If on the tax accrual date the property lacks a cadastral value or this has not been notified to the holder, the value of the property to be computed for the application of the above scale shall be 50 percent of the greater of the following values: the value verified by the Administration for other tax purposes or the price, consideration, or value of the acquisition.

When it concerns properties under construction and in cases where, for urban planning reasons, the property is not susceptible to use, no income shall be estimated.»

Article 7. Modification of Law 37/1992, of 28 December, on Value Added Tax.

Law 37/1992, of 28 December, on Value Added Tax, is modified as follows:

One. With effect from 1 December 2026, Article 20.Uno.23.º, letter e'), is modified, which shall read as follows:

«e') Residential leases of apartments or furnished dwellings when any of the following circumstances occur:
– The lessor undertakes to provide any of the complementary services typical of the hotel industry, such as restaurant, cleaning, laundry, or other similar services.
– Its duration in favor of the same lessee does not exceed 30 nights, except if it occurs in the apartment or dwelling rented in which the lessor has their habitual residence, in which case they shall be exempt.»

Two. With effect from 1 December 2026, Article 91.Uno.2.2.º is modified, which shall read as follows:

«2.º Hospitality, camping, and spa services, restaurant services, and, in general, the supply of food and drinks for consumption on the premises, even if prepared prior to the order of the recipient.

Leases of apartments or furnished dwellings referred to in Article 20.Uno.23.º, letter e’), of this law are included in this number.»

Three. With effect from 1 December 2026, Article 91.Uno.2, number 10.º, is modified, with the following wording:

«10.º Renovation and repair works carried out in buildings or parts thereof intended for housing, when the following requirements are met:
a) That the recipient is a natural person, does not act as a businessperson or professional, and uses the housing referred to in the works for their private use.
Notwithstanding the provisions of the preceding paragraph, the aforementioned works shall also be included in this number when their recipient is a community of owners or when they concern housing intended for rental as a main residence, regardless of the condition of the lessor.
The application of the reduced rate is conditioned on the amount of the consideration for the works having been paid by credit or debit card, bank transfer, named check, or deposit into accounts at credit institutions in favor of the taxpayers carrying out the works. b) That the construction or rehabilitation of the housing referred to in the works was completed at least two years prior to the start of these works. c) That the person carrying out the works does not provide materials for their execution or, in the event that they do provide them, their cost does not exceed 40 percent of the taxable base of the operation.»

Four. With effect from 1 December 2026, Article 91.Dos.1, number 6.º is modified, with the following wording:

«6.º Housing officially qualified as special regime official protection or public promotion, as well as protected housing subject to permanent or indefinite qualification, when the deliveries are made by their promoters, including garages and annexes located in the same building that are transmitted jointly. For these purposes, the number of parking spaces shall not exceed two units.

Housing acquired by entities applying the special regime provided for in Chapter III of Title VII of Law 27/2014, of 27 November, on Corporate Income Tax, provided that the income derived from their subsequent rental is eligible for the bonus established in paragraph 1 of Article 49 of the said law. For these purposes, the acquiring entity shall communicate this circumstance to the taxpayer prior to the accrual of the operation in the manner determined by regulations.»

Article 8. Modification of the consolidated text of the Law Regulating Local Treasuries, approved by Royal Legislative Decree 2/2004, of 5 March.

With effect for tax periods starting from the entry into force of this Royal Decree-Law and with indefinite validity, the following modifications are introduced into Article 72:

One. The title of Article 72 shall read as follows:

«Article 72. Tax rate. Surcharge for urban residential properties permanently vacant and for tourist accommodation properties.»

Two. Paragraph 4 of Article 72 shall read as follows:

«4. Within the limits resulting from the provisions of the preceding paragraphs, municipalities may establish, for urban real estate properties, excluding those for residential use, differentiated rates taking into account the uses established in the cadastral regulations for the valuation of constructions. When properties have multiple uses assigned, the rate corresponding to the use of the main building or dependency shall be applied.

These rates may only be applied, at most, to 10 percent of the urban real estate properties in the municipality that, for each use, have the highest cadastral value, for which purpose the tax ordinance of the tax shall indicate the corresponding value threshold for all or each of the uses, from which the increased rates shall apply.»

Three. A new paragraph 4 bis is introduced in Article 72, with the following wording:

«4 bis. Regarding residential properties that are permanently vacant, in the case of municipalities not located in a stressed residential market area as established in Law 12/2023, of 24 May, on the right to housing, municipalities may impose a surcharge of up to 50 percent of the net tax amount.

For these purposes, a permanently vacant property shall be considered one that remains vacant, continuously and without justified cause, for a period exceeding two years, in accordance with the requirements, means of proof, and procedure established by the tax ordinance, and belongs to holders of four or more residential properties.

The surcharge may be up to 100 percent of the net tax amount when the vacancy period exceeds three years, and may be modulated based on the length of the vacancy period.

Additionally, municipalities may increase the surcharge percentage applicable as indicated above by up to an additional 50 percentage points in the case of properties belonging to holders of two or more residential properties that are vacant in the same municipality.

In the case of municipalities located in a stressed residential market area as established in Law 12/2023, of 24 May, on the right to housing, municipalities may impose a surcharge of up to 50 percent of the net tax amount for residential properties that are permanently vacant. For these purposes, a permanently vacant property shall be considered one that remains vacant, continuously and without justified cause, for a period exceeding two years, in accordance with the requirements, means of proof, and procedure established by the tax ordinance, and may be modulated based on the length of the vacancy period.

In the case of holders of four or more residential properties, this surcharge may be up to 100 percent of the net tax amount.

When the vacancy period exceeds three years, municipalities may increase the surcharge percentage by up to an additional 50 percentage points in the case of properties belonging to holders of four or more residential properties.

Regarding the surcharges of this paragraph, the following causes shall in all cases be considered justified: temporary relocation for work or training reasons, change of domicile due to dependency or health or social emergency reasons, properties intended for second residence use with a maximum of four years of continuous vacancy, properties subject to construction or rehabilitation works, or other circumstances that prevent effective occupation, that the housing is subject to litigation or a pending judicial or administrative resolution that prevents its use and disposal, or that it concerns properties whose holders, under market conditions, offer for sale with a maximum of one year in this situation, or for rent with a maximum of six months in this situation. In the case of properties owned by any Public Administration, it shall also be considered a justified cause for the property to be subject to a sale procedure or to be put into operation through leasing.

The surcharge, which shall be levied on the taxpayers of this tax, shall accrue on 31 December and be settled annually by the municipalities, once the vacancy of the property on that date has been confirmed, together with the administrative act by which this is declared.

The municipal declaration as a permanently vacant property shall require the prior hearing of the taxpayer and the accreditation by the Municipality of the indications of vacancy, to be regulated in said ordinance, among which may be those related to municipal register data, as well as utility consumption data.»

Four. A new paragraph 4 ter is introduced in Article 72, with the following wording:

«4 ter. Regarding residential properties intended for tourist accommodation, identified in accordance with the regulations of each autonomous community, and located in municipalities situated in a stressed residential market area as established in Law 12/2023, of 24 May, on the right to housing, municipalities may impose a surcharge of up to 50 percent of the net tax amount.

This surcharge may be up to 100 percent of the net tax amount when it concerns holders of two or more residential properties intended for tourist accommodation.

This surcharge may be up to 150 percent of the net tax amount when it concerns holders of four or more residential properties intended for tourist accommodation.

The surcharge, which shall be levied on the taxpayers of this tax, shall accrue on 31 December and be settled annually by the municipalities. The tax ordinance shall regulate the material and formal aspects for the application of this surcharge.»

Article 9. Modification of Law 11/2009, of 26 October, regulating Listed Real Estate Investment Trusts.

Law 11/2009, of 26 October, regulating Listed Real Estate Investment Trusts, is modified as follows:

One. With effect for tax periods initiated from 1 January 2026 that had not concluded upon the entry into force of this Royal Decree-Law, paragraphs 4 and 5 of Article 9 are given a new wording, and the current paragraph 5 is renumbered as paragraph 6, as follows:

«4. The entity shall be subject to a special tax of 15 percent on the amount of profits obtained in the year that are not subject to distribution, to the extent that they derive from income that has not been taxed at the general tax rate of the Corporate Income Tax nor are income eligible for the reinvestment period regulated in letter b) of paragraph 1 of Article 6 of this law. This special tax shall be considered a payment on account of the Corporate Income Tax.

The special tax provided for in the preceding paragraph shall be 25% when the amount of profits obtained in the year that are not subject to distribution derives from the exercise of the housing rental activity, in any of the modalities provided for in Article 2 of Law 29/1994, of 24 November, on Urban Leases, as well as from any other lease or transfer of use of residential properties, regardless of their modality or duration, including those intended for accommodation or lodging, tourist purposes, or short-term stays.

The special tax shall accrue on the day of the agreement on the application of the year's result by the general meeting of shareholders, or equivalent body, and shall be subject to self-assessment and payment within two months from the accrual date. The declaration model for this special tax shall be approved by order of the person holding the Ministry of Finance, which shall establish the form and place for its submission.

5. The special tax of 25 percent provided for in the preceding paragraph shall be reduced:
   – by 50 percent provided that, in the case of entities dedicated to housing rental, in the terms provided for in Article 2 of Law 29/1994, of 24 November, on Urban Leases, the housing intended for affordable rent represents more than 80 percent of the total stock of housing intended for rental, or – by 100 percent provided that, in the case of entities dedicated to housing rental, in the terms provided for in Article 2 of Law 29/1994, of 24 November, on Urban Leases, the housing intended for affordable rent represents more than 80 percent of the total stock of housing intended for rental and the amount of profits obtained in the year that are not subject to distribution is reinvested, within three years, in housing intended for affordable rent.

For the purposes of the provisions of this paragraph, housing intended for affordable rent shall be understood as those having the status of affordable housing as well as those having the status of protected housing in accordance with Article 3 of Law 12/2023, of 24 May, on the Right to Housing, both in the social housing and limited price housing modalities.»

Likewise, for the purpose of calculating the 80 percent percentage, the consolidated balance sheet shall be taken into consideration if the company is the dominant entity of a group according to the criteria established in Article 42 of the Commercial Code, regardless of residence and the obligation to prepare consolidated annual accounts. Such a group shall consist exclusively of SOCIMIs and the other entities referred to in paragraph 1 of Article 2 of this law.

The value of the assets shall be determined according to the average of the individual or, where applicable, consolidated quarterly balance sheets of the fiscal year, with the company having the option to calculate said value by substituting the book value with the market value of the elements comprising such balance sheets, which shall be applied in all balance sheets of the fiscal year.

For the sole purpose of calculating the housing percentages established in this paragraph, only the rental housing stock owned by the entity in Spanish territory shall be taken into consideration.

6. In any case, dividends or profit shares referred to in letters a) and b) of paragraph 1 of Article 10 shall be subject to withholding, except where they concern entities that meet the requirements for the application of this law.

Likewise, dividends or profit shares referred to in letter c) of paragraph 1 of Article 10 of this law shall be subject to withholding, in accordance with the provisions of Article 31 of the consolidated text of the Law on Non-Resident Income Tax, approved by Royal Legislative Decree 5/2004, of March 5, except for those to which the provisions of the preceding paragraph apply."

Two. A new transitional provision fourth is introduced, with the following wording:

"Transitional Provision Fourth. Application of the special tax regime for SOCIMIs during the years 2026 and 2027.

1. For tax periods initiated within the year 2026 that had not concluded upon the entry into force of Royal Decree-Law 26/2026, of September 29, adopting urgent measures for the protection of the social function of housing and the expansion of the supply of affordable housing, the 80 percent percentage referred to in paragraph 5 of Article 9 of this law shall not apply; however, housing destined for affordable rent must represent more than 60 percent of the total housing stock destined for leasing for the 50 or 100 percent reduction provided for in paragraph 5 of Article 9 of this law to apply.

2. For tax periods initiated within the year 2027, the 80 percent percentage referred to in paragraph 5 of Article 9 of this law shall not apply; however, housing destined for affordable rent must represent more than 70 percent of the total housing stock destined for leasing for the 50 or 100 percent reduction provided for in paragraph 5 of Article 9 of this law to apply."

Article 10. Tax on the Increase in Value of Urban Land.

With effect from December 1, 2026, the maximum amounts of the coefficients to be applied to the value of the land at the time of accrual, according to the period of generation of the increase in value referred to in paragraph 4 of Article 107 of the consolidated text of the Law Regulating Local Governments, approved by Royal Legislative Decree 2/2004, of March 5, shall be as follows:

Period of Generation	Coefficient
Less than 1 year	0.17
1 year	0.16
2 years	0.16
3 years	0.17
4 years	0.17
5 years	0.19
6 years	0.21
7 years	0.23
8 years	0.24
9 years	0.25
10 years	0.22
11 years	0.18
12 years	0.14
13 years	0.12
14 years	0.11
15 years	0.11
16 years	0.11
17 years	0.11
18 years	0.13
19 years	0.20
20 years or more	0.30

TITLE III
Measures for the increase and protection of the public housing stock

Article 11. Modification of Law 33/2003, of November 3, on the Assets of Public Administrations.

Additional Provision Twentieth of Law 33/2003, of November 3, on the Assets of Public Administrations, is modified, which shall be worded as follows:

"Additional Provision Twentieth. Asset regime of CASA 47 Public Business Entity.

1. The asset regime of CASA 47 Public Business Entity shall be governed by the provisions of its creation or organization and functioning rules. In matters not provided for therein, the provisions of this law shall apply.

2. In the alienation of housing owned by CASA 47 Public Business Entity, or promoted on residential-use land alienated by the Entity, the sale price shall not exceed the amount resulting from applying to the registered surface area of the housing the highest module contemplated in the protected housing legislation of the autonomous community in which the housing is located and which is in force at the time of the transfer.

This limitation shall extend to successive transfers, must be incorporated into the tender documents governing the alienation and in the public deeds or corresponding titles, and shall be recorded in the Land Registry.

In the case of housing that is classified under some regime of public protection in accordance with the applicable autonomous legislation, this limitation shall begin to govern upon the expiration of the protection period."

Article 12. Transfer of public real estate to Casa 47.

1. The terms under which the contribution to Casa 47 of real estate from the State Assets and Social Security Assets for the purpose of affordable housing policy shall be carried out are regulated in this article.

This contribution shall grant Casa 47 full disposal capacity over all of them in order to allow the Entity to carry out its activities, and shall take into account, as a substantial element determining the need to establish specialities over the general regime, the massive nature of the transfer.

2. The contribution of real estate shall be carried out via the procedure provided for in Article 132.2 of Law 33/2003, of November 3, although the need to value the real estate to be contributed in advance shall be exempted. Furthermore, the operation shall be translative in nature, and the Entity shall be subrogated in the legal relationships having those assets as their object.

3. The contribution shall occur by ministerial order, which shall determine the transfer of ownership of the assets to Casa 47, as well as the transfer of their possession, constituting sufficient title to register the transfer in the Land Registry.

4. All real estate in the State assets that are or may be in the future suitable for being destined to housing policy, as well as the housing located in the Social Security assets, duly valued, shall be contributed to the Entity for the fulfillment of its purposes.

Among them are the real estate made available to Casa 47 by the Institute of Housing, Infrastructure and Equipment of Defense (INVIED) for the development and implementation of affordable housing policy, which Casa 47 considers suitable for this purpose. These real estate properties shall not be subject to the compensation provided for in Article 71.6 of Law 50/1998, of December 30, on Fiscal, Administrative and Social Order Measures.

Nor shall they be subject to compensation the real estate made available to Casa 47 by the Railway Infrastructure Administrator (ADIF), the Management of Infrastructure and Equipment of State Security (Giese), for the aforementioned purpose and which Casa 47 considers suitable for this purpose. In the case of housing located in the Social Security assets, after their valuation, the consideration provided may be carried out through the forgiveness of the debt by the Ministry of Finance for an amount equal to the value of the transferred real estate, thus perfecting the aforementioned transfer in these cases.

Regarding the real estate integrated into the so-called Special Fund of MUFACE, as well as in the Royal Patronates administered by the National Patrimony Administration Council, given the special regime to which they are subject, it is foreseen that Casa 47 may manage them and dedicate them to the development of the Government's affordable housing policy, through patrimonial transactions that grant the use of the same, maintaining MUFACE and the Royal Patronates their ownership.

TITLE IV
Measures for the promotion of affordable housing

Article 13. Social Impact Housing Fund.

In accordance with what is provided in Article 137 of Law 40/2015, of October 1, on the Legal Regime of the Public Sector, the Social Impact Housing Fund is created, with the objective of financing projects that generate a positive social impact, attracting private investment into innovative housing projects.

The fund shall lack legal personality, have an indefinite duration, be attached to the Ministry of Housing and Urban Agenda, endowed through its budget and governed by the provisions of this norm, its regulatory development and other norms that result from application.

Article 14. Regulation of the concept of affordable housing.

Housing shall be considered affordable if its sale or rental price conditions, including all associated expenses, do not exceed thirty percent of the median income of the usual household unit in the municipality where the real estate is located. The expenses associated with annexes shall not result in an increase in the rental price compared to that determined for the housing in accordance with this article.

Article 15. Modification of the Law of December 16, 1954, on movable mortgage and pledge without displacement of possession.

Article twelve of the Law of December 16, 1954, on movable mortgage and pledge without displacement of possession, is modified, which shall be worded as follows:

"Article twelve.

Only the following may be mortgaged:

First. Commercial establishments.

Second. Automobiles and other motor vehicles, as well as trams and railway wagons, of private ownership.

Third. Aircraft.

Fourth. Industrial machinery.

Fifth. Intellectual and industrial property.

Sixth. The set of industrialized components intended for the industrialized construction of buildings, manufactured in a controlled environment for their subsequent transport, reception, assembly and installation on site.

The real right of movable mortgage and the assets included in Articles fifty-two, fifty-three and fifty-four may not be mortgaged."

Article 16. Modification of Royal Decree-Law 8/2023, of December 27, adopting measures to address the economic and social consequences derived from the conflicts in Ukraine and the Middle East, as well as to mitigate the effects of the drought.

Royal Decree-Law 8/2023, of December 27, adopting measures to address the economic and social consequences derived from the conflicts in Ukraine and the Middle East, as well as to mitigate the effects of the drought, is modified as follows:

One. Article 86 is modified, which shall be worded as follows:

"Article 86. Approval of a guarantee line for partial coverage on behalf of the State of financing, with funds from the Addendum of the Recovery, Transformation and Resilience Mechanism, to increase the stock of social or affordable rental housing, as well as to improve the existing stock of housing destined for social or affordable rental.

1. With the aim of providing partial financial coverage for the realization of projects aimed at increasing the stock of social or affordable rental housing, as well as improving the existing stock of housing destined for social or affordable rental, the Ministry of Housing and Urban Agenda is authorized to develop, through agreement or agreements with the Official Credit Institute, for a period of up to thirty-five years, a guarantee line of up to 2,000 million euros that offers partial State coverage, for financing public and private promoters in the form of a loan within the ICO MRR Facility for Social Housing Promotion or charged to the investment strategy defined in Spain CRECE.

2. The amounts corresponding to the execution of the guarantees granted by the Ministry of Housing and Urban Agenda to the financing granted to public and private promoters pursuant to this article shall be met from the budgetary item of the Ministry of Housing and Urban Agenda established in the agreement or agreements of the guarantee line referred to in the preceding paragraph. This credit shall have the character of being expandable, in accordance with what is provided in Article 54 of Law 47/2003, of November 26, General Budgetary Law, and the provisions of Article 59 of Law 47/2003, of November 26, shall apply to it regarding the guarantees granted pursuant to this article.

3. The verification of the fulfillment of the requirements of the beneficiaries of the guarantee line shall be carried out in the terms established in the agreement or agreements of the guarantee line cited in the preceding paragraphs.

4. The terms and conditions applicable to the loans that may be subject to the guarantee pursuant to this article shall be those established in the agreement or agreements to be formalized between the Ministry of Housing and Urban Agenda, as the decision-making entity, and the Official Credit Institute, as the executing entity, for the implementation of the 'ICO MRR Facility for Social Housing Promotion' with funds from the European Union's Recovery and Resilience Mechanism and for the inclusion of financings approved charged to the investment strategy defined in Spain CRECE.

5. The guarantees granted pursuant to this article shall be subject to publication in the National Subsidies Database (BDNS), in the terms provided for in Royal Decree 130/2019, of March 8, which regulates the National Subsidies Database and the publicity of subsidies and other public aid."

Two. A new Article 86 bis is added with the following content:

"Article 86 bis. Collection regime.

1. In the event of execution of the guarantees granted pursuant to the previous article, the same legal regime of recovery and collection applicable to the portion of the principal of the credit not guaranteed by the Ministry of Housing and Urban Agenda shall be followed for the entire principal of the guaranteed operation, in accordance with the regulations applicable to the ICO pursuant to Article 1.6 of Royal Decree-Law 12/2025, without the norms provided for public law credits applying in any case.

2. The debtor, and where applicable, the guarantor or third-party guarantors, shall be fully liable for the entire debt derived from the guaranteed financing in accordance with the obligations assumed by both the portion guaranteed by the State and the portion not guaranteed, with the ICO being responsible for carrying out any necessary negotiating, extrajudicial or judicial actions for the full recovery of the debt.

3. Regardless of the execution of the guarantee, the ICO shall be responsible for formulating extrajudicial claims, exercising judicial actions or executing guarantees, on behalf and in the name of the Ministry of Housing and Urban Agenda for the recovery of the total unpaid amounts of the financial operations subject to the guarantee.

4. Any other measures for the restructuring of the debt derived from the guaranteed credit, as well as the voting and/or adherence to restructuring and continuation plans or to concursal agreements, shall be carried out by the ICO for the total principal granted, both in the guaranteed and non-guaranteed portions.

5. Credits derived from the guarantees granted pursuant to this norm shall have the status of financial credit, for the purposes provided for in Royal Legislative Decree 1/2020, of May 5, approving the consolidated text of the Bankruptcy Law, including the formation of classes and the exemption of unsatisfied liabilities. These credits shall have the rank of ordinary credit, without prejudice to the guarantees granted to the principal guaranteed credit, which shall hold at least the same rank in order of precedence to the rights corresponding to the portion of the principal not guaranteed.

6. In other respects, to the extent that they are compatible with what is provided herein, the specialities provided for in Additional Provision 8th of Law 16/2022, of September 5, reforming the consolidated text of the Bankruptcy Law, approved by Royal Legislative Decree 1/2020, of May 5, for the transposition of Directive (EU) 2019/1023 of the European Parliament and of the Council, of June 20, 2019, on preventive restructuring frameworks, debt exoneration and disqualifications, and on measures to increase the efficiency of procedures for restructuring, insolvency and debt exoneration, and amending Directive (EU) 2017/1132 of the European Parliament and of the Council on certain aspects of company law (Restructuring and Insolvency Directive), shall also apply."

Article 17. Approval of a guarantee line for partial coverage, on behalf of the State, of the financing granted by the ICO to manufacturers and/or promoters who present a project with a high index of industrialization within the ICO CRESCIMENTO INDUSTRIALIZED CONSTRUCTION financing line.

1. With the aim of boosting investment in productive industrial capacity, and facilitating the financing of working capital associated with the industrialized manufacturing of housing, the Ministry of Housing and Urban Agenda is authorized to develop, through an agreement with the Official Credit Institute, a line of guarantees that offer partial State coverage for financing SMEs in the sector, both manufacturing companies and promoters using industrialized construction systems, within the FINANCING LINE 'ICO INDUSTRIALIZED CONSTRUCTION GROWTH for investment and working capital'.

2. The Ministry of Housing and Urban Agenda may grant guarantees for a maximum amount of 280 million euros, until the year 2040. This period may be extended by Agreement of the Council of Ministers.

3. Guarantees regulated under this legislation shall comply with European Union State Aid rules.

4. The amounts corresponding to the execution of guarantees granted by the Ministry of Housing and Urban Agenda for financing granted to SMEs in the sector under the provisions of this article shall be met from the budgetary allocation of the Ministry of Housing and Urban Agenda established in the agreement for the guarantee line referred to in the preceding paragraph. This credit shall have the character of being expandable, in accordance with the provisions of Article 54 of Law 47/2003, of 26 November, General Budgetary Law, and the provisions of Article 59 of Law 47/2003, of 26 November, regarding guarantees granted under this article, shall apply to it.

Article 18. Collection Regime.

1. In the event of execution of the guarantees granted under the preceding article, the same legal regime for recovery and collection applicable to the portion of the principal of the guaranteed operation not guaranteed by the Ministry of Housing and Urban Agenda shall be followed for the entire principal of the guaranteed operation, in accordance with the regulations applicable to the ICO under Article 1.6 of Royal Decree-Law 12/2025, of 28 October, adopting urgent measures for reactivation, reinforcement, and prevention in the framework of the Plan for immediate response, reconstruction, and relaunching against the damage caused by the Isolated Depression at High Levels (DANA) in different municipalities between 28 October and 4 November 2024, without in any case being applicable the rules provided for public law credits.

2. The debtor, and where applicable, the guarantor or third-party guarantors, shall be fully liable for the entire debt arising from the guaranteed financing in accordance with the obligations assumed by both the portion guaranteed by the State and the portion not guaranteed, with the ICO being responsible for carrying out any negotiating, extrajudicial, or judicial actions necessary for the full recovery of the debt.

3. Regardless of the execution of the guarantee, the ICO shall be responsible for formulating extrajudicial claims, exercising judicial actions, or executing guarantees, on behalf and in the name of the Ministry of Housing and Urban Agenda for the recovery of the total amount of unpaid amounts from the financial operations subject to the guarantee.

4. Any other measures for restructuring the debt arising from the guaranteed credit, as well as voting and/or adhering to restructuring and continuation plans or to concursal agreements, shall be carried out by the ICO for the total principal granted, both in the guaranteed and non-guaranteed portions.

5. Credits derived from guarantees granted under this legislation shall have the status of financial credit, for the purposes provided in Royal Legislative Decree 1/2020, of 5 May, approving the consolidated text of the Insolvency Law, including the formation of classes and the exemption of unsatisfied liabilities. These credits shall have the rank of ordinary credit, without prejudice to the guarantees granted to the principal guaranteed credit, which shall hold at least the same rank in order of precedence to the rights corresponding to the portion of the principal not guaranteed.

6. In other respects, to the extent compatible with what is provided here, the special provisions established in Additional Provision 8th of Law 16/2022, of 5 September, reforming the consolidated text of the Insolvency Law, approved by Royal Legislative Decree 1/2020, of 5 May, for the transposition of Directive (EU) 2019/1023 of the European Parliament and of the Council, of 20 June 2019, on preventive restructuring frameworks, debt exoneration and disqualifications, and on measures to increase the efficiency of procedures for restructuring, insolvency and debt exoneration, and amending Directive (EU) 2017/1132 of the European Parliament and of the Council on certain aspects of company law (Restructuring and Insolvency Directive), shall also apply.

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and of the Council, on certain aspects of company law (Restructuring and Insolvency Directive).

TITLE V
Other measures in housing matters

Article 19. TU CASA Line.

1. The financing mechanism to access the first habitual mortgaged home (hereinafter, "TU CASA") is created.

2. The TU CASA mechanism shall be intended to offer loans to persons accessing their first habitual mortgaged home, as a complement to the private financing they may obtain.

3. The loans will allow financing of the lower value between 20% of the value of the mortgaged housing, and 50,000 euros. They shall be granted for up to 10 years, at an interest rate of zero percent and without commissions, with a grace period equal to that of the mortgage term, and for a maximum of 30 years.

4. The object, beneficiaries, limits and other characteristics of the financing, as well as the initial amount of the line, shall be developed through an Agreement of the Council of Ministers. The requirements and procedure for the resolution of applications shall adhere to what is determined in this article, in the aforementioned Council of Ministers Agreement, as well as in the rest of the provisions, agreements or other instruments that are adopted or formalized.

5. The TU CASA mechanism may reinvest resources derived from the reimbursement of financing granted and the returns that may be generated by the amounts contributed to it within its period of validity, for the same object and purpose and to the same beneficiaries; upon its expiration, the resources shall return to the Treasury.

6. The TU CASA mechanism shall be financed with the budget of the Ministry of Housing and Urban Agenda established to finance the loans provided for under this mechanism, without prejudice to the increases that are achieved annually and cumulatively in the General State Budget Laws.

7. The TU CASA mechanism shall be managed by the Official Credit Institute and shall have a specific administration regime, and its management shall be carried out through a separate and differentiated accounting from that corresponding to the other resources available to the Official Credit Institute.

8. Management costs shall be charged directly to the budget of the mechanism, which shall be settled based on the amounts allocated to it and shall be established in the agreement to be signed for this purpose between the Ministry of Housing and Urban Agenda and the Official Credit Institute.

9. Housing acquired through financing from the TU CASA mechanism shall be permanently subject to a maximum transmission price. In second and subsequent transmissions, this price shall not exceed the updated acquisition price in accordance with the evolution of the consumer price index, and may incorporate, under the terms established by regulation, the value of certain rehabilitation or improvement actions.

The limitation provided for in this paragraph shall be recorded in the public deed of acquisition and shall be registered in the Property Registry, under the terms determined by regulation.

All of this is understood without prejudice to the public protection regime resulting from application in accordance with autonomous community regulations.

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TITLE VI
Measures for the creation of the Financia Europa Savings and Investment Account

CHAPTER I
General Provisions

Article 20. Modification of Law 6/2023, of 17 March, on Securities Markets and Investment Services.

Law 6/2023, of 17 March, on Securities Markets and Investment Services, is modified as follows:

One. A new Article 309 bis is added to Law 6/2023, of 17 March, with the following content:

«Article 309 bis. Infringements for non-compliance with the obligations of the entities providing the Financia Europa Savings and Investment Account.

1. The following non-compliances by the entities providing the Financia Europa Savings and Investment Account of the obligations established in Title XI shall be considered infringements:
   a) Acceptance of contributions above the amount provided for in Article 350 of this law and in Article 95 ter.1.f) and the sixtieth-sixth additional provision of Law 35/2006, of 28 November. b) Non-compliance with the obligation to require the holder to provide the responsible declaration provided for in Article 345.3 of this law. c) Non-compliance with the obligations regarding the mobilization of the Financia Europa Savings and Investment Account provided for in Article 347 of this law. d) Inclusion in the securities sub-account of assets that do not meet the eligibility requirements provided for in Article 348 of this law, or non-compliance with the obligations provided for in the second paragraph of Article 346.1. e) Non-compliance with the obligation to communicate to the holder, without delay and with the required content, the subsequent loss of eligibility of the assets integrated into the account, in accordance with the provisions of paragraphs 1 and 2 of Article 349 of this law. f) Failure to dispose of assets that have lost eligibility and transfer the resulting amount to the counterparty account, once the correction period has elapsed without the situation having been corrected, in accordance with Article 349.4 of this law, when such failure to correct is attributable to the provider.

2. The infringements provided for in the preceding paragraph shall be classified according to the following criteria:
   a) The infringements provided for in letters a), d) and f) shall in all cases have the status of very serious. b) The infringements provided for in letters b), c) and e) shall have the status of very serious when the non-compliance is not merely occasional or isolated, or when it affects a large number of investors. In other cases, they shall have the status of serious.»

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Two. A new Title XI is introduced, with the following wording:

«TITLE XI
Financia Europa Savings and Investment Account

CHAPTER I
General Provisions

Article 341. Nature of the Financia Europa Savings and Investment Account.

1. The Financia Europa Savings and Investment Account constitutes a contractual relationship for the provision of investment services and auxiliary services entered into between a holder and a provider entity, articulated through a securities account and an associated operational cash account in accordance with the provisions of this Title, without the ownership thereof being subject to assignment or transfer.

A single taxpayer may only be the holder, simultaneously, of one Financia Europa Savings and Investment Account.

2. The Financia Europa Savings and Investment Account shall be governed by the provisions of this Title and by the provisions of Section 8th of Title X of Law 35/2006, of 28 November, on Personal Income Tax and Partial Modification of the Laws on Corporate Tax, on Non-Resident Income Tax and on Wealth Tax.

3. The name Financia Europa Savings and Investment Account is reserved exclusively for contracts that meet the requirements established in this Title and in Section 8th of Title X of Law 35/2006, of 28 November.

Article 342. Definitions.

1. For the purposes of this Title, the following shall be understood:
   a) Provider entity: entities authorized to open, maintain and administer Financia Europa Savings and Investment Accounts as provided for in Article 343. b) Holder: natural person taxpayer subject to Personal Income Tax who subscribes to the Financia Europa Savings and Investment Account. c) Eligible assets: financial instruments that may be integrated into the Financia Europa Savings and Investment Account in accordance with Article 348. d) Operational sub-account: cash account denominated in euros opened in the name of the holder that forms part of the Financia Europa Savings and Investment Account, intended for investment and divestment operations in eligible assets, as well as for making contributions and withdrawals from or to the counterparty account defined in letter f) respectively. e) Securities sub-account: account opened in the name of the holder intended for the registration and custody of eligible assets. f) Counterparty account: payment account opened in the name of the holder with an entity authorized to provide payment services, whose data have been provided by the holder to the provider entity to carry out the credits and debits referred to in Article 344. g) Withdrawal: any withdrawal, refund, redemption or transfer of monetary amounts from the Financia Europa Savings and Investment Account made from the operational sub-account to the counterparty account, regardless of whether such amounts originate from or not from the liquidation of an asset.

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Article 343. Provider Entities.

The following may be provider entities of the Financia Europa Savings and Investment Account:
a) credit entities authorized under Law 10/2014, of 26 June, on the regulation, supervision and solvency of credit entities and its development regulations that are enabled to provide investment services in accordance with Article 128.3 of Law 6/2023, of 17 March, on Securities Markets and Investment Services; b) investment firms referred to in letters a) and b) of Article 128.1 of Law 6/2023, of 17 March, authorized under the provisions of said law and its development regulations. c) Entities referred to in letters a) and b) authorized in another Member State of the European Union or in a third country, which operate in Spain through a branch.

Article 344. Structure of the Financia Europa Savings and Investment Account and linked accounts.

1. The Financia Europa Savings and Investment Account shall comprise:
   a) an operational sub-account; and b) a securities sub-account.

2. The following shall be credited to the operational sub-account:
   a) the amounts of contributions made by the holder from a counterparty account; b) the amounts obtained from the transfer or refund of eligible assets integrated into the securities sub-account, as well as those obtained from capital reductions intended to return contributions and not originating from undistributed profits, by distribution of share premium or participation rights or by the transfer of subscription rights corresponding to eligible assets, as well as liquidation quotas in the event of dissolution of companies.

3. The following shall be debited from the operational sub-account:
   a) the amounts corresponding to the acquisition or subscription of eligible assets, including the acquisition of subscription rights derived from eligible shares that are integrated into the securities sub-account; b) the expenses and indirect taxes borne exclusively by the realization of the acquisitions, subscriptions, transfers or refunds of eligible assets, including those corresponding to liquidation and registration, to the extent that they have not been included in the amount of the acquisition or subscription referred to in paragraph 3.a) or deducted from the amount of the transfer or refund referred to in paragraph 2.b). c) withdrawals made from the operational sub-account to a counterparty account.

4. The operational sub-account may not present a negative balance at any time. The balance of the operational sub-account may not exceed 1,500 euros, except when the credits provided for in paragraph 2 occur. In such case, the holder shall have a period of three months, counted from the date of each credit, to invest the amount exceeding 1,500 euros in the securities sub-account or to withdraw it. Upon expiration of said period without the balance of the operational sub-account falling below the threshold of 1,500 euros, a partial withdrawal shall be deemed to have occurred for an amount equivalent to the excess over this threshold on the date on which the three-month period ends, for which the provider entity shall transfer this amount to the counterparty account.

5. The securities sub-account shall be integrated exclusively by the assets referred to in Article 348.

6. The Financia Europa Savings and Investment Account must be linked to a counterparty account.

7. The cash amounts corresponding to dividends, attendance premiums at meetings or distribution of profits generated by the eligible assets registered in the Financia Europa Savings and Investment Account, as well as the amounts derived from capital reductions intended to return contributions and originating from undistributed profits, and, where applicable, the interest paid by the provider entity as remuneration for the cash integrated into the operational sub-account, shall be credited to the counterparty account. All expenses originating from the maintenance, administration, deposit, management or mobilization of the Financia Europa Savings and Investment Account shall be debited from the counterparty account, excluding those provided for in letter b) of the preceding paragraph 3.

8. Contributions to the Financia Europa Savings and Investment Account shall be made in cash from a counterparty account owned by the taxpayer. Likewise, withdrawals of funds shall be made in cash, by crediting the corresponding counterparty account.

Article 345. Opening of the Financia Europa Savings and Investment Account.

1. The opening of the Financia Europa Savings and Investment Account requires the conclusion of a written contract, on paper or electronic medium, between the holder and the provider entity.

2. Without prejudice to the minimum content required by Law 6/2023, of 17 March, and its development regulations, the following points shall be expressly and prominently stated in the contract terms:
   a) the requirement that only one Financia Europa Savings and Investment Account can be held simultaneously, which may be mobilized between provider entities; b) the contribution limit; c) the regime of eligible assets; d) informatively, the reference to the applicable tax regulations, and the tax and financial consequences derived from non-compliance with the requirements of the Financia Europa Savings and Investment Account; e) the existence, where applicable, of a return guarantee or capital preservation.

Regulation may develop additional information requirements that must be included in the contracts.

3. The provider entity must require the holder, prior to the opening of a Financia Europa Savings and Investment Account, to complete a responsible declaration stating that they do not hold another Financia Europa Savings and Investment Account with that or another entity.

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Article 346. Marketing of the Financia Europa Savings and Investment Account.

1. Provider entities may offer, within the framework of the Financia Europa Savings and Investment Account, the investment services referred to in letters a), b), d) and g) of Article 125.1 of Law 6/2023, of March 17, provided they have been authorized to do so.

Provider entities of the Financia Europa Savings and Investment Account may not grant credits or loans to holders to carry out operations with securities within the account. With regard to the assets integrated into the Financia Europa Savings and Investment Account, only operations of acquisition, transfer, subscription or redemption may be carried out.

2. Provider entities will apply all conduct rules that are applicable pursuant to the provisions of Law 6/2023, of March 17, and its development regulations. In particular, they will carry out the suitability and appropriateness assessments of financial instruments for the client, as applicable, referred to in Articles 203 and following of the aforementioned law.

Article 347. Mobilization of the Financia Europa Savings and Investment Account.

1. The holder of a Financia Europa Savings and Investment Account may, at any time, mobilize the entirety of the financial assets and cash integrated into it to another account with the same or another provider entity, partial mobilization not being possible.

Mobilization shall not be considered a disposal nor a new contribution and shall not alter the age of the contributions made to the Financia Europa Savings and Investment Account for the purposes of calculating the holding period referred to in Article 95 ter.4 of Law 35/2006, of November 28. Likewise, mobilization shall not constitute a breach of the provisions of the second paragraph of Article 341.1.

The holder may only carry out one mobilization in each calendar year.

2. To carry out the mobilization, the holder must contact the destination provider entity, attaching their request to initiate the mobilization procedure along with the identification of the origin Financia Europa Savings and Investment Account and the origin provider entity.

The request to initiate the mobilization procedure shall include a communication, signed by the applicant, addressed to the origin provider entity requesting the mobilization, as well as an authorization to the destination provider entity to, on behalf of the holder, obtain the information necessary to carry out the mobilization.

Once the holder's request is received, the destination provider entity shall forward said communication to the origin provider entity without undue delay. From the moment the origin provider entity receives the communication, the mobilization procedure shall be deemed initiated.

3. Within a maximum period of one business day from receipt of the communication, the origin provider entity must verify the holder's identity and the validity of the request and forward to the destination provider entity, regarding all information corresponding to the Financia Europa Savings and Investment Account since its original opening, all information necessary to guarantee the correct execution of the mobilization and the continuity of the legal and tax regime of the Account. Such information shall include, at least:

a) The date of original opening of the Financia Europa Savings and Investment Account.

b) The identification, date and amount of contributions made.

c) The identification, date and amount of disposals made.

d) The total amount of contributions pending recovery, as well as the amount pending recovery of each contribution and its date.

e) The composition of the portfolio, the cash balance and the value and date of acquisition of the financial assets.

f) The amount of losses pending integration, if applicable.

4. Upon receipt and verification of the information provided in the previous section, the origin and destination provider entities shall execute the mobilization without undue delay and, except in cases of force majeure, within a maximum period of ten business days.

When it is not possible to transfer a specific financial asset without its prior liquidation, the liquidation must be carried out within the Financia Europa Savings and Investment Account of origin and the cash obtained must be transferred to the Financia Europa Savings and Investment Account of destination.

The origin provider entity shall inform the holder thereof, warning them that such liquidation shall not be considered a disposal for the purposes of Article 95 ter.3 of Law 35/2006, of November 28.

Once the transfer of all financial assets and cash from the Financia Europa Savings and Investment Account and all necessary information to continue applying the regime of the Financia Europa Savings and Investment Account has been carried out, the mobilization shall be considered completed. From that moment on, the destination provider entity shall assume all obligations of the Financia Europa Savings and Investment Account. The origin provider entity retains its obligations regarding operations carried out during its intervention, including its tax information.

5. The mobilization of participations and shares of eligible collective investment institutions shall be governed by the provisions of Law 35/2003, of November 4, and its development regulations.

The mobilization of the remaining eligible financial assets shall be carried out in accordance with the regulatory framework of the corresponding registration, clearing and settlement systems and with the procedures applicable to the type of asset in question.

6. With regard to the mobilization of the financial assets referred to in the second paragraph of section 5, the origin provider entity may charge the holder a commission for the mobilization of the Financia Europa Savings and Investment Account, provided that such commission is provided for in the contract concluded with the holder and complies with the maximum limit established by order.

7. An order shall develop the information to be transmitted by the origin provider entity to the destination provider entity referred to in section 3, as well as any other information necessary to guarantee the correct execution of the mobilization and the continuity of the legal and tax regime of the Financia Europa Savings and Investment Account and the specifications, standardized models and technical and operational requirements necessary for the exchange of information referred to in this article.

Likewise, the order shall determine the treatment of operations that are pending at the time of mobilization, including pending execution orders, operations pending settlement, corporate operations and any other economic rights linked to the mobilized assets.

The order shall establish the limit on the commissions referred to in the previous section.

8. Origin and destination provider entities shall retain the documentation relating to the mobilization procedure and the information transmitted during the legally required periods. Such documentation and information shall be available to the CNMV for the exercise of its supervisory functions and to the tax administration for the verification of compliance with tax obligations and the requirements of the tax regime of the Account.

Article 348. Eligible assets.

1. Only the following assets may be integrated into the Financia Europa Savings and Investment Account:

a) Shares admitted to trading on regulated markets or multilateral trading systems issued by companies with registered office, central administration or principal place of activity in a Member State of the European Union or in another State party to the European Economic Area and the pre-emptive subscription rights derived from such shares, with the exception of shares issued by companies regulated by Law 11/2009, of October 26, regulating Listed Real Estate Investment Companies or by analogous foreign entities;

b) Participations or shares of harmonized or non-harmonized collective investment institutions of a financial nature, including exchange-traded investment funds, which meet the requirements provided for in Chapter II of Title XI of this law, with the exception of Variable Capital Investment Companies regulated by Law 35/2003, of November 4, on Collective Investment Institutions;

Regulations may develop the requirements that financial assets referred to in letters a) and b) must meet.

2. Under no circumstances may contracts for derivatives on the eligible assets referred to in section 1 be integrated into the account.

Article 349. Subsequent loss of eligibility of assets.

1. When, for causes not attributable to the holder or derived from market evolution, corporate operations, or any other circumstance beyond their control, any of the assets integrated into the Financia Europa Savings and Investment Account ceases to meet the eligibility requirements, the provider entity must communicate this to the holder without delay.

2. The communication must indicate:

a) the cause of the deviation;

b) the measures necessary to correct it;

c) the deadline for remediation;

d) the consequences of not correcting the situation.

3. When the investment service consists of the reception, transmission or execution of orders on behalf of clients, the holder shall have a remediation period of three months from the communication of the breach. The same period shall apply to the provider entity when investment advisory or portfolio management services are provided.

Regulations may establish a different period depending on the nature of the breach.

4. Upon expiry of the remediation period without the breach situation having been corrected, the account provider must proceed to transfer the assets that have lost eligibility, resulting in a partial disposal for the amount of the transfer, which must be transferred to the counterparty account.

Article 350. Contribution limit.

1. Contributions to the Financia Europa Savings and Investment Account must be made exclusively from the counterparty account.

2. Pending contributions defined in accordance with Article 95 ter.1.f) of Law 35/2006, of November 28, in the Financia Europa Savings and Investment Account of which a taxpayer is the holder, may not exceed 150,000 euros in total.

Provider entities may not accept contributions that exceed the limit referred to in this section.

3. The following shall not count as contributions:

a) the proceeds from the transfer or redemption of assets integrated into the Financia Europa Savings and Investment Account, provided they remain within it;

b) amounts resulting from corporate operations, provided they derive from assets already integrated into the Financia Europa Savings and Investment Account.

Article 351. Cancellation of the Financia Europa Savings and Investment Account.

1. The Financia Europa Savings and Investment Account shall be cancelled:

a) at the request of the holder;

b) for breach of the contribution limit provided for in Article 350, as well as for breach of the provisions for the case of subsequent loss of eligibility of assets integrated into the account in accordance with Article 349.4;

c) upon death of the holder, in which case the ownership of the financial instruments and cash integrated into the Financia Europa Savings and Investment Account shall be transferred to their successors in accordance with current civil legislation.

d) upon loss of taxpayer status for the Personal Income Tax;

e) for any other cause provided for in the contract or in the applicable regulations.

2. In the cases referred to in letters a), b) and e) of the previous section, the cancellation of the Financia Europa Savings and Investment Account shall entail total disposal and the assets integrated into it must be liquidated.

3. In the cases referred to in letters c) and d) of section 1, the contractual relationship between the provider and the successors or the holder, respectively, may remain in force without the liquidation of assets being necessary. From that moment, it shall cease to be subject to the specific requirements provided for in Title XI of this law and its development regulations.

CHAPTER II
Legal Regime of Eligible CII for the Financia Europa Savings and Investment Account

Article 352. Requirements for Eligible CII for the Financia Europa Savings and Investment Account.

1. Only shares and participations of collective investment institutions (hereinafter, CII) that have been duly registered in the Register of Eligible CII established for this purpose by the CNMV may be integrated into the Financia Europa Savings and Investment Account.

2. The CII referred to in Article 348.1.b) and, where applicable, their compartments or sub-funds, which request recognition of eligibility, must meet the following requirements:

a) Meet the minimum investment geographic requirement in the European Economic Area established in Article 355.

b) Meet the minimum equity investment requirement established in Article 356.

c) Not invest, directly or indirectly, in shares or participations of Listed Real Estate Investment Companies or analogous foreign entities, real estate collective investment institutions or analogous foreign entities, or Variable Capital Investment Companies. However, the foregoing shall not apply when the investment is made solely for the purpose of replicating a reference index of a regulated market, and such shares form part of its composition.

d) Provide in their prospectus or equivalent documentation an express mention of their status as an Eligible CII for the Financia Europa Savings and Investment Account, with express warning that such status does not grant any tax incentive to investors from other Member States of the European Union or third countries, and that the holder may only benefit from the tax regime within the framework of the Financia Europa Savings and Investment Account.

e) Submit to the CNMV a responsible declaration signed by the management company, whereby it commits to meeting the eligibility requirements on an ongoing basis.

Article 353. Procedure for registration in the Register of Eligible CII.

1. For the registration of Spanish CII in the Register of Eligible CII, the request for registration must be sent to the CNMV accompanied by the following documentation:

a) The CII prospectus, updated and in force, stating compliance with the eligibility requirements contemplated in this chapter.

b) The responsible declaration of the management company referred to in Article 352.2.e).

2. The CNMV may deny registration when the documentation presented does not demonstrate compliance with the eligibility requirements, when the responsible declaration does not include the minimum required content, or when there are well-founded indications of non-compliance with applicable regulations.

3. CII authorized in another Member State of the European Union or the European Economic Area may also request their consideration as Eligible CII following the following procedure:

The CII or the legal entity designated for this purpose shall request its registration in the Register of Eligible CII from the CNMV. The request must be made electronically using the model established for this purpose by the CNMV and must include the following information:

a) Identification data of the CII and, where applicable, of the compartments or sub-funds marketed in Spain, which meet the eligibility condition.

b) ISIN codes of the CII, compartments or sub-funds meeting the eligibility condition and, where applicable, of their classes of shares or participations.

c) Reference date of the communicated data.

d) Responsible declaration of the CII or of the natural or legal person holding its representation stating:

1. That the CII or, where applicable, the compartments or sub-funds, meet the eligibility requirements established in this chapter.

2. That its prospectus or equivalent documentation includes the mention referred to in Article 352.2.d).

3. That it commits to meeting the eligibility requirements on an ongoing basis.

4. The CNMV shall publish the list of entities registered in the Register of Eligible CII on its website.

Article 354. Deregistration from the Register of Eligible CII.

1. In the event of deregistration of a CII from the Register of Eligible CII, whether this derives from a voluntary waiver by the management company or the CII of the eligible status or from a final resolution by the CNMV agreeing the loss of eligible status, provider entities shall have a transitional period of three months from notification to withdraw their investment in the CII from the portfolios of Financia Europa Savings and Investment Accounts.

2. During the transitional period provided for in the previous section, holding participations or shares in the CII that has lost eligibility shall not, by itself, constitute a breach of the investment requirements of the Financia Europa Savings and Investment Account. Upon expiry of this period, the provisions of Article 349.4 shall apply.

Article 355. Geographic investment requirement in the European Economic Area.

1. To obtain recognition of eligibility, CII and, where applicable, their compartments or sub-funds, must demonstrate that, according to their prospectus, at least 70% of the total value of their asset portfolio is invested in assets issued by entities whose registered office, central administration or principal place of activity is located in a Member State of the EEA or linked to the financing of the productive economy of the EEA.

2. For the purposes of complying with the geographic requirement, the following shall be counted as EEA assets:

a) Shares and other equity instruments issued by companies with registered office, central administration or principal place of activity in a Member State of the EEA.

b) Fixed income instruments issued by public or private entities domiciled in the EEA, within the investment limits of the CII.

c) Participations or shares of other CII eligible under this chapter, in which case the EEA exposure shall be calculated according to the percentage stated in the semi-annual report of the participating CII.

Article 356. Equity investment requirement.

1. To obtain recognition of eligibility, CII and, where applicable, their compartments or sub-funds, must demonstrate that, according to their prospectus, they meet the following requirements:

a) At least 50% of the total value of their portfolio is invested, directly or indirectly, in equity instruments; and,

b) At least 35% of the total value of its portfolio is invested, directly or indirectly, in computable equity instruments as assets of the EEA in accordance with Article 355.

2. For the purposes of compliance with the equity investment requirement provided for in paragraph 1, the following shall be considered equity instruments:
   a) Shares admitted to trading on regulated markets or multilateral trading systems. b) Unlisted shares of companies domiciled in the EEA. c) Participations or shares in other eligible CIIs, in which case the exposure to equity shall be computed according to the percentage stated in the semi-annual report of the participating CII. d) Financial instruments that provide economic exposure equivalent to equity, under the terms established, by order, by the person holding the Ministry of Economy, Commerce and Enterprise.

Three. A new additional provision tenth is introduced, with the following wording:

"Additional Provision Tenth. Financia Europa Reinvestment Savings and Investment Account.

1. The denomination "Financia Europa Reinvestment Savings and Investment Account" is reserved for the contracts referred to in the sixtieth-sixth additional provision of Law 35/2006, of November 28.

2. The contribution limit referred to in Article 350 shall be extended up to 800,000 euros in cases of reinvestment of amounts derived from the transfer of housing under the terms provided in the sixty-fifth additional provision of Law 35/2006, of November 28, in the Financia Europa Reinvestment Savings and Investment Account. In these cases, the maximum balance of the operational account referred to in Article 344.4 shall be extended up to 8,000 euros."

Four. A new additional provision eleventh is introduced, with the following wording:

"Additional Provision Eleventh. Regulatory framework for the organization and discipline of securities markets.
The provisions provided for in this law relating to the activity of the entities providing the Financia Europa Savings and Investment Account shall be considered as regulations for the organization and discipline of the securities market."

Additional Provision First. Regulatory empowerment for the regulation of social housing providers and affordable housing cooperatives.
The Government, upon proposal of the Ministry of Housing and Urban Agenda, within a period of 6 months, shall regulate by regulation the definition and procedure for the certification or recognition of the figure of affordable social housing providers, including cooperatives, with reference to Housing Associations, and for the purposes of making their activity viable and promoting it regulatorily and fiscally. This certification shall be exclusively for the purposes of the participation of these entities in programs, or in access to financing, advantages or specialities regarding taxes or state procedures.

Additional Provision Second. Creation of the Registry of Eligible CIIs.
Within a maximum period of four months from the entry into force of this royal decree-law, the CNMV shall create the Registry of Eligible CIIs and enable the necessary means for institutions that meet the required requirements to request their registration.

TRANSITIONAL PROVISION FIRST. Applications for extraordinary extension filed under Royal Decree-Law 8/2026, of March 20, on measures in rental housing in response to the economic and social consequences of the Iran War.
Applications or communications of extraordinary extension made by the lessee to the lessor under Article 1 of Royal Decree-Law 8/2026, of March 20, on measures in rental housing in response to the economic and social consequences of the Iran War, during the validity period of said norm, shall be considered validly filed, without the need for new communication, and without prejudice to the right of withdrawal of the lessee.

Once the extension period requested under Royal Decree-Law 8/2026, of March 20, has ended, if a new extension is requested, it must be in accordance with the regulation established in this royal decree-law.

TRANSITIONAL PROVISION SECOND. Ongoing executions and evictions.
The regime provided for until December 31, 2030 in Article 2, and the new regime provided for in Article 5.Two, shall be applicable to the executions of resolutions issued in the procedures referred to in paragraph 5 of Article 441 of Law 1/2000, of January 7, that are pending upon its entry into force, provided that the eviction has not yet been carried out.

In the first case, the executed person may request its application, even if the procedure provided for in said paragraphs had been resolved previously or the maximum suspension period provided for in paragraph 6 of Article 441 of Law 1/2000, of January 7, had been exhausted. Upon presentation of the request, accompanied by documentation justifying the alleged circumstances if not already in the proceedings, the lawyer of the Administration of Justice shall provisionally suspend the carrying out of the eviction until the court resolves by order.

In the second case, before continuing the process, regardless of the phase in which it is, the new obligation of extraordinary enervation must be complied with.

SINGLE REPEALING PROVISION. Provisions that are repealed.
All provisions of equal or lower rank that oppose what is established in this Royal Decree-Law are repealed.

FINAL PROVISION First. Modification of Law 5/2019, of March 15, regulating real estate credit contracts.
A new Article 25 bis is added to Law 5/2019, of March 15, regulating real estate credit contracts, with the following wording:

"Article 25 bis. Assignment of rights.

1. When the rights of the lender under a credit or credit contract are assigned to a third party, the borrower may assert against the new holder the same exceptions and defenses as against the original creditor, including compensation, in accordance with what is provided in the Civil Code.

2. The codes of good practice to which the entity might be adhering at the time of the assignment and that recognize rights to the borrower shall continue to be applicable, and the lender and the third-party assignee shall agree on the least burdensome form for the debtor to safeguard said rights.

3. The borrower shall be informed of the assignment indicated in paragraph 1, except when the original lender, by common agreement with the new holder, continues to provide the services related to the credit to the consumer.

4. The assignment of defaulted mortgage loans is prohibited where the debtor is covered by the measures provided for in Royal Decree-Law 6/2012, of March 9, on urgent measures for the protection of mortgage debtors without resources.

5. When the assignment of a defaulted credit secured by a mortgage constituted on the debtor's habitual residence occurs, in the communication sent to the debtor informing them of the assignment of their credit, the assignor and/or the assignee shall communicate to the debtor the possibility of adhering to the provisions of Royal Decree-Law 6/2012, of March 9, on urgent measures for the protection of mortgage debtors without resources if the debtor meets the requirements for it.

Once the assignment of the credit has occurred, if the debtor is in a situation to adhere to the provisions of the aforementioned Royal Decree-Law 6/2012 and so proves within six months following the communication of the assignment, the assignor must reacquire the assigned loan at the same price of the assignment and offer the measures requested to the debtor, unless it has been agreed with the assignor that it is the latter who offers the measures provided for in the norm.

6. All communications provided for in this article shall be sent to all holders and guarantors of the credit subject to assignment."

FINAL PROVISION Second. Modification of Law 20/2015, of July 14, on the organization, supervision and solvency of insurance and reinsurance undertakings.
Law 20/2015, of July 14, on the organization, supervision and solvency of insurance and reinsurance undertakings is modified as follows:

One. Four new paragraphs are added to Article 194, with the following content:

"22. The acceptance of contributions to Individual Long-Term Savings Insurance (SIALP) and to Financia Europa Individual Long-Term Savings Insurance (SIALP Financia Europa), above the amounts provided for in letter c) of paragraph 1 of the twenty-sixth additional provision of Law 35/2006, of November 28, on Personal Income Tax and partial modification of the laws on Corporate Tax, on Non-Resident Income Tax and on Wealth Tax.

23. The inclusion in any of the different asset sets corresponding to the portfolios of Financia Europa Individual Long-Term Savings Insurance (SIALP Financia Europa) of assets that do not meet the eligibility requirements provided for in paragraph 3 of the twenty-sixth additional provision of Law 35/2006, of November 28, on Personal Income Tax and partial modification of the laws on Corporate Tax, on Non-Resident Income Tax and on Wealth Tax.

24. The failure to comply with the obligation to communicate to the holder of a Financia Europa Individual Long-Term Savings Insurance (SIALP Financia Europa), without delay and with the required content, the loss of the consideration of SIALP Financia Europa as provided for in paragraph 3 of the twenty-sixth additional provision of Law 35/2006, of November 28, on Personal Income Tax and partial modification of the laws on Corporate Tax, on Non-Resident Income Tax and on Wealth Tax, when the failure is not merely occasional or isolated, or when it affects a large number of investors.

25. The failure to divest assets that have lost eligibility in a Financia Europa Individual Long-Term Savings Insurance (SIALP Financia Europa), once the correction period has passed without the situation being corrected, in accordance with paragraph 3 of the twenty-sixth additional provision of Law 35/2006, of November 28, on Personal Income Tax and partial modification of the laws on Corporate Tax, on Non-Resident Income Tax and on Wealth Tax."

Two. A new paragraph is added to Article 195, with the following content:

"24. The failure to comply with the obligation to communicate to the holder of a Financia Europa Individual Long-Term Savings Insurance (SIALP Financia Europa), without delay and with the required content, the subsequent loss of eligibility of the assets integrated therein as provided for in paragraph 3 of the twenty-sixth additional provision of Law 35/2006, of November 28, when the failure is merely occasional or isolated, or when it does not affect a large number of investors."

FINAL PROVISION Third. Modification of the Regulation on Personal Income Tax, approved by Royal Decree 439/2007, of March 30.
With effect from the entry into force of this royal decree-law, the following modifications are introduced in the Regulation on Personal Income Tax, approved by Royal Decree 439/2007, of March 30:

One. Paragraph 3 of Article 41.bis is modified, which shall read as follows:

"3. For the exclusive purposes of the application of the exemptions provided for in Articles 33.4.b) and 38 of the Tax Law, it shall be understood that the taxpayer is transferring their habitual residence when, in accordance with what is provided for in this article, such building constitutes their habitual residence at that moment or would have had such consideration up to any day of the two years prior to the date of transfer, or in the case of transfer by persons over 65 years of age or by persons in a situation of severe or great dependency, until the moment they moved their residence to a specialized center or to the home of a relative up to the third degree by consanguinity or affinity, due to their age or situation of dependency.

In situations of separation, divorce or annulment of marriage that have determined the cessation of effective occupation as a habitual residence for the spouse who must abandon the habitual home due to such causes, the requirement of effective occupation of the habitual residence at the time of the transfer or on any day of the two years prior to it, shall be understood as fulfilled when such situation exists in the spouse who remained in it."

Two. Paragraph 3 of Article 69 is modified, which shall read as follows:

"3. Insurance or credit entities that market Long-Term Savings Plans shall send an informative declaration in which, in addition to their identification data, they shall state the following information regarding those who have been holders of the Long-Term Savings Plan during the exercise:
a) Name, surname and tax identification number. b) Identification of the Long-Term Savings Plan held. c) Date of opening of the Long-Term Savings Plan. In case of mobilization of the Plan's resources, the original date shall be taken. d) Contributions made to the Long-Term Savings Plan during the exercise, including in case those prior to the mobilization of the Plan. e) Positive and negative capital gains obtained during the exercise. f) In case of extinction of the Long-Term Savings Plan, the date of extinction, the total of positive and negative capital gains obtained since the opening of the Plan, and the base of the advance payment that, if applicable, must be made, shall be stated. g) In the case of Financia Europa Individual Long-Term Savings Insurance, the information that proves necessary for the correct application of what is provided for in paragraph 3 of the twenty-sixth additional provision of the Tax Law.

The presentation of this informative declaration shall be made in the month of February of each year regarding the information corresponding to the immediately preceding year."

Three. Letter h) of paragraph 3 of Article 75 is modified, which shall read as follows:

"h) Income derived from the return of the share premium of shares or participations and from capital reduction with return of contributions, unless they derive from undistributed profits, in accordance with what is provided for in the second paragraph of Article 33.3.a) of the Tax Law.

Nevertheless, there shall be an obligation to withhold or make advance payments on the capital gains referred to in the first paragraph of Article 94.1.c) of the Tax Law, as well as on the amount of the share premium referred to in Article 94.1.d) of the Tax Law derived from variable capital investment companies constituted in accordance with the Law on Collective Investment Institutions.

The provisions of the previous paragraph shall also apply when such income derives from the collective investment bodies provided for in Article 94.2 of the Tax Law, except those corresponding to shares integrated into a Financia Europa Savings and Investment Account."

Four. Letter i) of paragraph 3 of Article 75 is modified, which shall read as follows:

"i) Capital gains derived from the redemption or transfer of participations or shares in collective investment institutions when, in accordance with what is established in Article 94 of the Tax Law, their computation is not due, and capital gains derived from the redemption or transfer of participations or shares in collective investment institutions integrated into a Financia Europa Savings and Investment Account."

Five. A new letter k) and a final paragraph are added to paragraph 3 of Article 75, with the following wordings:

"k) Capital gains derived from the transfer of subscription rights, provided for in letters a) and b) of paragraph 1 of Article 37 of the Tax Law, derived from securities integrated into a Financia Europa Savings and Investment Account.

For the application of the withholding exclusions relating to assets integrated into a Financia Europa Savings and Investment Account referred to in letters h), i) and k), the provider entities that provide Financia Europa Savings and Investment Accounts shall communicate to the entities obliged to withhold, on the occasion of the operations referred to in said letters, the circumstance that it is an operation carried out with assets or referring to assets integrated into a Financia Europa Savings and Investment Account, with identification of said account. The entity obliged to withhold shall keep the documentation accrediting said communication available to the tax administration."

Six. Paragraph 4 of Article 75 is modified, which shall read as follows:

"4. There shall be an obligation to make an advance payment when the situations provided for in paragraph 7 of the twenty-sixth additional provision of the Tax Law occur, provided that positive capital gains to which the exemption provided for in letter ñ) of Article 7 of the Tax Law had been applied had been obtained."

Seven. Letter h) of paragraph 2 of Article 76 is modified, which shall read as follows:

"h) In the situations provided for in paragraph 7 of the twenty-sixth additional provision of the Tax Law, the credit or insurance entity with which the taxpayer had contracted the long-term savings plan shall be obliged to make the advance payment, if applicable, due. The aforementioned advance payment shall be made in accordance with the rules contained in Articles 90.1, 93.7 and 94.3 of this Regulation."

Eight. Paragraph 7 of Article 93 is modified, which shall read as follows:

"7. When the obligation to make the advance payment provided for in paragraph 7 of the twenty-sixth additional provision of the Tax Law is due, the base thereof shall be the amount of positive capital gains obtained during the validity of the plan to which the exemption provided for in Article 7.ñ) of the Tax Law would have been applicable."

Nine. Paragraph 3 of Article 94 is modified, which shall read as follows:

"3. The obligation to make, if applicable, the advance payment referred to in paragraph 7 of the twenty-sixth additional provision shall arise at the moment when, prior to the period provided for in letter ñ) of Article 7 of the Tax Law, any disposal of the resulting capital occurs or the contribution limit provided for in letter c) of paragraph 1 of said additional provision is breached."

Ten. The eighth additional provision is modified, which shall read as follows:

"Additional Provision Eighth. Mobilization between Long-Term Savings Plans.

In accordance with paragraph 6 of the twenty-sixth additional provision of the Tax Law, the holder of a Long-Term Savings Plan may fully mobilize the economic rights of the Individual Long-Term Savings Insurance and the Financia Europa Individual Long-Term Savings Insurance and the funds constituted in the Individual Long-Term Savings Account to another Long-Term Savings Plan of which they will be the holder, without this implying the disposal of resources, for the purposes provided for in letter ñ) of Article 7 or in letter b) of paragraph 1 of said additional provision, under the conditions set out in this provision.

The economic rights of the Financia Europa Individual Long-Term Savings Insurance may only be mobilized to another Financia Europa Individual Long-Term Savings Insurance."

Transfers shall not be possible in cases where legal or contractual liens, encumbrances, pledges, or restrictions on disposal apply to the economic rights or funds. To effect the transfer, the holder of the Long-Term Savings Plan must address themselves to the destination insurance or credit entity, accompanying their application with the identification of the source Long-Term Savings Plan from which the transfer will be made and the source entity. The application will include a communication addressed to the source entity to order the transfer, and will include an authorization by the holder of the Long-Term Savings Plan to the destination entity to, on their behalf, request the transfer from the source entity, as well as all financial and tax information necessary to carry it out. Specifically, the source entity must communicate the date of opening of the Long-Term Savings Plan, the amounts contributed in the current year, and, separately, the total amount of positive and negative capital gains that have occurred since opening, including those that might occur on account of the transfer.

The destination entity must expressly and prominently warn the taxpayer that, depending on the specific conditions of the insurance, deposit, or financial contract in which the corresponding Individual Long-Term Savings Insurance or Individual Long-Term Savings Account is configured, the amount of the transfer may result in an amount lower than that guaranteed by the source entity. Likewise, in the event that the transfer is made from a Long-Term Savings Plan other than a Financia Europe Individual Long-Term Savings Insurance to a Financia Europe Individual Long-Term Savings Insurance, the destination insurance entity must also expressly and prominently warn the taxpayer whether the Financia Europe Individual Long-Term Savings Insurance offers total or partial guarantee, as well as all those aspects in which the Financia Europe Individual Long-Term Savings Insurance differs from the source Long-Term Savings Plan.

In the event that agreements or contracts exist that allow the management of transfer requests through intermediaries or the commercial networks of other entities, the submission of the application at any of their establishments shall be understood as made to the destination entity.

Within a maximum period of five business days from the time the destination entity has all the necessary documentation, it must, in addition to verifying compliance with the regulatory requirements established for such transfer, communicate the application to the source entity, indicating at least the destination Long-Term Savings Plan, the destination entity, and the account details to which the transfer must be made.

Within a maximum period of ten business days from the receipt by the source entity of the application with the corresponding documentation, this entity must order the bank transfer and send to the destination entity all the financial and tax information necessary for the transfer.

Penalties, expenses, or deductions on the amount of this transfer that are generated as a consequence of the transfer of funds themselves shall not be applied. For these purposes, in the case of an Individual Long-Term Savings Insurance or a Financia Europe Individual Long-Term Savings Insurance, the economic rights shall be valued at the amount of the mathematical provision or at the market value of the assigned assets, as appropriate.

In the transfer procedures referred to in this additional provision, it is authorized that the transmission of the transfer request, the transfer of cash, and the transmission of information between the intervening entities may be carried out through the National Electronic Clearing System, through the operations that, for these cases, are enabled in said system.»

OFFICIAL STATE GAZETTE
No. 241 Wednesday, September 30, 2026 Sec. I. Page 127908 cve: BOE-A-2026-20266 Verifiable at https://www.boe.es

Final Provision Fourth. Modification of the General Regulation of tax management and inspection actions and procedures and development of the common rules of the tax application procedures, approved by Royal Decree 1065/2007, of July 27.
A new Article 39 quater is introduced into the General Regulation of tax management and inspection actions and procedures and development of the common rules of the tax application procedures, approved by Royal Decree 1065/2007, of July 27, with the following wording:

«Article 39 quater. Obligation to report on Financia Europe Savings and Investment Accounts.

1. Provider entities referred to in Article 343 of Law 6/2023, of March 17, that provide Financia Europe Savings and Investment Accounts referred to in Article 95 ter and the sixtieth-sixth additional provision of Law 35/2006, of November 28, on Personal Income Tax and partial modification of the laws on Corporate Income Tax, on Non-Resident Income Tax, and on Wealth Tax, shall be obliged to present an annual information declaration regarding said accounts.
2. The information to be supplied to the tax administration for each Financia Europe Savings and Investment Account shall comprise:
   a) The date of its opening in the declaring entity, as well as its internal identification defined by the latter. When the account has been opened in the year to which the declaration refers as a result of the transfer provided for in Article 347 of Law 6/2023, of March 17, from another Financia Europe Savings and Investment Account, the identifying data of the source entity, the account from which it originates, the date of opening of the latter, and the date on which the transfer procedure of the assets and cash integrated into the source account ended shall also be provided. b) In the event that the cancellation of the account due to its transfer to another Financia Europe Savings and Investment Account has occurred in the year to which the declaration refers, in addition to the information provided in letter a) above, the identifying data of the destination entity, the account to which the transfer was made, and the date on which the transfer procedure ended shall be provided. c) The name and surname, address, and tax identification number of the holder. d) Identification of the securities sub-account and the associated operational sub-account. e) Identification of the counterparty account. f) Contributions made in the natural year with indication of their dates and amounts. g) Total or partial disposals made in the natural year with indication of their dates and amounts, as well as the liquidation value of the account immediately prior to the disposal, the contributions pending recovery after the disposal, and the dates and amounts corresponding to the contributions recovered in each disposal. h) Capital gains or losses derived from each disposal made. i) Contributions pending recovery in the account as of December 31 or, where applicable, on the date immediately prior to its cancellation due to transfer to another account. j) Liquidation value of the account as of December 31 or, where applicable, on the date immediately prior to its cancellation due to transfer to another account.

OFFICIAL STATE GAZETTE
No. 241 Wednesday, September 30, 2026 Sec. I. Page 127909 cve: BOE-A-2026-20266 Verifiable at https://www.boe.es

k) Identification, number, and market value as of December 31 of the assets integrated into the account on that date or, where applicable, on the date immediately prior to its cancellation due to transfer to another account. l) Balance of the operational sub-account as of December 31 or, where applicable, on the date immediately prior to its cancellation due to transfer to another account. m) Balance of the operational sub-account and acquisition value of the assets that remain integrated in the account on the accrual date of the last tax period to be declared for the Tax, in the event of death or loss of taxpayer status for the Tax. n) Acquisition, subscription, transmission, and redemption operations carried out during the natural year with the assets integrated into the account, as well as those carried out with subscription rights, capital reductions intended for the return of contributions other than those subject to withholding, and distributions of share or participation issuance premiums, with indication of the identification of the assets to which they refer, their number, their amount, their date, and, where applicable, the result of each operation. However, when another entity obliged to provide the same information pursuant to Article 42 of this regulation, other than the provider entity of the Financia Europe Savings and Investment Account, intervenes in the operations referred to in this letter, it shall be that entity obliged to communicate it to the tax administration, providing the identification of the Financia Europe Savings and Investment Account to which the operation is associated in the manner determined by the person holding the Ministry of Finance. ñ) If the cancellation of the account has occurred in the year to which the declaration corresponds for any of the causes indicated in Article 351.1 of Law 6/2023, of March 17, the date of cancellation and the determining cause thereof among those indicated in said article shall be provided. o) In the case of Financia Europe Reinvestment Savings and Investment Accounts, the specific information provided for in paragraph 7 of the sixtieth-sixth additional provision of Law 35/2006, of November 28.
3. The ministerial order approving the corresponding declaration model shall contain the information referred to in paragraph 2, as well as any other relevant data to specify said information. The declaration shall be submitted electronically.»

Final Provision Fifth. Extraordinary extension of standard housing lease contracts.

1. In standard housing lease contracts subject to Law 29/1994, of November 24, on Urban Leases, valid on the date of entry into force of this royal decree-law, in which the mandatory extension period provided for in Article 9.1 ends before December 31, 2028, or the tacit extension period provided for in Articles 10.1 and 10.2 ends, or, where applicable, the period of tacit renewal produced in accordance with Article 1566 of the Civil Code ends, provided that the lessee is up to date with rent payments and has been monthly for the eight months prior, an extraordinary extension for annual terms and up to a maximum of two additional years shall be applied, upon request by the lessee. During this extension, the terms and conditions of the contract in force shall be maintained. The request shall be obligatorily accepted by the lessor, unless other terms or conditions have been fixed by agreement between the parties, or a new lease contract has been signed, or the lessor has communicated, within the timeframes and conditions of Article 9.3 of Law 29/1994, on Urban Leases, the need to occupy the housing for themselves or their family members, even if the power to recover the housing early for need had not been expressly provided for in the contract, this requirement not being exigible, provided that there is a real and proven cause of need. The extraordinary extension regulated in this article is incompatible with that provided for in Article 10.3 of Law 29/1994, of November 24, on Urban Leases, which, where applicable, shall apply with preferential character.
2. The provisions in the previous paragraph shall not apply when the lessor and lessee agree to renew the lease contract, or to enter into a new one, with a rent at least five percent lower than that provided for in the contract in force.»

Final Provision Sixth. Extraordinary limitation of the annual update of rent in housing lease contracts.
The lessee of a housing lease contract subject to Law 29/1994, of November 24, on Urban Leases, whose rent must be updated because the corresponding year of validity is met within the period between the entry into force of this royal decree-law and December 31, 2027, may negotiate with the lessor the annual update of the rent subject to the following conditions:
a) In the event that the rent is higher than the maximum limit of the price applicable according to the reference price index system, no increase in rent shall be applied. b) In other cases, the increase in rent shall be that resulting from the new agreement between the parties. In the absence of this new agreement between the parties, the increase in rent to be applied shall not exceed two percent.

Final Provision Seventh. Safeguard of regulatory rank.
The provisions included in regulatory norms that are subject to modification by this royal decree-law may be modified by norms of the regulatory rank corresponding to the norm in which they appear.

Final Provision Eighth. Authorization for regulatory development.

1. The Government is authorized to issue whatever provisions are necessary for the development and execution of this law.
2. In particular, the order referred to in Article 347.7 of Law 6/2023, of March 17, shall be approved within a period of 6 months from the entry into force of this royal decree-law. In this regard, the persons holding the Ministry of Economy, Commerce and Business and the Ministry of Finance are authorized to establish, by order issued upon joint proposal of the persons holding the Ministry of Economy, Commerce and Business and the Ministry of Finance, the limit on transfer fees, as well as the information necessary to guarantee the correct execution of the transfer and the continuity of the legal and tax regime of the Financia Europe Savings and Investment Account, and the specifications, standardized models, and technical and operational requirements necessary for the exchange of information referred to in Article 347 of Law 6/2023, of March 17.

Final Provision Ninth. Incorporation of European Union law.
This Royal Decree-Law partially incorporates into the Spanish legal order Directive (EU) 2021/2167 of the European Parliament and of the Council, of November 24, 2021, on credit administrators and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU.

OFFICIAL STATE GAZETTE
No. 241 Wednesday, September 30, 2026 Sec. I. Page 127911 cve: BOE-A-2026-20266 Verifiable at https://www.boe.es

Final Provision Tenth. Competence titles.
The royal decree-law is issued under the following competence titles:

1. Article 1 and Article 4 under Article 149.1.1st, 8th, and 13th of the Spanish Constitution, which attributes to the State exclusive competence over the regulation of basic conditions that guarantee the equality of all Spaniards in the exercise of rights and in the fulfillment of constitutional duties, civil legislation, and bases and coordination of the general planning of economic activity, respectively.
2. Articles 3 and 15, the first transitional provision, and the fifth and sixth final provisions, under Article 149.1.8th of the Spanish Constitution, which attributes to the State exclusive competence in civil legislation matters.
3. Articles 13, 14, 16, 17, 18, and 19 and final second, under Article 149.1.1st and 13th of the Spanish Constitution, which attributes to the State exclusive competence over the regulation of basic conditions that guarantee the equality of all Spaniards in the exercise of rights and in the fulfillment of constitutional duties and over the bases and coordination of the general planning of economic activity, respectively.
4. Articles 2 and 5 and the second transitional provision, under Article 149.1.6th of the Spanish Constitution, which attributes to the State exclusive competence in procedural legislation matters, without prejudice to the necessary specialties that derive from this order from the particularities of the substantive law of the autonomous communities.
5. Title II and the third and fourth final provisions, under Article 149.1.14th of the Spanish Constitution, which attributes to the State exclusive competence in general treasury matters.
6. Title III, under the competence of the State to regulate its own organization.
7. Title VI and the first final provision, under Article 149.1.11th and 13th of the Spanish Constitution, which attributes to the State exclusive competence over the bases of the organization of credit, banking, and insurance and over the bases and coordination of the general planning of economic activity, respectively.
8. The provisions in this law shall be applied without prejudice to:
   a) The provisions of civil, foral, or special regimes in the scope reserved to them by Article 149.1.8th of the Constitution, where they exist, as well as the foral and economic agreement tax regimes in force, respectively, in the Historical Territories of the Basque Country Autonomous Community and in the Chartered Community of Navarre. b) The exercise of the exclusive competence assumed by the autonomous communities pursuant to Article 148.1.3rd of the Constitution in matters of land planning, urban planning, and housing.

Final Provision Eleventh. Entry into force.

1. This royal decree-law shall enter into force on the day following its publication in the «Official State Gazette», unless any of its provisions establish otherwise.
2. The provisions of the first final provision shall apply to assignments of mortgage credit contracts made after the entry into force of the royal decree-law, regardless of when the contract was entered into.
3. Notwithstanding what is provided in paragraph 1:
   a) The Financia Europe Savings and Investment Account shall not be subject to commercialization or contracting until the entry into force of the ministerial order that instruments compliance with the obligations derived from the regulatory provisions referred to in Article 95 ter.10 of Law 35/2006, of November 28.
   The Financia Europe Individual Long-Term Savings Insurances shall not be subject to commercialization or contracting until the entry into force of the ministerial order that instruments compliance with the specific information obligations for these insurances provided for in Article 69.3.g) of the Regulation of Personal Income Tax, approved by Royal Decree 439/2007, of March 30. b) Until the operation of the Registry of Eligible UCIs, provider entities and insurance entities may commercialize the Financia Europe Savings and Investment Account and the Financia Europe Individual Long-Term Savings Insurance, respectively, with eligible assets other than participations or shares of UCIs, which may only be included once they have been registered in said Registry. c) Transfers of Financia Europe Savings and Investment Accounts between provider entities shall not be made until the entry into force of the ministerial order provided for in Article 347 of Law 6/2023, of March 17.

Given in Madrid, September 29, 2026.
FELIPE R.
The President of the Government,
PEDRO SÁNCHEZ PÉREZ-CASTEJÓN

OFFICIAL STATE GAZETTE
No. 241 Wednesday, September 30, 2026 Sec. I. Page 127913 cve: BOE-A-2026-20266 Verifiable at https://www.boe.es https://www.boe.es OFFICIAL STATE GAZETTE D. L.: M-1/1958 - ISSN: 0212-033X