What works in Spain

Tactical asset allocation after tax in Spain: the rules of the Cuenta de valores, Traspaso funds, in plain words with sources, and what they cost 107 strategies over 2006 to 2026.

Version: 1.0
Published: 8 October 2026
Rules last checked: 8 October 2026

Cuenta de valores (ETFs)

Progressive bands keep the cost moderate for this size of portfolio.

Tax cost a year (median): 1.9 pts
Median strategy, before / after tax: 9.3% / 7.4%
S&P 500 held, after tax: 9.8%
60/40 after tax (worst fall): 7.4% (-20%)

24 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 17 beat the S&P 500 held throughout. Returns a year, in EUR.

The rules

Savings bands: 19% up to EUR 6,000 of gains, 21% to 50,000, 23% to 200,000, 27% to 300,000, 30% above.
Losses offset gains and carry forward 4 years.
The 2-month rule: a loss is deferred if the same ETF is bought back within 2 months, which happens often in a monthly rotation.

Confidence in these rules: high. Checked 8 October 2026. Sources: BOE: Ley 35/2006 del IRPF, texto consolidado (art. 25, 33.5.f, 37, 46, 49, 66, 76, 94); GuiaFiscal: Tramos IRPF 2026 (BOE data, updated 5 July 2026); GuiaFiscal: ETF fiscalidad 2026 guia.

Index mutual funds with traspaso

Tax deferral on switches, but a narrow menu.

Tax cost a year (median): 3.2 pts
Median strategy, before / after tax: 9.3% / 5.1%
S&P 500 held, after tax: 9.8%
60/40 after tax (worst fall): 7.4% (-20%)

17 of 107 strategies beat a 60/40 after tax in this account with a smaller worst fall; 13 beat the S&P 500 held throughout. Returns a year, in EUR.

The rules

Moving money between mutual funds (traspaso) is not taxed; tax is due only on the final redemption, at the savings bands.
Does not apply to ETFs.
Index funds cover equity and bond indices, with no leverage and practically no gold or commodities: those weights sit in cash here.

Confidence in these rules: medium. Checked 8 October 2026. Sources: BOE: Ley 35/2006 del IRPF art. 94; GuiaFiscal: ETF fiscalidad 2026; Funds Society: Allfunds ETF traspaso operational solution.

Every strategy, account by account

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How this was computed, the limits, and every other country are in the full study.