Spain



World Tax Reviews

Tax
Allen & Overy

Allen & Overy's Spanish practice is mainly focused on advising financial sector clients on transactions and refinancing solutions. Partner Adolfo Zunzunegui leads the department, where counsel Ishtar Sancho supports him. As a Magic Circle firm, it has offices across the world, with tax professionals able to assist the Spanish department on all cross-border tax issues.

The team recently advised funders on the refinancing of 33 renewable assets under Eolia Renovables de Inversiones’ renewables portfolio, including 13 solar plants owned by SPVs in a €977.11 million deal. Debt restructuring was completed for a portfolio of NPLs for Blackstone.

Andersen

Andersen Spain is comprised of 250 professionals led by 40 partners with offices in Madrid, Barcelona, Valencia, and Seville. On non-contentious matters the team pivots towards M&A, private equity, joint ventures, domestic and international tax planning. Contentious orientation involves litigation. Real estate, wealth management and transfer pricing are complements. The tax department is led by María Olleros.

Recent highlights were the design of a new taxation structure for a Spanish real estate client. Andersen has advised Net de Gerrers on the acquisition of an Andorran company with SPA execution elements in a lucrative deal.

Ashurst

Global business law firm Ashurst has a strong presence in Spain, with a team of nine lawyers dedicated to providing support on complex transactions, especially with an international element, as well as tax structuring and tax disputes. Ashurst Spain's tax practice is led by partner Eduardo Gracia, who also heads the Ashurst tax department for EMEA and the USA. Service breath is provided to differentiated clients in the banking, insurance, and entertainment industries.

Recent highlights include advised Iridium on the sale to the British fund Hermes Infrastructure of 74% of the group's stake in six shadow toll concessions in Spain. It also advised ABE Capital Partners in an internal reorganisation for reinvestment purposes.

Baker McKenzie

Baker McKenzie Spain operates across Barcelona and Madrid with a full-service complement of advisory services burnished by over 50 years’ experience. Specialisation includes transactional, wealth management and disputes interspersed with standalone VAT and transfer pricing services. Practice head is Ogea Rodrigo supported by partners Bruno Dominguez, Maria Antonia Azpeitia and Ana Royuela.

Recent highlights include a landmark acquisition on the Spanish energy sector valued at €445 million for Naturgy and tax advice to a real estate investment fund on the Iberian Peninsula. VAT counsel for music streaming also featured.

Baker Tilly

Baker Tilly Spain recently entered an alliance with Baker Tilly Portugal to create a single Iberian transfer pricing team led by Maria Angeles Marinas and Joao Aranha. The Spanish tax department is specialised in consultancy around permanent establishment analysis, restructuring and transactions. Industry strength is consolidated in engineering, consumer goods and real estate. An expansive network covers 147 nations for bespoke cross-border mandates.

Recent highlights from 2020 include intragroup debt restructuring for an Argentinian entity encompassing sophisticated double taxation treaties. B2B VAT exemption analysis was completed for a German transportation client.

Advisors María Pérez Ravina, Andrey Samarukov and Antonio Relea joined in 2020.

Clifford Chance

Clifford Chance Spain excels in sophisticated REITs, tax litigation and wealth management mandates. Transactions pertaining to restructuring and capital debts with controversy capacity form a large client portfolio in cross-border context. Its client base covers investment funds, energy and HNWIs. Key individuals are partner Pablo Serrano de Haro, and counsel Roberto Grau supported by two associates.

Recent highlights are the sale of ACS group's industrial division for €4.93 billion in the renewable energy sector inclusive of engineering contracts. A joint venture was established ceding 51% to Vinci. A public - private partnership was also created for the Spanish rail industry.

Cuatrecasas

Cuatrecasas is a leading law firm with repute for cross-border transaction work in Latin America and the Chinese market. The tax practice includes 66 partners and almost 200 qualified lawyers registering healthy turnover periodically. Disciplines are delineated by corporate, private and proceedings with a large litigation faculty. Transfer pricing has esteem for business restructuring and distribution agreements. Senior partners are tax controversy lead Miró Ayats, with indirect head Meritxell Yus and transfer pricing lead Joan Hortalà.

Recent highlights include advising shareholders on selling Terminales Portuarias to the joint venture formed by Rubis Terminal and I Squared Capital in a €352.3 million deal. Real estate indirect counsel was completed on keynote transactions.

Deloitte Legal

Deloitte Legal Spain is an expansive practice comprising 430 professionals across 13 offices in Spain. Service lines are delineated to M&A, transfer pricing, indirect tax, and management consulting. Holistic services cover a cross-border scale with decorated tax advisory provision on the market. Key practitioners are partners Nicolás de Gaviria, Cayetano Olmos, Isabel López Bustamante and Fernando Vázquez.

Recent highlights include lucrative VAT recovery advice for a leading utility firm in Spain on ECJ case law precedents, alongside a UK-based joint venture merger in the telecommunications industry. Due diligence and share purchase agreements were established for an energy transaction.

Partner Carlos Bofill joined in March 2021 after counsel Juan José Zornoza in February 2020.

DLA Piper

DLA Piper Spain has a coveted reputation as trusted counsel for multinational companies on tax restructurings and reorganizations, assisting them successfully in investigations and tax litigation. Multidisciplinary focus extends to real estate M&A work alongside MAPs and bilateral APAs. Mandates are received from MNEs in the life sciences, beverages, and real estate industries. Head of tax is Carlos Rodríguez assisted by fellow partners Miguel Baz and César Salagaray.

Recent engagements were an international group reorganisation, which involved the introduction of new investment, shareholder agreements and tax restructuring dimensions for healthcare. Advice was given to Société Générale on real estate financing under DAC-6 guidelines.

EY

EY Spain is an esteemed full-service practice with delineated service lines in transfer pricing, transactions, and private client services. Litigation and indirect pedigree on excise duties are facets. Outward focus on tax digitisation incorporates data analytics and automation for international clients. Managing partners Rocio Reyero and Ramón Palacín Sotillos preside over 86 partners with complete sector focus.

Recent highlights include tax due diligence for La Caixa in its merger with Bankia, resulting in the largest Spanish bank. A cross-border acquisition of Neuraxpharm by Permira in a €1.6 billion deal is reportedly the largest pharmaceutical transaction in recent history.

In January 2020 partners Rufino de la Rosa and Gerardo de Felipe arrived from KPMG and Santander.

Fieldfisher Jausas

FIeldfisher Jausas is renowned for advisory work in tax inspection and tax-related litigation. The practice recurrently defends taxpayers’ interests against the Treasury Inspectorate and structuring for both domestic and foreign multinationals. The team is led by partner Juan Osuna.

Highlights include review of a corporate tax policy prior to triple Aenor compliance certification for Securitas Direct with documentation preparation to thwart punitive municipal tax for a domestic client.

Partner Juan Osuna joined from Garrido Abogados in September 2020. Outgoing partner Jordi Capelleras departed with senior associate Víctor Villagra.

Garrigues

Garrigues is an international law firm with 18 offices in Spain to reflect the nations decentralised structure. Esteemed litigation retains mandates from IBEX 35 companies on complex procedural law. Garrigues is the only law firm in Spain with human capital services line inclusive of tax governance, M&A, indirect and private client provision. General representation covers finance and insurance, logistics, media, tourism, and hotels. Partner Eduardo Abad is head of tax for Spain.

Advice was relayed to Bankia in its merger by its merger by absorption with Caixabank which will establish Spain’s largest lender bank. It advised the EnfraGen Group on debt refinancing with cross-border guarantor elements.  

In 2020 five prospects were promoted to partner including Elia Pons, Álvaro Manteca, Pablo Andrés, Francisco Soto, and Antonio Valero. Partner Salvador Espinosa retired.

Gómez-Acebo & Pombo

Gómez-Acebo & Pombo is a full-service tax practice across the transactional, advisory, planning and controversy spectrum. IBEX 35 companies, multinational equity funds and HNWIs are represented. It is an active firm by deals completed in the transactional finance sector. Head of tax is partner Enrique Ortega supported by three additional partners and three counsel.  

Highlights include advice relayed to Banco Santander on Spanish municipal refunds under the urban land appreciation tax, alongside a Dutch function merger between Cellnex and Deutsche Telekom in a EUR 200 million deal.

Partner Javier Vinuesa Magnet was hired from Andersen in January 2020.

KPMG

KPMG Spain advises assorted domestic and international clients on the full tax advisory spectrum. Specialisms are VAT, controversy, M&A transactions, real estate, and transfer pricing for the IBEX 35. Partner Alberto Estrelles is managing partner and head of taxation.

Recent highlights include the application and implementation of an inward processing regime for a transportation client and internal group reorganisation for a foreign partnership with anti-hybrid considerations in the supply chain sector.

The firm incorporated partner Teresa Quiñones and transfer pricing expert Michael Walker in September 2020 and January 2021. Outgoing partner Montserrat Trapé departed in November 2020.

Latham & Watkins

Latham & Watkins Spain specialises in cross-border transactions with concerted focus on private equity sponsors, capital market offerings and structured finance. Focus is on high-end solution orientated mandates with recurrent involvement in landmark M&A work on the domestic market. Co-heads of department are partners Jordi Domínguez and Iván Rabanillo.

The tax team advised JP Morgan as lead bank in the Spanish law governed €10 billion financing for Cellne, constituting one of the largest financings in Spanish history. The firm also counselled Nasdaq-listed Cerner Corporation on the sale of a healthcare IT business unit to CompuGroup Medical.

Pérez-Llorca

Pérez-Llorca Spain provides esteemed case-specific advice on domestic and cross-border issues for international business groups, family-owned companies, and private individuals. The team has enriched its transactions proficiency on the Iberian alongside tax litigation and audit procedures. Key practitioners are Clara Jiménez and Norma Peña i Bagés in taxation.    

The practice is advising an ongoing transaction for CBRE Global Investors disposal in the real estate sector with W&I and tax vendor’s due diligence in an extraordinarily large deal on the Spanish market. Trina Solar received advice on the sale of its SPVs in a cross-border South American case.

Counsel Jesús Cudero joined in April 2021.

Roca Junyent

Roca Junyent Abogados has a consolidated tax practice buoyed by expanded growth to 6 partners and 22 fee earners. The tax team advises in all tax law and has experience working for national and multinational companies. Tax litigation and transfer pricing predominate as market strengths. Technology, energy, automotive and technology are familiar focus areas. Head of tax is partner Raúl Salas assisted by two tax directors.

Recent activity involved devised an APA is of great international significance to a multinational pharmaceutical client which integrated cross-border jurisdictions. A tax investment structure was created for a Spanish renewable firm to encourage clean technology development nationwide.

Simmons & Simmons

Simmons & Simmons Spain is led by partner, Juan Sosa Pons-Sorolla, and three associates with coveted expertise in cross-border transactions, contentious litigation, corporate M&A, and pan-European asset management. The firm has built a robust client base in the life sciences, telecommunications, and media sectors.

Recent highlights include multi-jurisdictional corporate restructuring with complex VAT dimensions alongside victory in a lucrative Supreme Court appeal for a world-renowned financial services firm.

Toda & Nel-lo

Toda & Nel-lo is renowned in the Spanish legal market for its expertise in complex corporate private and public law matters. The practice has burnished credentials for repute in HNWI specialism from the Barcelona office. Mandates are received for divestment transactions. Since opening a Madrid office in 2018, the practice has grown robustly under managing partner Ignacio Goytisolo Marquínez. Revenue has increased in its general taxation, family businesses and contentious disciplines.

Recent highlights include tax restructuring under the umbrella of a neutral tax regime for a real estate client and transnational mobility advice for Nomura Spain in the investment sector.  

Partner Lourdes Pérez-Luque joined from López-Ibor in February 2021.

Uría Menéndez

Uría Menéndez is a multidisciplinary international law firm with esteemed practitioners across the Iberian Peninsula. Cross-border tax advice is given through a network to corporate clients, private equity, and family groups. Focus is couched in financial restructurings debut issuances and real estate transactions. APAs and litigation are complementary functions. Practice head Rafael García Llaneza is the key corporate tax contact.

Recent activity includes a €2 billion share exchange between Quabit Inmobiliaria and Neinor Homes in a merger by absorption. Soltec Power holdings received a rare IPO on the Spanish market.

Ventura Garcés

Ventura Garcés partnered with Madrid law firm López-Ibor, henceforth operating as a singular entity. The firm specialises in company tax law within the Iberian Peninsula and internationally relating to investments and disinvestments. Inheritance planning coexists with indirect focus. Key practitioners are managing partner Víctor De Cambra with a consignment of lawyer and economists.

Recent highlights include tax advice for worldwide succession planning activity and Brexit induced residency counsel for private individuals.

Managing partner Víctor De Cambra arrived in May 2020 with lawyer Pablo Sprazzato and economist Esther Rodríguez. Outgoing partners Jordi Vilalta and Gerard Marata departed in May 2020.