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The new 'Crea y Crece' Law explicitly recognizes European Long-Term Investment Funds (ELTIFs) as investment vehicles that can be set up, managed and marketed in Spain. This recognition is essentially a formal update of Spanish law, since this type of funds were already set up, managed and marketed in Spain. However, it comes at an important time for ELTIFs, given the imminent approval of a reform that will make its regulation more flexible and will promote this type of funds. This paper analyzes the current legal regime of ELTIFs, their future reform and the specific tax regime that exists for these funds in Bizkaia and Alava, in the absence of a special regime at national level. [ABSTRACT FROM AUTHOR]

In the context of the alternative investment, there are three types of funds in the European Union which are harmonized by virtue of European Regulations: the European Long-Term Investment Funds (ELTIF), the European Venture Capital Funds (EuVECA) and the European social entrepreneurship Funds (EuSEF). In opinion of the European Commission, these funds may foster intelligent, sustainable and inclusive growth. The local authorities of Bizkaia are also interested in promoting the incorporation of this type of vehicles within its territory, by establishing a particular tax regime for them, provided that they comply with certain requirements in addition to those set out in the European Regulations. This article describes the main characteristics of these Fund, as well as its new particular tax regime in Bizkaia. [ABSTRACT FROM AUTHOR]