Investor Trends in the Spanish Market

Key points:

• Technology and digitalisation: Investment is concentrated in software companies (SaaS), artificial intelligence and financial technology (fintech), where the protection of intellectual and industrial property is critical.
• Energy transition: Renewable energy projects, especially photovoltaic and wind power, are attracting great interest, but their development is subject to complex administrative regulation.
• Specialised real estate: Beyond traditional housing, investors are backing logistics, build-to-rent and student or senior living residences.
• Preliminary due diligence: In all sectors, a preliminary legal and tax audit (due diligence) is the fundamental step to identify hidden liabilities, regulatory risks and contractual weaknesses.

The rise of technology and digitalisation

The Spanish technology sector is a focal point for investment due to its growth potential. Interest is directed not only at established companies but also at early-stage startups. Business models such as Software as a Service (SaaS) or artificial intelligence applied to industrial processes are particularly attractive.

For an investor, acquiring a stake in one of these companies involves analysing key aspects. The first is the ownership and protection of intangible assets: the software, algorithms or brands. A failure in the registration of intellectual or industrial property can completely dilute the company's value.

Another fundamental point is the shareholders' agreement. This document, which complements the articles of association, governs the relationship between the founders and new investors. It defines reinforced majorities for key decisions, restrictions on the transfer of shares (drag-along, tag-along) or retention plans for the founding team. A poorly drafted agreement is a sure source of future conflicts.

The energy transition as an investment driver

The commitment to sustainability has made renewable energy projects one of the preferred destinations for capital. Spain, due to its geographical conditions and supportive framework, is a priority market for the development of photovoltaic solar plants and wind farms.

However, investment in this sector is complex. From a legal standpoint, the main challenge is the administrative approval process. Obtaining all the necessary licences and authorisations (environmental, planning, sectoral) is a lengthy process that can end in denial, causing the project to fail.

Furthermore, the profitability of these investments depends on very long-term contracts, such as PPAs (Power Purchase Agreements). These are energy sale and purchase agreements between the producer and a large consumer or an energy trading company. Their negotiation is highly technical and requires securing guarantees, price adjustment mechanisms and termination clauses for breach of contract.

Frequently asked questions about investing in renewables

1. What is a PPA? A Power Purchase Agreement is a long-term contract for the sale of energy at a predefined price. It provides revenue stability for the producer and security of supply and price for the buyer, making it key to project financing.

2. What are the main regulatory risks? The main risk is the denial of key permits, such as the Declaración de Impacto Ambiental (Environmental Impact Statement). There is also the risk of regulatory changes that affect the project's profitability once it is in operation, known as regulatory risk.

The real estate sector reinvents itself

The real estate market continues to be a pillar of investment, but with a renewed focus. The growth of e-commerce has triggered a surge in demand for logistics warehouses and platforms. In turn, the difficulty of accessing homeownership is driving build-to-rent (BTR) projects, which are residential buildings intended entirely for rental.

These projects involve specific risks. In the planning domain, it is vital to confirm that the land use is permitted and that the project complies with all local, autonomous community and state regulations. An error in this initial phase can stall the investment for years.

The construction phase, governed by the Ley de Ordenación de la Edificación (LOE) (Building Act), requires highly detailed construction contracts that establish deadlines, quality standards and liabilities. Any ambiguity can lead to cost overruns, delays and disputes with the construction company, architects or suppliers.

Potential issues	How ARROWS (office@arws.eu) can help
Hidden liabilities in a company: Acquiring a company with undisclosed tax debts, outstanding penalties or litigation, thereby assuming an unexpected financial contingency.	Legal and tax due diligence: We conduct a comprehensive audit of the target company to detect and quantify all liabilities and risks before the transaction closes.
Blocking of a real estate project: Starting an investment on a piece of land only to discover later that planning regulations prevent the intended development, resulting in the total loss of the invested capital.	Planning report: We assist you with a preliminary analysis of the land classification and applicable regulations to confirm the legal viability of the project before any outlay.
Shareholder disputes: Facing a deadlock in decision-making or a disorderly exit of a key partner because the appropriate mechanisms were not provided for in a shareholders' agreement.	Drafting and negotiating shareholders' agreements: We design bespoke agreements that protect your investment, regulate company governance and establish clear rules for the future.
Denial of licences for renewables: Investing time and resources in a renewable energy project that is ultimately rejected by the administration for failing to meet technical or environmental requirements.	Regulatory advice: We guide you through the entire administrative approval process, ensuring the project complies with regulations to maximise its chances of success.

Final summary

The main investment trends in Spain—technology, energy and new real estate niches—offer great opportunities, but they also entail significant legal and regulatory risks. An investor or entrepreneur cannot afford to overlook the analysis of intellectual property, the complexity of administrative permits or the soundness of contracts. Ignoring these aspects not only jeopardises profitability but the very viability of the investment itself.

Rigorous preliminary due diligence and sound advice during the negotiation and drafting of contracts are essential for operating securely. To analyse an investment opportunity and protect your interests, you can rely on the lawyers of the ARROWS International network in Spain. Contact us at office@arws.eu.

Frequently asked questions about investor trends in the Spanish market

1. What is the first legal step before investing in a Spanish company? The first and most important step is to carry out due diligence. This process consists of a legal, tax, labour and financial review of the target company to identify hidden risks and contingencies before signing a binding agreement.

2. Is it better to invest by buying the company's shares or its assets? It depends on the strategy. A share purchase involves acquiring the company with all its assets and liabilities (both known and hidden). An asset purchase allows you to select which elements are acquired, leaving the liabilities with the vendor company, although it can be a more complex transaction from a tax perspective.

3. What is the exact purpose of a shareholders' agreement? A shareholders' agreement is a private contract between a company's shareholders that governs aspects not typically covered by the articles of association: how important decisions are made, what happens if a shareholder wants to sell, how the company is valued, or what retention obligations the founding team has. It is fundamental to avoiding deadlocks and conflicts.

4. What is the general Corporation Tax rate in Spain? As of 2026, the general rate of Impuesto sobre Sociedades (Corporation Tax) in Spain is 25%. There are reduced rates for newly created companies or certain entities, but 25% is the standard reference for most companies.

5. What is regulatory risk in the energy sector? Regulatory risk is the possibility that a change in legislation (for example, in subsidies for renewables or in production taxes) could negatively affect the profitability of an investment already made. It is a key factor to consider in highly regulated sectors like energy.

6. Can the ARROWS International network help me if the investment is outside Madrid? Yes. The ARROWS International network in Spain coordinates operations and provides advice throughout the country, collaborating with local professionals and firms where necessary to ensure a thorough understanding of the autonomous community and municipal regulations applicable to your investment project.

Disclaimer

Official sources reviewed

BOE consolidated legislation cited, the Spanish Tax Agency and, depending on the subject, the College of Registrars and applicable regional and municipal rules. Editorial review completed on 5 October 2026.

Disclaimer: The information contained in this article is for general informational purposes only and serves as basic guidance on the subject according to the legal situation as of 2026. Although we take the utmost care to ensure the accuracy of the content, regulations and their interpretation evolve over time. ARROWS advokátní kancelář, the head of the ARROWS International network, is registered with the Czech Bar Association (its supervisory body) and holds professional indemnity insurance with a cover limit of CZK 400,000,000. To verify the current regulations and their application to your specific situation, please contact the ARROWS International network in Spain directly (office@arws.eu). We assume no liability for damages arising from the use of the information in this article without prior individual legal consultation.