{"id":5053,"date":"2026-11-02T01:55:03","date_gmt":"2026-11-02T00:55:03","guid":{"rendered":"https:\/\/www.ondara.group\/participation-account-vs-spv-spain\/"},"modified":"2026-11-02T01:55:03","modified_gmt":"2026-11-02T00:55:03","slug":"participation-account-vs-spv-spain","status":"publish","type":"post","link":"https:\/\/www.ondara.group\/en\/participation-account-vs-spv-spain\/","title":{"rendered":"Participation account vs SPV: key differences"},"content":{"rendered":"<p><strong>A participation account (<em>cuenta en participaci\u00f3n<\/em>) and an SPV (special purpose vehicle) are two different ways of channelling a real estate investment: the first is a contract with no legal personality of its own, the second is a company with its own identity, registration and accounts.<\/strong> Choosing one or the other changes who answers to third parties, what information the investor receives and how the deal is wound up.<\/p>\n<p>This article is educational. It is not investment, legal or tax advice.<\/p>\n<h2>Trends: what is happening worldwide and in Spain<\/h2>\n<ul>\n<li><strong>Worldwide, 2026.<\/strong> Europe gained weight in global private debt fundraising: according to S&amp;P Global and With Intelligence data, about 35% of the amount raised in 2025 went to European funds, against roughly 24% in 2023 and 2024. Source: <a href=\"https:\/\/www.investmentnews.com\/alternatives\/private-credit-at-a-crossroads-europe-surges-as-us-market-shows-strain\/264843\" target=\"_blank\" rel=\"noopener\">InvestmentNews, 15 January 2026<\/a>.<\/li>\n<li><strong>Worldwide, May 2026.<\/strong> The Financial Stability Board (FSB) and the European Central Bank (ECB) published warnings on private credit: complexity, leverage and links with banks and insurers. The ECB noted that euro area institutions have limited direct exposure. Source: <a href=\"https:\/\/www.ecb.europa.eu\/press\/financial-stability-publications\/fsr\/html\/index.en.html\" target=\"_blank\" rel=\"noopener\">ECB, Financial Stability Review<\/a>.<\/li>\n<li><strong>Spain, October 2026.<\/strong> The Observatory of Alternative Financing with Mortgage Collateral in Spain, with market analysis by PwC and the legal framework by Cuatrecasas, estimates EUR 3,891 million of expected volume in 2026 and a 20% share of alternative financing in Spain. Source: <a href=\"https:\/\/www.pwc.es\/es\/real-estate\/observatorio-financiacion-alternativa-colateral-hipotecario-espana.html\" target=\"_blank\" rel=\"noopener\">PwC Spain<\/a>.<\/li>\n<\/ul>\n<p>What does this mean for a private investor? There are more vehicles and structures to choose from, and understanding the legal form is as important as understanding the deal. We also cover this in our <a href=\"https:\/\/www.ondara.group\/en\/alternative-mortgage-lending-spain-2026\/\">guide to the Spanish alternative mortgage lending market<\/a>.<\/p>\n<h2>What is a participation account?<\/h2>\n<p>It is a commercial contract under which a person, the participant, contributes capital to the business of a trader, the manager, and shares the results with them. It is governed by articles 239 to 243 of the Spanish <a href=\"https:\/\/www.boe.es\/buscar\/act.php?id=BOE-A-1885-6627\" target=\"_blank\" rel=\"noopener\">Commercial Code<\/a>.<\/p>\n<ul>\n<li>No formalities are required: it can be agreed verbally or in writing (art. 240).<\/li>\n<li>The manager acts in their own name and under their own individual liability (art. 241).<\/li>\n<li>Third parties can only claim against the manager, not against the participant (art. 242).<\/li>\n<li>The manager winds up the arrangement and renders a justified account of the results (art. 243).<\/li>\n<\/ul>\n<h2>What is an SPV and how does it work?<\/h2>\n<p>An SPV is a company, usually a limited liability company, set up for a specific transaction, for example to acquire an asset or grant a loan. It has its own legal personality, is registered in the Commercial Registry, files annual accounts, and its shareholders limit their liability to what they contributed, unless additional agreements or security apply.<\/p>\n<p>The investor joins as a shareholder or as a lender to the company. Their rights depend on the articles of association, the shareholders&#8217; agreement and the loan agreement, if any.<\/p>\n<h2>Participation account vs SPV: key differences<\/h2>\n<p><img data-dominant-color=\"706d66\" data-has-transparency=\"false\" style=\"--dominant-color: #706d66;\" decoding=\"async\" src=\"https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria.webp\" alt=\"Signing an investment contract: participation account vs SPV\" width=\"1680\" height=\"945\" class=\"aligncenter size-full wp-image-5048 not-transparent\" loading=\"lazy\" srcset=\"https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria-200x113.webp 200w, https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria-300x169.webp 300w, https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria-400x225.webp 400w, https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria-600x338.webp 600w, https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria-768x432.webp 768w, https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria-800x450.webp 800w, https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria-1024x576.webp 1024w, https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria-1200x675.webp 1200w, https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria-1536x864.webp 1536w, https:\/\/www.ondara.group\/wp-content\/uploads\/2026\/11\/firma-contrato-estructura-inversion-inmobiliaria.webp 1680w\" sizes=\"auto, (max-width: 1680px) 100vw, 1680px\" \/><\/p>\n<div class=\"tabla-seo\">\n<table>\n<caption>Source: own elaboration based on the Spanish Commercial Code (arts. 239-243), November 2026<\/caption>\n<thead>\n<tr>\n<th>Aspect<\/th>\n<th>Participation account<\/th>\n<th>SPV (company)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Legal personality<\/td>\n<td>None: it is a contract<\/td>\n<td>Yes: a company with its own identity<\/td>\n<\/tr>\n<tr>\n<td>Formalities<\/td>\n<td>None required<\/td>\n<td>Deed, registration and annual accounts<\/td>\n<\/tr>\n<tr>\n<td>Dealings with third parties<\/td>\n<td>Only the manager is liable to them<\/td>\n<td>The company is liable<\/td>\n<\/tr>\n<tr>\n<td>Investor&#8217;s position<\/td>\n<td>Participant: rights as agreed<\/td>\n<td>Shareholder or lender, depending on the structure<\/td>\n<\/tr>\n<tr>\n<td>Transparency<\/td>\n<td>Depends on what is agreed with the manager<\/td>\n<td>Registry and accounting information<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>The absence of formalities makes the participation account flexible, but it also means everything depends on the contract and on the manager&#8217;s solvency. An SPV adds cost and paperwork in exchange for a more visible and orderly structure.<\/p>\n<h2>When does each structure fit?<\/h2>\n<h3>Participation account<\/h3>\n<p>It is used in specific deals with few parties and an identified manager. The investor should read carefully how results and losses are shared, the term and the winding-up terms.<\/p>\n<h3>SPV<\/h3>\n<p>It is usually preferred when a deal has several investors, bank financing or security interests that must be held by a party with its own legal personality.<\/p>\n<h3>How do we work at Ondara?<\/h3>\n<p>Ondara Group, an alternative investment manager based in Barcelona since 2018, analyses each transaction individually. We look for real assets as collateral, diversify and keep direct contact with the management team. The minimum investment is EUR 25,000. You can find out more <a href=\"https:\/\/www.ondara.group\/en\/who-we-are\/\">about us<\/a>.<\/p>\n<h2>What to check before signing<\/h2>\n<p>Whatever the structure, some questions should be answered in writing before committing capital:<\/p>\n<ul>\n<li>Who the manager or company is, who controls it and what track record it can show.<\/li>\n<li>How results, positive and negative, are shared, and what happens if there are losses.<\/li>\n<li>What security exists, over which asset, with what ranking and what independent valuation.<\/li>\n<li>How long the deal lasts, how it is wound up and what happens if it is delayed.<\/li>\n<li>What periodic information the investor will receive and how often.<\/li>\n<li>What tax and documentation obligations the contribution entails.<\/li>\n<\/ul>\n<p>If any of these answers is vague, it is a signal to ask for more information or not to invest.<\/p>\n<h2>Risks to consider<\/h2>\n<ul>\n<li><strong>Loss of capital.<\/strong> All investments carry risk, including partial or total loss of the amount invested.<\/li>\n<li><strong>Counterparty risk.<\/strong> In a participation account, the participant depends on the manager and on what the contract says.<\/li>\n<li><strong>Illiquidity and term.<\/strong> Exiting early may be difficult or impossible.<\/li>\n<li><strong>Structure and security.<\/strong> Real estate collateral mitigates risk but does not eliminate it: ranking, valuation and effective recovery matter.<\/li>\n<li><strong>Tax.<\/strong> Tax treatment may differ depending on the structure and the investor&#8217;s profile. Consult a tax adviser.<\/li>\n<li><strong>Information.<\/strong> Always ask for the full contract and check who you are dealing with.<\/li>\n<\/ul>\n<h2>Frequently asked questions<\/h2>\n<h3>Does a participation account have legal personality?<\/h3>\n<p>No. It is a contract between participant and manager, governed by articles 239 to 243 of the Spanish Commercial Code.<\/p>\n<h3>Is the participant liable to third parties?<\/h3>\n<p>Under article 242, third parties can only claim against the manager. What the participant may lose in the deal depends on what was agreed between them.<\/p>\n<h3>Which is better for an investor, a participation account or an SPV?<\/h3>\n<p>It depends on the deal, the manager and the security. There is no single answer and this article is not a recommendation.<\/p>\n<h3>Does a participation account have to be registered?<\/h3>\n<p>No formalities are required to set it up. Even so, it should be documented in writing in full detail.<\/p>\n<h3>How are they taxed?<\/h3>\n<p>It depends on the structure and on each investor&#8217;s situation. A tax adviser should review this before investing.<\/p>\n<h2>In summary<\/h2>\n<ul>\n<li>A participation account is a contract with no legal personality; an SPV is a company with its own identity.<\/li>\n<li>In the first, the manager is liable to third parties and the investor depends on the agreement; in the second, the structure is more visible, with more paperwork.<\/li>\n<li>The structure matters as much as the deal: read the contract and the security.<\/li>\n<li>There is a risk of capital loss, illiquidity and counterparty risk.<\/li>\n<\/ul>\n<p>If you would like to know how we invest, <strong><a href=\"https:\/\/www.ondara.group\/en\/investors\/\">register as an investor<\/a><\/strong> and we will explain how it works. The minimum investment is EUR 25,000.<\/p>\n<p><em>This article is for information purposes only and does not constitute an investment recommendation or financial advice. All investments carry risks, including the possible loss of the capital invested, and past or target returns do not guarantee future returns. Analyse each opportunity with a professional before investing.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Participation account vs SPV in Spain: how they differ, who is liable to third parties, the risks of each structure and what to check before investing.<\/p>\n","protected":false},"author":1,"featured_media":5045,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,22],"tags":[],"class_list":["post-5053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-inversiones-alterativas","category-private-credit"],"_links":{"self":[{"href":"https:\/\/www.ondara.group\/en\/wp-json\/wp\/v2\/posts\/5053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ondara.group\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ondara.group\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ondara.group\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ondara.group\/en\/wp-json\/wp\/v2\/comments?post=5053"}],"version-history":[{"count":0,"href":"https:\/\/www.ondara.group\/en\/wp-json\/wp\/v2\/posts\/5053\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ondara.group\/en\/wp-json\/wp\/v2\/media\/5045"}],"wp:attachment":[{"href":"https:\/\/www.ondara.group\/en\/wp-json\/wp\/v2\/media?parent=5053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ondara.group\/en\/wp-json\/wp\/v2\/categories?post=5053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ondara.group\/en\/wp-json\/wp\/v2\/tags?post=5053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}