AssessmentPhase 1
Which market fits your SOCIMI?
We compare your size, your shareholder base, your liquidity needs and your growth plans with the requirements of each market.
The starting decision.
Listing a SOCIMI on BME Growth, BME Scaleup or Portfolio: Which Market?
Law 11/2009 requires the shares of a SOCIMI (Spanish REIT) to be traded on a regulated market or a multilateral trading facility. Choosing between BME Growth, BME Scaleup, Portfolio or Euronext changes the required free float, the advisor, liquidity and periodic reporting. We help you choose and get admitted.
Where should your SOCIMI list? Free analysis
Tell us the size of your SOCIMI and how many shareholders it has, and we will tell you which market fits.
- Reply within 24 h
- No commitment
- Confidential
- Minimum capital
- €5 million
- Free float on BME Growth
- €2 million or 25%
- Free float on BME Scaleup
- No minimum
- Key legislation
- Art. 4, Law 11/2009
How we help
From the right market to the first trading day
The listing requirement is the same for every SOCIMI, but the markets do not ask for the same things. We choose with you and handle the legal side of the admission.
RequirementsPhase 2
Free float, valuation and advisor
We check whether you meet the required free float, who will carry out the independent expert valuation and which advisor or law firm the chosen market requires.
Each market has its own rules.
CompanyPhase 3
Bylaws and SOCIMI regime
We adapt the bylaws (registered shares and a single class of shares) and check the minimum capital and the election of the special tax regime.
Arts. 4, 5 and 8, Law 11/2009.
DocumentPhase 4
Admission document
We coordinate the document the market requires (the information document for admission on BME Growth or the DIAM on BME Scaleup), with the tax information and the valuation of the assets.
Unless a prospectus is needed.
MarketPhase 5
Liquidity and first trading day
We help you with the liquidity agreement when it is mandatory, or with deciding whether it suits you even when it is voluntary, and with the reference price.
Mandatory on BME Growth.
AfterwardsPhase 6
Obligations after listing
We organize periodic reporting, the publication of the asset valuation and the disclosure of significant shareholdings.
Day-to-day life as a listed company.
Scenarios
When you need to decide where to list
Choose the market early: it shapes the bylaws, the valuation and the tax regime timeline.
New SOCIMI
You have elected the regime
You can elect the regime even if you do not yet meet the requirements, but you must meet them, listing included, within the two years following the election.
Small SOCIMI
You do not reach the BME Growth free float
BME Scaleup does not require a minimum free float and Portfolio states that it has no free float requirements, which opens the door to SOCIMIs with few shareholders.
Change of market
You want to move to BME Growth
If you have been on BME Scaleup or another market for at least 18 months, you can join BME Growth with a reduced information document.
International investors
You want visibility abroad
The law accepts multilateral trading facilities in any EU or EEA Member State, and some SOCIMIs are listed on Euronext Access in Paris or Lisbon.
What the law requires
Listing a SOCIMI by the numbers
Figures from Law 11/2009 and the BME Growth and BME Scaleup circulars.
Art. 5, Law 11/2009
€5,000,000
Minimum share capital of a SOCIMI, with a single class of shares.
Art. 4, Law 11/2009
Entire tax year
The shares must be admitted to trading without interruption throughout the entire tax period.
Law 11/2009, Transitional Provision 1
2 years
Deadline to meet the requirements, including listing, from the election of the special tax regime.
BME Growth Circular 2/2026
€2 million or 25%
Minimum free float of a SOCIMI held by shareholders with less than 5%: €2 million in estimated value or 25% of the shares.
BME Growth Circular 2/2026
< €1 billion
Maximum market capitalization for admission to BME Growth.
BME Scaleup Circular 1/2025
No minimum
BME Scaleup does not require a minimum free float and the liquidity provider is voluntary.
Does your SOCIMI already know where it will list?
We compare the markets against your numbers and handle the legal side of the admission from start to finish.
Frequently asked questions
Where to list a SOCIMI: common questions
Does a SOCIMI have to be listed?
Yes. Article 4 of Law 11/2009 requires its shares to be admitted to trading on a regulated market or a multilateral trading facility in Spain or another EU or EEA Member State, or on a regulated market in a country with an effective exchange of tax information, without interruption throughout the entire tax period. When you elect the regime, you have two years to meet the requirements (First Transitional Provision).
What is the difference between BME Growth and BME Scaleup?
They are segments of BME MTF Equity. BME Growth requires a SOCIMI to have a free float of €2 million or 25% of the shares, a liquidity agreement and a market capitalization below €1 billion. BME Scaleup, launched in July 2023, does not require a minimum free float and the liquidity provider is voluntary. Both require a Registered Advisor and an independent expert valuation.
What is Portfolio Stock Exchange?
It is a multilateral trading facility registered with the CNMV and operated by European Digital Securities Exchange, S.V., S.A., on which shares and bonds are traded. According to its website, it does not require a free float, a minimum market capitalization, a liquidity provider or half-yearly reports, and it generally asks for two years of audited financial statements and a law firm experienced in capital markets. You should review its rulebook before deciding.
Can a SOCIMI be listed outside Spain?
Yes. The law accepts multilateral trading facilities in any EU or EEA Member State. Several SOCIMIs have been admitted to Euronext Access in Paris or Lisbon, which requires you to appoint a listing sponsor and sets no minimum free float, except on its Access+ segment.
Do I need a prospectus to list my SOCIMI?
Usually not, unless there is a public offering that requires one. Instead, SME markets ask for an information document (the information document for admission on BME Growth, the DIAM on BME Scaleup) with information on the company, its tax position and the valuation of its assets by an independent expert.
What obligations do I have after listing?
As a general rule: half-yearly reporting, audited annual accounts, publication of the asset valuation by an independent expert and disclosure of significant shareholdings. The exact deadlines and scope depend on each market’s circulars, and on BME you must keep a Registered Advisor appointed.
What is the Registered Advisor?
It is the entity entered in the market’s register that advises the company on its admission and on its ongoing obligations. BME Growth and BME Scaleup require one to be appointed, and for SOCIMIs on BME Growth it must provide an additional report confirming that the asset valuation has been published at the end of the financial year.
Does Royal Decree-law 29/2026 affect SOCIMIs?
Royal Decree-law 29/2026 (BOE of October 7, 2026) amends Article 9 of Law 11/2009 and sets a 25% special levy on undistributed profits from residential rentals, including tourist or short-term rentals, with 50% or 100% reductions linked to affordable rentals and transitional percentages in 2026 and 2027. It already applies to 2026 tax periods not yet closed on October 8. As of October 15, 2026, its validation by Congress had not been published in the BOE, and on October 2 Congress voted down an earlier royal decree-law with the same content (RDL 26/2026). It does not change the listing requirement.
Practical guide
How to choose a market and get your SOCIMI listed
Choosing the market is a legal and business decision: it shapes costs, timelines and obligations for years.
Your numbers
Capital, asset value, number of shareholders and liquidity needs.
The right market
Free float, advisor, liquidity and periodic reporting vary from one market to another.
A clean file
Independent valuation, information document and bylaws aligned with Law 11/2009.
Admission in 10 steps
- Check the €5 million minimum capital, the single class of shares and that the shares are registered.
- Confirm the investment and income requirements of Law 11/2009 and the date of election of the special tax regime.
- Count your shareholders with less than 5% and calculate the free float you would have on admission.
- Compare BME Growth, BME Scaleup, Portfolio and Euronext Access against your size and your plans.
- Appoint the Registered Advisor or the advisor required by the chosen market.
- Commission the valuation of the assets from an independent expert.
- Prepare the information document for admission with the tax information and the investment policy.
- Sign the liquidity agreement if it is mandatory, or if it suits you even when it is voluntary.
- Submit the application to the market and answer its requests for information until approval.
- Set up periodic reporting and the asset valuation from day one.
Source: Law 11/2009 (Arts. 3–6 and 8 and First Transitional Provision), BME Growth Circulars 2/2026 and 3/2026, BME Scaleup Circular 1/2025 and the Portfolio Stock Exchange website.
Working glossary
Key concepts for listing a SOCIMI
These terms appear in Law 11/2009 and in the rules of the markets on which a SOCIMI can be listed.
SOCIMICompany
Listed real estate investment company (Spanish REIT)
A company that invests in urban real estate for rent and is taxed at 0% if it meets Law 11/2009, subject to the special levies in its Article 9.
Law 11/2009.
MTFMarket
Multilateral trading facility
An authorized and supervised trading system, other than a regulated market, on which the shares of a SOCIMI can be admitted.
Accepted under Art. 4.
BME GrowthSegment
BME Growth
The BME MTF Equity segment for expanding SMEs, with specific requirements for SOCIMIs.
Circular 2/2026.
BME ScaleupSegment
BME Scaleup
The BME MTF Equity segment for growth companies, with no minimum free float and no mandatory liquidity provider.
Since July 2023.
PortfolioMTF
Portfolio Stock Exchange
A multilateral trading facility registered with the CNMV on which shares and bonds are traded.
Operated by a broker-dealer (sociedad de valores).
Free floatDistribution
Free float (share distribution)
Shares held by shareholders with less than 5% of the capital.
€2 million or 25% on BME Growth.
Registered AdvisorAdvisor
Registered Advisor
An entity on the market’s register that supports the company through admission and afterwards.
Mandatory on BME.
LiquidityAgreement
Liquidity provider
An intermediary that acts as counterparty to make trading in the shares easier.
Mandatory on BME Growth.
ValuationExpert
Independent expert valuation
A report that values the company or its assets using internationally accepted criteria.
The basis for the reference price.
Playbook
BME Growth or BME Scaleup: what changes for your SOCIMI
Minimum free float
BME Growth: €2 million or 25% of the shares held by shareholders with less than 5%.
BME Scaleup: no minimum required.
Liquidity provider
BME Growth: mandatory.
BME Scaleup: voluntary.
Registered Advisor
BME Growth: mandatory.
BME Scaleup: mandatory.
Independent valuation
BME Growth: required, unless there was a placement in the previous six months.
BME Scaleup: required, unless there was a placement in the previous six months.
Admission document
BME Growth: information document for admission.
BME Scaleup: DIAM.
Mistakes when taking a SOCIMI to market
These are the mistakes that most often delay admission or make day-to-day life as a listed company more expensive.
- Choosing a market without first calculating your actual free float.
- Running out the two-year period without a timetable agreed with the market.
- Bylaws with more than one class of shares or without registered shares.
- An asset valuation that the market does not accept as independent.
- Not planning for the cost and work of periodic reporting.
Contact
Book a call
Tell us the size of your SOCIMI, how many shareholders it has and your timeline, and we will tell you which market fits best.
Where to list a SOCIMI: markets and requirements in 2026
Updated October 15, 2026
SOCIMIs (Spanish REITs) are taxed at 0% under Corporate Income Tax, except for the special levies in their Article 9, if they meet the requirements of Law 11/2009, including having their shares admitted to trading. Since 2013, a multilateral trading facility in Spain or another EU or EEA Member State is enough, which opens up several options with very different requirements.
The legal requirement
Article 4 requires the shares to be admitted to trading on a regulated market or a multilateral trading facility in Spain, the EU or the EEA, or on a regulated market in a country with an effective exchange of tax information, without interruption throughout the entire tax period. In addition, the minimum capital is €5 million, there can be only one class of shares and they must be registered shares. A company that elects the regime has two years to meet the requirements.
BME Growth
It is the BME MTF Equity segment for expanding SMEs. Its Circular 2/2026 expressly admits SOCIMIs and requires them to have a free float of €2 million or 25% of the shares held by shareholders with less than 5%, a Registered Advisor, a liquidity agreement, an independent expert valuation and an information document for admission. Companies that have been on BME Scaleup or other markets for 18 months can use a reduced document. We explain this in what Circulars 2/2026 and 3/2026 change for your SOCIMI.
BME Scaleup and Portfolio
BME Scaleup, launched in July 2023, admits SOCIMIs with no minimum free float and a voluntary liquidity provider, although it requires a Registered Advisor and an independent valuation; Ecoinmo Spaces SOCIMI joined it in July 2026. Portfolio Stock Exchange is a multilateral trading facility registered with the CNMV that, according to its website, does not require a free float, a minimum market capitalization or a liquidity provider.
Other European markets
Euronext Access, the Euronext multilateral trading facility in Paris, Brussels, Lisbon and Dublin, has admitted Spanish SOCIMIs. It requires a listing sponsor and sets no minimum free float, except on its Access+ segment. It can make sense when the investor base is international.
Where it fits
Choosing a market is one of the last steps to set up a SOCIMI. For the general regime, see our SOCIMI page; if you are looking for stock market financing for a company that is not a SOCIMI, see going public on BME Growth.