A SICAV is a variable capital company that invests in financial assets generally their capital. If you'll excuse me imprecision, it's like a fund that has its own legal personality and can be self-managed. In Spain they are quite unpopular, but really are a genuinely excellent management tool.
At the moment, Sicavs like the Spanish ones are extraordinarily uncompetitive. Its share capital totals 2.4 million euros, a 1% tax and a minimum of 100 members. In addition, they are in a public register of the CNMV where you have to give quarterly records on the investment portfolio (which will undoubtedly take advantage of our competitors).
This has been supplemented by most of the companies creating the Sicav in Luxembourg, where the minimum is 1.25 million euros, 0.05% taxation and can be constituted with a single partner. There are no public records nor many accounts requirements.
What few investors do not know yet is that Sicavs in Andorra are a product that is here to stay. They have a minimum capital of € 1.25m as Luxembourg and the need for a single partner. Your privacy is slightly higher with the addition that there is no taxation and have allowed investment in real property. This implies that a SICAV in Andorra is a vehicle that allows us not only to have our financial investment but also real investments or even our own heritage. At this point it is that societies of this type created in Andorra have rates around 20% of their counterparts in Luxembourg.
For all this, the Sicavs have legislation much higher than their European counterparts, with a fresh and modern framework. When making an investment in a Sicav for an investor can be better an Andorran company than other company forms with other EU countries.