SIALP: Long term savings plan


SIALP (stands for Individual Insurance of Long Term Savings in Spanish) is a new way of savings approved by Spanish Law in 2014, which keeps the saver exempt from taxation if the product is kept for five years; with a maximum contribution limit of 5,000 euro.

With a small periodic contribution, you may build a nest egg for the future and benefit from tax advantages at the same time.

The conditions which apply to this new way of savings are:
- By Law every customer can only hold simultaneously a SIALP/ CIALP product, but it can be passed from one to another (CIALP stands for Individual Account of Long Term Savings in Spanish; it is only provided by banks, not by insurance companies).
- Contributions cannot exceed € 5,000 a year.
- The Spanish Law prescribes that the customer has to recover at least 85% of his/her money.
- Policy-holder, Insured and survival Beneficiary has to be the same person.
- The savings-investment should remain at least for five years; in order to benefit from the tax advantages, the proceeds at maturity must be taken in the form of capital.

For more information please email or contact our Department of Life and Pensions (+34 952 88 22 73) at Op de Beeck & Worth.


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