• Liquidity
  One of the main pluses, together with tax advantages. When you invest in a mutual fund, you can claim back the capital invested almost immediately. The law sets a period of between 24 and 72 hours, depending on the type of fund. The net asset value of mutual funds is calculated on a daily basis, meaning that you can always calculate and evaluate your investment.
• Diversification
  Maximum diversification, regardless of the amount. Your investments in mutual funds are added to those of other customers, making for a large sum of money which allows for enhanced investment diversification.
• Security
  The organisations which manage mutual funds are supervised by bodies which guarantee that they are run properly. National funds are controlled by the National Securities Market Commission, while other foreign institutions monitor internationally managed funds.
• Return
  Although return is not predefined, you get return as of the minimum investment permitted by the fund. Unlike other products, you can also withdraw your money without having to await maturity or set dates.
• Professional management
  The fund managers possess the technical and human resources needed to manage the funds in a truly professional manner. Given the complexity and innovative nature of modern-day financial markets, they provide knowledge and a degree of analysis not available to the man on the street.
• Flexibility
  You choose the fund best suited to the risk you are prepared to assume and what you expect to gain from market changes. Recent changes in the law mean that amounts can be transferred from one fund to another without tax implications, thereby allowing for even greater flexibility.
  
  Caja Navarra offers permanent subscription or redemption plans, making things even more flexible:
  • Systematic investments in mutual funds without having to make constant subscriptions.
  • Subscription plan with a set date for a period which you define.
  • Regular redemption plan to meet payment needs.
• Transparent information
  The fund manager publishes a quarterly management report and another six-monthly report describing the performance of your funds. The annual accounts and annual report expand on this information each year.

Mutual funds are not liable to Income Tax under the present tax regime until the shares owned are disposed of or sold. Transfers between mutual funds are not liable to tax until the amounts invested are definitively cashed in.

There is then a capital variation, gain or loss, which is the difference between the value of the disposal or sale of the shares and the value of purchase or subscription (updated in the Basque Country), understanding that those purchased first are considered disposed of.

A deduction is applied to capital gains calculated in this way resulting from cashing in shares subscribed prior to the 31st of December 1994.

Capital gains can be offset against demonstrable capital losses from the sale of shares in other mutual funds, conventional shares and/or real estate, and the result, if positive, forms part of the savings base, liable to the following rates:

If the result is negative, then it can be offset over the next 4 years.
Capital gains are also withheld as income tax payment on account:

En todos los casos, en principio, hasta 31-12-2013.

In Navarra, capital increases are tax free when the sum of the disposals which take place in the year (sum of mutual funds, shares and real estate) does not exceed €3,000 per taxpayer. In the case of a married couple in community of property, the amount is €6,000.

• Can I cash in my mutual fund shares when I want?
  If you instruct us to, by any of the means placed at your disposal, then the amount requested will be credited to the relevant account. Do not forget that there are buying/selling hours for mutual funds and you cannot buy or sell on certain days. In general, mutual fund management firms do not buy or sell at weekends.Some funds charge redemption fees, so that is something to take into account when cashing in.
• What is the withholding tax on sale/transfer?
  At present and in general, the withholding tax is 18% on the appreciation of the shares redeemed.
• What is the FIFO procedure applied to redemption?
  As far as tax is concerned, when you redeem mutual fund shares, the shares sold are understood to be the first shares you acquired. The withholding tax, if any, is calculated on this basis.
• Is it possible to transfer shares in mutual funds to other mutual funds without paying tax?
  Yes. Current legislation means you can transfer shares between mutual funds without paying tax. e.g. you can transfer from a money fund to a variable-return fund and vice versa.
• Why do they say that tax is only paid on mutual funds when the investor decides?
  It does not mean that you do not have to pay tax on value appreciation. It just means that you do not have to pay until you redeem your shares. This is one of the most important advantages of these investment schemes.