Clifford Chance LLP

Tax Department

Spain
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What the team is known for Acts for prominent banks and investment funds on the tax aspects of high-profile transactions. Has experience in diverse tax matters arising for companies in the real estate sector, including those related to the structuring of investment funds, the listing of Spanish REITs or the agreement of individual asset transactions. Attracts attention for its understanding of the tax treatment of NPL or REO transactions. Regularly assists with national and cross-border deals, benefiting from its international network. Has additional experience in tax issues flowing from the restructuring or refinancing of renewable energy assets.

Strengths Clients appreciate that the lawyers "work quickly and they have a good approach to communications with the authorities, which is essential for us."

"They go straight to the point," states another impressed interviewee, adding: "They are punctual and respect the fact that we are short on time."

Work highlights Advised BBVA on tax structuring for the sale of 80% of its real estate business. The firm advised on the transfer of BBVA's real estate servicing platform and its portfolio of REO assets to a joint venture company, in which Cerberus subsequently bought a majority stake.

Notable practitioners

Pablo Serrano de Haro is head of the firm's tax practice. He is well versed in advising international entities on corporate restructurings, cross-border M&A matters and the creation of investment funds and REITs. Sources note that "his ample experience and profound knowledge provide a great sense of security to his clients." According to one client: "He is very close to the day-to-day topics; he's a partner we like a lot because he's involved and dedicated."