Minimum contribution period. Maximum annual contribution and total amount of accumulated premiums

Minimum contribution period

• In general:

  first premium paid be more than five years old at the time of establishment of the life annuity.

• Transitory rules: Seniority requirement for the purposes of processing Individual Systematic Savings Plans for insurance contracts entered into before January 1, 2015.

  Regulations: Thirty-first transitional provision Law IRPF

  For Individual Systematic Savings Plans formalized before January 1, 2015, the five-year requirement will also apply (and not the additional ten-year requirement that was required until December 31, 2014).

  However, the transformation of an Individual Systematic Savings Plan formalized before January 1, 2015, or of an insurance contract regulated in the fourteenth transitional provision of this Law, by modifying its expiration date, with the exclusive purpose of anticipating the constitution of the life annuity to a date that meets the requirement of five years from the payment of the first premium required by the aforementioned provisions, will not have tax effects for the policyholder.

Maximum annual contribution and total amount of accumulated premiums

• The annual maximum limit satisfied in terms of premiums for this type of contract will be 8,000 euros , and will be independent of the limits on contributions to social security systems.

• Likewise, the total amount of the accumulated premiums in these contracts may not exceed the total amount of 240,000 euros per taxpayer .