The process, step by step
Sign the NDA online and receive the memorandum within 24 hours. Visit the site outside harvest or campaign season and meet the owner. Submit a letter of intent with price range and conditions. Run your due diligence with access to a data room. Negotiate and sign the share purchase agreement (SPA) before a Spanish notary. File the foreign investment declaration within the statutory period after closing.
| Step | Spanish buyer | Foreign buyer |
|---|---|---|
| NDA to memorandum | 24 h | 24 h |
| Tax number (NIF) for the entity | Already held | 3–10 days |
| Site visit and LOI | 2–4 weeks | 3–6 weeks |
| Due diligence | 4–8 weeks | 6–10 weeks |
| Foreign investment declaration | Not required | Filed after closing (D-1A) |
| Notarial closing | Month 3–4 | Month 4–5 |
Source: investin.barcelona, transactions 2021–2025.
Due diligence: what is already done and what is yours
Every company on the ledger has passed independent technical due diligence before publication: facilities, machinery, land, concessions and permits are inspected and reported. That report is in the memorandum. Financial, tax and legal due diligence remain on the buyer side; we introduce Spanish advisers with sector experience if you have none.
31% of binding offers received in 2025 came from outside Spain, led by France, the US and Germany. Source: investin.barcelona observatory, December 2025.
SPA, notary and closing
Spanish share deals close before a notary, who verifies identity, powers and payment. Price adjustments for stock, working capital and real estate are settled at closing with a joint inventory. Escrow for warranties is common for 12 to 24 months. Signing and closing usually happen on the same day.
Taxation and permits
Acquiring shares is exempt from VAT and transfer tax in most cases; acquiring assets is not, which is why almost every transaction on this site is a share deal. Corporate tax is 25% at the general rate. Food, wine and water businesses hold sanitary, appellation and abstraction licences that transfer with the company; the technical report confirms their status and remaining term.
What the market pays
Multiples in Spanish food are set by subsector, contract cover and owner dependence. Real estate and concessions are added at appraisal value.
| Subsector | EV/EBITDA | EBITDA margin | Typical ticket |
|---|---|---|---|
| Wine (appellation) | 6.0–8.5× | 14–22% | €3–30M |
| Sparkling wine | 6.5–9.0× | 15–24% | €10–60M |
| Olive oil mills | 5.0–7.0× | 9–15% | €2–12M |
| Cured meats | 5.5–7.5× | 16–24% | €2–15M |
| Mineral water | 7.0–10.0× | 20–28% | €10–60M |
Source: investin.barcelona observatory, closed transactions 2021–2025.
Buying a Spanish winery
Check the appellation status, planting rights, vineyard ownership versus lease, stock by vintage and importer contracts. Visits happen outside the September–October harvest.
Olive oil mill investment
Value sits in supply contracts, campaign capacity and real estate. Land and buildings weigh 38% of price on average; the November–January campaign sets the calendar.
Golden visa and business investment
Spain closed the real-estate route to the investor visa in 2025. Business investment routes with job creation or economic impact remain; check current requirements with an immigration adviser before relying on a visa outcome.