Equipment Leasing in Spain & Portugal: Leasing, Renting, Regulation & Tax in 2026
The Iberian Peninsula is one of Europe's most dynamic leasing regions, with Portugal among the fastest-growing markets in recent years and Spain's leasing book steady at close to €9 billion a year. This guide sets out the latest AELR and ALF data, how leasing, renting and locação financeira work, who may offer them, and the tax, IVA and e-invoicing rules for 2026–2027.
- Established 1992 — 34 years in leasing
- 40+ funder relationships in 30+ countries
- €100,000 to €10 million per transaction
- Founding member, Guild of Business Finance Professionals
Two markets, one growing appetite for leasing
From agriculture in the Alentejo and Andalucía to automotive and industrial manufacturing in Catalonia, the Basque Country and northern Portugal, and the technology clusters of Madrid, Lisbon and Porto, Iberian businesses use leasing to invest in equipment without tying up capital or bank lines.
Spain: a solid, steady market
The Asociación Española de Leasing y Renting (AELR) reports €8,741 million of new leasing investment in 2025, broadly flat in value but with contract numbers up 5.1% — a sign of more, smaller-ticket deals. Movable assets accounted for €8,227 million (+1%), while property leasing fell 11.2%.
The average contract ran for 68.6 months and the delinquency rate improved to 2.9%. Madrid and Catalonia remain the two largest regional markets. Alongside leasing, Spain has a large and growing renting sector for vehicles and equipment.
Portugal: Europe's growth story
Portugal was among Europe's fastest-growing leasing markets in 2024, when the Associação Portuguesa de Leasing, Factoring e Renting (ALF) recorded leasing mobiliário of €2.15 billion (+15.2%) and equipment leasing up 32.8% to €911 million.
Growth continued into 2025: leasing mobiliário reached €1.68 billion in the first nine months (+4.6%), vehicles made up around 70% of volume, and industrial equipment leasing rose 29.4%. EU recovery and cohesion funds (PRR and Portugal 2030) continue to drive investment in modernisation, digitalisation and energy efficiency.
Sources: AELR full-year 2025 figures (published January 2026); ALF full-year 2024 and Q3 2025 figures. ALF full-year 2025 leasing figures had not been fully published at the time of writing.
Leasing, renting and locação financeira
In both countries the key distinction is the same as across much of Europe: does the contract include a purchase option? That decides who may offer it, how it is taxed and how it is accounted for.
Spain — Leasing
Arrendamiento financiero- Lessor buys the asset the customer selects and leases it for a fixed term
- Purchase option at the end, usually for a residual equal to one instalment
- Minimum two years for movable assets to qualify for the Article 106 tax regime
- Customer carries maintenance, insurance and asset risk
Spain — Renting
Renting · arrendamiento operativo- No purchase option; the lessor keeps ownership
- Often bundles maintenance, insurance and replacement
- Rentals fully deductible as an operating expense
- Widely used for vehicles, IT and technology refresh
Portugal — Financial lease
Locação financeira · renting / ALD- Locação financeira: purchase option at the end; customer treated as economic owner for tax and accounts
- Renting: operating rental with services, no purchase option, common for fleets and IT
- ALD (aluguer de longa duração): long-term hire, mainly for vehicles
Who can offer leasing in Spain and Portugal?
Both countries treat leasing with a purchase option as a regulated credit activity, while renting without one sits outside the reserved perimeter.
Spain
- Leasing (arrendamiento financiero) is offered by credit institutions and establecimientos financieros de crédito (EFCs) — specialist lenders authorised and supervised by the Banco de España.
- Renting is not a reserved activity, so it is also offered by manufacturers' captives and specialist rental companies.
- Lessors must comply with Spain's anti-money-laundering law and, for authorised entities, EU rules including DORA on digital operational resilience.
Portugal
- Under the Legal Framework of Credit Institutions and Financial Companies (RGICSF), locação financeira may only be carried out professionally by banks and specialist credit institutions authorised by the Banco de Portugal.
- Renting and ALD without a purchase option are offered by unregulated rental and fleet companies as well as bank-owned lessors.
- The Banco de Portugal regularly warns against entities granting credit without authorisation.
How leasing is taxed and accounted for
Spain — the Article 106 LIS regime
Spain offers one of Europe's most favourable tax treatments for leasing. Under Article 106 of the Corporate Income Tax Law (LIS), a qualifying contract lets the lessee deduct:
- the interest (financial charge) element in full; and
- the cost-recovery element up to twice the maximum straight-line depreciation rate — three times for small companies (empresas de reducida dimensión).
To qualify, movable-asset contracts must run for at least two years, show the cost-recovery and interest elements separately, keep the cost-recovery element constant or increasing, and include a purchase option. The general corporate tax rate is 25%, with lower rates for smaller companies.
Accounting: under the Spanish General Accounting Plan (PGC), a financial lease is recognised on the lessee's balance sheet; renting is expensed.
Portugal — falling corporate tax
- In a locação financeira, the lessee is treated as the owner for corporate income tax (IRC): it depreciates the asset and deducts the interest element.
- Renting payments are deductible as operating costs, subject to the rules on passenger cars.
- The general IRC rate fell to 19% in 2026 and is scheduled to fall to 18% in 2027 and 17% in 2028, with a 15% rate for SMEs on the first €50,000 of profit.
- Investment tax incentives and EU-funded programmes (PRR, Portugal 2030) can apply to leased assets — check eligibility before contracting.
Accounting: under Portugal's SNC (NCRF 9), financial leases are capitalised by the lessee. Groups reporting under IFRS 16 capitalise almost all leases in both countries.
VAT and the coming e-invoicing changes
Spain
- IVA at 21% on each lease or rental instalment, recoverable in the quarterly return for VAT-registered businesses.
- VeriFactu (certified invoicing software that reports to the tax agency): mandatory from 1 January 2027 for companies paying corporate tax, and from 1 July 2027 for the self-employed.
- Mandatory B2B e-invoicing under the Crea y Crece law: expected from around October 2027 for companies with turnover above €8 million and around October 2028 for all others, once the implementing ministerial order takes effect.
Portugal
- IVA at 23% on the mainland (22% in Madeira, 16% in the Azores), charged on each instalment.
- PDF invoices remain valid electronic invoices until 31 December 2026.
- From 1 January 2027, non-EDI electronic invoices must carry a qualified electronic signature.
- The first annual SAF-T (PT) accounting file submission, for 2026, is now due in 2028.
Spain vs Portugal
| Spain | Portugal | |
|---|---|---|
| Main finance lease | Leasing (arrendamiento financiero) | Locação financeira |
| Operating rental | Renting | Renting / ALD |
| Who may offer finance leases | Banks and EFCs (Banco de España) | Banks and specialist credit institutions (Banco de Portugal) |
| Market size | €8.74bn leasing, 2025 | €2.15bn leasing mobiliário, 2024 |
| Key tax feature | Article 106 LIS — accelerated deduction up to 2× (3× for small companies) | Lessee depreciates the asset; IRC falling to 17% by 2028 |
| Corporate tax | 25% general | 19% (2026), 15% SME band |
| VAT | 21% IVA | 23% IVA (mainland) |
| Local GAAP | PGC | SNC |
| Industry association | AELR | ALF |
What can be leased in Spain and Portugal?
Almost any identifiable, movable business asset with a resale or useful value, including:
Industrial
- CNC machinery, production lines and industrial robotics
- Automotive, food-processing and packaging equipment
- Textile, ceramics and moulding equipment
Agriculture & energy
- Agricultural machinery and irrigation systems
- Solar, battery storage and renewable-energy installations
- Construction plant and specialist infrastructure equipment
Technology & healthcare
- IT hardware, data-centre and AV equipment
- Medical, scientific and laboratory equipment
- Airport ground support and logistics equipment
Your route into the Iberian leasing market
Oak Leasing is a bespoke pan-European funding facilitator for equipment finance across the UK and Europe, established in 1992. We are not a direct lender: we structure transactions and programmes, then place them with the right funder from more than 40 relationships across 30+ countries — including authorised Spanish and Portuguese lessors.
Vendor leasing programmes
For manufacturers, OEMs and distributors selling into Spain and Portugal. Leasing or renting built into your sales process, documented in Spanish and Portuguese, with the funder taking credit and asset risk.
Large-ticket transactions
Single transactions from €100,000 to €10 million, plus sale and leaseback and refinance of large assets through an independent European funder, with capacity of up to €100 million per transaction — including equipment banks often decline.
Stage payment funding
For UK businesses buying Spanish, Portuguese or other European-manufactured equipment: the funder meets the manufacturer's stage payments, secured by an advance payment guarantee, and you pay only interest on deposits until delivery.
Every Iberian structure is built to fit local regulation, tax, IVA and invoicing requirements, delivered with one point of contact across Europe.
Equipment leasing in Spain and Portugal: frequently asked questions
How large is the Spanish leasing market?
Leasing financed €8,741 million of new investment in Spain in 2025 (+0.2%), across 87,301 contracts (+5.1%), according to the AELR. Movable assets made up €8,227 million.
How large is the Portuguese leasing market?
Leasing mobiliário reached €2.15 billion in 2024 (+15.2%), with equipment leasing up 32.8%, according to the ALF. In the first nine months of 2025 it reached €1.68 billion (+4.6%), with industrial equipment up 29.4%.
What is the difference between leasing and renting in Spain?
Leasing has a purchase option, is offered by banks and EFCs, and qualifies for the Article 106 tax regime. Renting has no purchase option; the lessor keeps the asset, often provides maintenance, and the customer deducts the full rental.
Who can offer financial leasing in Spain and Portugal?
In Spain, banks and establecimientos financieros de crédito supervised by the Banco de España. In Portugal, banks and specialist credit institutions authorised by the Banco de Portugal. Renting is open to unregulated lessors in both. UK firms have had no passporting rights since Brexit.
What tax benefits does leasing have in Spain?
Under Article 106 LIS, a qualifying contract lets the lessee deduct the interest and the cost-recovery element up to twice the maximum straight-line rate, or three times for small companies. Movable-asset contracts must run for at least two years.
What VAT and e-invoicing rules apply?
Spain: 21% IVA per instalment, VeriFactu from January 2027 and B2B e-invoicing expected from late 2027. Portugal: 23% IVA on the mainland, with qualified electronic signatures required on PDF invoices from January 2027.
What deal sizes does Oaklease arrange in Iberia?
Single transactions typically from €100,000 to €10 million. Smaller tickets from around €10,000 are considered within vendor leasing programmes rather than as one-off deals, and large-asset refinance can go up to €100 million per transaction.
Important information
This guide is for general information only and does not constitute legal, regulatory, tax or accounting advice. Figures, rates and deadlines are stated as at October 2026 and may change; Spanish e-invoicing dates depend on the publication of the implementing ministerial order. Before entering into any leasing arrangement, take independent advice from your own accountants, tax advisers and legal advisers. Oak Leasing Ltd is not a direct lender.
Sources & further reading
Selling equipment into Spain or Portugal? Let's make funding the easy part.
Talk to a European Funding Director about a vendor programme, a single large-ticket lease or stage payment funding for Iberian-built equipment.