Vox offers 4.25% annual interest on electoral microcredits

The Spanish political party Vox has launched an electoral microcredit campaign to finance its upcoming general election campaign. The party, led by Santiago Abascal, is offering an annual interest rate of 4.25%, which exceeds the 3.75% rate previously offered by the PSOE and current market rates for twelve-month bank deposits.

Investors and supporters can contribute amounts ranging from 100 to 10,000 euros. Repayment of the capital and interest is scheduled to occur after the party receives state subsidies based on its electoral results and justified expenses, typically within a twelve-month period. Interest earned is subject to a 19% personal income tax (IRPF) withholding.

The Court of Auditors has previously raised concerns regarding this financing model, suggesting it could potentially facilitate disguised corporate donations from entities prohibited by party financing laws.