Understanding the Mojo Capitals Investment Model
Investing with Mojo Capitals is built on transparency, structured processes, and proven strategy. Here’s exactly how the SPV model works, what you pay, the tax advantages you get, how risk is managed, and your journey from discovery to active investor.
The SPV Model
What is an SPV and how does it work?
What Is an SPV?
An SPV (Special Purpose Vehicle) is a standalone company created for a single investment project.
At Mojo Capitals:
- Each property project is owned by its own independent Spanish SL (Sociedad Limitada).
- Each SPV has between 4 and 18 investors.
- Investors hold ownership through defined share blocks.
- Capital is returned upon sale of the property.
Each investment is ring-fenced. There is no cross-collateralisation between projects.
This eliminates the “blind pool” risk associated with traditional closed-end funds.
How the Block System Works
Each SPV is divided into 18 ownership blocks. You may subscribe to:
- Minimum: 1 block (~5% ownership)
- Maximum: 5 blocks (~26% ownership)
This ensures meaningful ownership per investor.
Each project prospectus includes:
- Total project value
- Capital requirement
- Block pricing
- Timeline
- Target returns
Block pricing reflects the economic structure of the project and replaces traditional fund-style management and performance fees.
Staged Capital Calls
Unlike traditional funds that call 100% of capital upfront, Mojo Capitals deploys capital in stages:
- 50% upon property acquisition
- 25% upon building licence approval
- 25% upon construction commencement
This means capital is deployed only when required for project execution.
Feature | Old Model (MC I & II) | New Model (SPV 2.0) |
|---|---|---|
Structure | Danish AIF closed-end fund
| Individual Spanish SL per project
|
Capital call | 100% upfront at fund close
| Staged: 50% → 25% → 25%
|
Lock-in period
| 6 years
| 1–3 years per project
|
Number of investors
| Max 25 per fund
| 4–18 per SPV
|
Returns | Reinvested within fund
| Returned immediately upon sale
|
Fees | 3% setup + 2%/year + 12% success
| 0% — share premium only
|
Regulation
| Danish FSA
| Spanish commercial law
|
Reporting
| Annual
| Quarterly + PwC audit
|
Communication
| Formal reports
| WhatsApp group + quarterly + events
|
Exit Options
Primary exit occurs when the project completes and the property is sold.
Proceeds are distributed proportionally to shareholders.
If an investor wishes to exit before completion, shares may be transferred privately subject to:
- KYC / AML compliance
- SPV management approval
Returns & Fees
What do you pay and what returns can you expect?
Zero Fees
Mojo Capitals 2.0 charges zero success fees, zero administration fees, and zero annual management fees. Revenue is generated solely through a share premium: the first block in each SPV is purchased at rate 110 (a 3.03% annualized premium over a typical 3-year project), and additional blocks at rate 105 (1.89% annualized).
This replaces the previous fee structure of 3% setup fee, 2% annual management fee, and 12% success fee used in Mojo Capitals I and II.
Fee Comparison: Old vs. New
Fee Type | MC I & II (Old Model) | MC 2.0 (New Model) |
|---|---|---|
Setup / subscription fee | 3% of committed capital
| 0% |
Annual management fee
| 2% of NAV per year
| 0% |
Success / performance fee
| 12% of profits above hurdle
| 0% |
Share premium (1st block)
| N/A
| Rate 110 (3.03%/year effective)
|
Share premium (additional blocks)
| N/A
| Rate 105 (1.89%/year effective)
|
Total investor cost (3yr, 25% return)
| ≈15% of gross profit
| ≈3% of invested capital
|
Time-in-Market Effect
One of the structural advantages of the SPV 2.0 model is capital efficiency.
Under the previous 6-year fund structure, capital remained committed even when individual properties were sold earlier.
Under the new model:
- Capital is committed only for the specific project duration.
- Once sold, capital is returned and available for redeployment.
This improves annualised return calculation transparency.
Each project includes weighted annualised return calculations based on staged capital deployment.
Tax Advantages
What tax benefits do investors receive?
0% Dividend and Capital Gains Tax
Under current Spanish tax law, shareholders holding 5% or more in a Spanish SL company may qualify for exemption from dividend withholding tax and capital gains tax when investing through a qualifying EU holding structure.
Each Mojo Capitals block represents 5.05% ownership, intentionally meeting this threshold.
The structure and tax treatment are documented in a 32-page report prepared by PwC Málaga and reviewed by PwC Copenhagen, available for download.
2% Property Transfer Tax (ITP)
When an SPV acquires property, the applicable transfer tax (Impuesto de Transmisiones Patrimoniales – ITP) is 2% of the purchase price, compared to the standard 7–10% typically applied to individual buyers in Andalusia.
This structural difference reduces acquisition costs and directly strengthens overall project economics.
Inheritance Tax: 99% Reduction in Andalusia
Since 2019, Andalusia has applied a 99% reduction in inheritance and gift tax for direct family transfers.
For investors holding shares in a Mojo Capitals SPV, this means shares may be transferred to spouses or children with significantly reduced inheritance tax exposure in Spain, subject to individual circumstances.
This structure can support efficient intergenerational wealth planning.
Danish Investors: 2025 Legislative Update
A 2025 change in Danish tax legislation removed the previous 10% ownership threshold for participation exemption on foreign dividends.
As a result, Danish investors holding 5.05% (one block) in a Mojo Capitals SPV may now qualify for participation exemption on Spanish investment returns under Danish tax rules, subject to individual circumstances.
Risk & Governance
How is risk managed and reported?
Every project involves three primary risk categories:
- Cost risk – Budget overruns
- Timeline risk – Permit or construction delays
- Market risk – Exit price variation
Each prospectus includes stress-tested financial scenarios illustrating:
- Base case projections
- Timeline delay impact
- Price reduction impact
- Combined downside scenarios
PwC Audit and Quarterly Reporting
All Mojo Capitals SPVs are audited by PwC. PwC Copenhagen serves as group auditor for the fund entities (MC I and MC II), while PwC Málaga provides local audit and tax services for the Spanish SPVs.
Quarterly reports include:
- Capital deployed
- Project status update
- Construction progress
- Cost tracking against budget
- Any deviation from the original investment plan
Responsible Declaration Law
Spanish Responsible Declaration (Declaración Responsable) legislation allows property renovations to commence with a simplified declaration rather than a full building permit, significantly reducing pre-construction waiting time.
This is a structural advantage for Mojo Capitals projects that involve renovation of existing properties, as it can save 3–6 months compared to the traditional permit process.
Your Journey
What's the investor process from start to finish?
Discover
Browse projects and market data on the website. Explore prospectuses, understand the model, and see current opportunities.
Request Prospectus
Submit your name, email, and phone to receive a detailed project prospectus as a gated PDF with full project economics.
Personal Introduction
Meet Mette or Henrik via video call or in-person at the Estepona office. This is where you ask questions and understand the team.
Due Diligence
Review documents: PwC tax report, project economics, stress tests, legal structure. Take your time to understand the investment fully.
Subscribe Shares
Choose 1–5 blocks, sign the Share Subscription Agreement, and confirm your investment amount digitally.
Join the Club
Welcome to the SPV. You're added to the project's WhatsApp group and make the first capital call (50%).
Ongoing
Receive quarterly reports, WhatsApp updates, site visit invitations, and attend investor events including the annual White Party in July.
Four of the seven steps involve personal interaction
This is intentional. Mojo Capitals is a private investment club, not a click-to-invest platform. The website generates leads and provides information. The people close the investment.
Start Your Private Investment Journey
Beyond a platform, we are a personal investment club. Connect with our team to explore current opportunities on the Costa del Sol.