A device includes both low-voltage (LV) and high-voltage (HV) metal oxide semiconductor (MOS) transistors of opposite types. Gate stacks for the transistors are formed over a semiconductor layer. First spacers made of a first insulator are provided on the gate stacks of the LV and HV MOS transistors. Second spacers made of a second insulator are provided on the gate stacks of the HV MOS transistors only. The insulators are selectively removed to expose the semiconductor layer. Epitaxial growth of semiconductor material is made from the exposed semiconductor layer to form raised source-drain structures that are separated from the gate stacks by the first spacers for the LV MOS transistors and the second spacers for the HV MOS transistors.