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V0230-20 4 February 2020 · SG de Tributación de las Operaciones Financieras Criterion in force
IRNR · comercialización transfronteriza

Investor residency accreditation in global accounts depends on commercialiser's country having information exchange treaty with Spain

The DGT clarifies how foreign distributors should verify the residency of investors using global accounts to invest in Spanish collective investment schemes. The procedure varies depending on whether the commercialiser's country has a treaty with Spain for the exchange of information.

The question raised

Method for the foreign distributor to certify the residence of investors, for the purposes of the provisions of the first additional provision of the RIRNR.

The DGT's ruling

To justify exemptions or taxation limits, the foreign distributor must issue certificates according to the country of residence and the existence of information exchange agreements. If an investor acquires tax residence in Spain, their position must cease to be included in the distributor's global account to appear in the records of the CI in Spain. A registration modification that does not alter legal ownership, the number of shares, or the acquisition value would not constitute a wealth alteration for Personal Income Tax purposes.

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