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A Swiss resident asks whether discretionary portfolio management provided in Spain is subject to VAT. The DGT states that while the general rule for non-EU residents is exemption, the effective use and exploitation criterion in Spanish territory may apply.
Question posed: Place of supply of the referred services for the purposes of taxation under Value Added Tax.
Portfolio management services provided to individuals outside the European Union are not subject to VAT according to the general rule of location. However, pursuant to Article 70.Two of Law 37/1992, they could be considered to be performed in Spain if their effective use or exploitation occurs within the national territory. The application of this effective use criterion must be analyzed on a case-by-case basis as a question of fact.
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