Doctrine by topic · DGT Observatory

Real Estate Assets: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

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How the DGT's position has evolved

Settled doctrine High confidence 27 rulings · 2014–2022

Current position

The transfer of securities is exempt from VAT (IVA) and Transfer Tax (ITP) pursuant to article 314 of the TRLMV. This exemption does not apply if there is an intent to evade the tax that would otherwise apply to the transfer of the entity's real estate. An intent to evade is presumed when control is obtained over an entity whose assets consist of at least 50% real estate not used for business or professional activities.

The DGT's position has remained constant since 2014. The criterion establishes the exemption for the transfer of securities unless there is an intent to evade, which is presumed when the entity's assets are at least 50% real estate not used for business activities. No changes have been observed in the application of the presumption of evasion or in the asset thresholds.

Analysis based on 26 of 27 rulings with a stated position. Updated 24 September 2026.

Rulings on this topic

24
V2353-20 9 Jul 2020

Transfer of US LLC shares not taxable in Spain if not linked to real estate

SG de Fiscalidad Internacional
ganancia patrimonialcanje de valoresconvenio de doble imposicióntraslado de domicilio socialpersonalidad jurídica Convenio entre España y EE.UU. para evitar la doble imposiciónLey 3/2009 sobre modificaciones estructurales de las sociedades mercantiles
Affects CompanyExpat · Non-residentIndividual
V2301-17 12 Sept 2017

Free transfer of shares may be subject to Inheritance and Gift Tax

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
cesión de participacionestransmisión a título gratuitoactivos inmobiliariosánimo de elusiónpunto de conexión LISD — Ley 29/1987 de Sucesiones y Donaciones art. 3.1.bReal Decreto Legislativo 4/2015 (Ley del Mercado de Valores)
Affects CompanyExpat · Non-residentIndividual
V3874-16 13 Sept 2016

Non-resident subject to Spanish Wealth Tax due to property holdings in Spain

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
obligación realsociedad comanditariabase imponibleactivos inmobiliariosconvenio de doble imposición LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 5.1.bLIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 11
Affects CompanyExpat · Non-residentIndividual

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