Doctrine by topic · DGT Observatory

Investment Coefficient: 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 9 rulings · 2015–2026

Current position

The assets that make up the mandatory investment coefficient of a venture capital company or venture capital fund are not computed to determine whether the entity manages movable or immovable property. These assets may be considered tied to the business activity as they are necessary for its exercise. However, this consideration of being tied to the activity is conditional upon the fulfillment of said coefficient being mandatory for the period established in the regulatory framework.

The DGT's position has remained constant since 2015, confirming that the assets of the mandatory investment coefficient are not computed for the classification of a property-holding entity. Throughout the rulings, it has been specified that these assets may be considered tied to the business activity. Recent doctrine links this tie to the mandatory nature of complying with the coefficient according to the applicable regulations.

Turning points

  1. V0351-19

    Establishes that the assets that make up the mandatory investment coefficient of an SCR may be considered tied to the business activity.

  2. V2606-22

    Qualifies that the consideration of the assets of the coefficient being tied to the activity is subject to the fulfillment of said coefficient being mandatory for the period established in the regulations.

Analysis based on 7 of 9 rulings with a stated position. Updated 30 September 2026.

Rulings on this topic

9
V0806-26 13 Apr 2026

FCRE investments do not count for IP exemption under compliance rules

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
fondo de capital riesgo europeoexención por actividad empresarialcoeficiente de inversióngestión de patrimonio mobiliarioactividad económica LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosReglamento (UE) 345/2013
Affects CompanyExpat · Non-residentIndividual
V0322-20 11 Feb 2020

To maintain 95% ISD reduction, donor must meet IP exemption criteria

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónnuda propiedadsociedad de capital-riesgocoeficiente de inversiónactividad económica LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosLISD — Ley 29/1987 de Sucesiones y Donaciones art. 20.6.c
Affects CompanyExpat · Non-residentIndividual
V0351-19 19 Feb 2019

Wealth Tax exemption for holdings in VCs based on investment coefficient

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónsociedad de capital riesgocoeficiente de inversiónactividad económicaafectación de activos LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosLey 22/2014
Affects CompanyExpat · Non-residentIndividual
V0119-16 18 Jan 2016

Partners in a venture capital firm may be entitled to Wealth Tax exemptions

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónsociedad de capital riesgopatrimonio mobiliariocoeficiente de inversiónactividad empresarial LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosLey 22/2014
Affects CompanyExpat · Non-residentIndividual
V1612-15 26 May 2015

Requirements for venture capital funds not to be considered patrimonial entities

SG de Impuestos sobre las Personas Jurídicas
entidad patrimonialfondo de capital-riesgoexención de dividendoscoeficiente de inversióntransmisión de participaciones LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 5.2LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 21.3
Affects CompanyExpat · Non-residentIndividual

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