Doctrine by topic · DGT Observatory

Crowdlending: 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 8 rulings · 2015–2022

Current position

Investment in crowdlending is only subject to Form 720 if it is structured through securities or representative interests. Loans not represented by securities are excluded from this reporting obligation. However, cash balances on the platform that are not invested in loans or securities must be declared as foreign accounts if they exceed 50,000 euros.

The DGT's position remains constant regarding the distinction between representative securities and direct loans for the application of Form 720. The rulings of 2018, 2021, and 2022 reiterate that the absence of securities exempts the reporting of loans, but maintain the obligation to declare cash not invested on the platform.

Turning points

  1. V1342-18

    Establishes that participation in loans not represented by securities does not trigger a reporting obligation under Form 720, but does trigger one for balances in omnibus accounts.

Analysis based on 8 of 8 rulings with a stated position. Updated 1 October 2026.

Rulings on this topic

8
V0213-22 9 Feb 2022

Disclosure of crowdlending investments depends on investment nature in Form 720

SG de Tributos
crowdlendingmodelo 720financiación participativabienes en el extranjerovalores representativos RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 bisRGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter
Affects CompanyExpat · Non-residentIndividual
V0939-21 15 Apr 2021

Foreign crowdlending investments must be declared in Form 720 based on legal structure

SG de Tributos
crowdlendingfinanciación participativamodelo 720valores representativospréstamos participativos RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 bisRGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter
Affects CompanyExpat · Non-residentIndividual
V0892-20 16 Apr 2020

Crowdlending losses require specific circumstances for temporal imputation

SG de Impuestos sobre la Renta de las Personas Físicas
imputación temporalganancias y pérdidas patrimonialescrowdlendingalteración patrimonialcréditos vencidos LIRPF — Ley 35/2006 del IRPF art. 14.2.kLIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual
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