Doctrine by topic · DGT Observatory

Securities Custody: 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

Refined position High confidence 8 rulings · 2015–2025

Current position

Securities located abroad are considered as such if they are registered in the name of the taxpayer at a foreign entity or with a foreign custodian, and must be included within the limits of Form 720. They are not considered to be located abroad if the foreign entity maintains the securities at a Spanish depository entity in an account opened in the name of the taxpayer themselves. In this latter case, the assets are considered to be located in Spain and are excluded from Form 720.

The DGT has moved from focusing on the nature of custody services and intermediation requirements for the Personal Income Tax (IRPF), to defining the location of assets for Form 720. The current position establishes that the location of securities depends on whether the final custody is carried out at a Spanish depository entity in the name of the holder, regardless of the marketing entity.

Turning points

  1. V0212-22

    Introduces the distinction regarding Form 720 based on whether the shares are registered in the name of the taxpayer at the foreign broker.

  2. V0788-25

    Clarifies that if the foreign entity uses a Spanish depository with an account in the name of the taxpayer, the securities are not considered to be located abroad.

Analysis based on 7 of 8 rulings with a stated position. Updated 13 October 2026.

Rulings on this topic

8
V0788-25 6 May 2025

Spanish shares held abroad must be included in €50,000 limit

SG de Tributos
obligación de informaciónbienes en el extranjerolímite cuantitativocustodia de valoresentidad depositaria LGT — Ley 58/2003 General Tributaria art. 29LGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual

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