Doctrine by topic · DGT Observatory

Disposal of Shares: 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

Stable position Medium confidence 12 rulings · 2014–2024

Current position

Gains from the disposal of shares in a Spanish company are taxed in Spain if there is a substantial participation or if the company's assets consist mainly of real estate. Substantial participation is considered to exist when the transferor, together with their direct relatives, holds at least 25% of the capital or profits in the previous twelve months. Otherwise, the taxing power belongs to the State of residence of the transferor.

The DGT's position does not show a single doctrinal evolution, but rather applies specific criteria according to the applicable Double Taxation Convention and the nature of the company. A constant application of the 25% substantial participation rule is observed to determine the taxing power in Spain against non-residents.

Turning points

  1. V0464-22

    Specifies that the exclusion for industrial activity in the Convention with Switzerland is limited to divisions 1, 2, 3, and 4 of the IAE (Tax Administration Index), excluding real estate leasing.

Analysis based on 12 of 12 rulings with a stated position. Updated 27 September 2026.

Rulings on this topic

12
V2356-20 9 Jul 2020

Spain may tax share transfers at 10% if by a physical person

SG de Fiscalidad Internacional
enajenación de accionesgrupo de sociedadesaportación no dinerariatributación compartidapotestad exclusiva de gravamen Convenio entre España y México para evitar la doble imposiciónProtocolo del Convenio España-México
Affects CompanyExpat · Non-residentIndividual
V2009-18 5 Jul 2018

A venture capital fund may be considered a financial institution under Spanish law

SG de Fiscalidad Internacional
institución financierafondo de capital riesgoganancias de capitalconvenio de doble imposiciónenajenación de acciones Convenio entre España y México para evitar la doble imposiciónLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V1951-16 6 May 2016

Dividends from Belarus taxed in Spain except under treaty exceptions

SG de Fiscalidad Internacional
residencia fiscalrenta mundialenajenación de accionesdoble imposiciónconvenio de doble imposición LIRPF — Ley 35/2006 del IRPF art. 2LIRPF — Ley 35/2006 del IRPF art. 9.1
Affects CompanyExpat · Non-residentIndividual
V3157-15 20 Oct 2015

Capital gains from selling US shares in Germany taxed only in Germany

SG de Fiscalidad Internacional
ganancia patrimonialenajenación de accionesresidencia fiscalconvenio de doble imposiciónbienes muebles Convenio entre España y Alemania para evitar la doble imposiciónLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V2530-15 2 Sept 2015

US share sales tax depends on resident's shareholding

SG de Fiscalidad Internacional
ganancias de capitaldoble imposiciónresidencia fiscalenajenación de accionesparticipación sustancial CDI Hispano EstadounidenseLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
V0146-15 19 Jan 2015

Share exchange may qualify for TRLIS special regime if valid economic reasons exist

SG de Impuestos sobre las Personas Jurídicas
canje de valoresrégimen especialganancia patrimonialmotivos económicos válidosparticipación sustancial TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 83.5TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 87.1
Affects CompanyExpat · Non-residentIndividual

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