Doctrine by topic · DGT Observatory

Material and Personal Resources: 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 13 rulings · 2015–2024

Current position

For holdings not to be counted as securities, they must be held with the purpose of directing and managing the holding, with sufficient material and personal resources at one's disposal. These resources must allow for effective decision-making regarding ordinary management and shareholder rights. The exercise of rights and the fulfillment of obligations arising from shareholder status are considered sufficient to prove the organizational structure.

The DGT's position has evolved from a requirement of material and personal resources for the management of securities toward a more flexible interpretation. Currently, it is accepted that the mere exercise of shareholder rights and obligations is sufficient to prove the necessary organizational structure. There has been a shift from a factual assessment of the organization to a validation of the capacity for effective decision-making.

Turning points

  1. V0654-24

    Establishes that the exercise of rights and the fulfillment of shareholder obligations are sufficient to consider the requirement of organizational structure and adequate resources to be met.

Analysis based on 12 of 13 rulings with a stated position. Updated 27 September 2026.

Rulings on this topic

13
V2367-24 18 Nov 2024

Holding without staff or premises: patrimonial status and LIS article 21 exemption

SG de Impuestos sobre las Personas Jurídicas
entidad patrimonialactividad económicasociedad holdingexención de dividendosmedios materiales y personales LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 5LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 21
Affects CompanyExpat · Non-residentIndividual
V0046-24 14 Feb 2024

SICC participations may qualify for wealth tax exemption under certain conditions

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
sociedad de inversión colectiva de tipo cerradoexención por actividad económicacoeficiente obligatorio de inversióngestión de patrimonio mobiliariomedios materiales y personales LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosLey 22/2014
Affects CompanyExpat · Non-residentIndividual
V0940-21 15 Apr 2021

Requirements for Wealth Tax exemption on holdings in a holding company

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónentidad holdingfunciones de direcciónactividad económicamedios materiales y personales LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosRD 1704/1999
Affects CompanyExpat · Non-residentIndividual
V0926-21 15 Apr 2021

Requirements for Wealth Tax exemption on holdings in holding companies

SG de Impuestos Patrimoniales, Tasas y Precios Públicos
exenciónentidad holdingfunciones de direcciónmedios materiales y personalesactividad económica LIP — Ley 19/1991 del Impuesto sobre el Patrimonio art. 4.Ocho.DosRD 1704/1999
Affects CompanyExpat · Non-residentIndividual
V3775-16 8 Sept 2016

No mandatory to state foreign status of held entities in object clause

SG de Impuestos sobre las Personas Jurídicas
entidades de tenencia de valores extranjerosobjeto socialgestión de valoresentidades no residentesmedios materiales y personales LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 107LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 108
Affects CompanyExpat · Non-residentIndividual
V1065-16 16 Mar 2016

Limiting administrators' powers may breach foreign holding entity regime

SG de Impuestos sobre las Personas Jurídicas
entidades de tenencia de valores extranjerosgestión y administración de participacionesmedios materiales y personalesobjeto socialadministradores LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 107.1
Affects CompanyExpat · Non-residentIndividual
V3555-15 17 Nov 2015

Bonus on revenues in Ceuta or Melilla possible with fixed business location

SG de Impuestos sobre las Personas Jurídicas
bonificaciónciclo mercantilcomercio al por mayorlugar fijo de negociosrentas obtenidas LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 33LGT — Ley 58/2003 General Tributaria art. 88.3
Affects CompanyExpat · Non-residentIndividual

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