Doctrine by topic · DGT Observatory

Foreign Currency: 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 13 rulings · 2014–2026

Current position

The capital gain or loss from the transfer of assets in foreign currency is determined by calculating the difference between the acquisition and transfer values in the original currency, converting said result into euros at the exchange rate on the date of the transaction. The subsequent conversion of the received foreign currencies into euros generates an additional capital gain or loss, which is imputed at the time of the actual exchange or collection/payment.

The DGT's position remains constant regarding the treatment of transactions in foreign currency. The criterion establishes the separation between the result of the asset transfer and the exchange difference derived from the subsequent conversion of the currency. No changes in doctrine are observed, but rather a uniform application of this method across different types of assets.

Turning points

6 April 2021 V0808-21

Clarifies the existence of an additional capital gain or loss derived from the subsequent conversion of the received foreign currencies into euros.

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

Rulings on this topic

13

V0152-26 27 Jan 2026

Gains from the purchase and sale of shares in US dollars and their subsequent conversion into euros are taxed as capital gains

SG de Impuestos sobre la Renta de las Personas Físicas

ganancia patrimonialvalor de adquisiciónvalor de transmisióncambio de divisamoneda extranjera LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 14.2.e

Affects CompanyExpat · Non-residentIndividual

V1615-25 15 Sept 2025

Gain or loss on foreign currency property sale calculated by converting difference to euros

SG de Impuestos sobre la Renta de las Personas Físicas

ganancia patrimonialvalor de adquisiciónvalor de transmisiónmoneda extranjeratipo de cambio LIRPF — Ley 35/2006 del IRPF art. 6.1LIRPF — Ley 35/2006 del IRPF art. 14.1.c

Affects CompanyExpat · Non-residentIndividual

V2045-23 13 Jul 2023

Capital gain from foreign property sale calculated by converting difference to euros

SG de Impuestos sobre la Renta de las Personas Físicas

ganancia patrimonialvalor de adquisiciónvalor de transmisióntipo de cambiomoneda extranjera LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 14.2.e

Affects CompanyExpat · Non-residentIndividual

V1463-23 29 May 2023

Capital gains from property sales in foreign currency must be calculated in euros using the exchange rate on the date of sale

SG de Impuestos sobre la Renta de las Personas Físicas

ganancia patrimonialvalor de adquisiciónvalor de transmisióntipo de cambiomoneda extranjera LIRPF — Ley 35/2006 del IRPF art. 6.1LIRPF — Ley 35/2006 del IRPF art. 14.1.c

Affects CompanyExpat · Non-residentIndividual

V0282-22 15 Feb 2022

Calculating gains on foreign currency shares and currency conversion

SG de Tributación de las Operaciones Financieras

ganancias patrimonialestipo de cambiovalor de adquisiciónvalor de transmisiónmoneda extranjera LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 35

Affects CompanyExpat · Non-residentIndividual

V0808-21 6 Apr 2021

Conversion to euros of capital gains or losses from real estate sales in foreign currency and subsequent currency exchange

SG de Impuestos sobre la Renta de las Personas Físicas

ganancia patrimonialvalor de adquisiciónvalor de transmisióntipo de cambiomoneda extranjera LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 14.2.e

Affects CompanyExpat · Non-residentIndividual

V2422-20 15 Jul 2020

No capital gain or loss on share purchases in foreign currency if the value in that currency is zero

SG de Impuestos sobre la Renta de las Personas Físicas

ganancia patrimonialpérdida patrimonialtipo de cambiovalor de adquisiciónvalor de transmisión LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 14.2.e

Affects CompanyExpat · Non-residentIndividual

V2553-17 10 Oct 2017

Deductibility of subsistence, travel, and health insurance expenses in the course of economic activity

SG de Impuestos sobre la Renta de las Personas Físicas

estimación directacorrelación de ingresos y gastosgastos deduciblesseguro de enfermedadmoneda extranjera LIRPF — Ley 35/2006 del IRPF art. 28LIRPF — Ley 35/2006 del IRPF art. 30.2.5ª

Affects CompanyExpat · Non-residentIndividual

V0996-17 25 Apr 2017

Insurance surrender returns in foreign currency must be converted to euros at the exchange rate on the date of exigibility

SG de Tributación de las Operaciones Financieras

rendimiento del capital mobiliariorescate de seguro de vidatipo de cambiobase de retenciónmoneda extranjera LIRPF — Ley 35/2006 del IRPF art. 25.3.aRIRPF — RD 439/2007, Reglamento del IRPF art. 17

Affects CompanyExpat · Non-residentIndividual

V0933-17 12 Apr 2017

Foreign currency exchange differences on invoicing are included in business income

SG de Impuestos sobre la Renta de las Personas Físicas

rendimiento netoestimación directamoneda extranjeradiferencias de cambiotipo de cambio de contado LIRPF — Ley 35/2006 del IRPF art. 28.1LIRPF — Ley 35/2006 del IRPF art. 30

Affects CompanyExpat · Non-residentIndividual

V5169-16 29 Nov 2016

Foreign currency note holding base is the difference between original and euro-denominated values

SG de Tributación de las Operaciones Financieras

rendimientos del capital mobiliariobase de retenciónvalor de adquisiciónvalor de amortizacióntipo de cambio LIRPF — Ley 35/2006 del IRPF art. 25.2.bRIRPF — RD 439/2007, Reglamento del IRPF art. 75.1.b

Affects CompanyExpat · Non-residentIndividual

V1821-15 10 Jun 2015

Requirement to disclose foreign pension plan depends on life insurance withdrawal rights

SG de Tributos

plan de pensionesobligación de informaciónderecho de rescateseguro de vidavaloración RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.3.a)RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.5

Affects CompanyExpat · Non-residentIndividual

V2566-14 1 Oct 2014

Impairment of shareholdings, including exchange rate losses, is not tax-deductible

SG de Impuestos sobre las Personas Jurídicas

deterioro de valortipo de cambioparticipación en el capitalpartidas no monetariasplusvalías tácitas TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 10.3TRLIS — RDLeg 4/2004 (derogado por la Ley 27/2014) art. 12.3

Affects CompanyExpat · Non-residentIndividual

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