Doctrine by topic · DGT Observatory

Exchange Rate: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

← DGT Observatory

How the DGT's position has evolved

Settled doctrine High confidence 23 rulings · 2014–2025

Current position

For assets denominated in foreign currency, the capital gain or loss is first calculated in the original currency and then converted into euros using the exchange rate in effect on the date of the change in assets. The subsequent conversion of those currencies into euros generates an independent capital gain or loss based on the difference between the transfer value of the currency and its acquisition value. This method applies to shares, bonds, and collective investment schemes, as well as real estate.

The DGT's position remains constant regarding the calculation methodology. The doctrine repeatedly establishes that the exchange difference must be determined in the asset's denomination currency for subsequent conversion into euros. No changes in the criterion are observed, but rather a systematic application of this procedure to different types of assets (shares, bonds, real estate).

Analysis based on 22 of 23 rulings with a stated position. Updated 24 September 2026.

Rulings on this topic

23
V1133-22 20 May 2022

Foreign e-money accounts must be declared in Form 720

SG de Tributos
modelo 720dinero electrónicoobligación informativasaldo mediotipo de cambio LGT — Ley 58/2003 General Tributaria art. 29LGT — Ley 58/2003 General Tributaria art. 89.1
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
V1556-21 25 May 2021

Cannot deduct foreign rental if contract is after 2015

SG de Impuestos sobre la Renta de las Personas Físicas
deducción por alquilervivienda habitualrégimen transitoriotipo de cambioresidencia fiscal LIRPF — Ley 35/2006 del IRPF art. 67.1LIRPF — Ley 35/2006 del IRPF art. 68.7
Affects CompanyExpat · Non-residentIndividual
V0777-21 31 Mar 2021

Foreign share and fund gains calculated by converting values to euros

SG de Tributación de las Operaciones Financieras
ganancia patrimonialpérdida patrimonialinstituciones de inversión colectivatipo de cambiovalor de adquisición LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 34
Affects CompanyExpat · Non-residentIndividual
V0775-21 31 Mar 2021

Gains from foreign shares and funds calculated in euros

SG de Tributación de las Operaciones Financieras
ganancia patrimonialinstituciones de inversión colectivatipo de cambiovalor de adquisiciónvalor de transmisión LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 34
Affects CompanyExpat · Non-residentIndividual
V2615-20 31 Jul 2020

Obligation to file informative declaration on loss of foreign property ownership

SG de Tributos
declaración informativabienes en el extranjeropérdida de titularidadvalor de transmisióntransmisión a título lucrativo RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 54 bisLIRPF — Ley 35/2006 del IRPF art. 34
Affects CompanyExpat · Non-residentIndividual
V1604-15 26 May 2015

Exchange rate variations in loan repayments generate capital gains or losses

SG de Impuestos sobre la Renta de las Personas Físicas
ganancia patrimonialpérdida patrimonialtipo de cambioamortización de préstamorenta del ahorro LIRPF — Ley 35/2006 del IRPF art. 14.1 cLIRPF — Ley 35/2006 del IRPF art. 33.1
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

Apply this to your case

Beckham Law & impatriate taxationTalk to the team applying this doctrine daily.
IRPF Spain 2026 CalculatorEstimate the impact on your case in two minutes.
Talk to the tax teamWe check whether this criterion affects you and what it means in your situation.
Email
Contact