Doctrine by topic · DGT Observatory

Representative Securities: 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 11 rulings · 2014–2026

Current position

The transfer of equity is only subject to declaration in Form 720 if it is implemented through representative securities. If the participation in loans is not represented by securities, there is no obligation to report such amounts. Amounts not invested in loans must be declared as foreign accounts if they exceed the established limits.

The DGT's position remains constant in the distinction between representative securities and participations in loans without representation by securities. The rulings of 2021 and 2026 reiterate that the absence of securities prevents the declaration of the transfer of equity, although it obliges the declaration of surplus cash as a foreign account. No changes in criterion are observed, but rather a consolidation of the interpretation regarding financing platforms and loans.

Turning points

  1. V0813-17

    Clarifies that instruments such as CFDs, futures, and forex are not representative securities of participation or transfer of equity, although their cash must be declared as an account.

Analysis based on 11 of 11 rulings with a stated position. Updated 27 September 2026.

Rulings on this topic

11
V0993-26 5 May 2026

No obligation to report loans on financing platforms without representative securities

SG de Tributos
modelo 720financiación participativacesión de capitales propiosvalores representativosobligación de información LGT — Ley 58/2003 General Tributaria art. disposición adicional decimoctavaRGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 bis
Affects CompanyExpat · Non-residentIndividual
V0213-22 9 Feb 2022

Disclosure of crowdlending investments depends on investment nature in Form 720

SG de Tributos
crowdlendingmodelo 720financiación participativabienes en el extranjerovalores representativos RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 bisRGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter
Affects CompanyExpat · Non-residentIndividual
V0939-21 15 Apr 2021

Foreign crowdlending investments must be declared in Form 720 based on legal structure

SG de Tributos
crowdlendingfinanciación participativamodelo 720valores representativospréstamos participativos RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 bisRGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter
Affects CompanyExpat · Non-residentIndividual
V0788-21 5 Apr 2021

Declaration of foreign assets required upon loss of shareholding

SG de Tributos
declaración informativabienes en el extranjeropérdida de titularidadvalores representativosinstituciones de inversión colectiva RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.1RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 ter.2
Affects CompanyExpat · Non-residentIndividual
V0453-21 3 Mar 2021

No mandatory to declare participatory financing loans without representative securities

SG de Tributos
modelo 720financiación participativacesión de capitales propiosvalores representativoscuenta ómnibus RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42.bisRGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42.ter
Affects CompanyExpat · Non-residentIndividual
V0640-14 10 Mar 2014

Declaration required for transfer of own capital to foreign state treasury

SG de Tributos
cesión de capitales propiosbienes en el extranjeroobligación de informaciónvalores representativosdeclaración informativa RGAT — RD 1065/2007, Reglamento General de Actuaciones Tributarias art. 42 terLGT — Ley 58/2003 General Tributaria art. 89.1
Affects CompanyExpat · Non-residentIndividual
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