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Securities: evolution of DGT doctrine

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 14 rulings · 2014–2026

Current position

An entity is considered a holding entity if more than half of its assets, based on the average of quarterly balance sheets, consist of securities or elements not assigned to an economic activity. For certain securities not to be included in this calculation, they must be held with the purpose of managing the participation and must be supported by an organization of material and human resources for their management. In the case of real estate leasing, the activity is considered economic if at least one employee with an employment contract is used.

The position of the DGT has moved from defining the holding nature based on the composition of assets to establishing strict management requirements to exclude securities from the calculation. It has been specified that management requires material and human resources to exercise shareholder rights. Finally, the criterion of the average of quarterly balance sheets has been introduced to determine the composition of assets.

Turning points

  1. V3512-19

    Establishes that for securities not to be counted as holding assets, they must be held for the purpose of managing the participation and must have an organization of material and human resources for their administration.

  2. V5206-26

    Introduces the average of quarterly balance sheets as a method to determine if more than half of the assets are securities or elements not assigned to an economic activity.

Analysis based on 12 of 14 rulings with a stated position. Updated 26 September 2026.

Rulings on this topic

14
V5016-26 5 Jun 2026

Duty to report foreign accounts and securities after moving to Spanish IBAN

SG de Tributos
declaración informativamodelo 720cuenta bancariavaloresentidad financiera 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

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