22.214.171.124. Section F4: Capital gains due to change of residence outside Spain
The positive differences between the market value of the shares or holdings of any type of entity owned by the taxpayer and their acquisition value will be considered as capital gains when the following requirements are met:
It applies to taxpayers who lose such status due to a change of residence, and are holders of shares or holdings even if they have not been sold or disposed of, provided that such taxpayer has held such status for at least ten of the fifteen tax periods prior to the last tax period to be declared for this tax.
In the case of workers who have opted for the special tax system applicable to workers posted in Spanish territory, the ten-year period will start to be counted from the first tax period in which the special system is not applied.
The application of this system also requires any of the following circumstances:
That the market value of shares or stakes jointly exceeds 4,000,000 euros.
Where the above is not met, that on the accrual date of the last tax period to be declared for this tax, the percentage holding in the entity exceeds 25 percent, provided that the market value of the shares or holdings in the said entity referred to in paragraph 3 of this Article exceeds 1,000,000 euros.
In this case, the special system will only apply to the capital gains corresponding to the shares or holdings referred to in this circumstance.
Once the above requirements have been met, the positive differences between the market value of the shares and holdings owned by the taxpayer and their acquisition value will be considered capital gains.
Market value of shares and participating interests
To calculate the aforementioned capital gain, the market value of the stocks or shares the accrual date in the last tax period to be declared for this tax will be taken, determined by the following rules:
Securities admitted to trading on one of the regulated securities markets defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, and representing participation in the equity of companies or entities, shall be valued by their price.
Securities which are not admitted to trading on any of the regulated securities markets defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments and representing participation in the own funds of companies or entities shall be valued, unless evidence of a different market value is provided, at the higher of the following two values:
The net equity corresponding to the resulting values from the balance sheet for the last year closed prior to the tax accrual date.
The result of capitalizing the average of the results of the three financial years closed before the date of accrual of the Tax at the rate of 20 per 100.
For this last purpose, dividends distributed and allocations to reserves, excluding those of regularisation or updating balance sheets, will be counted as profits.
Shares or capital or equity holdings in collective investment institutions, will be valued at:
The settlement value applicable on the accrual date in the last tax period to be declared for this tax or, failing that, the last published cash value.
When there is no settlement value, the net equity value corresponding to stocks or shares resulting from the balance sheet for the last tax year closed prior to that accrual date, unless proof of a different market value is obtained.
Temporary attribution and tax return and deposit
Capital gains must be included in the tax base corresponding to the last period to be declared for this tax, and a supplementary self-assessment must be made, without penalty or late payment interest or any surcharge, within the period for filing the tax return corresponding to the first year in which the taxpayer loses the status of taxpayer.
Change of residence to other EU states
If the transfer is to another EU or EEA Member State, you may choose to apply the capital gains in one of these ways:
The capital gain will only have to be an object of self-assessment when within the ten tax years following the last one to be declared for this tax one or more of the following circumstances occur:
That the shares or holdings are transferred inter vivos.
The taxpayer loses the status of resident in a Member State of the European Union or the European Economic Area.
That the obligation to communicate referred to in point (c) of this section is not complied with.
The capital gain shall be attributed to the last tax period to be declared for this tax and, where applicable, a supplementary self-assessment shall be made, without penalty or interest for late payment or any surcharge.
In the event that the shares or holdings referred to in number 1 a) above are transferred inter vivos within the ten financial years following the change of residence, the amount of the capital gain shall be reduced by the positive difference between the market value of the shares or holdings and their transfer value.
For these purposes, the transfer value shall be increased by the amount of the profits distributed or of any other payments that have led to a reduction in the net worth of the entity after the loss of taxpayer status, unless such payments have been subject to non-resident income tax.
The taxpayer must notify the tax authorities of the option to apply the special provisions referred to in the previous paragraphs, the capital gain disclosed, the State to which he/she is transferring his/her residence, indicating the address and any subsequent changes, and the continued ownership of the shares or holdings.
If the ten-year period elapses without any of the circumstances referred to in point (a) of this paragraph having arisen, no self-assessment of the gain shall be required.
Change of residence to a country or territory considered to be a tax haven
When the change of residence takes place to a country or territory considered to be a tax haven and the taxpayer does not lose his status in accordance with Article 8.2 of the Personal Income Tax Act, the following specialities shall apply:
Capital gains shall be attributed to the last tax period in which the taxable person has his/her usual residence in Spanish territory , and for their calculation, the market value of the shares or holdings will be taken on the accrual date of that tax period.
If the shares or holdings are transferred in a tax period in which the taxpayer maintains such a condition , for the calculation the market value of the shares or holdings that would have been taken into account to determine the capital gain provided for in this article will be taken as the acquisition value.
In the case of taxpayers who have opted for the special tax system applicable to workers posted to Spanish territory, the period of ten tax periods shall begin to run from the first tax period in which the aforementioned special system does not apply.