4.2.18. Rules for the valuation of assets acquired, located or deposited abroad

In the case of assets acquired, located or deposited abroad, to express their valuation in euros for the purposes of Wealth Tax, the following rules must be taken into account:

1. Assets whose valuation rules take into account the acquisition value.

   In the case of assets whose price, consideration or acquisition value is originally denominated in a currency other than the euro and is one of said magnitudes by which they must be computed for the purposes of this tax, the equivalent value in euros must be determined:

   1. In the case of currencies other than those of the Member States of the European Union that have adopted the euro, depending on the official exchange rate of the euro corresponding to the date of accrual of the Tax published by the European Central Bank or, failing that, the latest previously published official exchange rate.

      If there is no official exchange rate, the market value of the monetary unit in question will be taken as a reference.

   2. In the case of the former currencies of the Member States of the European Union that adopted the euro, based on the irrevocably fixed conversion rates taking into account for their conversion and rounding the rules established by Regulation (EC) No 1103/97 , of the Council, of June 17, on certain provisions relating to the introduction of the euro.

2. Real estate located abroad.

   In the case of real estate located abroad, they must be declared in this tax for the equivalent value in euros of the price, consideration or acquisition value, determined in accordance with the provisions of rule 1 above.

3. Account deposits in currencies other than the euro.

   Deposits in a current or savings account, at sight or on time, will be computed by the balance they show on the date of accrual of the tax, unless it is lower than the average balance corresponding to the last quarter of the year, in which case it will be applied. the latter.

   For these purposes, the calculation of the average balance will be carried out in the currency in question, in accordance with the provisions of article 12 of Law 19/1991, of June 6, on Wealth Tax, determining its value below. equivalent value in euros as indicated in rule 1.ª`

4. Securities traded on organized markets located abroad.

   When the Tax Law refers to "organized markets" it must be understood that these are exclusively the organized markets regulated in Law 24/1988, of July 28, on the Securities Market (BOE of 29). Consequently, securities traded on organized markets located abroad will be valued, for the purposes of this tax, in accordance with the rules established for securities not admitted to trading, taking into account the provisions of the following rule in the event of that they are values representative of the participation in the share capital or in the own funds of entities.

5. Securities representative of the participation in the own funds of foreign entities, not traded on organized markets.

   In the case of shares and participations in the share capital or equity of any type of foreign entity, not traded on organized Spanish markets, to determine the value resulting from capitalizing at the rate of 20% the average of the profits of For the three fiscal years closed prior to the tax accrual date, the average of said benefits will be calculated in the corresponding currency, and their equivalent value in euros will then be determined in accordance with the provisions of rule 1.