I have worked in Spain for 5 months and I want to start investing. However, I am in doubt about the taxation rules on stocks and ETFs in Spain. I can understand that the value of stocks being held do not need to be declared, since stocks are taxed only after being sold. However, I know that in some countries, the rules for ETFs (Exchange Traded Funds, or fondos cotizados) are different. For example, in Denmark, the values at the beginning and end of a calendar year of the ETFs that a person owns need to be declared, and the differences in those values are taxed (even without selling anything). Does someone know if it works the same way in Spain, or are ETFs only taxed after selling them?