Form descriptions - Quick refund - Spanish equities (securities held in CBF)
Information is provided here about the forms and their use in relation to the procedure for quick refund of withholding tax on income from Spanish equities, as follows;
- One-Time Certificate for Spanish Equities;
- Breakdown of refund
- Petición de Reducción;
- Power of Attorney
- Certificate of Residence;
- Copy of Convenio Constitutivo.
One-Time Certificate for Spanish Equities
To be submitted for the first quick refund application (if not already provided), completed and duly signed by the Clearstream Banking customer.
How many are provided? | One per Clearstream Banking account. |
Who completes it? | Customer. |
How often is it provided? | Once. Valid until revoked. |
When is it provided? | At the latest, on the third calendar day of the month following the month in which the dividend payment was made, by 10:00 CET or by the deadline specified in the SWIFT notification. |
Copy or original? | Original required. |
Breakdown of refund
The Breakdown of refund must be provided per requested tax rate either via a formatted SWIFT MT565 or Xact Web Portal, indicating:
- Clearstream Customer account number;
- ISIN code;
- Corp ID;
- Total instructed securities quantity;
- Requested tax rate;
and for each BO following details in BENODET sequence: - Name of the entity (field :95V::OWND//);
- Two letter ISO country code of entity’s country of fiscal residence (field :94C:DOMI//);
- BO securities quantity (field :36B::OWND//)
- Clearstream reference of the COR (field :70E::CETI//)
Who completes it? | Customer. |
How often is it provided? | Per refund application. |
When is it provided? | At the latest, on the third calendar day of the month following the month in which the dividend payment was made, by 10:00 CET, or by the deadline specified in the SWIFT notification. |
Copy or original? | SWIFT MT565 or Xact Web Portal |
Petición de Reducción
If the beneficial owner is a resident of Austria, the Netherlands, Sweden or Switzerland (countries for which there is a “Petición de Reducción”), the official tax form can be obtained from the Spanish Tax Authorities or from the customer’s local tax authority, if available, and must be completed by or on behalf of the beneficial owner and by the beneficial owner's local tax authorities.
A single Petición de Reducción may include several ISINs and payment dates provided that all of them are related to the same beneficial owner and calendar year.
How many are provided? | One per beneficial owner. |
Who completes it? | Beneficial owner and beneficial owner's tax authorities. |
How often is it provided? | Per quick refund application. |
When is it provided? | At the latest, on the third calendar day of the month following the month in which the dividend payment was made, by 10:00 CET, or by the deadline specified in the SWIFT notification. |
Copy or original? | Original required. |
Power of Attorney
If the customer or a third party is completing the “Petición de Reducción” on behalf of the beneficial owner.
How many are provided? | One per beneficial owner. |
Who completes it? | Beneficial owner. |
How often is it provided? | Once. Valid until revoked. |
When is it provided? | At the latest, on the third calendar day of the month following the month in which the dividend payment was made, by 10:00 CET, or by the deadline specified in the SWIFT notification. |
Copy or original? | Original required. |
Certificate of Residence
For each beneficial owner resident in a country that has a Double Taxation Treaty (DTT) in force with Spain but for which there is no "Petición de Reducción”, a valid Certificate of Residence must be issued. The Certificate of Residence is considered as valid if:
- It covers the payment date. Its validity is for one year from its issuance date. Should it specify a specific period, the document will be valid for that particular period only, regardless of the date of issuance.
- It is issued by the local Tax Authorities of beneficial owner’s country of residence.
- It refers to the article of the relevant DTT granting the reduced rate.
- It is duly signed and stamped by the local Tax Authorities of beneficial owner’s country of residence.
- It is either in Spanish or in English.
- It is presented in its original form.
- It is presented double-sided, Clearstream will not take any responsibility if the form is not double-sided and rejected by the depository.
Moreover, the Certificate of Residence may be required by certain issuers on a per-payment basis.
How many are provided? | One per beneficial owner. |
Who completes it? | Beneficial owner’s tax authorities. |
How often is it provided? | Annually. |
When is it provided? | At the latest, on the third calendar day of the month following the month in which the dividend payment was made, by 10:00 CET, or by the deadline specified in the SWIFT notification. |
Copy or original? | Original required. |
Convenio Constitutivo
If the beneficial owner is a supranational organisation recognised by Spanish law.
How many are provided? | One per final beneficial owner. |
Who submits it? | Customer (supranational). |
How often is it provided? | Once. Valid until revoked. |
When is it provided? | At the latest, on the third calendar day of the month following the month in which the dividend payment was made, by 10:00 CET, or by the deadline specified in the SWIFT notification. |
Copy or original? | Copy required. |