Form descriptions - Standard refund - Spanish debt securities (securities in CBF)
The information provided below is about the forms and their use in relation to the procedure for standard refund of withholding tax on income from Spanish debt securities.
To apply for a standard refund of withholding tax on interest from Spanish debt securities, the following documentation must be submitted to Clearstream Banking depending on the status and residence of the final beneficial owner:
- Breakdown of refund; and
- Power of Attorney in favour of Clearstream Banking; and
- Bank account certificate; and
- Letter of Request to Clearstream Banking for Reclaim of Spanish Withholding Tax for payments after 30 November 2020; and
- Full chain of credit advices
- Certificate of Residence; or
- Petición de Devolución; or
- Copy of Convenio Constitutivo.
Form descriptions are presented according to the procedures available for reclaim of withholding tax on income from Spanish debt securities.
Breakdown of refund
The template of Breakdown of refund should mandatorily be used and all columns must be completed in order to be accepted. One Breakdown of refund may contain several reclaim applications (one line per reclaim application) but cannot contain both quick and standard refund applications. It should be provided via the Upload BO List facility and the reference number generated after the upload must be communicated in the LOR.
Who completes it? | Customer. |
How often is it provided? | Per reclaim application . |
When is it provided? | At the latest, by the Clearstream Banking refund deadline. |
Copy or original? | Clearstream Banking's online Upload BO List facility, using the provided template. |
Power of Attorney in favour of Clearstream Banking
A one-time Power of Attorney signed by the final beneficial owner granting Clearstream Banking the right to process the reclaim with the Spanish Tax Authorities on behalf of the final beneficial owner. This Power of Attorney does not need to be notarised or apostilled.
Note: In addition, Clearstream Banking will provide a Power of Attorney, notarised and apostilled, granting BBVA the right to process the reclaim with the Spanish Tax Authorities and issuing companies on behalf of Clearstream Banking.
Who completes it? | Beneficial owner. |
How often is it provided? | Once. Valid until revoked. |
When is it provided? | At the latest, by the Clearstream Banking refund deadline. |
Copy or original? | Original required. |
Bank identity certificate
A bank identity certificate issued by the beneficial owner’s bank, containing and certifying the ownership of the designated cash account by the beneficial owner. The certificate must contain the BO identity details, its BIC and IBAN. It should be issued in the English language.
If the cash account is a non-EU account, the complete name of the Bank, complete physical address and country of the bank shall also be included in the bank certificate.
It will be used by the Spanish tax authorities to pay the refund directly to the final BO.
The bank identity certificate is to be provided once in original paper form with the first tax reclaim and is valid until revoked.
Important: it is the entire responsibility of the final beneficial owner to communicate immediately any change of account details. Clearstream Banking cannot be held responsible for the non-payment of a refund if the account details provided are not accurate.
Who completes it? | Beneficial owner’s bank |
How often is it provided? | Once. Valid until revoked. |
When is it provided? | At the latest, by the Clearstream Banking refund deadline. |
Copy or original? | Original required. |
Letter of Request to Clearstream Banking for Reclaim of Spanish Withholding Tax for payments after 30 November 2020 (LOR)
The Letter of Request authorises Clearstream Banking to reclaim withholding tax from the Spanish Tax Authorities on the customer's behalf. It must include the BO Upload (breakdown) reference number.
Customers can also mention their own reference number (column Y of the breakdown) in the dedicated field of the LOR
Who completes it? | Customer. |
How often is it provided? | Per reclaim application. |
When is it provided? | At the latest by the Clearstream Banking refund deadline. |
Copy or original? | Original required. |
Certificate of Residence (COR)
A valid Certificate of Residence must be issued for each beneficial owner who is:
- For domestic bonds subject to RD 1145/2011, not resident of Spain; or
- For domestic bonds not subject to RD 1145/2011, resident in a country that has a Double Taxation Treaty (DTT) in force with Spain; or
- For domestic bonds not subject to RD 1145/2011, resident of EU/EEA member countries (not Spain)
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 (mandatory only if the treaty rate is reclaimed).
- 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 (except for COR from a country that has a code number to be validated via the relevant tax authorities website instead of an original stamped and signed 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.
Who completes it? | Beneficial owner's tax authorities. |
How often is it provided? | Annually, depending on the validity period |
When is it provided? | At the latest, by the Clearstream Banking refund deadline. |
Copy or original? | Original required. |
Petición de Devolución
For residents of countries for which there is a “Petición de Devolución”: Austria, the Netherlands, Sweden or Switzerland.
Official tax form, available from the Spanish Tax Authorities or from the beneficial owner’s local tax authority, and to be completed by or on behalf of the beneficial owner and by the beneficial owner's local tax authorities.
A single Petición de Devolución may include several ISINs and payment dates provided that all of them are related to the same beneficial owner and calendar year.
Should the STAs require a CoR instead of a Petición de Devolución in order to process the tax reclaim, such CoR will have to be provided.
Petición de Devolución is completed and signed by a third party on behalf of the beneficial owner, a power of attorney must be provided.
Who completes it? | Beneficial owner and Beneficial owner's tax authorities. |
How often is it provided? | Per reclaim application. |
When is it provided? | At the latest, by the Clearstream Banking refund deadline. |
Copy or original? | Original required. |
Convenio Constitutivo
To be provided If the beneficial owner is a supranational organisation recognised by Spanish law.
Who submits it? | Beneficial owner and beneficial owner's tax authorities. |
How often is it provided? | Per reclaim application. |
When is it provided? | At the latest, by the Clearstream Banking refund deadline. |
Copy or original? | Copy required |