Form descriptions - Standard refund - Spanish equities

15.08.2019

Information is provided here about the forms and their use in relation to the procedure for standard refund of withholding tax on income from Spanish equities.

To apply for a standard refund of withholding tax on dividends from Spanish equities, the following documentation must be submitted to Clearstream Banking by all beneficial owners regardless of status or residence:

  • Power of Attorney in favour of Clearstream Banking; or
  • Power of Attorney in favour of BBVA;
    and
  • Breakdown of refund

Additional documentation must be submitted to Clearstream Banking, depending on the status and residence of the final beneficial owner, as follows:

  • Petición de Devolución, to be completed by the beneficial owner and the local tax authorities;
  • Power of Attorney (from the beneficial owner if the Petición de Devolución is completed for the beneficial owner by a third party);
  • Certificate of Residence issued by the beneficial owner's local tax authorities;
  • Annex VI for EU/EEA pension funds/plans;
  • Statement for EU/EEA Collective Investment Vehicles (CIVs);
  • Copy of Convenio Constitutivo.

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, and to collect the taxes from, 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, and collect the taxes withheld in excess from, 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, three months before the statutory deadline.
Copy or original?Original required.

Power of Attorney in favour of BBVA

A one-time Power of Attorney in favour of BBVA, signed by the final beneficial owner in the presence of a Notary, with apostil according to the Hague Convention of 5 October 1961.

Note: An English translation of this Poder Especial is included in the list of Tax Forms to use but is provided for information purposes only and must not be submitted as such in reclaim applications. Use of the Spanish language version is mandatory.

Who completes it?Beneficial owner.
How often is it provided?Once. Valid until revoked.
When is it provided?At the latest, three months before the statutory deadline.
Copy or original?Original required.

Breakdown of refund

The template of Breakdown of refund should mandatory 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 a duly completed spreadsheet, password-protected, by email to taxspainrefunds@clearstream.com, with the password and the customer instruction to use the spreadsheet for quick or standard refund sent separately via Xact Web Portal, CreationOnline or SWIFT free-format message.
    The CreationOnline or SWIFT free-format message must, in either case, include the following details:
    Attention: PTS Tax Services
    Market: Spain
    Type of refund: Quick or Standard
    Please find hereafter the password to open our breakdown spreadsheet sent to your attention by email on (date and time) from the email address (email address of the sender)
    Password:

Who completes it?

Customer.

How often is it provided?

Per reclaim application .

When is it provided?

At the latest, three months before the statutory deadline.

Copy or original?

Email or SWIFT as explained above.

Petición de Devolución

If the beneficial owner is a resident of Austria, the Netherlands, Sweden, Switzerland, the United Kingdom to reclaim tax withheld on dividends paid prior to 12 June 2014 and Germany to reclaim tax withheld on dividends paid prior to 1 January 2013, a “Petición de Devolución” (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 Devolución may include several ISINs and payment dates provided that all of them are related to the same beneficial owner and calendar year.

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, three months before the statutory deadline.
Copy or original?Original required.

Power of Attorney from the Beneficial Owner to Clearstream Banking

A Power of Attorney from the beneficial owner to the entity acting on his behalf must be provided if the Petición de Devolución is completed for the beneficial owner by a third party.

Who completes it?Beneficial owner.
How often is it provided?Once. Valid until revoked.
When is it provided?At the latest, three months before the statutory deadline.
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 Devolución”, 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.
Who completes it?Beneficial owner's tax authorities.
How often is it provided?Annually.
When is it provided?At the latest, three months before the statutory deadline.
Copy or original?Original required.

Annex VI for EU/EEA pension funds/plans

The official template must be completed and signed by the representative of the EU/EEA pension fund/plan, certifying that the beneficial owner fulfils all the legal requirements published in Article 14.1.k of the Non Resident Income Tax Law. Annex VI must be used for this purpose (replacing the usual certificate of residence).

The Annex VI is officially published in Orden Ministerial EHA/3316/2010 and cannot be changed. The unofficial English translation provided on our website is for information purposes only.

To facilitate the completion of this form, we offer a short explanation:
Certifico:
(I certify):
i. Que el Fondo de Pensiones que represento es residente en ______ desde el año ______.
(That the Pension Fund that I represent is resident in ______ (country of residence) since year______.).

ii. Que el Fondo de Pensiones que represento está inscrito en el Registro ______ de ______, con el número ______, desde el año ______.
(That the Pension Fund that I represent is registered in the Register office ______ (country) of ______ (city), under the registration number ______ (number), since year ______.).

Who completes it?Representative of the EU/EEA pension fund/plan.
How often is it provided?Annually.
When is it provided?At the latest, three months before the statutory deadline.
Copy or original?Original required.

Statement for EU/EEA Collective Investment Vehicles (CIVs)

A certificate issued by the competent authority of the EU/EEA member country of origin of the final beneficial owner (CIV), stating that it fulfils the conditions laid down in Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009.

Member countries shall designate the competent authorities in charge of signing the above mentioned certificates in accordance with the previsions described in the Article 97 of the above mentioned Directive: “The competent authorities shall be public authorities or bodies appointed by public authorities.”

This document, for which no official template has been provided by the Spanish Tax Authorities, replaces the usual certificate of residence.

Who completes it?Local competent authority of the CIV.
How often is it provided?Once. Valid until revoked.
When is it provided?At the latest, three months before the statutory deadline.
Copy or original?Original required.

Convenio Constitutivo

If the beneficial owner is a supranational organisation recognised by Spanish law.

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, three months before the statutory deadline.
Copy or original?Copy required.

For customers who wish to follow the old procedure instead of the simplified procedure with the Breakdown of Refund only:

Letter of Request to Clearstream Banking for Reclaim of Spanish Withholding Tax

Authorises Clearstream Banking to reclaim withholding tax from the Spanish Tax Authorities on the customer’s behalf.

Who completes it?Customer.
How often is it provided?Per reclaim application.
When is it provided?At the latest, three months before the statutory deadline.
Copy or original?Original required.

Tax Reclaim Form

The Tax Reclaim Form, stating the securities account number, full name and address of the final beneficial owner, name of stock, number of shares held, tax amount to recuperate and dividend payment date, must be completed by or on behalf of the customer.

If the currency is other than EUR, customers should strike through the reference to EUR and indicate the correct currency next to the amount.

Who completes it?Clearstream Banking customer or Clearstream Banking.
How often is it provided?Per reclaim application.
When is it provided?At the latest, three months before the statutory deadline.
Copy or original?Original required.

Power of Attorney from the Customer to Clearstream Banking

A Power of Attorney from the customer to Clearstream Banking must be provided if the Tax Reclaim Form is completed by Clearstream Banking.

Who completes it?Customer.
How often is it provided?Once. Valid until revoked.
When is it provided?At the latest, three months before the statutory deadline.
Copy or original?Original once, followed by copies.

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