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Market Taxation Guide - Spain (securities held in CBF)

17.11.2022

This Market Taxation Guide (Spain) provides the following details:

Reference information about all taxes applied at source, through Clearstream Banking¹ and its local partners, to securities deposited in Clearstream Banking; and
Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through Clearstream Banking.

New and improved tax information and procedures that become available will be included on an ongoing basis.

Important note:

This Market Taxation Guide (including any attachments and other links) is for informational purposes only and is not intended and should not be considered to be legal advice on any subject matter. Readers of this Market Taxation Guide, whether customers or otherwise, should not act or refrain from acting on the basis of any information included in this Market Taxation Guide without seeking appropriate legal or other professional advice.

Withholding tax

As of 1 January 2016 the standard rate of withholding tax on all Spanish securities (debt securities and equities) is reduced from the previous 19.5% to 19%.

The previous applicable standard withholding tax rates were:

From 1 January 2010 until 31 December 2011	19%
From 1 January 2012 until 31 December 2014	21%
From 1 January 2015 until 11 July 2015	20%
From 12 July 2015 until 31 December 2015	19.5%

Public debt securities and corporate bonds subject to RD 1145/2011	Holding restriction	Reporting requirement	Withholding tax rate	Relief at source	Immediate refund	Quick refund	Standard refund
	No	Yes	19% ^a
Non-residents of Spain				Yes^b	Yes	Yes	Yes
Supranational organisations recognised by Spanish law				Yes^b	Yes	Yes	Yes
Spanish resident corporate income tax payers				N/A	Yes	Yes	No

a. Only on corporate bonds issued on or after 1 January 1999 traded on the Spanish market in book entry form.

b. RAS only available to Clearstream Banking customers holding the securities in a segregated X account (exempt account).

Corporate bonds not subject to RD 1145/2011	Holding restriction	Reporting requirement	Withholding tax rate	Immediate refund	Quick refund	Standard refund
	No	No	19%
Residents of a Double Taxation Treaty (DTT) country				Yes	Yes	Yes
Residents of EU member countries other than Spain, not retrieving the income through an intermediary resident in a tax haven				Yes	Yes	Yes
Supranational organisations recognised by Spanish law				Yes	Yes	Yes
Central banks				Yes	Yes	Yes
Spanish resident corporate income tax payers ^a				Yes	Yes	No

a. Only on corporate bonds issued on or after 1 January 1999 traded on the Spanish market in book entry form.

Stripped public debts and Zero coupon (maturity < 12 months)	Holding restriction	Reporting requirement	Withholding tax rate	Immediate refund	Quick refund	Standard refund
	Yes ^a	Yes	0%
Non-residents of Spain				n/a	n/a	n/a
Spanish resident corporate income tax payers				n/a	n/a	n/a

a. Spanish resident individual tax payers cannot hold with Clearstream Banking Spanish stripped public debt securities (regardless of the maturity) and zero coupon corporate debt securities with a maturity of less than 12 months.

T-bills	Holding restriction	Reporting requirement	Withholding tax rate	Immediate refund	Quick refund	Standard refund
	No	Yes	0%
Non-residents of Spain				n/a	n/a	n/a
Spanish residents				n/a	n/a	n/a

Equities	Holding restriction	Reporting requirement	Withholding tax rate	Immediate refund	Quick refund	Standard refund
	No	No	19%
Residents of a Double Taxation Treaty (DTT) country				No	Yes	Yes
Supranational organisations recognised by Spanish law				No	Yes	Yes
EU/EEA pension funds				No	No	Yes
EU/EEA Collective Investment Vehicles (CIVs)				No	No	Yes

Capital gains tax

There is no capital gains tax withheld through Clearstream Banking on securities held in Clearstream Banking. Capital gains tax may however be payable on specific gains. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.

Stamp duty

There is no stamp duty withheld through Clearstream Banking on securities held in Clearstream Banking. Stamp duty may however be payable on specific transactions. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.

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1. “Clearstream Banking” refers to Clearstream Banking AG.

Further Spain Tax information - CBF

Related Spain information

Market Link Guide - Spain
Market Profile - Spain