Italy: Updated White List - operational details


Clearstream Banking1 would like to inform customers that 11 additional markets have been added in the official White List.

Beneficial owners that are residents of the new-added countries (including but not limited to Monaco residents) are eligible, among others, to apply for tax exemption on interest and other proceeds on Italian bonds subject to DL 239/1996 from

3 April 2017


The Decree of 4 September 1996 containing the Italian "White list" of countries that allow the exchange of tax information with Italy has been amended by Decree of 23 March 2017 published in the Official Journal of 3 April 2017.

The 11 countries added to the White List are the following:

  • Andorra
  • Barbados
  • Chile
  • Monaco
  • Republic of Nauru
  • Niue
  • Saint Kitts and Nevis
  • Saint Vincent and the Grenadines
  • Samoa
  • The Holy See
  • Uruguay

The new list is available on the Gazzetta Ufficiale website.

Impact on customers

Italian bonds subject to DL 239/1996 held in Clearstream Banking by beneficiaries not eligible for tax exemption are supposed to be part of our customers’ N accounts, that is, taxable accounts.

To benefit from tax exemption, as from 3 April 2017 included, these securities must be part of S (single exempt) or X (omnibus exempt) accounts, as follows:

  1. Clearstream Banking customers already holding an X account, must transfer the securities from N to X and provide Self Certification for each eligible beneficial owner together with an updated List of Beneficial Owners (part II of the Master Instruction provided for the respective X account);
  2. Clearstream Banking customers already holding an S account and wanting to change its status into X in order to add newly eligible beneficial owners, must provide a new Master Instruction for the respective account and Self Certification for each eligible beneficial owner;
  3. Clearstream Banking customers already holding only an N account and wanting to keep it for undisclosed/non-eligible beneficiaries, you have to open a new S (if only one single eligible beneficial owner) or X account and provide Self Certification for each eligible beneficial owner together with Master Instruction for each new exempt account.

Further details of the procedure to be used, as well as the templates or the certificates to be submitted are available on our Market Taxation Guide – Italy page.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk or Clearstream Banking Client Services or your Relationship Officer.


1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for CBF customers using CreationOnline), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.