Italy: Mandatory One-Time Certificate for Capital Gains Tax on Italian securities



26 March 2018

Clearstream Banking AG1 requires all customers with CBF accounts (both 7-digit and 6-series) to have the attached mandatory One-Time Certificate for Capital Gains Tax on Italian securities (“OTC”) in place. The OTC is mandatory for all customers, irrespective of whether the customer holds or does not hold Italian securities. Starting immediately, CBF will collect duly signed certificates from customer. The original certificates must be send by registered mail at the address indicated on the certificate as soon as possible and at the latest by 5 March 2018.

The OTC covers the CBF customer’s entire Italian portfolio of Italian securities and remains valid until revoked.

By signing and submitting the OTC, the customer will:

  1. Request the waiver of the non-discretionary mandate regime (also “regime del risparmio amministrato”) for the taxation of financial capital gains under Italian law and, consequently, explicitly elects for the application of tax return regime (also “regime ordinario” or “regime della dichiarazione”) to any capital gain, which from time to time may be relevant for Italian tax purposes;
  2. Acknowledge that the above waiver will result in the obligation of the customer and/or of the beneficial owners to declare any capital gain that may from time to time be subject to Italian tax and pay the associated amount to the Italian Tax Authorities. The customer further undertakes to comply with any other reporting obligations set forth by such regime; and,
  3. Declare, for proprietary assets, not being resident in Italy for tax purposes and not holding qualifying shareholdings2 in Italian companies.

Detailed information on the obligations linked to the tax return regime can be found in Clearstream Banking Market Taxation Guide – Italy.

Further information

Customers may contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or their Relationship Officer.


1. Clearstream Banking AG (“CBF”) with registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.

2. The “qualifying shareholding” is the holding of shares in a listed company that grants voting rights in the ordinary shareholders meeting in excess of 2% or a participation to the capital in excess of 5%. In case of unlisted shares, the qualifying holding thresholds are, respectively, 20% of voting rights and a 25% participation to the capital. The two criteria – i.e. the voting rights and capital ownership - are alternative.