Form descriptions - Relief at source - Romanian bonds

02.07.2020

Information is provided here about the forms and their use in relation to the procedure for relief at source of withholding tax on income from Romanian bonds, as follows:

  • One-time certificate for Romanian securities
  • Certificate of residence
  • List of beneficial owners

One-time certificate for Romanian securities

One-time certificate that provides information regarding the customer of Clearstream Banking, stating that he holds Romanian securities (debt securities and/or equities) on behalf of one or more beneficial owners that are entitled to apply for relief at source.

This one-time certificate covers the eligibility for tax treaty benefits at source and gives the possibility of applying for a standing instruction if the customer holds the securities for itself or for a single beneficial owner (first box).

How many are provided?

One per Clearstream Banking account or specified set of Clearstream Banking accounts.

Who completes it?

Customer.

How often is it provided?

Once. Valid until revoked.

When is it provided?

At the latest, on the record date -1 business day of the first income payment date to which it applies, by 09:00 CET.

Copy or original?

Original required.

Certificate of residence

A certificate of residence signed and stamped by the beneficial owner’s local tax authorities is required to prove the residency of the Double Taxation Treaty resident.

How many are provided?

One per beneficial owner.

Who completes it?

Beneficial owner's tax authority.

How often is it provided?

Annually. Valid from the issuance date until the 60th day of the following year.

When is it provided?

At the latest, on the record date -1 business day of the first income payment date to which it applies, by 09:00 CET.

Copy or original?

Original required.

Language?

English

List of beneficial owners

Customers that hold Romanian securities in their account on behalf of beneficial owners that are eligible to a reduced rate (including themselves, if applicable) are required to provide a list of beneficial owners.

The list of beneficial owners must be received by Clearstream Banking via SWIFT (formatted MT565 message), CreationOnline or Xact Web Portal message (please refer to the CBL Customer Handbook for full formatting requirements). The list must include the details of the final beneficial owners as follows: 

  • Tax Identification Number (TIN)
  • Type (1. physical person/2. legal entity)
  • Citizenship
  • Name/Company name
  • Country of residence
  • City
  • Address
  • Phone number
  • Fax number
  • Mobile number
  • E-mail address
  • Legal representative
  • ISIN
  • Securities holding

How many are provided?

One per Clearstream Banking account.

Who completes it?

Customer.

How often is it provided?

Per income payment or once before the first income payment date to which it applies if standing instruction.

When is it provided?

At the latest, on the record date -1 business day of the first income payment date to which it applies, by 09:00 CET.

Copy or original?

SWIFT (formatted MT565 message), CreationOnline or Xact Web Portal message