Market Taxation Guide - Spain (securities held in CBF)

30.10.2020

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 restrictionReporting requirementWithholding tax rateImmediate refundQuick
refund
Standard
refund

No

Yes

19% a

Non-residents of Spain

Yes

Yes

No

Supranational organisations recognised by Spanish law

Yes

Yes

No

Spanish resident corporate income tax payers

Yes

Yes

No

Corporate bonds not subject to RD 1145/2011Holding restrictionReporting requirementWithholding tax rateImmediate refundQuick
refund
Standard
refund

No

No

19%

Residents of a Double Taxation Treaty (DTT) country

Yes

Yes

No

Residents of EU member countries other than Spain, not retrieving the income through an intermediary resident in a tax haven

Yes

Yes

No

Supranational organisations recognised by Spanish law

Yes

Yes

No

Central banks

Yes

Yes

No

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 restrictionReporting requirementWithholding tax rateImmediate refundQuick
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-billsHolding restrictionReporting requirementWithholding tax rateImmediate refundQuick
refund
Standard
refund

No

Yes

0%

Non-residents of Spain

N/A

N/A

N/A

Spanish residents

N/A

N/A

N/A

EquitiesHolding restrictionReporting requirementWithholding tax rateImmediate refundQuick
refund
Standard
refund

No

No

19%

Residents of a Double Taxation Treaty (DTT) country

No

Yes

No

Supranational organisations recognised by Spanish law

No

Yes

No

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