Spain T2S: Tax impact on account structure and service offering


Further to Announcements C20041, C20022 and L20025, informing customers of the activation of Clearstream Banking AG1 (CBF) direct access to the Spanish market (Iberclear) and the eligibility of Iberclear issued securities for settlement in T2S, effective

30 November 2020        

Clearstream Banking S.A.2 (CBL) will deposit and settle Spanish T2S  eligible assets with CBF in order to enable future OneClearstream service upgrades (the “Migration Date”). This forms part of our ongoing effort to harmonise our services allowing customers to benefit from advantages across multiple areas of our business.

CBL will access Iberclear for settlement in T2S via CBF, as follows:



Type of link

Securities eligible



Relayed link via CBF (All T2S eligible assets) to Iberclear

Government bonds, corporate bonds, listed equities, warrants eligible in Iberclear

CBF will act as non-Spanish custodian for Spanish T2S eligible debt securities and equities (the “Spanish Securities”) processed via the direct link with Iberclear.

Important note: The role of non-Spanish custodians being direct participants of Iberclear is not fully covered by the current applicable Spanish tax legislation. Consequently, CBF is unable to offer the standard tax refund service for the time being. CBF will continue to work with the Spanish Tax Authorities to obtain clarifications and/or law amendments and be legally allowed to offer a complete tax service.

CBF, CBL and LuxCSD customers are strongly recommended to request reduced tax rates via the immediate refund (on bonds) or via the quick refund (on bonds and equities), services that Clearstream continues to offer to its customers, by the prescribed deadlines.

The details of the process to be followed by CBF, CBL and LuxCSD customers are available in the Market Taxation Guide - Spain (securities held in CBF).

Further information

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

1. 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.

2. 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.