Spain: Enhanced tax service for debt securities subject to Royal Decree 1145/2011 - Tax procedure


Clearstream Banking1 would like to inform customers that effective

14 June 2021

they will have the possibility to hold Spanish debt securities subject to Royal Decree 1145/2011 on an exempt account (“X” account), allowing them to receive gross coupon payments.


Further to the enhanced OneClearstream Investor-CSD service rollout for Iberclear issued securities on 30 November 2020, Clearstream Banking AG (CBF) has decided to open and operate an X account in Iberclear.

This account is opened to hold exclusively Spanish debt securities subject to Royal Decree 1145/2011 (the “Securities”) and to receive the gross coupon payments.  

Customers wishing to benefit from an exemption of tax withheld on Spanish debt securities subject to Royal Decree 1145/2011 at source on behalf of non-resident beneficial owners (BO), have the possibility to open a segregated X account with Clearstream Banking.

The sections below describe the applicable tax procedure.

Please also refer to announcement L21024 for additional information on the account opening and settlement process.

Impact on customers

The opening of an X account allowing the gross coupon payment is a new service complementing the existing tax services.

The immediate tax refund and quick tax refund services in place today remain available and unchanged. Please refer to our Market Taxation Guide – Spain for full details on the available tax procedures.

Eligibility criteria for the opening of a X account

All Clearstream Banking customers can open a segregated X account only if:

  • It holds exclusively Spanish debt securities subject to Royal Decree 1145/2011;


  • The securities are held on behalf of final beneficial owners non-resident in Spain for tax purposes.

Eligibility criteria for the opening of a X account

To open the X account and consequently obtain gross payments on interest from Spanish debt securities subject to Royal Decree 1145/2011, customers must provide the following certification before the transfer of the impacted positions on the respective account:

Deadline for the receipt of tax documentation

To benefit from the service as of 14 June 2021, the OTC must be submitted before 28 May 2021. After that deadline, the account opening request will be treated on a best effort basis.

In general, the required OTC must be received by Clearstream Banking before the transfer of the securities in the dedicated segregated account on which the customer will hold exclusively positions eligible for tax exemption. After the receipt and validation of the certification, the customer account will be flagged X (exempt) and all interest from eligible securities will be paid gross.

Clearstream Banking highly recommends for customers to initiate the account opening request at least two weeks in advance before the intended effective use of the exempt account.

Important note: It is the responsibility of the customers to ensure that they settle only Spanish Debt Securities subject to Royal Decree 1145/2011 in the X account and that they are eligible to the exemption.

  • If Clearstream Banking is informed after record date that a beneficial owner has obtained a tax exemption to which he was not entitled, Clearstream Banking will not assist with paying the tax due to the respective Tax Authorities;
  • If any other non-eligible securities are settled in the account resulting in an undue exemption, Clearstream will immediately debit the tax amount at the default rate from the customer’s account if Clearstream received the income proceeds net from Iberclear.

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, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.