{"id":21275,"date":"2026-09-23T14:49:34","date_gmt":"2026-09-23T14:49:34","guid":{"rendered":"https:\/\/seegman.com\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/"},"modified":"2026-09-24T15:26:02","modified_gmt":"2026-09-24T15:26:02","slug":"recovery-of-excess-withholding-tax-on-dividends-in-spain","status":"publish","type":"page","link":"https:\/\/seegman.com\/en\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/","title":{"rendered":"Recovery of Excess Withholding Tax on Dividends in Spain"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"21275\" class=\"elementor elementor-21275 elementor-21249\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-23f20b0a e-flex e-con-boxed e-con e-parent\" data-id=\"23f20b0a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-330673ac e-con-full e-flex e-con e-child\" data-id=\"330673ac\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-76f0686f elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"76f0686f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Recovery of Excess Withholding Tax on Dividends in Spain<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-638ca6d1 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"638ca6d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>We advise non-resident investors, investment funds, family offices and institutional investors on the recovery of withholding taxes borne on dividends distributed by Spanish companies, both where the withholding exceeds the limit established under the applicable Double Tax Treaty (DTT) and where there may be a difference in treatment contrary to European Union law.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-43e937bd e-con-full e-flex e-con e-child\" data-id=\"43e937bd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-1f683436 e-grid e-con-full e-con e-child\" data-id=\"1f683436\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6ff979da elementor-align-left elementor-widget elementor-widget-button\" data-id=\"6ff979da\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#form\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-angle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Book your consult <\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6cbd9558 elementor-align-left elementor-widget elementor-widget-button\" data-id=\"6cbd9558\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#procedimiento\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-angle-down\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">See the process<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2685be21 e-con-full e-flex e-con e-child\" data-id=\"2685be21\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-70685039 e-con-full e-flex e-con e-child\" data-id=\"70685039\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9a9e1d5 elementor-widget elementor-widget-heading\" data-id=\"9a9e1d5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">19%<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6ab937af elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"6ab937af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">General withholding tax rate applicable to dividends paid to non-residents.<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-35658fd2 e-con-full e-flex e-con e-child\" data-id=\"35658fd2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-208bb5e2 elementor-widget elementor-widget-heading\" data-id=\"208bb5e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">5<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d3c0725 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"3d3c0725\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Stages in the recovery process.<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5adce708 e-con-full e-flex e-con e-child\" data-id=\"5adce708\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fb9d5f2 elementor-widget elementor-widget-heading\" data-id=\"fb9d5f2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Up to 100%<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d7b1cd0 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"7d7b1cd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Of the excess taxation may be recoverable.<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5adbca53 e-flex e-con-boxed e-con e-parent\" data-id=\"5adbca53\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-52fd06d5 e-con-full e-flex e-con e-child\" data-id=\"52fd06d5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1fb92102 elementor-widget elementor-widget-heading\" data-id=\"1fb92102\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">What is it?<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc329 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"bc329\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63bdd332 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"63bdd332\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A recognized right for non-resident investors<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-715f9239 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"715f9239\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Non-resident investors who have borne taxation in Spain on dividends in excess of the amount properly due may, where applicable, request a refund of the excess.<\/p>\n<p>This situation may arise, among other circumstances, where the withholding tax applied in Spain exceeds the limit provided for under the applicable Double Tax Treaty or, in the case of certain foreign investment funds, where the tax treatment applied in Spain is less favourable than that applicable to a comparable Spanish collective investment undertaking.<\/p>\n<p>Determining whether a refund is available, and the amount that may potentially be recovered, requires an analysis of the investor&#8217;s tax residence, the applicable DTT, its legal nature and tax regime, the characteristics of the investment and the specific circumstances of each case.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e7473ba e-con-full e-flex e-con e-child\" data-id=\"1e7473ba\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-45473c78 e-con-full e-flex e-con e-child\" data-id=\"45473c78\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1b24065d elementor-widget elementor-widget-heading\" data-id=\"1b24065d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">19%<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60747fc7 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"60747fc7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>General withholding tax rate applicable to dividends paid to non-residents under the Spanish Non-Resident Income Tax rules<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1cec7334 e-con-full e-flex e-con e-child\" data-id=\"1cec7334\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-26f88553 elementor-widget elementor-widget-heading\" data-id=\"26f88553\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">DTT<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-209340d4 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"209340d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Double Tax Treaties may limit the rate of taxation that Spain may apply to dividends obtained by investors resident in the other contracting State.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-635e635e e-con-full e-flex e-con e-child\" data-id=\"635e635e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-691c9b4d elementor-widget elementor-widget-heading\" data-id=\"691c9b4d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">EU law<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-21e87009 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"21e87009\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In certain circumstances, a difference in the taxation of resident and non-resident investment funds may be contrary to the free movement of capital protected under European Union law.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-14aea889 e-flex e-con-boxed e-con e-parent\" data-id=\"14aea889\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3614bc11 e-con-full e-flex e-con e-child\" data-id=\"3614bc11\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4c3f3535 elementor-widget elementor-widget-heading\" data-id=\"4c3f3535\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Why does it matter?<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f26c379 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"3f26c379\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-114b3e8f elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"114b3e8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A tax saving that can be significant<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1298a8d elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"1298a8d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The recovery of excess withholding tax may have a significant financial impact, particularly for institutional investors, investment funds, family offices and high-net-worth individuals receiving regular dividend income from Spanish companies.<\/p>\n<p>The analysis should take into account, among other matters:<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ee6c003 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"4ee6c003\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The withholding tax actually borne on the dividends received.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The limit or tax rate applicable under the relevant Double Tax Treaty.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The legal nature and tax residence of the investor.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">In the case of investment funds, their comparability with a Spanish collective investment undertaking.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The potential application of European Union law and case law.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The existence and effective use of tax credit or double taxation relief mechanisms in the State of residence.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-minus\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">The available documentation and the applicable deadlines for requesting a refund.<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-92b49d e-flex e-con-boxed e-con e-parent\" data-id=\"92b49d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7f7fc7e7 e-con-full e-flex e-con e-child\" data-id=\"7f7fc7e7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-45ef292b elementor-widget elementor-widget-heading\" data-id=\"45ef292b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Foreign investment funds<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e8171c0 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"2e8171c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fe50691 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"7fe50691\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">An additional recovery route under European Union law<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c649470 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"c649470\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The recovery of withholding tax on dividends is not limited to cases in which Spain has applied a withholding tax rate exceeding the rate provided for under a Double Tax Treaty.<\/p>\n<p>The judgment of the Court of Justice of the European Union of 17 September 2026, delivered in Case C-139\/25 (<em>iShares Europe ETF<\/em>), considers the different tax treatment applied to dividends obtained from Spanish companies by resident and non-resident collective investment undertakings.<\/p>\n<p>In the case examined, a US investment fund had been subject in Spain to a 15% tax on dividends received, in accordance with the DTT between Spain and the United States, whereas comparable Spanish collective investment undertakings were taxed at 1%.<\/p>\n<p>The CJEU confirms that subjecting dividends received by a non-resident collective investment undertaking to a higher tax burden than that borne by a resident undertaking may constitute a restriction on the free movement of capital.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f46a377 elementor-widget elementor-widget-heading\" data-id=\"f46a377\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A DTT does not automatically eliminate the difference in treatment<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-229bff6 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"229bff6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The existence of a Double Tax Treaty does not, in itself, mean that a potential difference in treatment has been neutralised.<\/p>\n<p>It is necessary to determine whether the mechanisms provided for under the DTT effectively and fully compensated for the difference in taxation borne in Spain.<\/p>\n<p>Where an investment structure is subject to a tax transparency regime, this analysis may require consideration not only of the position of the fund itself, but also of whether its investors were able to make effective use of the corresponding tax credit.<\/p>\n<p>Accordingly, each claim requires an analysis of the characteristics of the fund, its comparability with a Spanish collective investment undertaking, the applicable tax regime in its State of residence, the relevant DTT and the effective use of the mechanisms intended to eliminate double taxation.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d24fb4f e-flex e-con-boxed e-con e-parent\" data-id=\"d24fb4f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-8b91332 e-con-full e-flex e-con e-child\" data-id=\"8b91332\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3a0f562 elementor-widget elementor-widget-heading\" data-id=\"3a0f562\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Differences in the process<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a2a357 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"0a2a357\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a2600c6 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"a2600c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Direct investors vs. investors using custodianss<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c33e52 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"5c33e52\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The refund process may vary depending on whether the investor holds the investment directly or through one or more financial intermediaries.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8f738ab e-con-full e-flex e-con e-child\" data-id=\"8f738ab\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-81ec52e e-con-full e-flex e-con e-child\" data-id=\"81ec52e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9531377 elementor-widget elementor-widget-heading\" data-id=\"9531377\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Direct investors<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a92384f elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"a92384f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n<li contenteditable=\"true\"><strong>Direct receipt:<\/strong> the investor receives the dividends directly, subject to the corresponding withholding tax at source.<\/li>\n<li contenteditable=\"true\">&nbsp;\n<p><strong>Documentation:<\/strong> evidence must be provided of the dividends received, the withholding tax borne and the investor&#8217;s tax residence.<\/li>\n<li contenteditable=\"true\">&nbsp;\n<p><strong>Claim:<\/strong> the refund request is submitted to the Spanish Tax Agency together with the documentation supporting the entitlement to the refund.<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-cbbe4eb e-con-full e-flex e-con e-child\" data-id=\"cbbe4eb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-96ed6fe elementor-widget elementor-widget-heading\" data-id=\"96ed6fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Investors using custodians<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29955b0 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"29955b0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n<li contenteditable=\"true\"><strong style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\">Intermediation:<\/strong><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\"> payments may be made through a chain of Spanish and foreign financial intermediaries.<\/span><\/li>\n<li contenteditable=\"true\"><strong>Certificates:<\/strong> documentation must be obtained to evidence the withholding tax borne and, where necessary, the traceability of the payment chain.<\/li>\n<li contenteditable=\"true\">&nbsp;\n<p><strong>Claim:<\/strong> the request is likewise submitted to the Spanish Tax Agency together with the corresponding supporting documentation.<\/p>\n<p>&nbsp;<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-14dedb1d e-flex e-con-boxed e-con e-parent\" data-id=\"14dedb1d\" data-element_type=\"container\" data-e-type=\"container\" id=\"procedimiento\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3d9abc01 e-con-full e-flex e-con e-child\" data-id=\"3d9abc01\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7296c52 elementor-widget elementor-widget-heading\" data-id=\"7296c52\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">How to request a refund of withholding tax on dividends in Spain<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c22e192 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"7c22e192\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c000f67 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"2c000f67\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The five steps of the claim<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f6d09ba elementor-widget elementor-widget-html\" data-id=\"2f6d09ba\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n\/* =========================\r\n   CLAIM TIMELINE\r\n   VERTICAL AT ALL BREAKPOINTS\r\n========================= *\/\r\n\r\n.claim-timeline {\r\n  --accent: #F58721;\r\n  --text: #000000F5;\r\n  --line: #000000F5;\r\n\r\n  width: 100%;\r\n  max-width: 1100px;\r\n  margin: 0 auto;\r\n\r\n  padding: 50px 20px 60px;\r\n\r\n  box-sizing: border-box;\r\n  background: transparent;\r\n\r\n  font-family: \"Source Sans Pro\", sans-serif;\r\n}\r\n\r\n.claim-timeline *,\r\n.claim-timeline *::before,\r\n.claim-timeline *::after {\r\n  box-sizing: border-box;\r\n  font-family: \"Source Sans Pro\", sans-serif;\r\n}\r\n\r\n\r\n\/* =========================\r\n   WRAPPER\r\n========================= *\/\r\n\r\n.claim-timeline__wrapper {\r\n  position: relative;\r\n  width: 100%;\r\n}\r\n\r\n\r\n\/* VERTICAL LINE *\/\r\n.claim-timeline__wrapper::before {\r\n  content: \"\";\r\n\r\n  position: absolute;\r\n\r\n  left: 21px;\r\n  top: 20px;\r\n  bottom: 20px;\r\n\r\n  width: 2px;\r\n\r\n  background: var(--line);\r\n\r\n  z-index: 0;\r\n}\r\n\r\n\r\n\/* =========================\r\n   EACH STEP\r\n========================= *\/\r\n\r\n.claim-step {\r\n  position: relative;\r\n\r\n  display: grid;\r\n  grid-template-columns: 44px minmax(0, 1fr);\r\n\r\n  column-gap: 26px;\r\n\r\n  width: 100%;\r\n\r\n  padding-bottom: 52px;\r\n}\r\n\r\n.claim-step:last-child {\r\n  padding-bottom: 0;\r\n}\r\n\r\n\r\n\/* =========================\r\n   CIRCLE\r\n========================= *\/\r\n\r\n.claim-step__marker {\r\n  width: 44px;\r\n  height: 44px;\r\n\r\n  border-radius: 50%;\r\n\r\n  background: var(--accent);\r\n  border: 5px solid #FFFFFF;\r\n\r\n  display: flex;\r\n  align-items: center;\r\n  justify-content: center;\r\n\r\n  position: relative;\r\n  z-index: 2;\r\n\r\n  color: #FFFFFF;\r\n\r\n  font-size: 15px;\r\n  line-height: 1;\r\n  font-weight: 700;\r\n}\r\n\r\n\r\n\/* =========================\r\n   CONTENT\r\n========================= *\/\r\n\r\n.claim-step__content {\r\n  width: 100%;\r\n  max-width: 900px;\r\n\r\n  padding-top: 1px;\r\n\r\n  text-align: left;\r\n}\r\n\r\n\r\n\/* STEP *\/\r\n.claim-step__label {\r\n  margin: 0 0 7px;\r\n\r\n  color: var(--accent);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.2;\r\n  font-weight: 700;\r\n\r\n  letter-spacing: 1.4px;\r\n  text-transform: uppercase;\r\n}\r\n\r\n\r\n\/* TITLE *\/\r\n.claim-step__title {\r\n  margin: 0 0 9px;\r\n\r\n  color: var(--text) !important;\r\n\r\n  font-size: 18px !important;\r\n  line-height: 1.3 !important;\r\n  font-weight: 700 !important;\r\n}\r\n\r\n\r\n\/* BODY COPY *\/\r\n.claim-step__text {\r\n  margin: 0;\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.55;\r\n  font-weight: 400;\r\n}\r\n\r\n\r\n\/* SECOND PARAGRAPH *\/\r\n.claim-step__text + .claim-step__text {\r\n  margin-top: 10px;\r\n}\r\n\r\n\r\n\/* =========================\r\n   TABLET\r\n========================= *\/\r\n\r\n@media (max-width: 1024px) {\r\n\r\n  .claim-timeline {\r\n    max-width: 900px;\r\n    padding: 45px 18px 55px;\r\n  }\r\n\r\n  .claim-step {\r\n    grid-template-columns: 42px minmax(0, 1fr);\r\n    column-gap: 22px;\r\n    padding-bottom: 46px;\r\n  }\r\n\r\n  .claim-timeline__wrapper::before {\r\n    left: 20px;\r\n  }\r\n\r\n  .claim-step__marker {\r\n    width: 42px;\r\n    height: 42px;\r\n  }\r\n}\r\n\r\n\r\n\/* =========================\r\n   MOBILE\r\n========================= *\/\r\n\r\n@media (max-width: 767px) {\r\n\r\n  .claim-timeline {\r\n    padding: 30px 10px 40px;\r\n  }\r\n\r\n  .claim-step {\r\n    grid-template-columns: 40px minmax(0, 1fr);\r\n    column-gap: 20px;\r\n    padding-bottom: 42px;\r\n  }\r\n\r\n  .claim-timeline__wrapper::before {\r\n    left: 19px;\r\n  }\r\n\r\n  .claim-step__marker {\r\n    width: 40px;\r\n    height: 40px;\r\n    font-size: 15px;\r\n  }\r\n\r\n  .claim-step__title {\r\n    font-size: 18px !important;\r\n  }\r\n\r\n  .claim-step__text {\r\n    font-size: 15px;\r\n    line-height: 1.5;\r\n  }\r\n}\r\n\r\n\r\n\/* =========================\r\n   SMALL MOBILE\r\n========================= *\/\r\n\r\n@media (max-width: 480px) {\r\n\r\n  .claim-step {\r\n    grid-template-columns: 36px minmax(0, 1fr);\r\n    column-gap: 17px;\r\n  }\r\n\r\n  .claim-timeline__wrapper::before {\r\n    left: 17px;\r\n  }\r\n\r\n  .claim-step__marker {\r\n    width: 36px;\r\n    height: 36px;\r\n    font-size: 14px;\r\n  }\r\n}\r\n<\/style>\r\n\r\n\r\n<div class=\"claim-timeline\">\r\n\r\n  <div class=\"claim-timeline__wrapper\">\r\n\r\n\r\n    <!-- STEP 1 -->\r\n    <div class=\"claim-step\">\r\n\r\n      <div class=\"claim-step__marker\">\r\n        1\r\n      <\/div>\r\n\r\n      <div class=\"claim-step__content\">\r\n\r\n        <div class=\"claim-step__label\">\r\n          STEP 1\r\n        <\/div>\r\n\r\n        <h3 class=\"claim-step__title\">\r\n          Analysis of excess taxation\r\n        <\/h3>\r\n\r\n        <p class=\"claim-step__text\">\r\n          We determine the tax actually borne and compare it with the amount that would apply under the relevant DTA and applicable legislation.\r\n        <\/p>\r\n\r\n        <p class=\"claim-step__text\">\r\n          In the case of foreign investment funds, we also analyse their comparability with a Spanish collective investment undertaking and whether there may be a difference in treatment contrary to European Union law.\r\n        <\/p>\r\n\r\n      <\/div>\r\n\r\n    <\/div>\r\n\r\n\r\n    <!-- STEP 2 -->\r\n    <div class=\"claim-step\">\r\n\r\n      <div class=\"claim-step__marker\">\r\n        2\r\n      <\/div>\r\n\r\n      <div class=\"claim-step__content\">\r\n\r\n        <div class=\"claim-step__label\">\r\n          STEP 2\r\n        <\/div>\r\n\r\n        <h3 class=\"claim-step__title\">\r\n          Collection and analysis of documentation\r\n        <\/h3>\r\n\r\n        <p class=\"claim-step__text\">\r\n          We collect the tax residence certificate, withholding tax certificates and the documentation required to evidence the investment and the dividends received.\r\n        <\/p>\r\n\r\n        <p class=\"claim-step__text\">\r\n          Where a foreign fund is involved, the analysis may also include regulatory, tax and corporate documentation relating to the fund and, where relevant, information on the tax regime applicable to its investors.\r\n        <\/p>\r\n\r\n      <\/div>\r\n\r\n    <\/div>\r\n\r\n\r\n    <!-- STEP 3 -->\r\n    <div class=\"claim-step\">\r\n\r\n      <div class=\"claim-step__marker\">\r\n        3\r\n      <\/div>\r\n\r\n      <div class=\"claim-step__content\">\r\n\r\n        <div class=\"claim-step__label\">\r\n          STEP 3\r\n        <\/div>\r\n\r\n        <h3 class=\"claim-step__title\">\r\n          Preparation and filing of the claim\r\n        <\/h3>\r\n\r\n        <p class=\"claim-step__text\">\r\n          We prepare the corresponding refund claim before the Spanish Tax Agency, including, where applicable, the filing of Form 210 and the supporting documentation evidencing the entitlement to the refund.\r\n        <\/p>\r\n\r\n      <\/div>\r\n\r\n    <\/div>\r\n\r\n\r\n    <!-- STEP 4 -->\r\n    <div class=\"claim-step\">\r\n\r\n      <div class=\"claim-step__marker\">\r\n        4\r\n      <\/div>\r\n\r\n      <div class=\"claim-step__content\">\r\n\r\n        <div class=\"claim-step__label\">\r\n          STEP 4\r\n        <\/div>\r\n\r\n        <h3 class=\"claim-step__title\">\r\n          Follow-up of the proceedings\r\n        <\/h3>\r\n\r\n        <p class=\"claim-step__text\">\r\n          We monitor the proceedings before the Spanish Tax Agency and, where applicable, respond to any requests for additional information or documentation.\r\n        <\/p>\r\n\r\n        <p class=\"claim-step__text\">\r\n          Where necessary, we also analyse the possible appeal options available against an unfavourable decision.\r\n        <\/p>\r\n\r\n      <\/div>\r\n\r\n    <\/div>\r\n\r\n\r\n    <!-- STEP 5 -->\r\n    <div class=\"claim-step\">\r\n\r\n      <div class=\"claim-step__marker\">\r\n        5\r\n      <\/div>\r\n\r\n      <div class=\"claim-step__content\">\r\n\r\n        <div class=\"claim-step__label\">\r\n          STEP 5\r\n        <\/div>\r\n\r\n        <h3 class=\"claim-step__title\">\r\n          Receipt of the refund\r\n        <\/h3>\r\n\r\n        <p class=\"claim-step__text\">\r\n          If the claim is upheld, the refund is made by bank transfer in accordance with the rules applicable to the relevant procedure.\r\n        <\/p>\r\n\r\n      <\/div>\r\n\r\n    <\/div>\r\n\r\n\r\n  <\/div>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f806491 e-flex e-con-boxed e-con e-parent\" data-id=\"f806491\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-5348488 e-con-full e-flex e-con e-child\" data-id=\"5348488\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e9e65aa elementor-widget elementor-widget-heading\" data-id=\"e9e65aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Practical examples<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-569158a elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"569158a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1c640a0 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"1c640a0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How the reclaimable excess is calculated<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d376f6d e-con-full e-flex e-con e-child\" data-id=\"d376f6d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-19daabd e-con-full e-flex e-con e-child\" data-id=\"19daabd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-da9fd38 elementor-widget elementor-widget-html\" data-id=\"da9fd38\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n\/* =========================\r\n   U.S. DTA EXAMPLE\r\n========================= *\/\r\n\r\n.cdi-usa {\r\n  --accent: #F58721;\r\n  --text: #000000F5;\r\n  --line: #D9D5CF;\r\n  --row-alt: #C6D7DA33;\r\n\r\n  width: 100%;\r\n  box-sizing: border-box;\r\n\r\n  font-family: \"Source Sans Pro\", sans-serif;\r\n  background: transparent;\r\n}\r\n\r\n.cdi-usa *,\r\n.cdi-usa *::before,\r\n.cdi-usa *::after {\r\n  box-sizing: border-box;\r\n  font-family: \"Source Sans Pro\", sans-serif;\r\n}\r\n\r\n\r\n\/* =========================\r\n   CONTAINER\r\n========================= *\/\r\n\r\n.cdi-usa__box {\r\n  width: 100%;\r\n\r\n  padding: 30px 32px;\r\n\r\n  border: 1px solid var(--line);\r\n\r\n  background: #FFFFFF;\r\n}\r\n\r\n\r\n\/* =========================\r\n   TITLE\r\n========================= *\/\r\n\r\n.cdi-usa__title {\r\n  margin: 0 0 14px;\r\n\r\n  color: var(--text) !important;\r\n\r\n  font-family: \"Source Sans Pro\", sans-serif !important;\r\n  font-size: 18px !important;\r\n  line-height: 1.3 !important;\r\n  font-weight: 700 !important;\r\n  font-style: normal !important;\r\n}\r\n\r\n\r\n\/* =========================\r\n   INTRO\r\n========================= *\/\r\n\r\n.cdi-usa__intro {\r\n  margin: 0 0 26px;\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.55;\r\n  font-weight: 400;\r\n}\r\n\r\n.cdi-usa__intro p {\r\n  margin: 0;\r\n}\r\n\r\n.cdi-usa__intro p + p {\r\n  margin-top: 4px;\r\n}\r\n\r\n.cdi-usa__intro strong {\r\n  font-weight: 700;\r\n}\r\n\r\n\r\n\/* =========================\r\n   TABLE\r\n========================= *\/\r\n\r\n.cdi-usa__table {\r\n  width: 100%;\r\n\r\n  border-collapse: collapse;\r\n  table-layout: fixed;\r\n\r\n  margin: 0;\r\n\r\n  border-top: 1px solid var(--line);\r\n}\r\n\r\n\r\n\/* COLUMNS *\/\r\n.cdi-usa__table th:first-child,\r\n.cdi-usa__table td:first-child {\r\n  width: 72%;\r\n}\r\n\r\n.cdi-usa__table th:last-child,\r\n.cdi-usa__table td:last-child {\r\n  width: 28%;\r\n}\r\n\r\n\r\n\/* =========================\r\n   HEADER\r\n========================= *\/\r\n\r\n.cdi-usa__table thead th {\r\n  padding: 16px 24px;\r\n\r\n  border-bottom: 1px solid var(--line);\r\n\r\n  background: #FFFFFF !important;\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.3;\r\n  font-weight: 700;\r\n\r\n  text-align: left;\r\n  vertical-align: middle;\r\n}\r\n\r\n.cdi-usa__table thead th:last-child {\r\n  text-align: right;\r\n}\r\n\r\n\r\n\/* =========================\r\n   ROWS\r\n========================= *\/\r\n\r\n.cdi-usa__table tbody tr:nth-child(odd),\r\n.cdi-usa__table tbody tr:nth-child(odd) td {\r\n  background-color: #FFFFFF !important;\r\n}\r\n\r\n.cdi-usa__table tbody tr:nth-child(even),\r\n.cdi-usa__table tbody tr:nth-child(even) td {\r\n  background-color: var(--row-alt) !important;\r\n}\r\n\r\n\r\n\/* =========================\r\n   CELLS\r\n========================= *\/\r\n\r\n.cdi-usa__table tbody td {\r\n  padding: 20px 24px;\r\n\r\n  border-bottom: 1px solid var(--line);\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.45;\r\n  font-weight: 400;\r\n\r\n  vertical-align: middle;\r\n}\r\n\r\n.cdi-usa__table tbody td:last-child {\r\n  text-align: right;\r\n  font-weight: 600;\r\n}\r\n\r\n\r\n\/* =========================\r\n   FINAL RESULT\r\n========================= *\/\r\n\r\n.cdi-usa__table tbody tr.cdi-usa__total td {\r\n  color: var(--accent) !important;\r\n\r\n  font-weight: 700 !important;\r\n\r\n  background: #FFFFFF !important;\r\n}\r\n\r\n.cdi-usa__table tbody tr.cdi-usa__total td:first-child {\r\n  font-size: 16px;\r\n}\r\n\r\n.cdi-usa__table tbody tr.cdi-usa__total td:last-child {\r\n  font-size: 22px;\r\n}\r\n\r\n\r\n\/* =========================\r\n   NO HOVER CHANGE\r\n========================= *\/\r\n\r\n.cdi-usa__table tbody tr:nth-child(odd):hover,\r\n.cdi-usa__table tbody tr:nth-child(odd):hover td,\r\n.cdi-usa__table tbody tr:nth-child(odd) td:hover {\r\n  background-color: #FFFFFF !important;\r\n}\r\n\r\n.cdi-usa__table tbody tr:nth-child(even):hover,\r\n.cdi-usa__table tbody tr:nth-child(even):hover td,\r\n.cdi-usa__table tbody tr:nth-child(even) td:hover {\r\n  background-color: var(--row-alt) !important;\r\n}\r\n\r\n.cdi-usa__table tbody tr.cdi-usa__total:hover,\r\n.cdi-usa__table tbody tr.cdi-usa__total:hover td {\r\n  background-color: #FFFFFF !important;\r\n  color: var(--accent) !important;\r\n}\r\n\r\n\r\n\/* =========================\r\n   TABLET\r\n========================= *\/\r\n\r\n@media (max-width: 1024px) {\r\n\r\n  .cdi-usa__box {\r\n    padding: 26px 24px;\r\n  }\r\n\r\n  .cdi-usa__table thead th,\r\n  .cdi-usa__table tbody td {\r\n    padding-left: 20px;\r\n    padding-right: 20px;\r\n  }\r\n}\r\n\r\n\r\n\/* =========================\r\n   MOBILE\r\n========================= *\/\r\n\r\n@media (max-width: 767px) {\r\n\r\n  .cdi-usa__box {\r\n    padding: 22px 18px 24px;\r\n  }\r\n\r\n  .cdi-usa__title {\r\n    font-size: 18px !important;\r\n    margin-bottom: 12px;\r\n  }\r\n\r\n  .cdi-usa__intro {\r\n    margin-bottom: 22px;\r\n  }\r\n\r\n\r\n  \/* HIDE HEADER *\/\r\n  .cdi-usa__table thead {\r\n    display: none;\r\n  }\r\n\r\n\r\n  .cdi-usa__table,\r\n  .cdi-usa__table tbody,\r\n  .cdi-usa__table tr,\r\n  .cdi-usa__table td {\r\n    display: block;\r\n    width: 100% !important;\r\n  }\r\n\r\n\r\n  \/* EACH ROW AS A BLOCK *\/\r\n  .cdi-usa__table tbody tr {\r\n    padding: 16px 18px;\r\n\r\n    border-bottom: 1px solid var(--line);\r\n  }\r\n\r\n\r\n  .cdi-usa__table tbody td {\r\n    padding: 0;\r\n\r\n    border: none;\r\n\r\n    text-align: left !important;\r\n  }\r\n\r\n\r\n  .cdi-usa__table tbody td:first-child {\r\n    margin-bottom: 5px;\r\n  }\r\n\r\n\r\n  .cdi-usa__table tbody td:last-child {\r\n    font-weight: 700;\r\n  }\r\n\r\n\r\n  \/* TOTAL *\/\r\n  .cdi-usa__table tbody tr.cdi-usa__total {\r\n    padding-top: 20px;\r\n    padding-bottom: 20px;\r\n  }\r\n\r\n  .cdi-usa__table tbody tr.cdi-usa__total td:first-child {\r\n    font-size: 15px;\r\n  }\r\n\r\n  .cdi-usa__table tbody tr.cdi-usa__total td:last-child {\r\n    margin-top: 4px;\r\n    font-size: 22px;\r\n  }\r\n}\r\n<\/style>\r\n\r\n\r\n<div class=\"cdi-usa\">\r\n\r\n  <div class=\"cdi-usa__box\">\r\n\r\n    <h3 class=\"cdi-usa__title\">\r\n      Individual investor resident in the United States\r\n    <\/h3>\r\n\r\n\r\n    <div class=\"cdi-usa__intro\">\r\n\r\n      <p>\r\n        Receives <strong>\u20ac10,000<\/strong> in dividends from a Spanish company.\r\n      <\/p>\r\n\r\n      <p>\r\n        Spain applies a withholding tax of <strong>19%<\/strong>. In the case considered, the Spain\u2013United States DTA sets a maximum rate of <strong>15%<\/strong>.\r\n      <\/p>\r\n\r\n    <\/div>\r\n\r\n\r\n    <table class=\"cdi-usa__table\">\r\n\r\n      <thead>\r\n\r\n        <tr>\r\n          <th>Concept<\/th>\r\n          <th>Amount<\/th>\r\n        <\/tr>\r\n\r\n      <\/thead>\r\n\r\n\r\n      <tbody>\r\n\r\n        <tr>\r\n\r\n          <td>\r\n            Withholding tax applied (19%)\r\n          <\/td>\r\n\r\n          <td>\r\n            \u20ac1,900\r\n          <\/td>\r\n\r\n        <\/tr>\r\n\r\n\r\n        <tr>\r\n\r\n          <td>\r\n            Maximum withholding tax under the DTA (15%)\r\n          <\/td>\r\n\r\n          <td>\r\n            \u20ac1,500\r\n          <\/td>\r\n\r\n        <\/tr>\r\n\r\n\r\n        <tr class=\"cdi-usa__total\">\r\n\r\n          <td>\r\n            Potentially recoverable amount\r\n          <\/td>\r\n\r\n          <td>\r\n            \u20ac400\r\n          <\/td>\r\n\r\n        <\/tr>\r\n\r\n      <\/tbody>\r\n\r\n    <\/table>\r\n\r\n  <\/div>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e80711 e-con-full e-flex e-con e-child\" data-id=\"1e80711\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-907371e elementor-widget elementor-widget-html\" data-id=\"907371e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n\/* =========================\r\n   MEXICO DTA EXAMPLE\r\n========================= *\/\r\n\r\n.cdi-mexico {\r\n  --accent: #F58721;\r\n  --text: #000000F5;\r\n  --line: #D9D5CF;\r\n  --row-alt: #C6D7DA33;\r\n\r\n  width: 100%;\r\n  box-sizing: border-box;\r\n\r\n  font-family: \"Source Sans Pro\", sans-serif;\r\n  background: transparent;\r\n}\r\n\r\n.cdi-mexico *,\r\n.cdi-mexico *::before,\r\n.cdi-mexico *::after {\r\n  box-sizing: border-box;\r\n  font-family: \"Source Sans Pro\", sans-serif;\r\n}\r\n\r\n\r\n\/* =========================\r\n   CONTAINER\r\n========================= *\/\r\n\r\n.cdi-mexico__box {\r\n  width: 100%;\r\n\r\n  padding: 30px 32px;\r\n\r\n  border: 1px solid var(--line);\r\n\r\n  background: #FFFFFF;\r\n}\r\n\r\n\r\n\/* =========================\r\n   TITLE\r\n========================= *\/\r\n\r\n.cdi-mexico__title {\r\n  margin: 0 0 14px;\r\n\r\n  color: var(--text) !important;\r\n\r\n  font-family: \"Source Sans Pro\", sans-serif !important;\r\n  font-size: 18px !important;\r\n  line-height: 1.3 !important;\r\n  font-weight: 700 !important;\r\n  font-style: normal !important;\r\n}\r\n\r\n\r\n\/* =========================\r\n   INTRO\r\n========================= *\/\r\n\r\n.cdi-mexico__intro {\r\n  margin: 0 0 26px;\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.55;\r\n  font-weight: 400;\r\n}\r\n\r\n.cdi-mexico__intro p {\r\n  margin: 0;\r\n}\r\n\r\n.cdi-mexico__intro p + p {\r\n  margin-top: 4px;\r\n}\r\n\r\n.cdi-mexico__intro strong {\r\n  font-weight: 700;\r\n}\r\n\r\n\r\n\/* =========================\r\n   TABLE\r\n========================= *\/\r\n\r\n.cdi-mexico__table {\r\n  width: 100%;\r\n\r\n  border-collapse: collapse;\r\n  table-layout: fixed;\r\n\r\n  margin: 0;\r\n\r\n  border-top: 1px solid var(--line);\r\n}\r\n\r\n\r\n\/* COLUMNS *\/\r\n.cdi-mexico__table th:first-child,\r\n.cdi-mexico__table td:first-child {\r\n  width: 72%;\r\n}\r\n\r\n.cdi-mexico__table th:last-child,\r\n.cdi-mexico__table td:last-child {\r\n  width: 28%;\r\n}\r\n\r\n\r\n\/* =========================\r\n   HEADER\r\n========================= *\/\r\n\r\n.cdi-mexico__table thead th {\r\n  padding: 16px 24px;\r\n\r\n  border-bottom: 1px solid var(--line);\r\n\r\n  background: #FFFFFF !important;\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.3;\r\n  font-weight: 700;\r\n\r\n  text-align: left;\r\n  vertical-align: middle;\r\n}\r\n\r\n.cdi-mexico__table thead th:last-child {\r\n  text-align: right;\r\n}\r\n\r\n\r\n\/* =========================\r\n   ALTERNATING ROWS\r\n========================= *\/\r\n\r\n.cdi-mexico__table tbody tr:nth-child(odd),\r\n.cdi-mexico__table tbody tr:nth-child(odd) td {\r\n  background-color: #FFFFFF !important;\r\n}\r\n\r\n.cdi-mexico__table tbody tr:nth-child(even),\r\n.cdi-mexico__table tbody tr:nth-child(even) td {\r\n  background-color: var(--row-alt) !important;\r\n}\r\n\r\n\r\n\/* =========================\r\n   CELLS\r\n========================= *\/\r\n\r\n.cdi-mexico__table tbody td {\r\n  padding: 20px 24px;\r\n\r\n  border-bottom: 1px solid var(--line);\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.45;\r\n  font-weight: 400;\r\n\r\n  vertical-align: middle;\r\n}\r\n\r\n.cdi-mexico__table tbody td:last-child {\r\n  text-align: right;\r\n  font-weight: 600;\r\n}\r\n\r\n\r\n\/* =========================\r\n   FINAL RESULT\r\n========================= *\/\r\n\r\n.cdi-mexico__table tbody tr.cdi-mexico__total td {\r\n  color: var(--accent) !important;\r\n\r\n  font-weight: 700 !important;\r\n\r\n  background: #FFFFFF !important;\r\n}\r\n\r\n.cdi-mexico__table tbody tr.cdi-mexico__total td:first-child {\r\n  font-size: 16px;\r\n}\r\n\r\n.cdi-mexico__table tbody tr.cdi-mexico__total td:last-child {\r\n  font-size: 22px;\r\n}\r\n\r\n\r\n\/* =========================\r\n   NO HOVER CHANGE\r\n========================= *\/\r\n\r\n.cdi-mexico__table tbody tr:nth-child(odd):hover,\r\n.cdi-mexico__table tbody tr:nth-child(odd):hover td,\r\n.cdi-mexico__table tbody tr:nth-child(odd) td:hover {\r\n  background-color: #FFFFFF !important;\r\n}\r\n\r\n.cdi-mexico__table tbody tr:nth-child(even):hover,\r\n.cdi-mexico__table tbody tr:nth-child(even):hover td,\r\n.cdi-mexico__table tbody tr:nth-child(even) td:hover {\r\n  background-color: var(--row-alt) !important;\r\n}\r\n\r\n.cdi-mexico__table tbody tr.cdi-mexico__total:hover,\r\n.cdi-mexico__table tbody tr.cdi-mexico__total:hover td {\r\n  background-color: #FFFFFF !important;\r\n  color: var(--accent) !important;\r\n}\r\n\r\n\r\n\/* =========================\r\n   TABLET\r\n========================= *\/\r\n\r\n@media (max-width: 1024px) {\r\n\r\n  .cdi-mexico__box {\r\n    padding: 26px 24px;\r\n  }\r\n\r\n  .cdi-mexico__table thead th,\r\n  .cdi-mexico__table tbody td {\r\n    padding-left: 20px;\r\n    padding-right: 20px;\r\n  }\r\n}\r\n\r\n\r\n\/* =========================\r\n   MOBILE\r\n========================= *\/\r\n\r\n@media (max-width: 767px) {\r\n\r\n  .cdi-mexico__box {\r\n    padding: 22px 18px 24px;\r\n  }\r\n\r\n  .cdi-mexico__title {\r\n    font-size: 18px !important;\r\n    margin-bottom: 12px;\r\n  }\r\n\r\n  .cdi-mexico__intro {\r\n    margin-bottom: 22px;\r\n  }\r\n\r\n\r\n  \/* HIDE HEADER *\/\r\n  .cdi-mexico__table thead {\r\n    display: none;\r\n  }\r\n\r\n\r\n  .cdi-mexico__table,\r\n  .cdi-mexico__table tbody,\r\n  .cdi-mexico__table tr,\r\n  .cdi-mexico__table td {\r\n    display: block;\r\n    width: 100% !important;\r\n  }\r\n\r\n\r\n  \/* EACH ROW AS A BLOCK *\/\r\n  .cdi-mexico__table tbody tr {\r\n    padding: 16px 18px;\r\n\r\n    border-bottom: 1px solid var(--line);\r\n  }\r\n\r\n\r\n  .cdi-mexico__table tbody td {\r\n    padding: 0;\r\n\r\n    border: none;\r\n\r\n    text-align: left !important;\r\n  }\r\n\r\n\r\n  .cdi-mexico__table tbody td:first-child {\r\n    margin-bottom: 5px;\r\n  }\r\n\r\n\r\n  .cdi-mexico__table tbody td:last-child {\r\n    font-weight: 700;\r\n  }\r\n\r\n\r\n  \/* TOTAL *\/\r\n  .cdi-mexico__table tbody tr.cdi-mexico__total {\r\n    padding-top: 20px;\r\n    padding-bottom: 20px;\r\n  }\r\n\r\n  .cdi-mexico__table tbody tr.cdi-mexico__total td:first-child {\r\n    font-size: 15px;\r\n  }\r\n\r\n  .cdi-mexico__table tbody tr.cdi-mexico__total td:last-child {\r\n    margin-top: 4px;\r\n    font-size: 22px;\r\n  }\r\n}\r\n<\/style>\r\n\r\n\r\n<div class=\"cdi-mexico\">\r\n\r\n  <div class=\"cdi-mexico__box\">\r\n\r\n    <h3 class=\"cdi-mexico__title\">\r\n      Individual investor resident in Mexico\r\n    <\/h3>\r\n\r\n\r\n    <div class=\"cdi-mexico__intro\">\r\n\r\n      <p>\r\n        Receives <strong>\u20ac15,000<\/strong> in dividends from a Spanish company.\r\n      <\/p>\r\n\r\n      <p>\r\n        Spain applies a withholding tax of <strong>19%<\/strong>. If the applicable DTA sets, for the specific case considered, a maximum rate of <strong>10%<\/strong>:\r\n      <\/p>\r\n\r\n    <\/div>\r\n\r\n\r\n    <table class=\"cdi-mexico__table\">\r\n\r\n      <thead>\r\n        <tr>\r\n          <th>Concept<\/th>\r\n          <th>Amount<\/th>\r\n        <\/tr>\r\n      <\/thead>\r\n\r\n\r\n      <tbody>\r\n\r\n        <tr>\r\n\r\n          <td>\r\n            Withholding tax applied (19%)\r\n          <\/td>\r\n\r\n          <td>\r\n            \u20ac2,850\r\n          <\/td>\r\n\r\n        <\/tr>\r\n\r\n\r\n        <tr>\r\n\r\n          <td>\r\n            Maximum withholding tax under the DTA (10%)\r\n          <\/td>\r\n\r\n          <td>\r\n            \u20ac1,500\r\n          <\/td>\r\n\r\n        <\/tr>\r\n\r\n\r\n        <tr class=\"cdi-mexico__total\">\r\n\r\n          <td>\r\n            Potentially recoverable amount\r\n          <\/td>\r\n\r\n          <td>\r\n            \u20ac1,350\r\n          <\/td>\r\n\r\n        <\/tr>\r\n\r\n      <\/tbody>\r\n\r\n    <\/table>\r\n\r\n  <\/div>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b7d2cb4 e-con-full e-flex e-con e-child\" data-id=\"b7d2cb4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-be7b26b elementor-widget elementor-widget-html\" data-id=\"be7b26b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<style>\r\n\/* =========================\r\n   FOREIGN INVESTMENT FUND EXAMPLE\r\n========================= *\/\r\n\r\n.fondo-inversion {\r\n  --accent: #F58721;\r\n  --text: #000000F5;\r\n  --line: #D9D5CF;\r\n  --row-alt: #C6D7DA33;\r\n\r\n  width: 100%;\r\n  box-sizing: border-box;\r\n\r\n  font-family: \"Source Sans Pro\", sans-serif;\r\n  background: transparent;\r\n}\r\n\r\n.fondo-inversion *,\r\n.fondo-inversion *::before,\r\n.fondo-inversion *::after {\r\n  box-sizing: border-box;\r\n  font-family: \"Source Sans Pro\", sans-serif;\r\n}\r\n\r\n\r\n\/* =========================\r\n   CONTAINER\r\n========================= *\/\r\n\r\n.fondo-inversion__box {\r\n  width: 100%;\r\n\r\n  padding: 30px 32px;\r\n\r\n  border: 1px solid var(--line);\r\n\r\n  background: #FFFFFF;\r\n}\r\n\r\n\r\n\/* =========================\r\n   TITLE\r\n========================= *\/\r\n\r\n.fondo-inversion__title {\r\n  margin: 0 0 14px;\r\n\r\n  color: var(--text) !important;\r\n\r\n  font-family: \"Source Sans Pro\", sans-serif !important;\r\n  font-size: 18px !important;\r\n  line-height: 1.3 !important;\r\n  font-weight: 700 !important;\r\n  font-style: normal !important;\r\n}\r\n\r\n\r\n\/* =========================\r\n   INTRO\r\n========================= *\/\r\n\r\n.fondo-inversion__intro {\r\n  margin: 0 0 26px;\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.55;\r\n  font-weight: 400;\r\n}\r\n\r\n.fondo-inversion__intro p {\r\n  margin: 0;\r\n}\r\n\r\n.fondo-inversion__intro p + p {\r\n  margin-top: 4px;\r\n}\r\n\r\n.fondo-inversion__intro strong {\r\n  font-weight: 700;\r\n}\r\n\r\n\r\n\/* =========================\r\n   TABLE\r\n========================= *\/\r\n\r\n.fondo-inversion__table {\r\n  width: 100%;\r\n\r\n  border-collapse: collapse;\r\n  table-layout: fixed;\r\n\r\n  margin: 0;\r\n\r\n  border-top: 1px solid var(--line);\r\n}\r\n\r\n\r\n\/* COLUMNS *\/\r\n.fondo-inversion__table th:first-child,\r\n.fondo-inversion__table td:first-child {\r\n  width: 72%;\r\n}\r\n\r\n.fondo-inversion__table th:last-child,\r\n.fondo-inversion__table td:last-child {\r\n  width: 28%;\r\n}\r\n\r\n\r\n\/* =========================\r\n   HEADER\r\n========================= *\/\r\n\r\n.fondo-inversion__table thead th {\r\n  padding: 16px 24px;\r\n\r\n  border-bottom: 1px solid var(--line);\r\n\r\n  background: #FFFFFF !important;\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.3;\r\n  font-weight: 700;\r\n\r\n  text-align: left;\r\n  vertical-align: middle;\r\n}\r\n\r\n.fondo-inversion__table thead th:last-child {\r\n  text-align: right;\r\n}\r\n\r\n\r\n\/* =========================\r\n   ALTERNATING ROWS\r\n========================= *\/\r\n\r\n.fondo-inversion__table tbody tr:nth-child(odd),\r\n.fondo-inversion__table tbody tr:nth-child(odd) td {\r\n  background-color: #FFFFFF !important;\r\n}\r\n\r\n.fondo-inversion__table tbody tr:nth-child(even),\r\n.fondo-inversion__table tbody tr:nth-child(even) td {\r\n  background-color: var(--row-alt) !important;\r\n}\r\n\r\n\r\n\/* =========================\r\n   CELLS\r\n========================= *\/\r\n\r\n.fondo-inversion__table tbody td {\r\n  padding: 20px 24px;\r\n\r\n  border-bottom: 1px solid var(--line);\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 15px;\r\n  line-height: 1.45;\r\n  font-weight: 400;\r\n\r\n  vertical-align: middle;\r\n}\r\n\r\n.fondo-inversion__table tbody td:last-child {\r\n  text-align: right;\r\n  font-weight: 600;\r\n}\r\n\r\n\r\n\/* =========================\r\n   FINAL RESULT\r\n========================= *\/\r\n\r\n.fondo-inversion__table tbody tr.fondo-inversion__total td {\r\n  color: var(--accent) !important;\r\n\r\n  font-weight: 700 !important;\r\n\r\n  background: #FFFFFF !important;\r\n}\r\n\r\n.fondo-inversion__table tbody tr.fondo-inversion__total td:first-child {\r\n  font-size: 16px;\r\n}\r\n\r\n.fondo-inversion__table tbody tr.fondo-inversion__total td:last-child {\r\n  font-size: 22px;\r\n}\r\n\r\n\r\n\/* =========================\r\n   FINAL NOTE\r\n========================= *\/\r\n\r\n.fondo-inversion__note {\r\n  margin: 24px 0 0;\r\n\r\n  color: var(--text);\r\n\r\n  font-size: 14px;\r\n  line-height: 1.55;\r\n  font-weight: 400;\r\n}\r\n\r\n\r\n\/* =========================\r\n   NO HOVER CHANGE\r\n========================= *\/\r\n\r\n.fondo-inversion__table tbody tr:nth-child(odd):hover,\r\n.fondo-inversion__table tbody tr:nth-child(odd):hover td,\r\n.fondo-inversion__table tbody tr:nth-child(odd) td:hover {\r\n  background-color: #FFFFFF !important;\r\n}\r\n\r\n.fondo-inversion__table tbody tr:nth-child(even):hover,\r\n.fondo-inversion__table tbody tr:nth-child(even):hover td,\r\n.fondo-inversion__table tbody tr:nth-child(even) td:hover {\r\n  background-color: var(--row-alt) !important;\r\n}\r\n\r\n.fondo-inversion__table tbody tr.fondo-inversion__total:hover,\r\n.fondo-inversion__table tbody tr.fondo-inversion__total:hover td {\r\n  background-color: #FFFFFF !important;\r\n  color: var(--accent) !important;\r\n}\r\n\r\n\r\n\/* =========================\r\n   TABLET\r\n========================= *\/\r\n\r\n@media (max-width: 1024px) {\r\n\r\n  .fondo-inversion__box {\r\n    padding: 26px 24px;\r\n  }\r\n\r\n  .fondo-inversion__table thead th,\r\n  .fondo-inversion__table tbody td {\r\n    padding-left: 20px;\r\n    padding-right: 20px;\r\n  }\r\n}\r\n\r\n\r\n\/* =========================\r\n   MOBILE\r\n========================= *\/\r\n\r\n@media (max-width: 767px) {\r\n\r\n  .fondo-inversion__box {\r\n    padding: 22px 18px 24px;\r\n  }\r\n\r\n  .fondo-inversion__title {\r\n    font-size: 18px !important;\r\n    margin-bottom: 12px;\r\n  }\r\n\r\n  .fondo-inversion__intro {\r\n    margin-bottom: 22px;\r\n  }\r\n\r\n\r\n  \/* HIDE HEADER *\/\r\n  .fondo-inversion__table thead {\r\n    display: none;\r\n  }\r\n\r\n\r\n  .fondo-inversion__table,\r\n  .fondo-inversion__table tbody,\r\n  .fondo-inversion__table tr,\r\n  .fondo-inversion__table td {\r\n    display: block;\r\n    width: 100% !important;\r\n  }\r\n\r\n\r\n  \/* EACH ROW AS A BLOCK *\/\r\n  .fondo-inversion__table tbody tr {\r\n    padding: 16px 18px;\r\n\r\n    border-bottom: 1px solid var(--line);\r\n  }\r\n\r\n\r\n  .fondo-inversion__table tbody td {\r\n    padding: 0;\r\n\r\n    border: none;\r\n\r\n    text-align: left !important;\r\n  }\r\n\r\n\r\n  .fondo-inversion__table tbody td:first-child {\r\n    margin-bottom: 5px;\r\n  }\r\n\r\n\r\n  .fondo-inversion__table tbody td:last-child {\r\n    font-weight: 700;\r\n  }\r\n\r\n\r\n  \/* TOTAL *\/\r\n  .fondo-inversion__table tbody tr.fondo-inversion__total {\r\n    padding-top: 20px;\r\n    padding-bottom: 20px;\r\n  }\r\n\r\n  .fondo-inversion__table tbody tr.fondo-inversion__total td:first-child {\r\n    font-size: 15px;\r\n  }\r\n\r\n  .fondo-inversion__table tbody tr.fondo-inversion__total td:last-child {\r\n    margin-top: 4px;\r\n    font-size: 22px;\r\n  }\r\n\r\n\r\n  \/* NOTE *\/\r\n  .fondo-inversion__note {\r\n    margin-top: 20px;\r\n\r\n    font-size: 14px;\r\n    line-height: 1.5;\r\n  }\r\n}\r\n<\/style>\r\n\r\n\r\n<div class=\"fondo-inversion\">\r\n\r\n  <div class=\"fondo-inversion__box\">\r\n\r\n    <h3 class=\"fondo-inversion__title\">\r\n      Foreign investment fund\r\n    <\/h3>\r\n\r\n\r\n    <div class=\"fondo-inversion__intro\">\r\n\r\n      <p>\r\n        A foreign investment fund comparable to a Spanish collective investment undertaking receives <strong>\u20ac1,000,000<\/strong> in dividends from Spanish companies and bears taxation at a rate of <strong>15%<\/strong>.\r\n      <\/p>\r\n\r\n      <p>\r\n        If a comparable Spanish collective investment undertaking is taxed at <strong>1%<\/strong> on those same dividends:\r\n      <\/p>\r\n\r\n    <\/div>\r\n\r\n\r\n    <table class=\"fondo-inversion__table\">\r\n\r\n      <thead>\r\n        <tr>\r\n          <th>Concept<\/th>\r\n          <th>Amount<\/th>\r\n        <\/tr>\r\n      <\/thead>\r\n\r\n\r\n      <tbody>\r\n\r\n        <tr>\r\n\r\n          <td>\r\n            Tax borne (15%)\r\n          <\/td>\r\n\r\n          <td>\r\n            \u20ac150,000\r\n          <\/td>\r\n\r\n        <\/tr>\r\n\r\n\r\n        <tr>\r\n\r\n          <td>\r\n            Reference taxation of a comparable Spanish collective investment undertaking (1%)\r\n          <\/td>\r\n\r\n          <td>\r\n            \u20ac10,000\r\n          <\/td>\r\n\r\n        <\/tr>\r\n\r\n\r\n        <tr class=\"fondo-inversion__total\">\r\n\r\n          <td>\r\n            Difference in taxation\r\n          <\/td>\r\n\r\n          <td>\r\n            \u20ac140,000\r\n          <\/td>\r\n\r\n        <\/tr>\r\n\r\n      <\/tbody>\r\n\r\n    <\/table>\r\n\r\n\r\n    <p class=\"fondo-inversion__note\">\r\n      The existence of this difference does not automatically give rise to an entitlement to a \u20ac140,000 refund. It will be necessary to analyse the comparability of the fund, the applicable DTA and whether the difference in taxation was effectively neutralised through the tax mechanisms applicable in the State of residence.\r\n    <\/p>\r\n\r\n  <\/div>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-43802e8 e-con-full e-flex e-con e-child\" data-id=\"43802e8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-59f3af1 elementor-widget elementor-widget-text-editor\" data-id=\"59f3af1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>* <em>Examples are provided for illustrative purposes only. The taxation and amount potentially recoverable will depend on the applicable legislation, the relevant DTT, the nature of the investor and the specific circumstances of each case.<\/em><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-38e5b69e e-flex e-con-boxed e-con e-parent\" data-id=\"38e5b69e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-f562c18 e-con-full e-flex e-con e-child\" data-id=\"f562c18\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-14d0aad7 elementor-widget elementor-widget-heading\" data-id=\"14d0aad7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Why Seegman<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d3d2e50 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"d3d2e50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1da82534 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"1da82534\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A team experienced in international taxation<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d5a631 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"1d5a631\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>If you believe that you have borne excessive taxation on dividends received from Spanish companies, our <strong>Tax<\/strong> team can analyse the different routes available to seek recovery.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7b22b993 e-con-full e-flex e-con e-child\" data-id=\"7b22b993\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-207773da e-con-full e-flex e-con e-child\" data-id=\"207773da\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-34aef79f elementor-widget elementor-widget-heading\" data-id=\"34aef79f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Case analysis<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15fb6f5 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"15fb6f5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>We review the applicable DTT, Spanish legislation and, where relevant, European Union law in order to determine the existence and potential scope of a claim.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3eca1750 e-con-full e-flex e-con e-child\" data-id=\"3eca1750\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-59180da4 elementor-widget elementor-widget-heading\" data-id=\"59180da4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Investment funds<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-518996c9 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"518996c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>We analyse the legal and tax structure of the fund, its comparability with Spanish collective investment undertakings and the double taxation relief mechanisms applicable in its State of residence.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7f87bba e-con-full e-flex e-con e-child\" data-id=\"7f87bba\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-bd026f4 elementor-widget elementor-widget-heading\" data-id=\"bd026f4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Coordination with custodians<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eff936c elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"eff936c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>We manage the documentation required to evidence the withholding tax borne and, where necessary, coordinate the collection of certificates from custodians and financial intermediaries.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-35b0f3d6 e-con-full e-flex e-con e-child\" data-id=\"35b0f3d6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-412e861 elementor-widget elementor-widget-heading\" data-id=\"412e861\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">End-to-end support<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3ce688e8 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"3ce688e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>We prepare and file the refund request, respond to requests from the tax authorities and monitor the proceedings through to resolution.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c3de3b8 e-flex e-con-boxed e-con e-parent\" data-id=\"c3de3b8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-98348be e-con-full e-flex e-con e-child\" data-id=\"98348be\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-928e535 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"928e535\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Download our guide on Recovery of Excess Withholding Tax<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-900ec3d elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"900ec3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: right;\">Learn about the main aspects of the process for recovering withholding tax on dividends, the distinction between direct investments and investments held through custodians, and the documentation generally required to request a refund.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20a77a5 elementor-hidden-mobile elementor-view-default elementor-invisible elementor-widget elementor-widget-icon\" data-id=\"20a77a5\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInLeft&quot;}\" data-widget_type=\"icon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-wrapper\">\n\t\t\t<div class=\"elementor-icon\">\n\t\t\t<i aria-hidden=\"true\" class=\"fas fa-arrow-right\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2433ba6 e-con-full e-flex e-con e-child\" data-id=\"2433ba6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-60222e4 elementor-skin-carousel elementor-arrows-yes elementor-pagination-type-bullets elementor-pagination-position-outside elementor-widget elementor-widget-media-carousel\" data-id=\"60222e4\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;speed&quot;:1000,&quot;space_between&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:18,&quot;sizes&quot;:[]},&quot;slides_per_view&quot;:&quot;1&quot;,&quot;slides_per_view_tablet&quot;:&quot;1&quot;,&quot;skin&quot;:&quot;carousel&quot;,&quot;effect&quot;:&quot;slide&quot;,&quot;show_arrows&quot;:&quot;yes&quot;,&quot;pagination&quot;:&quot;bullets&quot;,&quot;autoplay&quot;:&quot;yes&quot;,&quot;autoplay_speed&quot;:5000,&quot;loop&quot;:&quot;yes&quot;,&quot;pause_on_hover&quot;:&quot;yes&quot;,&quot;pause_on_interaction&quot;:&quot;yes&quot;,&quot;space_between_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:10,&quot;sizes&quot;:[]},&quot;space_between_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:10,&quot;sizes&quot;:[]}}\" data-widget_type=\"media-carousel.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-swiper\">\n\t\t\t\t\t<div class=\"elementor-main-swiper swiper\" role=\"region\" aria-roledescription=\"carousel\" aria-label=\"Diapositivas\">\n\t\t\t\t<div class=\"swiper-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"swiper-slide\" role=\"group\" aria-roledescription=\"slide\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/seegman.com\/wp-content\/uploads\/2026\/09\/Guide_Excess_Withholding_Recovery.pdf\" target=\"_blank\">\t\t<div class=\"elementor-carousel-image\" role=\"img\" aria-label=\"Guide_Excess_Withholding_Recovery\" style=\"background-image: url(&#039;https:\/\/seegman.com\/wp-content\/uploads\/2026\/09\/Guide_Excess_Withholding_Recovery.jpg&#039;)\">\n\n\t\t\t\n\t\t\t\t\t<\/div>\n\t\t<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1c600447 e-flex e-con-boxed e-con e-parent\" data-id=\"1c600447\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-603d26c1 e-con-full e-flex e-con e-child\" data-id=\"603d26c1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-393b5beb elementor-widget elementor-widget-heading\" data-id=\"393b5beb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Frequently asked questions<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c48c882 elementor-widget-divider--view-line_text elementor-widget-divider--element-align-left elementor-widget elementor-widget-divider\" data-id=\"c48c882\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18a47e0 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"18a47e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What we're asked most<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5751caca e-con-full e-flex e-con e-child\" data-id=\"5751caca\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f397f60 elementor-widget elementor-widget-toggle\" data-id=\"f397f60\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2551\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2551\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How do I know whether I have suffered excessive withholding or taxation?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2551\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2551\"><p>There are different scenarios.<\/p>\n<p>One of the most common arises where the withholding tax rate applied in Spain exceeds the limit established under the Double Tax Treaty between Spain and the investor&#8217;s country of residence.<\/p>\n<p>In the case of certain foreign investment funds, excessive taxation may also arise where dividends sourced in Spain have borne a higher tax burden than that applicable to a comparable Spanish collective investment undertaking.<\/p>\n<p>Each situation must be assessed individually.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2552\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-2552\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Can a foreign fund claim a refund even if Spain correctly applied the rate provided for under the DTT?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2552\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-2552\"><p>Potentially, yes.<\/p>\n<p>Correct application of the percentage provided for under a DTT does not, in itself, exclude the possibility that there may be a difference in treatment compared with a comparable Spanish collective investment undertaking.<\/p>\n<p>The CJEU judgment of 17 September 2026 in Case C-139\/25 (<em>iShares Europe ETF<\/em>) establishes that it is necessary to determine whether that difference in taxation has been effectively and fully neutralised through application of the treaty.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2553\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-2553\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What does the CJEU judgment of 17 September 2026 mean?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2553\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-2553\"><p>The CJEU confirms that subjecting dividends received by a non-resident collective investment undertaking to a higher tax burden than that borne by a resident collective investment undertaking may constitute a restriction on the free movement of capital.<\/p>\n<p>It also establishes that the existence of a DTT is not, in itself, sufficient to conclude that the difference in treatment has been eliminated. It is necessary to determine whether the mechanisms provided for under the treaty effectively compensated for the difference in taxation.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2554\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-2554\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What happens if the fund is subject to a tax transparency regime?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2554\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-2554\"><p>Where the fund itself is not taxed directly on the dividends and instead passes the income and corresponding tax credits through to its investors, it may be necessary to determine whether those investors were able to make effective use of the relevant tax credit.<\/p>\n<p>For a DTT to neutralise the difference in treatment, the available relief must allow the relevant difference in taxation to be fully eliminated.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2555\" class=\"elementor-tab-title\" data-tab=\"5\" role=\"button\" aria-controls=\"elementor-tab-content-2555\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Can all foreign investment funds claim the difference between 15% and 1%?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2555\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"region\" aria-labelledby=\"elementor-tab-title-2555\"><p>Not automatically.<\/p>\n<p>It is necessary to analyse, among other matters, whether the foreign fund is in a comparable situation to a Spanish collective investment undertaking qualifying for the 1% rate, the tax regime applicable to the fund, the relevant DTT and whether the difference in treatment was neutralised in the State of residence.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2556\" class=\"elementor-tab-title\" data-tab=\"6\" role=\"button\" aria-controls=\"elementor-tab-content-2556\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What documents do I need to make a claim?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2556\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"region\" aria-labelledby=\"elementor-tab-title-2556\"><p>For claims based on a DTT, the main requirements are evidence of tax residence, the dividends received and the withholding tax borne.<\/p>\n<p>In the case of investment funds, additional documents may be required concerning their incorporation, regulatory status, supervision, tax regime, investor characteristics and any other elements necessary to establish comparability and the effective tax treatment of the dividends.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2557\" class=\"elementor-tab-title\" data-tab=\"7\" role=\"button\" aria-controls=\"elementor-tab-content-2557\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Does the process change if I invest through a custodian?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2557\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"7\" role=\"region\" aria-labelledby=\"elementor-tab-title-2557\"><p>The involvement of custodians or intermediaries may increase the documentation required. In particular, withholding tax certificates may need to be obtained and the payment flow from the Spanish company to the ultimate beneficial owner may need to be evidenced.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2558\" class=\"elementor-tab-title\" data-tab=\"8\" role=\"button\" aria-controls=\"elementor-tab-content-2558\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Who is this process intended for?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2558\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"8\" role=\"region\" aria-labelledby=\"elementor-tab-title-2558\"><p>It is intended for non-resident investors receiving dividends from Spanish companies who have borne taxation exceeding the amount properly due.<\/p>\n<p>It is particularly relevant for institutional investors, investment funds, asset managers, family offices and high-net-worth individuals with recurring investments in Spanish companies.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h3 id=\"elementor-tab-title-2559\" class=\"elementor-tab-title\" data-tab=\"9\" role=\"button\" aria-controls=\"elementor-tab-content-2559\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How long do I have to request a refund?<\/a>\n\t\t\t\t\t<\/h3>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2559\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"9\" role=\"region\" aria-labelledby=\"elementor-tab-title-2559\"><p>As a general rule, refund requests using Form 210 that result in a refund may be submitted from 1 February of the year following the accrual date and within the four-year period established for requesting the refund.<\/p>\n<p>However, the calculation of this period and any actions that may affect it must be assessed on a case-by-case basis, particularly where there have been prior administrative or judicial proceedings.<\/p>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"How do I know whether I have suffered excessive withholding or taxation?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>There are different scenarios.<\\\/p>\\n<p>One of the most common arises where the withholding tax rate applied in Spain exceeds the limit established under the Double Tax Treaty between Spain and the investor&#8217;s country of residence.<\\\/p>\\n<p>In the case of certain foreign investment funds, excessive taxation may also arise where dividends sourced in Spain have borne a higher tax burden than that applicable to a comparable Spanish collective investment undertaking.<\\\/p>\\n<p>Each situation must be assessed individually.<\\\/p>\\n\"}},{\"@type\":\"Question\",\"name\":\"Can a foreign fund claim a refund even if Spain correctly applied the rate provided for under the DTT?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Potentially, yes.<\\\/p>\\n<p>Correct application of the percentage provided for under a DTT does not, in itself, exclude the possibility that there may be a difference in treatment compared with a comparable Spanish collective investment undertaking.<\\\/p>\\n<p>The CJEU judgment of 17 September 2026 in Case C-139\\\/25 (<em>iShares Europe ETF<\\\/em>) establishes that it is necessary to determine whether that difference in taxation has been effectively and fully neutralised through application of the treaty.<\\\/p>\\n\"}},{\"@type\":\"Question\",\"name\":\"What does the CJEU judgment of 17 September 2026 mean?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The CJEU confirms that subjecting dividends received by a non-resident collective investment undertaking to a higher tax burden than that borne by a resident collective investment undertaking may constitute a restriction on the free movement of capital.<\\\/p>\\n<p>It also establishes that the existence of a DTT is not, in itself, sufficient to conclude that the difference in treatment has been eliminated. It is necessary to determine whether the mechanisms provided for under the treaty effectively compensated for the difference in taxation.<\\\/p>\\n\"}},{\"@type\":\"Question\",\"name\":\"What happens if the fund is subject to a tax transparency regime?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Where the fund itself is not taxed directly on the dividends and instead passes the income and corresponding tax credits through to its investors, it may be necessary to determine whether those investors were able to make effective use of the relevant tax credit.<\\\/p>\\n<p>For a DTT to neutralise the difference in treatment, the available relief must allow the relevant difference in taxation to be fully eliminated.<\\\/p>\\n\"}},{\"@type\":\"Question\",\"name\":\"Can all foreign investment funds claim the difference between 15% and 1%?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>Not automatically.<\\\/p>\\n<p>It is necessary to analyse, among other matters, whether the foreign fund is in a comparable situation to a Spanish collective investment undertaking qualifying for the 1% rate, the tax regime applicable to the fund, the relevant DTT and whether the difference in treatment was neutralised in the State of residence.<\\\/p>\\n\"}},{\"@type\":\"Question\",\"name\":\"What documents do I need to make a claim?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>For claims based on a DTT, the main requirements are evidence of tax residence, the dividends received and the withholding tax borne.<\\\/p>\\n<p>In the case of investment funds, additional documents may be required concerning their incorporation, regulatory status, supervision, tax regime, investor characteristics and any other elements necessary to establish comparability and the effective tax treatment of the dividends.<\\\/p>\\n\"}},{\"@type\":\"Question\",\"name\":\"Does the process change if I invest through a custodian?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>The involvement of custodians or intermediaries may increase the documentation required. In particular, withholding tax certificates may need to be obtained and the payment flow from the Spanish company to the ultimate beneficial owner may need to be evidenced.<\\\/p>\\n\"}},{\"@type\":\"Question\",\"name\":\"Who is this process intended for?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>It is intended for non-resident investors receiving dividends from Spanish companies who have borne taxation exceeding the amount properly due.<\\\/p>\\n<p>It is particularly relevant for institutional investors, investment funds, asset managers, family offices and high-net-worth individuals with recurring investments in Spanish companies.<\\\/p>\\n\"}},{\"@type\":\"Question\",\"name\":\"How long do I have to request a refund?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p>As a general rule, refund requests using Form 210 that result in a refund may be submitted from 1 February of the year following the accrual date and within the four-year period established for requesting the refund.<\\\/p>\\n<p>However, the calculation of this period and any actions that may affect it must be assessed on a case-by-case basis, particularly where there have been prior administrative or judicial proceedings.<\\\/p>\\n\"}}]}<\/script>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-627eb60b e-flex e-con-boxed e-con e-parent\" data-id=\"627eb60b\" data-element_type=\"container\" data-e-type=\"container\" id=\"form\" data-settings=\"{&quot;background_background&quot;:&quot;gradient&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-63fa43ba e-con-full e-flex e-con e-child\" data-id=\"63fa43ba\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3fb6bb15 e-con-full e-flex e-con e-child\" data-id=\"3fb6bb15\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-42e513db elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"42e513db\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Think you overpaid withholding tax?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7758c334 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"7758c334\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Tell us about your situation. Our team will analyse the withholding tax applied, the relevant Double Taxation Treaty and, where applicable, the potential application of European Union law to determine the available options for recovering any excess tax paid in Spain.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7e93067f e-con-full e-flex e-con e-child\" data-id=\"7e93067f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e60e7b6 elementor-button-align-stretch elementor-widget elementor-widget-form\" data-id=\"e60e7b6\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;button_width&quot;:&quot;25&quot;,&quot;step_next_label&quot;:&quot;Next&quot;,&quot;step_previous_label&quot;:&quot;Previous&quot;,&quot;button_width_tablet&quot;:&quot;40&quot;,&quot;step_type&quot;:&quot;number_text&quot;,&quot;step_icon_shape&quot;:&quot;circle&quot;}\" data-widget_type=\"form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<form class=\"elementor-form\" method=\"post\" name=\"Tax Recuperaci\u00f3n Retenciones form EN\" aria-label=\"Tax Recuperaci\u00f3n Retenciones form EN\" novalidate=\"\">\n\t\t\t<input type=\"hidden\" name=\"post_id\" value=\"21275\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"e60e7b6\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"Recovery of Excess Withholding Tax on Dividends\" \/>\n\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"queried_id\" value=\"21275\"\/>\n\t\t\t\n\t\t\t<div class=\"elementor-form-fields-wrapper elementor-labels-\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-name elementor-col-50 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-name\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tName\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[name]\" id=\"form-field-name\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Name\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-email elementor-field-group elementor-column elementor-field-group-email elementor-col-50 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-email\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\temail\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"email\" name=\"form_fields[email]\" id=\"form-field-email\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"email\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-select elementor-field-group elementor-column elementor-field-group-field_dccbcd8 elementor-col-100 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_dccbcd8\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tCountry of tax residence\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field elementor-select-wrapper remove-before \">\n\t\t\t<div class=\"select-caret-down-wrapper\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"eicon-caret-down\"><\/i>\t\t\t<\/div>\n\t\t\t<select name=\"form_fields[field_dccbcd8]\" id=\"form-field-field_dccbcd8\" class=\"elementor-field-textual elementor-size-sm\" required=\"required\">\n\t\t\t\t\t\t\t\t\t<option value=\"Country of tax residence\">Country of tax residence<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"-\">-<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"United States\">United States<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Mexico\">Mexico<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"United Kingdom\">United Kingdom<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Germany\">Germany<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"France\">France<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Switzerland\">Switzerland<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Other\">Other<\/option>\n\t\t\t\t\t\t\t<\/select>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-textarea elementor-field-group elementor-column elementor-field-group-message elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-message\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tMessage\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t<textarea class=\"elementor-field-textual elementor-field  elementor-size-sm\" name=\"form_fields[message]\" id=\"form-field-message\" rows=\"4\" placeholder=\"Message\"><\/textarea>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-acceptance elementor-field-group elementor-column elementor-field-group-field_b20e360 elementor-col-100 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_b20e360\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tAcceptance Privacy Policy\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-subgroup\">\n\t\t\t<span class=\"elementor-field-option\">\n\t\t\t\t<input type=\"checkbox\" name=\"form_fields[field_b20e360]\" id=\"form-field-field_b20e360\" class=\"elementor-field elementor-size-sm  elementor-acceptance-field\" required=\"required\">\n\t\t\t\t<label for=\"form-field-field_b20e360\">I have read and accept the <a href=\u2018https:\/\/seegman.com\/en\/privacy-policy\/\u2019>Privacy Policy<\/a>.<\/label>\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-acceptance elementor-field-group elementor-column elementor-field-group-field_48759d3 elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-field_48759d3\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tAcceptance to receive communications\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-subgroup\">\n\t\t\t<span class=\"elementor-field-option\">\n\t\t\t\t<input type=\"checkbox\" name=\"form_fields[field_48759d3]\" id=\"form-field-field_48759d3\" class=\"elementor-field elementor-size-sm  elementor-acceptance-field\">\n\t\t\t\t<label for=\"form-field-field_48759d3\">I consent to receive commercial communications from Seegman<\/label>\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-recaptcha_v3 elementor-field-group elementor-column elementor-field-group-field_0f2c8f8 elementor-col-100 recaptcha_v3-bottomright\">\n\t\t\t\t\t<div class=\"elementor-field\" id=\"form-field-field_0f2c8f8\"><div class=\"elementor-g-recaptcha\" data-sitekey=\"6LdDZeYpAAAAAGVbmT2K7Tctgdk5fdxX_uY0zDZL\" data-type=\"v3\" data-action=\"Form\" data-badge=\"bottomright\" data-size=\"invisible\"><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-group elementor-column elementor-field-type-submit elementor-col-25 e-form__buttons elementor-md-40\">\n\t\t\t\t\t<button class=\"elementor-button elementor-size-md\" type=\"submit\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">SEND<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/button>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7ea80cd3 e-flex e-con-boxed e-con e-child\" data-id=\"7ea80cd3\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-66229ece elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"66229ece\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>This content is for advertising and general informational purposes only. For professional legal advisory services, please contact the firm directly through the designated specialist contacts. Seegman refers to Seegman Servicios Jur\u00eddicos, S.L.P., NIF B88144852.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Recovery of Excess Withholding Tax on Dividends in Spain We advise non-resident investors, investment funds, family offices and institutional investors on the recovery of withholding taxes borne on dividends distributed by Spanish companies, both where the withholding exceeds the limit established under the applicable Double Tax Treaty (DTT) and where there may be a difference [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-21275","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Recovery of Excess Withholding Tax on Dividends<\/title>\n<meta name=\"description\" content=\"We advise non-resident investors, family offices and institutional investors on recovering withholding tax\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seegman.com\/en\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recovery of Excess Withholding Tax on Dividends\" \/>\n<meta property=\"og:description\" content=\"We advise non-resident investors, family offices and institutional investors on recovering withholding tax\" \/>\n<meta property=\"og:url\" content=\"https:\/\/seegman.com\/en\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/\" \/>\n<meta property=\"og:site_name\" content=\"Seegman\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-24T15:26:02+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/recovery-of-excess-withholding-tax-on-dividends-in-spain\\\/\",\"url\":\"https:\\\/\\\/seegman.com\\\/en\\\/recovery-of-excess-withholding-tax-on-dividends-in-spain\\\/\",\"name\":\"Recovery of Excess Withholding Tax on Dividends\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#website\"},\"datePublished\":\"2026-09-23T14:49:34+00:00\",\"dateModified\":\"2026-09-24T15:26:02+00:00\",\"description\":\"We advise non-resident investors, family offices and institutional investors on recovering withholding tax\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/recovery-of-excess-withholding-tax-on-dividends-in-spain\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/seegman.com\\\/en\\\/recovery-of-excess-withholding-tax-on-dividends-in-spain\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/recovery-of-excess-withholding-tax-on-dividends-in-spain\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/seegman.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Recovery of Excess Withholding Tax on Dividends in Spain\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/seegman.com\\\/en\\\/\",\"name\":\"Seegman\",\"description\":\"Servicios jur\u00eddicos de calidad para una inversi\u00f3n exigente.\",\"publisher\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/seegman.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#organization\",\"name\":\"Seegman\",\"url\":\"https:\\\/\\\/seegman.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/seegman.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/logo_seegman_white.png\",\"contentUrl\":\"https:\\\/\\\/seegman.com\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/logo_seegman_white.png\",\"width\":600,\"height\":112,\"caption\":\"Seegman\"},\"image\":{\"@id\":\"https:\\\/\\\/seegman.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Recovery of Excess Withholding Tax on Dividends","description":"We advise non-resident investors, family offices and institutional investors on recovering withholding tax","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/seegman.com\/en\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/","og_locale":"en_US","og_type":"article","og_title":"Recovery of Excess Withholding Tax on Dividends","og_description":"We advise non-resident investors, family offices and institutional investors on recovering withholding tax","og_url":"https:\/\/seegman.com\/en\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/","og_site_name":"Seegman","article_modified_time":"2026-09-24T15:26:02+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"11 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/seegman.com\/en\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/","url":"https:\/\/seegman.com\/en\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/","name":"Recovery of Excess Withholding Tax on Dividends","isPartOf":{"@id":"https:\/\/seegman.com\/en\/#website"},"datePublished":"2026-09-23T14:49:34+00:00","dateModified":"2026-09-24T15:26:02+00:00","description":"We advise non-resident investors, family offices and institutional investors on recovering withholding tax","breadcrumb":{"@id":"https:\/\/seegman.com\/en\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/seegman.com\/en\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/seegman.com\/en\/recovery-of-excess-withholding-tax-on-dividends-in-spain\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/seegman.com\/en\/"},{"@type":"ListItem","position":2,"name":"Recovery of Excess Withholding Tax on Dividends in Spain"}]},{"@type":"WebSite","@id":"https:\/\/seegman.com\/en\/#website","url":"https:\/\/seegman.com\/en\/","name":"Seegman","description":"Servicios jur\u00eddicos de calidad para una inversi\u00f3n exigente.","publisher":{"@id":"https:\/\/seegman.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/seegman.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/seegman.com\/en\/#organization","name":"Seegman","url":"https:\/\/seegman.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/seegman.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/seegman.com\/wp-content\/uploads\/2020\/05\/logo_seegman_white.png","contentUrl":"https:\/\/seegman.com\/wp-content\/uploads\/2020\/05\/logo_seegman_white.png","width":600,"height":112,"caption":"Seegman"},"image":{"@id":"https:\/\/seegman.com\/en\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/pages\/21275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/comments?post=21275"}],"version-history":[{"count":11,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/pages\/21275\/revisions"}],"predecessor-version":[{"id":21356,"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/pages\/21275\/revisions\/21356"}],"wp:attachment":[{"href":"https:\/\/seegman.com\/en\/wp-json\/wp\/v2\/media?parent=21275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}