Dividend withholding tax for Spanish tax residents

By the MeridIAn Screener team · Published on 14 October 2026 · 8 min read

If you are a Spanish tax resident (including foreigners living in Spain) and receive dividends from companies in other countries, those dividends are taxed twice: in the company's country and in Spain. Your Spanish tax return gives back part of what is withheld abroad, but not always all of it. Here is how much, with a table of 35 countries and a worked example in euros.

What withholding tax at source is

When a foreign company pays a dividend, its country keeps a share before the money reaches your broker: that is withholding tax at source. The same dividend is then taxed in Spain, in the savings part of your personal income tax return (19% to 30%, depending on your savings income that year).

So that you do not pay twice for the same income, your Spanish return lets you deduct what was withheld abroad: the international double taxation credit. But it has a cap, and anything above that cap only comes back if you claim it from the other country.

How much your Spanish return gives back

The credit (article 80 of the Spanish personal income tax law) is the lower of:

• what was withheld in the other country, capped, under the tax agency's usual approach, at the rate set by the tax treaty between the two countries, usually 15%;
• the Spanish tax on that same dividend.

So if the other country withholds 15% or less, you get it all back in your return. If it withholds more (Switzerland, Germany, Belgium, Italy…), the difference is lost unless you reclaim it at source.

If the country has no tax treaty with Spain (Taiwan, for example), you can deduct what was withheld up to the Spanish tax on that dividend.

In January 2026 a ruling by the Madrid High Court (Tribunal Superior de Justicia) allowed the full foreign withholding to be deducted, without the treaty cap. It does not set binding case law and the tax agency's usual approach is the treaty cap: if it affects you, ask a tax adviser.

Withholding by country

What each country withholds from an individual who is a Spanish tax resident, the treaty rate, what your Spanish return credits and what only comes back if you reclaim it there. The last column shows how many dividend-paying companies in the MeridIAn ranking are tax-domiciled in that country.

Spain is not in the table: Spanish withholding (19%) is a payment on account and is fully credited in your return (63 Spanish companies in the ranking pay a dividend). General figures, reviewed in October 2026; they may change and depend on your broker.

How to reclaim the excess

1. Get a tax residence certificate from the Spanish tax agency (Agencia Tributaria) website, with Cl@ve or a digital certificate. If you meet the requirements it is issued straight away, and almost every country asks for it.
2. Fill in that country's form (see the list below) with the dividends, the tax withheld and the certificate. Some are filed online, others on paper.
3. Keep your broker's statements: each dividend with the tax withheld.
4. Mind the deadline: from 2 to 5 years, depending on the country.

Some countries let you avoid the excess before payment, with a form your broker or the payer applies at source (Canada, Ireland, Poland, South Korea, Israel or South Africa). Some brokers and firms file the claim for a fee; with small amounts, the paperwork or the fee can cost more than what comes back.

How to reclaim in each country:

• Austria (12.5%): Form ZS-RD1 with a tax residence certificate; until the end of the 5th year.
• Belgium (15%): With form 276 Div-Aut stamped by the Spanish tax agency, filed with the Belgian tax administration.
• Canada (10%): With form NR301 your broker can apply 15%; otherwise, claim the refund from the CRA with form NR7-R.
• Denmark (12%): Under Danish law the final rate is 15%: claim the rest from Skattestyrelsen (Danish Tax Agency); 3-year deadline.
• Finland (20%): Form 6164e or MyTax with Vero (Finnish Tax Administration); 3-year deadline.
• Germany (11.4%): Claim it from the BZSt (German Federal Central Tax Office) with a tax residence certificate; 4-year deadline.
• India (5.8%): Form 41, residence certificate and PAN; otherwise, an Indian tax return.
• Ireland (10%): With form V2A, certified by the Spanish tax agency, Irish withholding is 0; otherwise, claim the excess from Revenue.
• Israel (15%): With an ITA certificate before payment; otherwise, a (slow) refund from the ITA.
• Italy (11%): Form A through your intermediary (at source) or Form B for a refund; 48-month deadline.
• Japan (10.3%): The 2018 treaty sets 5%, but 15.315% is almost always withheld: claim the difference from the NTA through the payer.
• Norway (10%): Through the Skatteetaten (Norwegian Tax Administration) portal; 5-year deadline.
• Poland (4%): With a tax residence certificate, the payer can apply 15% directly.
• Portugal (10%): Form 22-RFI filed with the Portuguese tax authority; 2-year deadline.
• South Africa (5%): Declaration to the intermediary before payment; otherwise, a refund within 3 years.
• South Korea (7%): Beneficial owner form to the paying agent; otherwise, a refund from the Korean NTS.
• Sweden (15%): Form SKV 3740 filed with Skatteverket; until the end of the 5th year.
• Switzerland (20%): Refund only: form 90 filed with the ESTV (Swiss Federal Tax Administration), also online; 3-year deadline.

Special cases

• Australia: The franked part of the dividend has no withholding; the unfranked part, 15% if your broker has your Spanish address (otherwise 30%).
• Brazil: Since 2026, on profits from 2026 onwards; interest on equity (JCP) is withheld at 17.5%.
• Chile: An additional 35% tax applies, credited with the corporate tax: in practice, 8-11% of the dividend received.
• China: This is the rate for H shares. ADRs of Cayman Islands companies usually withhold 0.
• Denmark: There is no tax treaty between Spain and Denmark.
• Finland: 35% in brokers' omnibus accounts; 30% if you are identified.
• France: 12.8% if your broker identifies you as an individual; if 25% is withheld, claim the difference with forms 5000 and 5001.
• India: ADRs usually withhold 10%.
• Taiwan: No tax treaty: nothing can be reclaimed in Taiwan, and in the Spanish return the credit cannot exceed your savings rate (19-30%).
• United Kingdom: UK REITs (PID dividends) do withhold 20%.
• United States: 15% if you have signed form W-8BEN with your broker; without it, 30% is withheld and reclaiming it is not worth it.
• Tax domicile different from headquarters: the company's tax domicile is what counts. Ferrari and Airbus are domiciled in the Netherlands; Linde, Accenture, Medtronic, Eaton and Johnson Controls, in Ireland.
• ADRs: if you buy a foreign company's shares in the US (ADRs), the withholding is that of the company's country, and the depositary bank may charge a small fee on each dividend.
• Funds and ETFs: withholding on the dividends of the shares they hold is borne by the fund itself, inside its return; it does not appear in your tax return and you cannot reclaim it.

Where you see it on MeridIAn

Every page of a dividend-paying company has a «Dividend withholding tax for Spanish tax residents» block with what is withheld, what you get back and an example per €100. If you record your trades in My Portfolio, it estimates how much excess is withheld from you each year.

Keep reading

General information for educational purposes. Not financial or tax advice, nor a recommendation to buy or sell securities. Investing in shares involves the risk of loss. · Contact: info@meridianscreener.com