Case C-525/24, Santander Renta Variable España Pensiones, Fondo de Pensiones: Judgment of the Court (Sixth Chamber) of 27 November 2025 (request for a preliminary ruling from the Tribunal Arbitral Tributário (Centro de Arbitragem Administrativa – CAAD) – Portugal) – Santander Renta Variable España Pensiones, Fondo de Pensiones v Autoridade Tributária e Aduaneira (Reference for a preliminary ruling – Article 63 TFEU – Free movement of capital – Taxation – Corporation tax on dividends – Legal person governed by Spanish law, taxable person not resident in Portugal – Withholding tax – Exemption – Standard of proof – Certificate attesting that the conditions for exemption are satisfied – Article 65 TFEU – Overriding reasons in the public interest – Effectiveness of fiscal supervision – Effective collection of tax – Cooperation and mutual assistance between the competent authorities of the Member States)
Date: 2025-11-27
Institutions: Court of Justice
Subjects: corporation tax, equal treatment, free movement of capital, pension fund, proof, tax exemption, tax rebate, tax relief








C_202600428EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/428


2.2.2026






Judgment of the Court (Sixth Chamber) of 27 November 2025 (request for a preliminary ruling from the Tribunal Arbitral Tributário (Centro de Arbitragem Administrativa – CAAD) – Portugal) – Santander Renta Variable España Pensiones, Fondo de Pensiones v Autoridade Tributária e Aduaneira


(Case C-525/24,
                (1)
Santander Renta Variable España Pensiones, Fondo de Pensiones)

(Reference for a preliminary ruling - Article 63 TFEU - Free movement of capital - Taxation - Corporation tax on dividends - Legal person governed by Spanish law, taxable person not resident in Portugal - Withholding tax - Exemption - Standard of proof - Certificate attesting that the conditions for exemption are satisfied - Article 65 TFEU - Overriding reasons in the public interest - Effectiveness of fiscal supervision - Effective collection of tax - Cooperation and mutual assistance between the competent authorities of the Member States)
(C/2026/428)
Language of the case: Portuguese

Referring court

Tribunal Arbitral Tributário (Centro de Arbitragem Administrativa – CAAD)

Parties to the main proceedings


Applicant: Santander Renta Variable España Pensiones, Fondo de Pensiones

Defendant: Autoridade Tributária e Aduaneira

Operative part of the judgment

Article 63(1) TFEU must be interpreted as:






—


not precluding a Member State from requiring a non-resident pension fund to provide proof that the substantive conditions for being granted an exemption from the tax levied on dividends received by that fund are satisfied, by producing a declaration that is confirmed and certified by the authorities responsible for the supervision of that fund in its Member State of residence, provided that those authorities have the necessary powers and competences to issue such a declaration, that that declaration can be obtained within a reasonable period of time, and that there are no measures which, while being equally effective, are less restrictive;










—


precluding a Member State from requiring a non-resident pension fund to provide proof that the substantive conditions for obtaining a refund of the tax levied on dividends received by that fund are satisfied, by producing a declaration that is confirmed and certified by the authorities responsible for the supervision of that fund in its Member State of residence.






(1)  OJ C, C/2024/6409.


ELI: http://data.europa.eu/eli/C/2026/428/oj
ISSN 1977-091X (electronic edition)