We study the possible existence of a real Cabibbo-Kobayashi-Maskawa (CKM) m
atrix, with CP violation originating from physics beyond the standard model
(SM). We show that present experimental data allow for a real CKM matrix p
rovided that neu physics also contributes to Delta m(Bd) by at least 20% of
the SM contribution (for rho > 0), besides generating CP violation in the
kaon sector. The naturalness of a real CKM matrix is studied within the fra
mework of general multi-Higgs-doublet models with spontaneous CP violation.
As an example, we discuss a specific two-Higgs-doublet model and its impli
cations for CP asymmetries in non-leptonic neutral B-meson decays. (C) 1999
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