Form W-8BEN

When foreigners are not taxed in the US

Form W-8BEN

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The tax laws of the USA (USA), require banks to keep on file an original of the form W-8BEN duly completed and signed by those clients who are legal persons or entities (businesses, non-profit organizations, etc.)

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EIn the event that you are the owner of any financial asset, you must request that the reduced rate be practiced through the filling in the W-BEN form "Certificate of Foreign Person Status of Beneficiary Owner for US Withholding Taxes”Which must be submitted to the US tax authorities.





    What is Form W-8BEN?

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    l document W-8BEN it is valid only for a period of three years. Each person who appears as the owner in a offshore bank account you are required to fill out and sign a separate Form W-8BEN. If the bank's files are not up-to-date with the originals of Form W-8BEN, the law requires to withhold taxes with a 30% rate on the interest received (whether or not you are a US resident). If, on the contrary, this document is perfectly documented, the owner of the financial assets located in United States You will enjoy an advantageous tax treatment.

    In addition, the law requires that, if you have a US mailing address, or makes use of the mail custody service offered by some banks, you need to complete and sign the document entitled "Attachment to Form W-8BEN. " This document must include an explanation of the why do you have a US postal address if it is a person residing abroad.

    For your convenience, we have prepared a series of instructions that describe how to fill each space in the Form W-8BEN along with a sample.

    Fill in the document

    Instructions for completing Form W-8BEN

    El Internal Revenue Service (IRS) of the USA (USA), requires that the Form W- 8BEN be completed by account holders from abroad, certifying that they are not residents or citizens of the United States. This formulary certifies that the person, business, or other legal entity is a nonresident alien nor a U.S. citizen, and therefore is exempt from paying taxes on income generated in the US. If the client does not provide this document in original or incompletely deliver it, the bank is obliged to withhold taxes at a rate of 30% on the income received. If an account has different holders, each one must fill out a separate form.

    Part I: Identification of the beneficiary of the account

    Name of the beneficiary person or organization

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    For individuals: name and surname as they appear in their passports

    Country of Citizenship

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    write your country of citizenship: If you have dual citizenship write the country of citizenship and residence at the time of filling out the form.

    Permanent Residence Address

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    permanent address is the address of the country where you reside for tax purposes. o Example: if you are a resident / citizen of Spain, then you must include your permanent address in Spain.

    Do not include the address of a financial institution, a mailing address, or an address used only for correspondence purposes.

    If for tax purposes an individual has no residence, his permanent address will be where do you normally reside. If you are a legal entity and do not have a tax residence in any country, then the permanent address is where the entity has its main offices. o Example: Paseo de la Castellana 5432.

     

    Mailing Address

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    Enter the mailing address only if it is different from the one on line 4.

    Taxpayer Tax Identification Number in the United States of America

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    This section does not have to be completed if you are not a US resident or citizen. If so, please write N / A (for "not applicable").

    Foreign Tax Identification Number

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    You can leave this space blank. However, if you do not write the foreign tax identification number on this line, you must enter your date of birth in field 8, following the order detailed in that field.

    Reference number (s)

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    This section does not have to be completed if you are not a US resident or citizen. If so, please write N / A (for β€œnot applicable).

    Date of birth

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    If you did not enter a Foreign Tax Identification number in field 6, please write your date of birth in this field. Follow this order: (MM / DD / YYYY) (Month day Year). For example, if you were born on March 16, 1961, you would write 03-17-1961.

    Part II: Certification of Benefits for a Double Taxation Agreement

    Sections 9 and 10

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    It is unlikely that Part II (Sections 9 and 10) will be completed by you. This section applies only if you are requesting benefits from a tax treaty. In section 9 you can choose section 'a' and enter the country of origin. Meanwhile, section 10 should be left blank.

    Part III: Certification

    Date and signature

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    irma: The W-8BEN form must be completed and signed by the account holder / beneficiary of the account. If the beneficiary / account holder is not an individual but a corporation, then it must be completed and signed by the person legally authorized by the board of directors of the corporation.

    Date: the Form must be dated on the day of signature.

     

    "Capacity in Which Acting:" If the account is in the name of a corporation or other legal entity, then write the title of the individual authorized to sign the form. Example: legal representative, president, secretary, etc ...

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