Please note, W-8BEN forms are only valid for three years after date of signature. If any information needs to be updated during the three-year time period, a new W-8BEN form must be submitted within 30 days.
What is W-8BEN for non-US individuals?
The W-8BEN establishes that you are a non-US taxpayer who has received US-sourced income. It allows you to claim exemption from the mandatory withholding, which can be up to 30% of interest earned.
How do I fill out the W-8BEN form in the USA?
How Do I Fill Out Form W-8BEN? Part I Identification of Beneficial Owner: Line 1: Enter your name as the beneficial owner. Line 2: Enter your country of citizenship. Line 3: Enter your permanent residence/mailing address. Line 4: Enter your mailing address, if different.
Why do I need a W8BEN?
Completing a W-8BEN form (Certificate of Foreign Status of Beneficial Owner for US Tax Withholding and Reporting) allows you to hold US shares within any account except a SIPP. It entitles you to a reduced tax rate in the US on your investments.
Am I eligible for the W-8BEN form?
Who Can File W-8 Forms? W-8 forms are filled out by foreign individuals or entities that lack U.S. citizenship or residency, but have worked in the U.S. or earned income in the U.S. This usually applies to foreign-domiciled businesses and non-resident aliens.
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Give Form W-8 BEN to the withholding agent or payer if you are a foreign person and you are the beneficial owner of an amount subject to withholding. Submit Form W-8 BEN when requested by the withholding agent or payer whether or not you are claiming a reduced rate of, or exemption from, withholding.
Who needs to fill out form w-8BEN?
Non-US individuals who receive certain types of income from US sourcessuch as interest, dividends, rents, royalties, and certain other types of incomeneed to fill out the W-8 BEN. The form is used to claim any applicable tax treaty benefits and to verify that the individual is not a US resident for tax purposes.
What happens if I dont fill out form w-8BEN?
Failure to provide a Form W-8BEN when requested may lead to withholding at the foreign-person withholding rate of 30% or the backup withholding rate under section 3406.
Related links
Form W-8BEN-E (Rev. October 2021)
4. Chapter 3 Status (entity type) (Must check one box only):. Corporation. Partnership. Simple trust. Tax-exempt organization. Complex trust. Foreign Government
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