Invite a Beneficial Owner, and allow them to complete and e-sign their Form W-8BEN.
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The W-8BEN Form, Certificate of Foreign Status of Beneficial Owner for the United States Tax Withholding & Reporting (Individuals), is an IRS tax form, similar to the W9 form.
The W-8BEN Form must be filled out by non-US residents, beneficial owners who are receiving payments from individuals or companies in the United States.
The Form W-8BEN must be filled out by the beneficial owner(s) who are not US citizens or residents for tax purposes.
This form is used by a non-United States person who is a “beneficial owner” in order to avoid U.S federal income tax backup withholding on payments made in connection with the Offer. The Form W-8BEN is only filled out upon request, this request is always made prior to the payment.
The following are the steps to complete the Form W-8BEN. The beneficial owner(s) should complete these steps on the Form W-8BEN.
A foreign individual will be subject to the 30% tax rate on any income they receive from the following US sources:
This mandatory withholding tax is applied to the gross earnings of the foreign individual or entity.
There are some types of income earned in the US that will not be subjected to this 30% withholding tax. These income types include,
You may still need to submit Form W-8BEN to claim an exception from any US information reporting and the back-up withholding for these types of US source income.