When you sign up and fund your account, we digitally complete the W8-BEN (or W9 if you are a US tax resident) for you.
This reduces any withholding tax on share sales and also drops the amount of withholding on any income (such as dividends) from 30% to 15%.
Stake has automated this process together with our US broker dealer, so your documentation is complete and the appropriate withholding tax will be applied to your account.
We charge US$5 upon your first funding and you only pay this once. You'll see this fee on your first funding before you decide to transfer your funds.
Purpose of the W8 form
For listed securities which derive income in the USA, the US Internal Revenue Service (IRS) requires certain documentation from the ultimate beneficial owner to ensure the appropriate level of withholding tax is deducted.
We take care of this for you.