Definitions
Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individual)
Form W-8BEN
These are the two channels where BOS may receive client W8s from branches/NBLs
BOS inbox and Workflow (EWFT)
This is currently the only acceptable W-8BEN version date
Rev. October 2021
Name IBS fields that BOS CAN and CAN'T update based on W-8 (one each)
CAN: FTIN, US TIN, GIIN
CAN'T: Name, Citizenship, Address, DOB
ABC Inc, incorporated in US Virgin Islands, is a US corporation for W9/W8 purposes (True/False)
False
An individual who is neither a citizen nor a resident of the United States for tax purposes.
Non-Resident Alien
BOS must code an account for withholding if no valid W-8 is received within this time period after first appearing on the NRA New Account Report
30 calendar days
This is the only acceptable addition/modification to the W-8BEN.
Affidavit of Unchanged Status ("Super W8")
This is the withholding rate applied to Entities without a valid W-8 on file
DOUBLE POINTS: Name the law/regulation requiring the above withholding
30%
BONUS: FATCA or Chapter 4
This form reports income paid to foreign recipients
Form 1042-S
Name the three general categories that can trigger US Indicia
(1) US Address (2) US Phone Number (3) US Residency or Citizenship
Corporate Tax agrees to this service level for reviewing entity W8s referred by BOS
An electronically signed W8 must have this to be accepted
An indication it was digitally signed
This IBS Withholding Code applies to accounts of individuals without a valid W-8 on file
C, Not exempt - No form on file
If an entity/trust has provided a GIIN, the BOS representative will add the following date in the NEXT VERIFICATION field in IBS
The date that is 11 months after the Verification Date provided by Corporate Tax
An entity incorporated or organized under the laws of a non-U.S. jurisdiction
Foreign entity
FBO, Joint (OR), and Owner Nonperson are examples of these
W-8 Eligible Roles
This item must be completed if the person signing the W-8BEN is not the person named on Line 1.
Capacity certification checkbox
Status Code I (Suppress Form) is only applied in this scenario
Entity client with Valid W-8
Name THREE "No TIN Countries"
Australia, Bahamas, Bermuda, BVI, Cayman, Japan, Taiwan, UAE, El Salvador, Guatemala, Jordan, Malaysia, Saudi Arabia (& more)
GIIN is the abbreviation for
Global Intermediary Identification Number
A court-blocked account is opened for a minor (Mexico citizen, US resident). Guardian is a citizen and resident of Mexico. Which W-8 forms are required and from whom?
None
This IBS page shows whether an individual client is designated as a U.S. citizen or resident
Due Diligence
An account should only be updated based on a client's valid W-8 if BOTH of these criteria are met
1. Client has W-8 Eligible Role on the account
2. All Clients with W-8 Eligible Roles on the account have a valid W-8
For tax purposes, a trust is determined to be either a US trust or a foreign trust under under these two legal tests
Court Test and Control Test