Interest tax withheld in Wise account

[European]

Hi all,
I have some money in USD in a Wise account. It pays monthly interest (called "cashback" by Wise) but they withhold 30% in tax for the Belgian state. I am NOT a tax resident in Belgium and Wise knows it.

1. Is there a way to avoid the withholding?
2. If not, how and when can I claim that money back from the Belgian tax authorities?

Thanks

 

[EliasIT]

How much have you earned from them, since you find it interesting?
I received a grand total of 0.10 cents today, which obviously doesn't make me dance with joy or worry too much about their 30% tax.

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[Martin Everson]

European said:
1. Is there a way to avoid the withholding?
Click to expand...

No

European said:
2. If not, how and when can I claim that money back from the Belgian tax authorities?
Click to expand...

Not worth it.

Maybe read the below and switch from Wise Balance Cash Back to Wise Interest where there is no withholding tax applied and you get much higher rates.

https://www.offshorecorptalk.com/threads/best-easy-safe-eu-bank-to-park-100k.42773/post-276132

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[European]

Martin Everson said:
Not worth it.
Maybe read the below and switch from Wise Balance Cash Back to Wise Interest where there is no withholding tax applied and you get much higher rates.
https://www.offshorecorptalk.com/threads/best-easy-safe-eu-bank-to-park-100k.42773/post-276132
Click to expand...

Thanks @Martin Everson
Why not worth it? Do you have additional info on the procedure?

It doesn't look like Interest is available in my country of residence

 

[Martin Everson]

European said:
Why not worth it? Do you have additional info on the procedure?
Click to expand...

Yes....you can give it a go below and tell us how you got on. You would need Wise to help you etc I believe.

https://finance.belgium.be/en/priva...bursement-withholding-tax-movable-property#q1

European said:
It doesn't look like Interest is available in my country of residence
Click to expand...

😕

I would wait until EU FASTER is implemented.

P.S How much withholding tax are we talking about here that you want back. Your in Iceland and default WHT between Iceland and Belgium is 10% so you could theoretically get back 20% of WHT.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Why]

Martin Everson said:
Yes....you can give it a go below and tell us how you got on. You would need Wise to help you etc I believe.

https://finance.belgium.be/en/priva...bursement-withholding-tax-movable-property#q1



😕

I would wait until EU FASTER is implemented.

P.S How much withholding tax are we talking about here that you want back. Your in Iceland and default WHT between Iceland and Belgium is 10% so you could theoretically get back 20% of WHT.
Click to expand...

That would be 66% of WHT if I am not mistaken

 

[Martin Everson]

Why said:
That would be 66% of WHT if I am not mistaken
Click to expand...

Your correct the WHT would be reduced from 30% to 10% WHT under DTA so 20/30 is 66% of WHT you get back

I worded it completely wrong and should have just wrote you get back 66.66% of the 30% WHT....fullstop conf/(%

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.