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Form W-8BEN Explained Form W-8BEN Explained

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Form W-8BEN Explained

An IRS Form W-8BEN form is a Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting purposes. By completing a Form W-8BEN, you confirm to us that you are not a U.S. Taxpayer and you will avoid having taxes withheld from your interest payments.

Form W-8BEN is mandatory for all foreign customers who hold an account with BB Americas Bank. Each account holder (authorized signers on the account) must provide to the Bank an individual completed, dated and signed Form W-8BEN. It is the sole responsibility of the account holder(s) listed in the account(s) to complete Form W-8BEN correctly.

You may refer to the instructions below prepared by BB Americas Bank or visit the IRS website for more information.

Additional Information:

Validity of Form W-8BEN: Form W-8BEN is valid for 3 years as of the date of signature on the form. The form expires on December 31 of the third year. BB Americas Bank will send you a notification via email or mail requesting the completion and return of a new Form W-8BEN when the most recent form on file nears expiry.

Why it is necessary to update Form W-8BEN every 3 years: Completing a new Form W-8BEN every 3 years is necessary to prove that your condition as a non-taxpayer in the U.S. remains in effect and, thus, to avoid the withholding of taxes on interest earnings.

Responsibility of updating and submitting Form W-8BEN: Updating and returning Form W-8BEN prior to the expiration date is the sole responsibility of the account holder(s) listed on the account(s). If an updated Form W-8BEN is not provided to BB Americas Bank, the Bank, acting in accordance with the IRS regulations, must begin withholding taxes.

Submission of the Form: After completing and signing Form W-8BEN, you must submit it to BB Americas Bank via your Online Banking access.

Where to send the form:

Please submit updated Form W-8BEN completed, dated and signed via Personal Online Banking or mail. Learn how:

Personal Online Banking

Log in to your Personal Online Banking Account:

  1. Click on Tools and Services and select Requests:
  2. From the list of available options, choose Transfer File:
  3. To begin, click on Transfer File:
  4. Select Browse to upload the desired document. Enter a Description and click Submit:
  5. Keep track of your uploaded files under the Histórico de Upload de Arquivo | File Upload History section:

OR

Mailing address:

BB Americas Bank
ATTN: Operations Department
1221 Brickell Ave Suite 2200 – Miami, FL 33131

PART I: Identification of Beneficial Owner

    1. Name of individual that is the beneficial owner
      For individuals: First and last name
      Example: Ana Maria Anjos
    2. Country of citizenship
      Enter your country of citizenship. If you are a dual citizen, enter the country where you are both a citizen and a resident at the time you complete this form.
    3. Permanent residence address (City or town, state or province. Include postal code where appropriate).
      • Permanent resident address is the address in the country where you claim to be a resident for purposes of that country’s income tax.
        Example: If you are a resident/citizen of Brazil, you must include your permanent address in Brazil.
      • Do not show the address of a financial institution, P.O. Box, or an address solely for mailing purposes.
      • If an individual does not have a tax residence in any country, your permanent residence is where you currently reside.
    4. Mailing address
      Enter a mailing address only if it is different from the permanent residence address shown on line 3.
    5. U.S. Taxpayer identification number (SSN or ITIN)
      This section is not required to be completed if you are a non-US citizen or resident and do not have a U.S Taxpayer Identification number. If this is the case, please leave it blank.
    6. Foreign Taxpayer Identification Number (See Instructions)
      Enter your foreign tax identification number.
    7. Reference number(s) (See Instructions)
      This section is not required to be completed.
    8. Date of Birth (MM/DD/YYYY) (See Instructions)
      Use the following format to input your information (MM-DD-YYYY) (Month/Day/Year).

PART II: Claim of Tax Treaty Benefits

  1. Only fill out this section if you are claiming a tax treaty benefit. Please refer to the Instructions provided by the IRS to complete this section.
  2. Only fill out this section if you are claiming a tax treaty benefit. Please refer to the Instructions provided by the IRS to complete this section.

PART III: Certification

The form must be signed and dated by the beneficial owner of the account.