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Forms W-8
Form W-8 Validity Period
- Details
In general Forms W-8BEN, W-8ECI and W-8EXP are valid beginning on the date the form is signed by the client and expires on December 31 of the third succeeding year.
For example, a Form W-8BEN signed on March 31, 2008 would be valid from the date of signature until December 31, 2011.
These forms also become invalid in case of a change in circumstances that makes the information on the form incorrect.
Form W-8IMY generally remains valid indefinitely, and becomes invalid only when the status of the person providing the form changes in a way relevant to the Form W-8IMY or circumstances change that make the information on the Form W-8IMY no longer correct.
Form W-8BEN, W-8ECI and W-8EXP that has a valid US tax number (ITIN, SSN, EIN) is valid indefinitely.
Form W-8
- Details
Form W-8 is an essential part of the QI documentation requirements. Forms W-8 serve to document clients both for purposes of US NRA tax (chapter 3) and FATCA (chapter 4) . There are five types of Form W-8 that can be used for different types of account holders.
Information about all Forms W-8.
For individual clients that are beneficial owners, a QI must have valid documentation in order to provide a reduced rate of US withholding. Valid documentation for beneficial owners that are individuals can be either a Form W-8BEN or other forms of identification as provided under the IRS approved KYC Rules for the jurisdiction in which the QI operates.
For entity clients that are beneficial owners, a QI must have valid documentation in order to provide a reduced rate of US withholding. Valid documentation for entity beneficial owners can be either a Form W-8BEN-E or other forms of identification as provided under the IRS approved KYC Rules for the jurisdiction in which the QI operates.
This is a new form (published in April 2009) and is to be used to document covered US expatriates, who are subject to special US tax rules. See the form instructions for a definition of covered expatriate.
Form W-8ECI is used to certify that income is effectively connected with a US trade or business, and therefore not subject to US NRA withholding. This form typically is used by non-US clients that have a branch in the US.
Form W-8EXP is used to document clients that are non-US governments, international organizations or non-US tax exempt organizations.
Form W-8IMY must be obtained from clients that are intermediaries and/or FFIs, including QIs, non-QIs, non-US partnerships and non-US trusts. In case the client is a QI, Withholding Foreign Partnership or Withholding Foreign Trust, it must indicate its QI-EIN, WP-EIN or WT-EIN and GIIN in order for the form to be valid.
