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GlobeTax specializes in recovering cross-border withholding tax for holders of international securities. Generally, those who hold foreign investments are taxed at a relatively high statutory rate. However, due to treaty agreements between foreign governments, most investors are eligible to recover some or even all of the tax withheld from their investment income. Foreign tax authorities will hold the excess funds for a set period (or Statute of Limitation) which varies by market. Because of this, investors who are reclaiming excess withholding tax for the first time often receive a windfall payment, as they may be entitled to multiple years of recovery. However, if you don’t reclaim the funds to which you are entitled within the Statute of Limitation period, they are lost forever.
This places responsibility with the fund manager for ensuring that they are recovering all monies they are entitled to. As independent experts, GlobeTax can evaluate the custodian’s reclaim services, so mutual fund managers can ascertain whether they are receiving all excess withholdings to which the fund is entitled.
GlobeTax has relationships with numerous custodians and brokers whose clients we service on a case-by-case basis. Managers who believe there is a possibility of tax reclamation for particular accounts refer their clients (and their client’s advisers) to GlobeTax. We contract with the client directly, performing reclaim services on their behalf and depositing the money into their accounts. To request a free analysis, click here.
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