GlobeTax - Beneficial Owners

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Beneficial Owner

Ultimately, beneficial owners are the only entities who have "entitlements" to recover tax and the only ones who can file for those entitlements. Unfortunately, the level of knowledge about withholding tax issues is still so low that many beneficial owners do not even realize that they have entitlements.

This is where GlobeTax works with custodians and others in the financial services community to raise awareness of the issue. We are also, of course, contracted by, and available directly to, beneficial owners such as funds, institutional investors and high net worth individuals. Based on documentation and income data received from the beneficial owner's custodian or broker, we monitor cross border income free of charge. Then, whenever we find an entitlement to a tax reclaim, we file that reclaim application on behalf of the beneficial owner.

We have been doing this, and only this, since 1992. Last year we filed over 1.7 million claims for clients all over the world in all available recovery markets. Since 1992, our fail rate has been, and still is 0.00%. Every reclaim we have ever filed has been paid. That's not all; our fees are completely contingent. We only get paid after we have recovered tax for a beneficial owner. Due to the low awareness of this issue, we also provide a free analysis service. We will analyze your cross border income and provide a report outlining the scale and scope of any entitlements you may have.

So, ultimately for beneficial owners, this is what's called a "no-brainer". There's no cost to find out if you have recoverable tax, no up front cost to sign up and you only pay a fee when the tax is credited to your account. For fund managers and institutional investors, this is a win-win scenario. Many funds are required under regulation to demonstrate that they have optimized income for their underlying investors. Where regulation is not sufficient motivation, disclosure to investors usually is. Either way, our beneficial owner service provides the most cost-effective solution.

Metrics

Volume		1.7 million+ reclaims filed annually
Fail Rate		0.00%
Instrument types		Depositary Receipts (ADR, GDR, NYRS) Fixed Income (Bond Interest), Ordinary Shares (ORDs)

Who can use the Service

Asset Managers		Corporations
Foundations		Hedge Funds
Individuals		Mutual Funds
Nominees		Omnibus
Partnerships		Pension Funds
SICAVs		Sovereign Entities
Trusts		UCITS III

To Download the Beneficial Owner Services Fact Sheet, please click here