GlobeTax’s MIDAS™ service provides a comprehensive outsourced tax relief and recovery solution to help investors maximize return on their cross-border income through the fastest available process – relief at source, quick refund, and post-payable reclaim. As the investor’s appointed agent, GlobeTax procures all documentation, monitors cross-border income, manages relief at source elections (where eligible), files standard reclaim applications, oversees payment, and provide reporting and audit support through a dedicated relationship manager.
MIDAS™ benefits banks and brokers, financial advisors, and investors such as hedge funds, asset managers, collective investment trusts, pensions, endowments, charities, family offices, insurance companies, proprietary trading groups, and high net worth individuals, among others.
Investors seeking to maximize return on investment and fund managers striving to beat their benchmarks stand to benefit from withholding tax recovery, which can can add upwards of 25 basis points to annual portfolio performance.
To help investors and investment managers receive maximal entitlements with minimal effort, GlobeTax’s MIDAS™ service generates prepopulated documents, files reclaim applications, tracks outstanding claims, and follows up with the appropriate intermediaries until payments are successfully remitted. Clients also receive a dedicated relationship manager to communicate service benefits, respond to queries, and identify additional opportunities to earn entitlements.
This service benefits a range of entity types including hedge funds, asset managers, pensions, endowments, family offices, prop trading desks and high net worth individuals, among others.
For Investment Advisors
Investment Advisors seek to help their clients maximize portfolio performance while distinguishing their capabilities from other wealth management professionals.
By recovering over-withheld tax on behalf of clients, GlobeTax’s MIDAS™ service helps investment advisors achieve this goal. Empowered under Power of Attorney, GlobeTax prepares custom documentation packages for each client, identifies entitlement opportunities, submits and tracks outstanding claims, and provides quarterly reports that make it easy to communicate the value-add of withholding tax recovery.
Financial institutions seek to distinguish themselves from competitors by providing value-add services; tax recovery can add tens of basis points to client portfolio performance annually. However, due to stringent requirements and tight deadlines, the service can be risky and expensive to administer, so many financial institutions do not provide a comprehensive offering.
GlobeTax’s MIDAS™ service removes the burden from financial institutions, securing relief at source, quick refund and standard reclaim entitlements for investor clients. With MIDAS™, GlobeTax identifies entitlement opportunities, produces and lodges custom documentation packets, monitors investor income, makes elections with DTCC via ISO 20022 messages, files standard reclaims where needed, and tracks payment, ensuring clients secure all tax benefits via the fastest possible process.