FAQs: How to Update Your Foreign Status
How soon is my status updated on my Fidelity accounts?
If you've successfully completed your W-8BEN status update online, your update is made the same day.
If there are questions regarding your status update, we will review your materials for accuracy. If we need to request additional information, we'll do so within 3 days. The letter we'll send can take up to 10 days for delivery based on your location.
After I complete the Form W-8, does that mean I'm exempt from nonresident alien withholding?
No, completing a Form W-8 doesn't exempt you from nonresident alien withholding, which is generally 30% from U.S. source dividend and royalty income or a lower percentage depending on the tax treaty rates. However, you may want to check with your tax advisor to help determine your specific tax situation.
What if I become a U.S. citizen or permanently reside in the United States?
If you become a U.S. citizen or have a permanent residence in the United States, you may submit a Form W-9 to provide or certify your tax identification number. You don't need to recertify a Form W-9 after you've completed it. For more information, please see How to Update and Certify Your Social Security or Taxpayer ID Number.
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