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Do NRAs have to have FTIN?

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Question: 
Is a US TIN enough for a NRA on an interest bearing account?
Answer: 

No, approximately 80 countries require a FTIN on a W-8BEN or you must withhold 30%. Many systems and financial institutions have missed this and are operating on old rules. The IRS finalized these rules on January 2, 2020.

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Learn more about Deborah Crawford’s webinar Alert! Deposit Regulatory Update for Second Quarter

First published on 05/31/2020

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