Interest tax withheld in Wise account

[European]

Hi all,
I have some money in USD in a Wise account. It pays monthly interest (called "cashback" by Wise) but they withhold 30% in tax for the Belgian state. I am NOT a tax resident in Belgium and Wise knows it.

1. Is there a way to avoid the withholding?
2. If not, how and when can I claim that money back from the Belgian tax authorities?

Thanks

 

[EliasIT]

How much have you earned from them, since you find it interesting?
I received a grand total of 0.10 cents today, which obviously doesn’t make me dance with joy or worry too much about their 30% tax.

 

[Martin Everson]

1. Is there a way to avoid the withholding?

No

2. If not, how and when can I claim that money back from the Belgian tax authorities?

Not worth it.

Maybe read the below and switch from Wise Balance Cash Back to Wise Interest where there is no withholding tax applied and you get much higher rates.

Best Easy & Safe EU Bank to park $100K

It just looks like they are taking their cut, which is more than a regular broker, i think its 0.3-0.5 depending on currency. With USD you're supposed to get 5.54% I believe They are not taking a cut. Belgium applies 30% withholding tax on interest income for non-residents in general. So Wise...

www.offshorecorptalk.com

 

[European]

Not worth it.
Maybe read the below and switch from Wise Balance Cash Back to Wise Interest where there is no withholding tax applied and you get much higher rates.

Best Easy & Safe EU Bank to park $100K

It just looks like they are taking their cut, which is more than a regular broker, i think its 0.3-0.5 depending on currency. With USD you're supposed to get 5.54% I believe They are not taking a cut. Belgium applies 30% withholding tax on interest income for non-residents in general. So Wise...

www.offshorecorptalk.com

Thanks @Martin Everson
Why not worth it? Do you have additional info on the procedure?

It doesn't look like Interest is available in my country of residence

 

[Martin Everson]

Why not worth it? Do you have additional info on the procedure?

Yes....you can give it a go below and tell us how you got on. You would need Wise to help you etc I believe.

Reimbursement of the withholding tax on movable property

finance.belgium.be

It doesn't look like Interest is available in my country of residence

I would wait until EU FASTER is implemented.

P.S How much withholding tax are we talking about here that you want back. Your in Iceland and default WHT between Iceland and Belgium is 10% so you could theoretically get back 20% of WHT.

 

[Why]

Yes....you can give it a go below and tell us how you got on. You would need Wise to help you etc I believe.

Reimbursement of the withholding tax on movable property

finance.belgium.be

I would wait until EU FASTER is implemented.

P.S How much withholding tax are we talking about here that you want back. Your in Iceland and default WHT between Iceland and Belgium is 10% so you could theoretically get back 20% of WHT.

That would be 66% of WHT if I am not mistaken

 

[Martin Everson]

That would be 66% of WHT if I am not mistaken

Your correct the WHT would be reduced from 30% to 10% WHT under DTA so 20/30 is 66% of WHT you get back

I worded it completely wrong and should have just wrote you get back 66.66% of the 30% WHT....fullstop