Tired Paul
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W8BEN can be used to exclude a foreign investor from the tax altogether......."If applicable, claim a reduced rate of, or exemption from withholding as a resident of a foreign country with which the United States has an income tax treaty and who is eligible for treaty benefits." (From IRS website - instructions on w8BEN)
http://www.irs.gov/pub/irs-pdf/iw8ben.pdf
Who Must Provide Form W-8BEN
You must give Form W-8BEN to the withholding agent or payer if you are a nonresident alien who is the beneficial owner of an amount subject to withholding, or if you are an account holder of an FFI documenting yourself as a nonresident alien. If you are the single owner of a disregarded entity, you are considered the beneficial owner of income received by the disregarded entity. Submit Form W-8BEN when requested by the withholding agent, payer, or FFI whether or not you are claiming a reduced rate of, or exemption from, withholding.
Giving Form W-8BEN to the withholding agent.
Do not send Form W-8BEN to the IRS. Instead, give it to the person who is requesting it from you. Generally, this will be the person from whom you receive the payment, who credits your account, or a partnership that allocates income to you. An FFI may also request this form from you to document your account as other than a U.S. account.
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