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Why am I not required to provide a W8BEN form when opening a nabtrade account?

nabtrade International customers are not required to complete a W8BEN form as nabtrade act as a Qualified Intermediary (QI) on behalf of the IRS (the US tax authority). The information that we collect when we register your international account is sufficient for the IRS, so there’s no need for an individual W8BEN.

The main purpose of a QI is to ensure you are correctly taxed and US withholding tax is applied to foreign investors. A Qualified Intermediary is a foreign financial institution such as a bank, broker or asset manager, which pays US source income to its customers and has signed a Qualified Intermediary Agreement (QIA) with the IRS.