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Where Taxpayers and Advisers Meet
W-8BEM question
My European Malta based Crypto exchange is demanding I complete a W-8BEM for my exchange account when all my account data points to my UK residence and UK country of birth. I am against sharing my overseas information on this form. What are my options ? Currently, my exchange states they will withhold 30% of my US dividends if I do not comply. Being no profit has been moved out of the exchange how to take control of my own funds in this situation? Can the exchange seize my assets or freeze them ?
Re: W-8BEM question
It's BEN for beneficial owner.
The fact you are clearly UK resident isn't relevant, it's the source of the income/gains that's relevant.
For whatever reason the exchange wants/needs the form so your options are probably to provide it or move. Whether the exchange can or will want to freeze anything will be a matter of Maltese regulatory law and the t's and c's of the platform (although, if they are prepared to hold your funds without even your basic details, the t's and c's are the least of your concerns).
The fact you are clearly UK resident isn't relevant, it's the source of the income/gains that's relevant.
For whatever reason the exchange wants/needs the form so your options are probably to provide it or move. Whether the exchange can or will want to freeze anything will be a matter of Maltese regulatory law and the t's and c's of the platform (although, if they are prepared to hold your funds without even your basic details, the t's and c's are the least of your concerns).
Re: W-8BEN question
It's BEN for beneficial owner.
The fact you are clearly UK resident isn't relevant, it's the source of the income/gains that's relevant.
For whatever reason the exchange wants/needs the form so your options are probably to provide it or move. Whether the exchange can or will want to freeze anything will be a matter of Maltese regulatory law and the t's and c's of the platform (although, if they are prepared to hold your funds without even your basic details, the t's and c's are the least of your concerns).
Re: W-8BEM question
The exchange only said they will restrict my account and withhold 30% on profits made US dividends. Are all crypto coins regarded as US assets?
Re: W-8BEM question
That is a difficult question to answer; the first part is to identify which law applies.
If we assume US law (because it's a US tax issue), then you'd have to ask a US expert. HMRC treat all crypto as UK resident but I don't believe the law is certain even on that. It is difficult/impossible to ascertain the actual location, as a matter of fact, of a decentralised token.
If we assume US law (because it's a US tax issue), then you'd have to ask a US expert. HMRC treat all crypto as UK resident but I don't believe the law is certain even on that. It is difficult/impossible to ascertain the actual location, as a matter of fact, of a decentralised token.