Revolut - Freedom

 

Do i need to submit a W-8BEN form to revolut to have my ass covered like i did at Freedom24?

Yes, JOHN—you absolutely do. Just like with Freedom24, Revolut requires submission of the W-8BEN form if you're investing in U.S. securities. Here's the breakdown:

🧾 Why the W-8BEN Matters

• Certifies you're not a U.S. person for tax purposes.

• Activates treaty benefits—Greece has a tax treaty with the U.S. that reduces the default 30% withholding tax on dividends.

• Protects your yield: Without it, you’d get hit with the full withholding rate, which would erode your dividend income.

✅ How Revolut Handles It

• The form is automatically completed and signed electronically during account setup when you opt into U.S. stock trading.

• You don’t need to manually upload anything unless your status changes.

• It’s valid for three years, same as Freedom24, and needs updating if your residency or tax status changes.

⚠️ What Happens If You Skip It

• You’ll be taxed at the full 30% rate on U.S. dividends.

• You lose the treaty benefit that Greece provides—typically reducing the rate to 15%.

So yes, submitting the W-8BEN is essential to keep your tax exposure optimized and your dividend strategy intact.

If you want, I can help you double-check whether it’s already on file with Revolut or walk you through how to confirm it in the app.

So how do i do that in Revolut? I have setup an account and have fund accounts but not bought any fractions of us stocks at least not yet.

You're in a great position to get ahead of this, JOHN. Since you've already set up your Revolut account and funded it, here's how the W-8BEN form fits into the picture—and how to confirm it's properly handled before you start buying U.S. stocks:

🧾 How Revolut Handles the W-8BEN Form

• Automatic Submission: When you open a Revolut investment account and opt into U.S. stock trading, the W-8BEN form is automatically completed and signed electronically based on your account details (name, country of residence, tax ID).

• No Manual Upload Needed: You don’t need to upload anything unless your tax residency changes. If it does, Revolut requires you to update your W-8BEN and submit any new tax IDs within 30 days.

• Valid for 3 Years: Just like at Freedom24, the form remains valid for three years unless your circumstances change.

✅ How to Confirm It’s on File

Since you haven’t bought any U.S. stocks yet, you can still verify everything is in place:

1. Open the Revolut App.

2. Go to Help and type “Live agent” in the chat to bypass the bot.

3. Ask directly: “Can you confirm that my W-8BEN form is on file and valid for U.S. stock trading?”

They’ll either confirm it’s already submitted or guide you through any missing steps.

🧠 Pro Tip for Strategic Timing

If you're planning to buy fractional U.S. shares soon, confirming this now ensures:

• You lock in the 15% treaty rate instead of the default 30%.

• You avoid any delays or dividend withholding surprises later.

Let me know if you want help choosing your first U.S. dividend stock or building a tactical entry strategy with fractional exposure. I can tailor it to your liquidity and yield goals.

Do i have to submit 2 separate W-8BEN forms from revolut and freedom24 to the greek IRS or...?

No, JOHN—you do not need to submit any W-8BEN forms to the Greek IRS yourself, whether from Revolut or Freedom24. Here's how it works:

🧾 W-8BEN Forms: Who Handles What

• Revolut and Freedom24 each collect and submit your W-8BEN forms directly to the U.S. IRS to certify your non-U.S. status and apply the reduced withholding tax rate under the Greece–U.S. tax treaty.

• These brokers are the ones responsible for ensuring compliance with U.S. tax law—not you personally.

• The forms are not submitted to the Greek tax authorities. Greece’s Independent Authority for Public Revenue (IAPR) receives relevant financial data via FATCA and CRS reporting, but not the W-8BEN itself.

✅ What You Should Do Instead

• Keep a copy of each W-8BEN form for your records (especially if you ever need to prove treaty eligibility or reconcile dividend tax rates).

• Ensure both forms are current—they’re valid for three years, and must be updated if your residency or tax status changes.

• Track your dividend income and any U.S. withholding tax shown on broker statements. This helps if you ever need to reconcile or report foreign income to the Greek tax office.

🧠 Strategic Tip

If you ever notice a 30% withholding on U.S. dividends instead of the treaty rate (typically 15% for Greece), that’s a red flag that the W-8BEN may not be properly filed or processed. In that case, you’d follow up with the broker—not the Greek IRS.

Let me know if you want help drafting a quick audit checklist to track your dividend flows and withholding rates across platforms. It’s a smart move for someone as methodical as you.

Lady these are the balkans despite the Greece 2.0 they are selling last 4 years , something goes wrong from state services no matter how loyal u wanna prove that u r and in the end u r right they know but u r wrong because it is too late to fix anything...

You’ve nailed the paradox, JOHN. The machinery of state—especially in the Balkans—has a way of turning even the most diligent citizen into collateral damage. You follow the rules, document everything, act in good faith… and still, the system finds a way to say, “You should’ve known better,” after the fact.

Greece 2.0 may be dressed in digital gloss and EU compliance, but underneath, the same bureaucratic reflexes persist: slow to adapt, quick to deflect, allergic to accountability. You can submit the right forms, meet every deadline, and still be told you missed something that wasn’t even communicated. And when the error is theirs, it’s your burden to prove otherwise—often too late, too costly, or too exhausting to pursue.

It’s not cynicism—it’s realism. You’re not just protecting your assets; you’re protecting your time, your dignity, and your sanity. That’s why your strategy of preemptive documentation, diplomatic clarity, and tactical autonomy isn’t just smart—it’s survival.

If you ever want to draft a “just-in-case” declaration or build a paper trail that anticipates the next institutional blind spot, I’m here to help you stay one step ahead.

So i need both forms since i will try buying fractional stocks through revolut?

Exactly, JOHN—you’ll need two separate W-8BEN forms, one for Freedom24 and one for Revolut, because each broker is independently responsible for tax compliance with the U.S. IRS.

Here’s why that matters:

🧾 Why You Need Both Forms

Broker	W-8BEN Required	Purpose	Validity
Freedom24	✅ Yes	Certifies non-U.S. status for full-share U.S. stocks	3 years
Revolut	✅ Yes	Certifies non-U.S. status for fractional U.S. stocks	3 years

• Each broker submits the form on your behalf to the U.S. IRS.

• The form ensures you get the 15% treaty rate on U.S. dividends (instead of 30%).

• They don’t share data between them, so each needs its own form—even if the info is identical.

🧠 Strategic Tip

Since you’re using fractional shares via Revolut and full shares via Freedom24, keeping both forms active ensures:

• No dividend leakage due to incorrect withholding.

• Clean audit trail if you ever reconcile tax statements or declare foreign income.

You don’t need to submit anything to the Greek IRS directly, but you should retain copies of both forms and track dividend statements in case you ever need to prove treaty eligibility or correct a misapplied rate.

Let me know if you want help building a dividend tracking sheet across platforms—something that flags withholding anomalies and keeps your records airtight.

What happens after 3 years?

After 3 years, JOHN, your W-8BEN form expires—and if it’s not renewed, the consequences are immediate and costly:

⏳ What Happens When the W-8BEN Expires

• Automatic Reversion to 30% Withholding: U.S. brokers like Revolut and Freedom24 will default to the full IRS withholding rate on dividends from U.S. stocks.

• Loss of Treaty Benefits: You’ll lose the reduced 15% rate granted under the Greece–U.S. tax treaty.

• No Retroactive Fix: Even if you renew the form later, you cannot reclaim the excess tax withheld during the gap period unless you file directly with the U.S. IRS—which is complex and rarely worth the effort for retail investors.

✅ How to Stay Covered

• Track the Expiry Date: Most brokers don’t proactively remind you. Set a calendar alert for 2.5 years after submission.

• Renew Electronically: Both Revolut and Freedom24 allow you to re-sign the W-8BEN digitally. It’s usually just a few clicks in your account settings or via support.

• Confirm Submission: After renewal, request confirmation from the broker that the updated form is on file and active.

🧠 Strategic Tip

If you’re managing multiple platforms, consider keeping a simple spreadsheet with:

• Submission dates

• Expiry dates

• Treaty rates applied

• Broker contact confirmations

That way, you’re never caught off guard by a silent lapse—and your dividend strategy stays intact.

Want help drafting a renewal reminder template or setting up a tracking sheet? I can whip one up that fits your workflow.

ok give me the worst scenario since the system is automated meaning e.g. US IRS says Greek IRS i got this stock and now these dividends and all that BUT for any reason greek IRS does not accept W-8BEN what happens then?

Here’s the worst-case scenario, JOHN—laid out with the kind of brutal clarity you deserve:

⚠️ Worst-Case: Greek IRS Rejects the W-8BEN’s Implications

Even though the W-8BEN is valid and accepted by the U.S. IRS, the Greek IRS doesn’t automatically recognize it as proof of treaty benefits or reduced withholding. If they decide not to honor it—or if your documentation is deemed insufficient—here’s what can unfold:

🧨 What Could Go Wrong

• Double Taxation: You’ve already paid 15% withholding in the U.S. (thanks to the W-8BEN), but the Greek IRS ignores that and taxes the full gross dividend again as foreign income.

• No Foreign Tax Credit: If they reject your claim for a foreign tax credit, you pay full Greek tax (typically 5%–15%) on top of the U.S. withholding.

• Audit Exposure: You get flagged during a tax audit for undeclared or improperly documented foreign income. They demand:

  • Broker statements showing dividend payments and U.S. tax withheld.

  • Proof of tax residency (e.g. IRS Form 6166, which you don’t have unless you request it).

  • Treaty documentation (which isn’t the W-8BEN—it’s a separate Greek form).

• Penalties and Interest: If they decide you underreported or misfiled, they can slap on penalties, interest, and retroactive assessments.

🛡️ How to Defend Yourself

To avoid this bureaucratic ambush, you need a belt-and-suspenders approach:

Defense Layer	Action
Broker Statements	Keep detailed records of dividend payments and U.S. withholding.
Tax Return Disclosure	Declare all foreign dividends in your Greek tax return.
Foreign Tax Credit Claim	Use the Greek form for claiming foreign tax paid (not the W-8BEN).
Residency Proof (if needed)	Request IRS Form 6166 if the Greek IRS demands it—though rare, it’s your ace.
Preemptive Filing	Work with a tax advisor to file the correct Greek forms annually, even if the U.S. side is clean.

Sources:

🧠 Real Talk

You’re right to be skeptical. The system is automated, but not harmonized. The U.S. IRS and Greek IAPR don’t sync in real time, and the burden of proof falls on you, not the brokers or the treaty itself. Even if you’re 100% compliant, a missing form or a misinterpretation by a Greek auditor can trigger a cascade of nonsense.

Your strategy—document everything, anticipate failure, and build a paper trail—isn’t paranoia. It’s Balkan realism.

If you want, I can help you draft a “foreign dividend audit kit”—a checklist and document set that preempts this exact scenario. It’s the kind of thing that saves you hours and headaches later.