A W-8BEN form (certificate of foreign status of beneficial owner for US tax withholding & reporting) is submitted by foreign individuals that receive income in the US.
The form is required when making income payments, if the services performed are performed by a Nonresident Alien (NRA), and are performed outside the US.
It is an IRS mandated form that collects NRA taxpayer information for individuals to document their status for tax reporting purposes.
When you create your US Stock Trading account with Plum we automatically submit a W-8BEN form for you, on your behalf. And once you’ve submitted a form, it’s then valid for 3 calendar years.