I summarized Fidelity's response to the 30% withholding rate for the Svenska Handelsbanken AB ADS (SVNLY) annual dividend, rather than the clear treaty rate of 15% applicable to a U.S. citizen. The response was expected. They blamed the company.
Scroll to Update Aril 22, 2014:
I do not like get screwed no matter how much money is involved so I am trying to get to the bottom of why 30% was withheld. Fidelity blames Svenska.
I sent the an email to Svenska Handelsbanken's investor relations department asking for an explanation, noting in the email Article 10 of Sweden's Tax Treaty with the U.S., the opinions of Big Eight Accounting firms that I was entitled to the 15% rather than a 30% rate applicable to citizens of non-treaty countries, that I had sworn in my account application that I was a U.S. citizen and that my SS number was correct, and Nordea bank had withheld 15%. I also informed the company that I would republish their reply or lack thereof in this blog.
I am still waiting for annual distributions from other Swedish companies including Svenska Cellulosa AB ADS (SVCBY) and Swedbank AB ADS (SWDBY).
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