- As of Oct 30, 2026, the IRS lists 53 treaty countries whose rate on US dividends is 10% to 25%. With no treaty, the US withholds 30% of dividends paid to holders outside the US.
Dividend withholding
A US fund pays its dividends after US tax is withheld. With no treaty the rate is 30% (IRS Publication 515). A tax treaty can set a lower rate for residents of that country. The IRS lists each treaty's rate in Tax Treaty Table 1 (revised May 2023). The treaties with Hungary and Russia no longer reduce it (Publication 515).
Treaty rates by country
| Country | Portfolio rate | Direct rate |
|---|---|---|
| Armenia | 30% | 30% |
| Australia | 15% | 5% |
| Austria | 15% | 5% |
| Azerbaijan | 30% | 30% |
| Bangladesh | 15% | 10% |
| Barbados | 15% | 5% |
| Belarus | 30% | 30% |
| Belgium | 15% | 5% |
| Bulgaria | 10% | 5% |
| Canada | 15% | 5% |
| Chile | 15% | 15% |
| China, People's Rep of | 10% | 10% |
| Cyprus | 15% | 5% |
| Czech Republic | 15% | 5% |
| Denmark | 15% | 5% |
| Egypt | 15% | 5% |
| Estonia | 15% | 5% |
| Finland | 15% | 5% |
| France | 15% | 5% |
| Georgia | 30% | 30% |
| Germany | 15% | 5% |
| Greece | 30% | 30% |
| Iceland | 15% | 5% |
| India | 25% | 15% |
| Indonesia | 15% | 10% |
| Ireland | 15% | 5% |
| Israel | 25% | 12.5% |
| Italy | 15% | 5% |
| Jamaica | 15% | 10% |
| Japan | 10% | 5% |
| Kazakhstan | 15% | 5% |
| Korea, South | 15% | 10% |
| Kyrgyzstan | 30% | 30% |
| Latvia | 15% | 5% |
| Lithuania | 15% | 5% |
| Luxembourg | 15% | 5% |
| Malta | 15% | 5% |
| Mexico | 10% | 5% |
| Moldova | 30% | 30% |
| Morocco | 15% | 10% |
| Netherlands | 15% | 5% |
| New Zealand | 15% | 5% |
| Norway | 15% | 15% |
| Pakistan | 30% | 15% |
| Philippines | 25% | 20% |
| Poland | 15% | 5% |
| Portugal | 15% | 5% |
| Romania | 10% | 10% |
| Slovak Republic | 15% | 5% |
| Slovenia | 15% | 5% |
| South Africa | 15% | 5% |
| Spain | 15% | 5% |
| Sri Lanka | 15% | 15% |
| Sweden | 15% | 5% |
| Switzerland | 15% | 5% |
| Tajikistan | 30% | 30% |
| Thailand | 15% | 10% |
| Trinidad & Tobago | 30% | 30% |
| Tunisia | 20% | 14% |
| Turkey | 20% | 15% |
| Turkmenistan | 30% | 30% |
| Ukraine | 15% | 5% |
| United Kingdom | 15% | 5% |
| Uzbekistan | 30% | 30% |
| Venezuela | 15% | 5% |
US estate tax
Stock of US corporations counts as US property for the estate of a person who is neither a US citizen nor a US resident. Such an estate files a US estate tax return when its US property is over $60,000 (IRS, Instructions for Form 706-NA, read Oct 30, 2026). An estate tax treaty can change this.
Distributing or accumulating
US ETFs are distributing funds: a fund taxed as a regulated investment company pays out at least 90% of its taxable income each year (26 U.S.C. 852).
Facts as the IRS publishes them, with the date each was read. Not tax advice.