If you’re an investor that wishes to invest into American stock without getting taxed double you have to fill out a form that proves your residency (in this case to prove that you aren’t in the USA). Since I started purchasing SP500 index through my growth account I was planning to do it for a while already, but I kept postponing it. Then the bank where I keep my stock decided to subtly remind me to get it done.
How to fill out the form?
They’ve seriously made filling out the form as easy as possible. LHV even has a guide to help you out if you need it. Essentially you fill out personal information and additional info where you live and that’s it. The way you present it is ridiculous though – after having filled most of it your you have to print it out, sign it by hand and then either scan it or take a photo of it to send it in. (Digital age! You used to have to fax it or snail mail it!)
After filling it out, I just sent a picture of the form to the bank, and a day later I got a response that my residency form runs until 31.12.2018 and that’s it. In 3 years’ time I’ll have to refill it and it’ll hopefully take less than 5 minutes again (honestly the longest part was walking upstairs to take it out of the printer and to upload/download the picture.)
While fundamentally the way USA is behind with the times in terms of paperwork such as this is unpleasant, then LHV has made this pretty easy (seriously they should pay me for how much positive advertising they get from me). If you’re using the growth account to invest into US stocks (or any other method) then make sure your paperwork is in order and fill in the form, it’s super quick and there won’t be any issues down the line.