Since approximately 70% of worldwide dividends come from non-U.S. companies, it is likely that some portion of your investment portfolio is in global investments. Did you know that the country of origin for a security is the country that levies and collects taxes on the investment income of that security? Did you know that most pension plans are entitled to file a reclamation of all, or a portion of, foreign taxes?
Most (though not all) mutual fund and ETF companies effectively pursue international tax recovery on behalf of their clients, but this is rarely the case with investment managers, brokers, and pension plans. If you have earned income on foreign investments in separately managed accounts, the real question is: how much are you leaving behind?
Salem Trust partners with the nation’s leading provider of global tax recovery services. Recovering assets overpaid to foreign governments is not just good business — it is a fiduciary obligation. With minimal involvement on their part, our clients may benefit from our global tax recovery program.