Form W-8 IMY - Nov 2021

Form W-8IMY: Certificate of foreign intermediary or flow-through entity

Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting, is used by certain foreign intermediaries, foreign flow-through entities and certain U.S. branches to certify their status for U.S. tax withholding and reporting purposes.

What is Form W-8IMY used for?

Form W-8IMY is used by eligible entities to establish their status for U.S. tax withholding and reporting. The form is generally provided to a withholding agent or payer rather than sent directly to the IRS.

The form may be used by:

• Foreign intermediaries receiving payments on behalf of another person or entity
• Foreign flow-through entities that receive U.S.-source income and pass the income through to their owners or beneficiaries
• Certain U.S. branches of foreign banks or insurance companies that are treated as U.S. persons for specific withholding and reporting purposes
• Entities acting as qualified intermediaries, nonqualified intermediaries or withholding foreign partnerships or trusts, depending on their tax status

Who should provide Form W-8IMY?

A foreign entity generally provides Form W-8IMY when it is acting in an intermediary or flow-through capacity and needs to establish its status with a withholding agent. Form W-8IMY is not generally used by an individual foreign payee simply to claim a reduced rate of withholding under a tax treaty. The appropriate W-8 form depends on the payee's status and the type of income involved.

Is Form W-8IMY the same as Form W-8BEN?

No. Form W-8IMY is generally used by certain foreign intermediaries, flow-through entities and qualifying U.S. branches, while Form W-8BEN is generally used by foreign individuals to establish foreign status and, when applicable, claim treaty benefits.

Other W-8 forms serve different purposes. For example, Form W-8BEN-E is generally used by foreign entities that are the beneficial owners of payments, while Form W-8ECI is used by a foreign person claiming that income is effectively connected with a U.S. trade or business.

What information is required on Form W-8IMY?

The information required depends on the entity's classification and the type of intermediary relationship. The form may require information such as:

• Name of the organization
• Country of organization
• Permanent residence or business address
• Mailing address, if different
• U.S. taxpayer identification number, when applicable
• Foreign tax identification number, when applicable
• Chapter 3 and Chapter 4 status
• Intermediary or flow-through entity status
• Qualified intermediary, nonqualified intermediary or other applicable status
• Certification by an authorized representative

Additional documentation may also be required to identify the beneficial owners, partners, beneficiaries or other payees associated with payments received through the intermediary or flow-through entity.

Where is Form W-8IMY submitted?

Form W-8IMY is generally provided to the withholding agent, payer or other party requesting the certification. It is not normally mailed directly to the IRS.

The withholding agent uses the information and supporting documentation to determine the appropriate withholding and reporting treatment for payments made to or through the foreign entity.

How long is Form W-8IMY valid?

The validity period depends on the information and circumstances covered by the form. A Form W-8IMY generally remains effective until the status or information provided becomes incorrect or otherwise changes under the applicable IRS rules. A new form may be required when a change in circumstances makes the information on the existing certification incorrect.

What happens if Form W-8IMY is not provided?

If a required Form W-8IMY or supporting documentation is not provided, the withholding agent may be required to apply the appropriate U.S. withholding rate to the payment. The withholding treatment depends on the type of payment, the recipient's status and the applicable tax rules. Providing the correct certification and supporting documentation helps the withholding agent determine the appropriate tax treatment.

Complete Form W-8IMY with Lumin

Complete the required information using Lumin's fillable Form W-8IMY template, then download the completed form for submission to the appropriate withholding agent or payer. Review the current IRS instructions and applicable documentation requirements before submitting the form.