Why W-8BEN is required???

[Siggy 42]

When we tried to set up an account with insurance company they asked to fill W-8BEN form.. can anybody tell why is it?

[Ayrton 965]

1 hour ago, Siggy said:

When we tried to set up an account with insurance company they asked to fill W-8BEN form.. can anybody tell why is it?

I've seen many people here receiving it by mistake. The form is intended to be use by non resident aliens. 

 

If you're a resident Alien for tax purposes, which most of the immigrants are right on the first year, you don't qualify to fill out this form. The form itself says that right on top and says to use a W-9 instead.

Edited March 6, 2021 by Ayrton

[JKLSemicolon 414]

Does one of you not yet have a Social Security number or permanent resident status? We had to submit it when opening a bank account for that reason.

 

Edit: while I agree with what @Ayrton said, it seems that not every institution interprets the instructions to the W-8BEN that way and some will still insist on using it.

Edited March 6, 2021 by JKLSemicolon

[Wuozopo 4,293]

8 hours ago, Siggy said:

When we tried to set up an account with insurance company they asked to fill W-8BEN form.. can anybody tell why is it?

Banks and such are required by the federal government to identify their customers. If your K1 person does not have a greencard or EAD to show he/she is a resident of the US with a dated amount of time to remain, then they are classified as a foreigner. K1s kinda fall through the cracks on things like this. On paper they are a person allowed only 90 days in the US. You have nothing else to show that has a date showing how long you are allowed beyond that 90 days. Just fill out the W-8BEN and when you get EAD or a greencard, provide them with a W-9 to replace it. It is not a big deal at all. I’ve explained this in greater detail before, but don’t have the time right now.