European countries often withhold dividend tax at their full domestic rate: 30% in Belgium, 26.375% in Germany, 25% in France. Investors can reclaim the excess over the treaty rate, usually 15%, within deadlines of two to five years. Funds and pension funds may claim more under EU law where comparable resident funds pay nothing, following CJEU cases such as Santander, Fidelity Funds and Deka. From 2030 the FASTER directive speeds up relief.
Money left on the table every year
When a Dutch, Belgian, German or French company pays you a dividend, the country keeps part of it as withholding tax, often at the full domestic rate. Your treaty usually entitles you to a lower rate, but only if you claim the difference, on paper, before a deadline. Many investors and even funds never do.
On top of the treaty refund, EU law sometimes allows more. If a local fund or pension fund would get the tax back in full, a foreign fund in a comparable position may be entitled to the same. Those claims take years and need a strong file, but have returned billions to foreign funds since the first judgments.
Above the treaty rate
Belgium 30% against a 15% treaty rate: 15 points back.
Free movement of capital
Up to the treaty rate on top, if residents pay less.
Two to five years
Old years expire every year.
FASTER directive
Faster relief at source.
Rates, claims and leading cases
| Country | Domestic rate | Typical treaty rate | Refund route |
|---|---|---|---|
| Netherlands | 15% | 15% (lower for some pension funds and companies) | Refund for non-resident portfolio investors (Art. 10b Dividend Tax Act) and EU law claims |
| Belgium | 30% | 15% | Treaty refund form; EU law claims for funds |
| Germany | 26.375% | 15% | Refund from the Federal Central Tax Office (BZSt); EU law claims for funds |
| France | 25% companies, 12.8% individuals | 15% | Treaty refund forms; EU law claims for funds |
| Spain | 19% | 15% | Treaty refund; EU law claims for funds and pension funds |
| Luxembourg | 15% | 15% or lower | Treaty relief; participation exemption for companies |
Law and practice: Article 63 TFEU (free movement of capital). CJEU: Aberdeen Property (C-303/07, 2009), Santander Asset Management (C-338/11, 2012), Fidelity Funds (C-480/16, 2018), College Pension Plan of British Columbia (C-641/17, 2019) and Deka (C-156/17, 2020) on the Dutch fiscal investment institution regime. Council Directive (EU) 2025/50 (FASTER), to be applied from 1 January 2030. Deadlines and forms are set by national law and change; we check them per claim.
From dividend vouchers to money back
- ReviewDividend statements per country and year; rates withheld against the treaty.
- EligibilityResidence certificates, beneficial ownership, fund status and comparability for EU law claims.
- Treaty refundsForms and filing in each country, before the deadlines.
- EU law claimsProtective claims for funds and pension funds, with the comparability file.
- Follow-upQuestions from tax authorities, appeals and interest where due.
- Relief at sourceSet-up with custodians so that future dividends are taxed at the treaty rate.
A Swiss-resident investor holds Belgian and German shares and receives EUR 400,000 of dividends a year, half from each country. Belgium withholds 30% and Germany 26.375%. With the treaty refund forms filed for three years, about EUR 160,000 comes back, and the custodian is instructed to apply treaty rates at source from now on.
How much withholding tax can you recover?
The result updates with each answer. It is an estimate; eligibility depends on residence, beneficial ownership and, for EU law claims, comparability.
How much withholding tax can you recover?
Enter the dividends received and pick the country and investor type. You see the treaty refund, the possible EU law claim and the deadline to watch.
Recover the excess over the treaty rate.
Mainly for funds and pension funds.
Years expire every December.
Fix it for future dividends.
Dividend withholding tax refunds: frequent questions
What is the difference between a treaty refund and an EU law claim?
A treaty refund recovers the tax withheld above the treaty rate, for example 30% withheld in Belgium against a 15% treaty rate. An EU law claim goes further: if a resident investor in the same position would pay less or nothing, the higher tax on a non-resident can breach the free movement of capital, and the rest may be recoverable.
Who wins EU law claims?
Mostly investment funds and pension funds, because resident funds are often exempt or get full refunds. The Court of Justice decided cases such as Santander (France), Fidelity Funds (Denmark), Deka (Netherlands) and College Pension Plan of British Columbia (Germany). National courts then apply strict comparability tests.
Can investors outside the EU claim?
Free movement of capital also protects third-country investors, subject to the standstill clause and comparability. Funds from the US, Canada, the UK and Switzerland have filed claims in several countries.
How long do I have?
Deadlines are short and differ per country, often two to five years. In the Netherlands, a non-resident portfolio investor can ask for a refund within three years after the end of the calendar year. Old years expire every December.
What is FASTER?
An EU directive adopted in December 2024 that introduces a digital tax residence certificate and fast-track relief procedures through certified intermediaries. Member states must apply it from 1 January 2030; until then the old procedures remain.