Portugal dividend = 28% WHT (Portugal fiscal resident)
Portugal dividend = 0%/25%/35% WHT (Portugal non-resident)
There is also transaction taxes:
- UK - Stamp duty: 0.5%
- France - Transaction tax: 0.3% (Stocks >1B Market Cap French Companies)
But, besides national WHT, we most see also the WHT for non-fiscal residents:
For example, Netherlands have 0% WHT for non-residents on interest payments, and Portugal has 25%/35% WHT.
When Degiro pays interest from Portuguese Bonds and I’m a Portuguese resident, I get a 35% WHT (instead of 28% national WHT), because Degiro is a foreign financial intermediary (and the assets are on a Degiro Dutch omnibus account). The same happens for Portuguese Dividends paid on Portuguese stocks to any Degiro investor.
So it matters, where are financial instruments deposited/transitioned, as we are using Trading 212, we are all under the British umbrella.