How ADRs are taxed for EU investors?

Hello Community,

I am trying to solve the puzzle of ADRs, reason avoid tax stamps or similar duties, keep USD as primary investment currency.

Anyway, I been googling for hours without answer.

How are ADRs taxed as EU investor.
Do we pay Witholding tax of US plus Witholding Tax of local government/country in which company resides?

For instance BTI, UK takes 0% Witholding tax, should we expect full dividend or 15/30% Witholding by US?


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