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?