If you live in the US, this guidance doesn’t apply to you. Find out about earning interest on your Wise USD balance if you live in the US.
When you use Wise Interest or Stocks, you’re investing in units in a fund. What taxes you may have to pay for using either of these products depends on which country or countries you’re tax resident in, and your financial circumstances. For example, in some countries, like the UK, you may not need to pay tax on gains if they fall within your tax-free allowances.
When you start using Interest or Stocks, we have to ask where you’re a tax resident. This means the country where you usually live and pay tax. Depending on the country, we might also ask for your tax identification number.
Wise and its affiliates can’t provide tax, legal or accounting advice. This guidance is for informational purposes only, to help you understand what you may owe. This guidance applies to personal Wise customers and some Sole Traders, but not businesses. In most countries, businesses are usually taxed differently.
If you still have questions about your taxes, we recommend speaking to a qualified professional.
Help with your tax return if you’ve already turned on Interest or Stocks
You can request a tax statement to help you complete your tax return. Your statement will show you what you might need to declare from your use of Wise Interest or Stocks. Wise has partnered with KPMG to provide the best and most complete summary of your income, gains and loss position on your holdings with Wise Interest or Stocks. These statements are not a tax return but they are meant to help you or a tax adviser prepare your tax return.
You can request your statement 30 days after the tax year ends — in the UK, for example, it’s 30 days after 5 April. Once requested, you’ll need to wait up to 10 working days before we can share it with you. We’ll let you know when it’s ready to download.
To check if you can request a statement, log in to your account on the website (it's not available on the app yet). Then follow these steps:
Select your profile name in the top right corner
Select Statements and reports
Select Assets — annual tax statement
If you’re in Estonia, Luxembourg, Norway and Sweden you won’t be able to use this tax statement tool to complete your return.
If you have any questions about your personal taxes or filing a tax return, please speak to a qualified professional. Wise can’t give you advice on your personal tax situation.
Tax guidance for each country
How we use your tax information
As a regulated financial institution, we’ll only share your tax information with relevant government tax authorities if we need to. This is to comply with international tax standards like the Common Reporting Standard (CRS) or the Foreign Account Tax Compliance Act (FATCA).
We might need to share information about where you're a tax resident, your gains and losses, and the amounts you hold in your Wise balances or Jars with Interest.
Depending on your country, you’ll still need to report your tax information and pay any taxes that might be due.