VIAINVEST is one of the P2P lending sites that I actively use. By default VIAINVEST deducts a withholding tax from your repayments unless you send in a copy of your Tax Residency Certificate. The tax rate charged depends on the loan originators country. If the loan origin country is Czech Republic – Withholding Tax is currently 15%, if Spain – 19%, if Latvia – 23%. If you send in a copy of your Tax Residency Cert VIAINVEST will not withhold tax and instead you pay directly to the Irish Revenue when completing your tax returns.
If you make an investment before sending in your Tax Residency Cert, withholding tax will apply for the duration of the loan term even if you upload the certificate mid way through the term. However, any new loans made after the certificate has been uploaded will not have withholding tax applied.
You will need to request the Revenue to send out a Tax Residency Certificate. When you log into ROS.ie, select My Enquiries and Add New Enquiry. I presume there is a similar process for Revenue My Account – I cannot access it to check. It takes about 10 working days for the Revenue to post out the certificate. Once it arrives, scan it and upload it to VIAINVEST. They are very quick at verifying – mine was completed within 10 minutes. I should have completed this step before I started investing with VIAINVEST as it would have made my tax return easier!