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How Often do you Report to Clients?
ENR sends monthly statements for client managed-accounts each month. Investors receive an unaudited email statement accompanied by a Fact Sheet for the period under review. In addition to statements from ENR, clients may also receive statements from the bank where the portfolio is evaluated vis-à-vis online VIP access or requesting a statement directly from the bank.

How does ENR assist in U.S. tax reporting?
ENR does not provide tax advice or tax preparation. However, we will assist clients to complete their annual tax filing in association with the financial institution where client assets are held for trustee and safekeeping. Banks in Europe will provide an annual Form 8966 (previously 1099s) and complete consolidated statements showing all income distributions from U.S. and foreign sources, summaries of all calendar year fees, trades and other pertinent information to assist in filing income taxes.

Can I cancel my agreement with ENR without delays or penalties?
Yes. Clients can terminate their portfolio agreement with ENR at any time, providing written notice to the bank where the investment program is serviced. Advisory mandated account agreements can be cancelled at two months’ notice.

What is the dividend withholding tax rate on foreign-income held at a European private bank?
Investors should be cognizant that foreign dividend-paying stocks are withheld at source by that respective country. Withholding rates vary and can range between 15%-30%. Investors in a non-tax-deferred account can reclaim these dividends since most countries have a tax treaty with the United States. However, an IRA, for example, like other ERISA's, cannot reclaim or recoup withheld foreign dividends because of the tax-deferred nature of the account. We therefore recommend that IRA investors continue to purchase foreign-issued dividend stocks but remain wary of buying such securities strictly for the dividend yield alone. There is no such withholding of dividends on U.S. domestic securities.