# Optimization of portfolio (withholding taxes)

**URL:** <https://forum.mustachianpost.com/t/optimization-of-portfolio-withholding-taxes/12844>\
**Category:** Taxes\
**Created:** [May 24, 2024, 5:42pm UTC](https://forum.mustachianpost.com/t/optimization-of-portfolio-withholding-taxes/12844 "2024-05-24T17:42:51Z")\
**Posts on this page:** 1\
**Showing post:** 25

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**Author:** ![leman](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/l/ac91a4/32.png) [@leman](https://forum.mustachianpost.com/u/leman)\
**Post date:** [August 2, 2025, 9:50pm UTC](https://forum.mustachianpost.com/t/optimization-of-portfolio-withholding-taxes/12844/25 "2025-08-02T21:50:38Z")

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> [@Joe\_Coconut](#):
>
> Found a great page by PWC, listing all country relations for WHT: [France - Corporate - Withholding taxes](https://taxsummaries.pwc.com/france/corporate/withholding-taxes)
> 
> Seems like the US enjoys the same treatment as LUX/IE for France, germany, China etc. And even more favorable for Japan.

That is new information to me. I always acted under the assumption that it is better, from a tax perspective, to own:

- US-domiciled ETFs for US exposure,
- CH-domiciled ETFs for CH exposure,
- IE UCITS for everything else.

Is my knowledge obsolete?

Edit: Apologies - I stumbled upon this, and will do some homework first 🙂

> [@Splitting the world: creating tax-advantaged global stocks portfolio using funds in 3a account](https://forum.mustachianpost.com/t/splitting-the-world-creating-tax-advantaged-global-stocks-portfolio-using-funds-in-3a-account/7001):
>
> An N+1st attempt to summarize information helping to optimize taxes arising from investments with ETFs. Some preliminary comments: I am going to mostly refer to MSCI indices. Their definition/composition can be found at [msci.com](http://msci.com) (search for pdf factsheets). MSCI ACWI is all-countries index: 50 countries, 23 Developed Markets, 27 Emerging Markets. An up to date country weights can be found at [ACWI | SPYY : SPDR® MSCI ACWI UCITS ETF](https://www.ssga.com/ch/en_gb/institutional/etfs/funds/spdr-msci-acwi-ucits-etf-spyy-gy) (see Holdings → Geographical Weights).

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