In short, Yes - 30%. Withholding tax is a tax on interest or dividends paid to foreign persons. Under US domestic tax laws, a foreign person generally is subject to 30% US tax on its US-source income. US persons making payments (‘withholding agents’) to foreign persons generally must withhold 30% of the payment amount as tax withheld at source on payments, such as dividends and royalties, made to foreign persons. In other situations, withholding agents may apply reduced rates or be exempted from withholding tax (WHT) at source when there is a tax treaty between the foreign person’s country of residence and the United States. Basically, as a Singaporeans, you pay withholding tax on all dividends, be it from shares, ETFs, REITs etc. If you buy a 6% yielding US REIT, after withholding tax it’s going to be a 4% yielding REIT, which is a lot less attractive. To illustrate, imagine that you buy US$1 million worth of US stock/ETF, which pays a 3% dividend yearly. The US$30,000 annual dividend is subject to a 30% withholding tax, so US$9,000 is deducted from your dividend to be paid to the US government. By far the easiest way to get around US withholding tax is to buy Irish domiciled ETFs. The US has various income tax treaties with countries in order to avoid double taxation of the same income and to prevent tax evasion. In particular, there is a US-Ireland tax treaty that reduces withholding tax from the standard 30% to 15%.