Germany's market is built around industrial exporters — autos, chemicals, machinery, software and insurance — that sell to the whole world from a high-cost home base. It is smaller relative to the economy than the U.S. or UK markets, and much of Germany's mid-sized Mittelstand is privately owned and absent from the exchange.
Dividend taxes for U.S. investors
Germany withholds 25% capital yields tax plus a 5.5% solidarity surcharge on that tax, for 26.375% in total. The U.S.–Germany treaty limits portfolio dividends to 15%, but relief at source is generally not available to portfolio investors, so the 11.375-point excess must be reclaimed from the Federal Central Tax Office (BZSt). Refund applications must be filed electronically through the BZSt online portal (required since January 1, 2023).
Getting to the treaty rate: Reclaim: file an electronic refund application on the BZSt online portal with a U.S. certificate of residence (IRS Form 6166) and the dividend tax vouchers. Some ADR depositaries and custodians offer reclaim services for a fee. Processing can be slow. Difficulty: Hard.
Qualified dividend status: Yes — treaty country; NYSE-listed shares and ADRs also meet the readily-tradable test. See how foreign dividends qualify.
Estimate what a Germany dividend nets you with the Withholding Calculator.
Where and when it trades
Main exchange: Frankfurt Stock Exchange / Xetra (Deutsche Börse)
Local hours: Xetra 9:00–17:30 CET/CEST, followed by a closing auction
In U.S. Eastern Time: 3:00–11:30 a.m. ET for most of the year; 4:00 a.m.–12:30 p.m. ET during the few weeks in March and late October/early November when U.S. and European clocks change on different dates
Because the home market is often closed while New York trades, news released overnight shows up in the ADR at the U.S. open. Read more about global market hours.
Well-known U.S.-traded listings
These are some of the most widely held Germany companies available on U.S. markets, listed as examples of how access works, not as recommendations.
| Company | Ticker | Venue |
|---|---|---|
| SAP | SAP | NYSE |
| Deutsche Bank (global registered shares) | DB | NYSE |
| Fresenius Medical Care | FMS | NYSE |
| BioNTech | BNTX | Nasdaq |
| Siemens | SIEGY | OTC |
| Allianz | ALIZY | OTC |
Financial reporting
SEC registrants file Form 20-F; German listed companies report semiannually, with Prime Standard issuers also publishing quarterly statements. Consolidated accounts use IFRS.. Our guide to reading foreign financial statements covers the differences that matter.
What American investors should weigh
- The 26.375% withholding is among the highest a U.S. investor faces, and the reclaim to 15% is paperwork-heavy; for small positions the unreclaimed 11.375 points is often simply lost.
- Only the treaty rate (15%) counts toward the U.S. foreign tax credit; tax withheld above that is not creditable, so reclaiming matters.
- Most German blue chips pay one dividend a year, typically after the spring annual meeting, so income is lumpy.
- Exporter-heavy earnings make German stocks sensitive to global trade, China demand and the euro.
- Many DAX companies trade in the U.S. only as OTC ADRs; check whether the program is sponsored and what the depositary charges.
Rates change
Figures on this page were checked against the sources below on October 24, 2026. Treaty rates and domestic rules do change; confirm the current rate with your broker or the official source before relying on it.
Sources
Educational content only, not investment, tax or legal advice. The Stateside Report does not recommend buying or selling any security. Tax rules depend on your situation; confirm with a qualified tax professional. Full disclosures.