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Most of the dividend seems to be taxed at 15% but some part is left untaxed.
I never got around to figuring it out as the amounts involved are quite small.

One possible explanation to check:
The difference is often that the deduction rate is not that of the country
where the stock is listed, but where the company is officially domiciled.
If you buy SAN on the NYSE it's the Spanish withholding tax rate you'll pay, not the US one.

I have used the put writing strategy (inspired by your posts but
probably implemented in a different manner) but usually do so close to
ATM - deep ITM would indeed essentially be owning the stock.
How often would you roll over the puts?

Well, the secret to writing puts on undervalued securities as a way to
make money is that to every thing there is a season. (turn, turn, turn...)
Some years, most years, it works well. When premiums are too low it's
generally not worthwhile and you shoudl simply do something else.
The good news is that you know at the beginning of the year before
you invest whether it's a good year or not...just check the size of the premiums.

To answer your question, I would generally go for the longest dated and
lowest-strike option that gives me at least at 15%/year return in
time premium alone. Usually OTM, but might be ATM or ITM based on
my second rule which is: the more I want to keep the stock for the
long term and would be hugely annoyed if the price soared and it got
away from me, the more I will lean towards a higher strike.
More upside in case it soars, lower return the rest of the time.
Other stocks are more "who cares", I'm just doing it for the income
and I don't really have to have them...there are other fish in the sea.

Back to writing puts only when it makes sense...what tends to happen
is that, as premiums come down (VIX falling), you find yourself having
to go with closer to ATM strikes and shorter expiries to get the
15%/year annualized return goal. This is the put writer's equivalent
to a bond investor reaching for yield: a bit is OK, but it's a very
slippery slope and you can find yourself accidentally taking on more
risk as you switch your portfolio to more of the names with the highest
premiums which often correlate with the riskier firms. Mr Market is not always wrong.

Right now I'm down to about 5 names that I have puts against.
A very general rule of thumb is that when the VIX is over 25 it's really
easy to find good candidates, and below that it gets very tough and/or risky.

Combining all of those comments, the answer to "how often to I roll
my puts", it's about every 18 months in good-premium times on all
kinds of securities and every 2 months in bad-premium times on
only a very very few things I *really* like, like WFC.
In low-premium times like you need to find things that you are absolutely
sure are not going to have a lasting fall in intrinsic value, are
fairly priced or underpriced, AND have a bad market consensus on their prospects.
You have to have high confidence in your ability to spot firms that
won't go bust because you will definitely be betting against the majority.
Apple might fit that formula at the moment, depending on your analysis.

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