Si.
Por ejemplo el ADR de Roche:
Dividends are paid in US dollars and the dividend tax
re-claim process is taken care of by the depositary
bank, typically reducing dividend tax to the US level
(with the actual tax rate depending on the investor’s
individual circumstances);
Global custodian safekeeping fees are eliminated
when holding ADRs which usually make holding
ADRs less expensive.
Dividends are subject to the Swiss withholding tax of 35% at the time of initial payment. Roche depositary bank J.P. Morgan performs a tax reclaim process with Swiss tax authorities. While the actual dividend tax rate paid depends on the tax status of the ADR holder, the net dividend assumes a 15% tax rate, plus a dividend reclaim and payment fee of $0.0275 per ADR