Getting into some of the technical details, I'm working through your question.
In your situation, if an individual invested in a Madagascar company, when dividends are paid out of that company, they would be subject to Madagascar's dividend withholding tax. I believe the rate is currently 20%, and under the treaty that would be reduced to 15%. That's based on the assumption that an individual making a portfolio investment would not be able to qualify for the lower 5% rate, which is more for a parent-subsidiary type of relationship.
It's zero? I'm sorry, I was thinking about the withholding tax rate on dividends on interest.