What is Tax Residency, and why does GoTyme Bank ask for it?

Tax Residency determines which country (or countries) has the right to tax your income. It’s based on where you live, work, or maintain financial ties.

Example 1:
You were born and live in the Philippines — you are a PH Tax Resident.

Example 2:
You worked in PH but moved to Vietnam for over 183 days — you are a PH and VN Tax Resident.

Tax Residency refers to the country or countries that have the right to tax your income based on where you live, work, or maintain financial and personal ties. It determines which government you are legally obligated to report your income to for tax purposes.

Your Tax Residency is not always the same as your nationality.

• Nationality is your citizenship — the country that issued your passport.
  
• Tax Residency, on the other hand, depends on where you reside or earn income for a certain period of time.

Examples:

• If you were born and live in the Philippines, you are a Philippine Tax Resident.
  
• If you worked in the Philippines but moved to Vietnam for over 183 days, you can be considered both a Philippine and Vietnamese Tax Resident.
  
• A Filipino citizen who has lived or worked in the United States for over 31 days in the current year or 183 days over the past three years may be considered a U.S. Tax Resident under U.S. tax rules.

When opening a GoTyme Bank account, you’ll be asked to select your country or countries of tax residency. You can select up to four (4) if you are subject to taxation in multiple countries.

Do I need to provide a TIN?

• For most users: No TIN is required. You only need to select your tax residency country or countries.
  
• For U.S. Tax Residents, you must provide your U.S. Tax Identification Number (TIN or ITIN) as part of FATCA (Foreign Account Tax Compliance Act) requirements.

Why GoTyme Bank collects this information:

GoTyme Bank is required by law under Bangko Sentral ng Pilipinas (BSP) and FATCA regulations to collect tax residency details. This ensures compliance with international tax reporting standards and helps prevent tax evasion, money laundering, and other financial crimes.

Tip: If you’re unsure of your tax residency status, check with your local tax authority or refer to your country’s residency rules before completing your declaration.