Banking and Finance
For foreigners who are new to Taiwan (including Gold Card holders), opening a bank account in Taiwan can take at least half a day. Once set up, you can transfer money to friends or vendors, set up automatic bill payments for utilities, and shop online, significantly enhancing the convenience of living in Taiwan.
Opening an Account
Today, foreigners can open an account at almost any bank or even at post offices in Taiwan. Many banks offer bilingual, sign language, and even multilingual services. You just need to find the nearest bilingual branch to your residence or workplace to open an account. When opening an account, you will need to open both a TWD account and a foreign currency account. Additionally, you should set your frequently used overseas accounts as designated accounts for international money transfers, making future international remittances much more convenient. Please see the links below for information on how to open a bank account and related international remittance details.
How to Open a Bank Account in Taiwan
Credit Cards
Four state-owned banks in Taiwan offer special credit card services for Gold Card holders: Bank of Taiwan , Mega Bank , Hua Nan Bank , and First Bank . Gold Card holders can easily apply for a credit card at these banks. Please see the link below for the documents required to apply for a credit card.
One-Stop English Banking Services
In recent years, banks worldwide have been increasing the stringency of their “know-your-customer” (KYC) requirements to prevent money laundering and ensure compliance with tax treaties. In Taiwan, local banks are actively adapting to these changes, but some foreign customers might encounter challenges such as lengthy account opening processes or limitations on online transactions. To meet the financial needs of most foreign professionals in Taiwan and enhance their banking experience, the Taiwan Employment Gold Card Office, in cooperation with the National Development Council and the Financial Supervisory Commission, developed a “One-Stop” English Banking Service Package for domestic banks and their foreign customers in 2023. This initiative aims to enable foreign customers to simultaneously open a foreign currency account, apply for an ATM card and credit card, access online banking, and set up designated accounts for international money transfers, all while opening a TWD account.
Please see the link below for the documents required to apply for a credit card or details on applying for “One-Stop English Banking Services,”
Applying for Credit Cards and Banking Services in Taiwan
Taxes
Taiwan’s financial year runs from January 1 to December 31, with income tax filing and payment occurring in May of the following year. While there is no minimum stay requirement for Gold Card holders in Taiwan, the number of days you stay does affect your tax obligations. Always seek professional tax advice, but generally, if you stay in Taiwan for more than 90 days in a calendar year, you start to have tax obligations, even if you work for an overseas company. Once you stay for more than 183 days, you are generally considered a tax resident and can access progressive tax rates and other benefits. As a Gold Card holder, if it’s your first time working in Taiwan and your annual salary exceeds NTD 3 million, you may be eligible for a 50% tax reduction on the amount over NTD 3 million. The National Taxation Bureau provides free professional tax consultation sessions in English and Japanese. The phone number is (02) 2311-3711 ext. 1116. .