What is a W8-BEN Form?

The Form W8-BEN, issued by the IRS, is used to confirm that you are not a U.S. person for tax purposes. If you are a Non-Permanent Resident Alien (NPRA), SoFi is required to collect this form to determine your proper tax reporting status and any applicable withholding rates on income you receive from your SoFi account.

You may be asked to complete a W8-BEN if you are a SoFi Bank member who is a Non-Permanent Resident Alien (NPRA) and you do not meet the criteria for the Substantial Presence Test.

SoFi uses the Substantial Presence Test to determine if you should be treated as a U.S. resident for tax purposes. The test is based on the number of days you have been physically present in the United States over the last three years. You'll be asked a few questions about your time in the U.S. to determine which tax form is right for you.