Tax Residency (bank requirements)

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Re: Tax Residency (bank requirements)

Post by johnjar » Fri Apr 27, 2018 8:18 pm

StevePIraq wrote:
Thu Apr 26, 2018 1:25 pm
I have just returned from the Hua Hin Revenue office, where I had a very informative discussion and was advised the following:
You only need a Thai TIN if you have a business, work in Thailand or earn a taxable income in Thailand by any other means. If you do not earn a taxable income you do not need a Thai TIN.
They looked at the Lloyds letter and said to ignore.
StevePIraq Good info Thanks.

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Re: Tax Residency (bank requirements)

Post by johnjar » Fri Apr 27, 2018 9:07 pm

My take on this TIN is. The future is the future though this is now, if you are an expat living in Thailand and are resident here and also only send living expenses to support yourself there is no TIN required.

Just fill out the form from whichever bank asks you to fill in their form stating this.

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Re: Tax Residency (bank requirements)

Post by JohnD » Sat Apr 28, 2018 8:37 am

johnjar wrote:
Fri Apr 27, 2018 9:07 pm
My take on this TIN is. The future is the future though this is now, if you are an expat living in Thailand and are resident here and also only send living expenses to support yourself there is no TIN required.

Just fill out the form from whichever bank asks you to fill in their form stating this.
The above response ("no TIN required") is fine (and true) – but could the response be worded differently?
There are several variations – my experience (in life) is that giving too much information is bad – gives them leverage or scope to come back and ask for more. Always give the minimum.
Having said that I’m tempted to give more information:
- No TIN provided by Thai tax office in Thailand
- TIN requested from Thai tax office but not available.
- Thai tax office assessment resulted in no TIN being issued as not applicable.
- Etc. Etc.

I think my response to my overseas bank was “TIN requested – in process”, my feeling at the time was that this was better than my options above. Later, maybe (if they come back again) I will tell them ‘my assessment resulted in non-issue of TIN’.
My feeling is that the overseas bank will push for more – to tick their box.
My fall-back position is a local deposit account to generate Thai TIN.
This is a developing story.....

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Re: Tax Residency (bank requirements)

Post by handdrummer » Sat Apr 28, 2018 1:08 pm

StevePIraq, Though, in the larger scheme of things, I'm of no value to the U.S. govt. I recently received a notice from Citibank U.S. that unless I answered all their questions they would prevent me from accessing my acct. The questions, about 25 of them, concerning my work history, investments, inheritances, property ownership, income parents names, ages, etc. were asked indifferent ways several times. When i asked them what is the purpose of this was I was told that the Federal govt. required all banks to collect this information. I asked about 15 people if they'd had this experience and they all said no. Maybe it's to do with citizens living abroad. I don't know.

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Re: Tax Residency (bank requirements)

Post by StevePIraq » Sat Apr 28, 2018 1:13 pm

@handdrummer, that is shocking. There can be no justification for demanding and intimidating like that. The only answer is to close your account, but will the next bank be just the same?
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali

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Re: Tax Residency (bank requirements)

Post by JohnD » Sat Apr 28, 2018 1:35 pm

Think you need a non USA bank.
But even having a non US bank can mean that you have to sign an annual declaration that you are not a citizen of USA (and a few other things that I forget). The USA can put pressure on foreign banks to check out their customers even those totally unconnected with USA.

Reminds me of a job offer from a USA company about 10 years ago.
First I had to register with their accountant E and Y.
E and Y sent me a form to fill in – amongst the many questions – I was obliged to give them consent to share my information worldwide with any government authority (and some others), and might include such as sexual orientation – and that was just part of it (I forget the rest).
What a bunch of c—ts, I declined the job.
PS I am not a citizen of USA – thankfully. Like there is no limit on their invasion of your privacy.

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Re: Tax Residency (bank requirements)

Post by JohnD » Sat Apr 28, 2018 2:37 pm

My last post above - just remembered that I was to give authority to E and Y to pass all my "information" to my wife if she requested it, if I remember correctly - even if we were divorced.
Looks like that is the future - all your "information" will be out there for access by all those 'authorised'.

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Re: Tax Residency (bank requirements)

Post by handdrummer » Sun Apr 29, 2018 1:54 am

StevePIraq wrote:
Sat Apr 28, 2018 1:13 pm
@handdrummer, that is shocking. There can be no justification for demanding and intimidating like that. The only answer is to close your account, but will the next bank be just the same?
I wanted to do that but Social Security won't let me change banks via email. I need to physically go to an SS office and fill out the paper work and I'm not about to fly to the U.S. just to do that. I imagine that the next bank would be the same.

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Re: Tax Residency (bank requirements)

Post by moater » Sun Apr 29, 2018 2:54 pm

handdrummer wrote:
Sun Apr 29, 2018 1:54 am
I wanted to do that but Social Security won't let me change banks via email. I need to physically go to an SS office and fill out the paper work and I'm not about to fly to the U.S. just to do that. I imagine that the next bank would be the same.
You can change SS direct deposit online, using their site (mySS or something). Avoid the big banks, they're faceless drones. A smaller credit union would serve you better in almost all cases, and you'll usually be able to talk to an actual human banker when you need one (as opposed to powerless customer service reps in big banks).

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Re: Tax Residency (bank requirements)

Post by handdrummer » Sun Apr 29, 2018 6:03 pm

moater wrote:
Sun Apr 29, 2018 2:54 pm
handdrummer wrote:
Sun Apr 29, 2018 1:54 am
I wanted to do that but Social Security won't let me change banks via email. I need to physically go to an SS office and fill out the paper work and I'm not about to fly to the U.S. just to do that. I imagine that the next bank would be the same.
You can change SS direct deposit online, using their site (mySS or something). Avoid the big banks, they're faceless drones. A smaller credit union would serve you better in almost all cases, and you'll usually be able to talk to an actual human banker when you need one (as opposed to powerless customer service reps in big banks).
Thank you. How do I join a credit union in the U.S. when I live here? I'll check into the SS site.

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Re: Tax Residency (bank requirements)

Post by moater » Sun Apr 29, 2018 6:43 pm

handdrummer wrote:
Sun Apr 29, 2018 6:03 pm
How do I join a credit union in the U.S. when I live here? I'll check into the SS site.
Well, first things first - if you want ALL of the income from SS to arrive directly in Thailand then there's a nice hack you can use. You can open an account with Bangkok Bank here and provide SS with the ACH details for Bangkok Bank in NY, so those deposits will get to you directly without needing a US bank at all. Bangkok Bank charges 500 baht for incoming international transfers, and (if you don't provide an FCD account) it will get automatically converted to THB at their TT rate, which is not bad.

If you need to keep some of the money in the US, I recommend you look into SDFCU. They are *very* expat friendly. If you are unable to open directly with them remotely then you can use this organization as a middleman (there is a one-time cost, which is their annual subscription fee, but you don't need to renew). They are reputable and the process works.

Many other banks and credit unions will open accounts remotely. However, many will require a US address to do so. If you have relatives in the US who won't mind you using their address then it's all quite easy to do.

Once you have a US account and you want to transfer funds to Thailand, using the abovementioned Bangkok Bank hack or TransferWise will most likely be significantly cheaper than an international wire.

Good luck!

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Re: Tax Residency (bank requirements)

Post by Peroni » Sun Apr 29, 2018 7:03 pm

In Australia I have only been asked once about my Tax Residency and that was from my Stock Broker, one question, "Is Australia your country for Tax Residency?" end of story.

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Re: Tax Residency (bank requirements)

Post by handdrummer » Mon Apr 30, 2018 2:03 am

moater, that's excellent info, thank you. I've sent an email to the SS office in Manilla and their automatic response said I'd hear back within 5 days. So that's the first step. I don't have anyone in the U.S. so that option is out. If I can switch banks with SS then I can dump Citibank and they can kiss my white a**.

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Re: Tax Residency (bank requirements)

Post by StevePIraq » Mon Apr 30, 2018 1:47 pm

Peroni wrote:
Sun Apr 29, 2018 7:03 pm
In Australia I have only been asked once about my Tax Residency and that was from my Stock Broker, one question, "Is Australia your country for Tax Residency?" end of story.
But if you want to be non resident for taxation in Australia, you have to apply to the ATO, I did so many years ago via my tax accountant. I still have to pay Non Resident Withholding Tax @ 10% on interest earned in Oz but this is very minimal.
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