Tax residency in Thailand and taxing overseas income

[sateeb]

My wife and I both received the email as we are customers of Kasikorn Bank.

I did note in the email they state, "The CRS aims to combat tax evasion by individuals residing outside Thailand"

I'm not sure I understand that correctly Does it mean they're not interested in individuals residing in Thailand?

I'll have to ponder this one for a few days I think.

As I understand it we are not residents in Thailand, we stay here on the basis of annual extensions. Different kettle of fish if you hold a residency permit which are rarer than rocking horse poo.

[caller]

Okay, so this MCAA - multiple authority competent authority agreement - is signed by both the UK and Thailand, but not the US.

More info here:

https://www.grantthornton.co.th/insight ... -thailand/

Based on this new to me information, it appears, those of us not from the US, have been sent this request for data in error.

Debate - lol!

[sateeb]

/\ so you still have to complete the Kasikorn Form stating that you are not a citizen of Trump USA (thank God). Easy peasy.

[sateeb]

I also have a 2nd bank account with Bangkok Bank and have yet to receive any correspondence from them. Maybe this is just Kasikorn covering their arses. Time will tell.

[Dannie Boy]

I have a Kasikorn account but not received anything!!

[caller]

I have a Kasikorn account but not received anything!!

BB found his in his junk.

[PET]

I have a Kasikorn account but not received anything!!

BB found his in his junk.

I have received it and shall ignore it !!!

[Dannie Boy]

I have a Kasikorn account but not received anything!!

BB found his in his junk.

Ok I’ll ask BB to take another look and see if mine is there too!!


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[kwajdiver]

When I first came to reside in Thailand I accepted a job teaching at a Thai university; however, the university had to pay me by check and not direct deposit like other ajarns because I was an American. The bank the university used for direct deposit would not accept American account holders because of the American law requiring foreign banks to require Americans to complete IRS tax forms when opening an account.

At the same time, I opened a private account with Bangkok bank and they had the American IRS tax form(s) at the Cha-Am branch ready for me to fill out – which I did. It is all part of the U.S. FBAR requirement. Maybe that is what Kasikorn bank is doing?

FBAR - Who must file. A U.S. person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:
1. a financial interest in or signature or other authority over at least one financial account located outside the United States if
2. the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.
Generally, an account at a financial institution located outside the United States is a foreign financial account. Whether the account produced taxable income has no effect on whether the account is a foreign financial account for FBAR purposes.

The Form W-9 is an official document of the U.S. Internal Revenue Service (IRS), and it is used by the tax agency to confirm a person's name, address and Taxpayer Identification Number (TIN) for income-generating or income-loss purposes. A TIN is either your Social Security Number or your Employer Identification Number (EIN, which is also available from the IRS)./b]

[Big Boy]

Has anybody questioned K Bank about the e-mail yet? Is it as suggested above, just an admin error i.e. only meant for US citizens?

[caller]

Has anybody questioned K Bank about the e-mail yet? Is it as suggested above, just an admin error i.e. only meant for US citizens?

Not yet. But it appears the CRS doc does need to be completed and returned to the bank, well, that's what I am reading elsewhere.

As others have pointed out, the email states this: The CRS aims to combat tax evasion by individuals residing outside Thailand. But that doesn't specify Thai individuals, so I guess we're all included? There's not actually that much to fill in, as it still is mainly for US citizens.

I'll get around to it at some stage.

[Big Boy]

It seems very strange to me that a Thai bank is asking non-US citizens to complete US IRS forms. I haven't clicked anything yet - waiting for expert feedback from you guys.

[kwajdiver]

It seems very strange to me that a Thai bank is asking non-US citizens to complete US IRS forms. I haven't clicked anything yet - waiting for expert feedback from you guys.

Especially as the US IRS forms will require you to enter a US social security number or a US tax identification number.

Could they be confused about the banking requirement for Americans and think that it applies to all expats??????

[sateeb]

It seems very strange to me that a Thai bank is asking non-US citizens to complete US IRS forms. I haven't clicked anything yet - waiting for expert feedback from you guys.

They are not. All one has to do is complete and return the Kasikorn Form.

[Big Boy]

OK, thanks for clarification. I was working on your previous post and somebody saying they wanted a copy of the passport e-mailing to them.

The first 2 documents are official US IRS Forms and the 3rd is a Kasikorn document headed Individual Self-Certification.

I didn't realise the US forms were superfluous.