anrcaccount

Yup, can see now multiple reports on this thread of that same experience. I have spoken to over a dozen people now ( Non-US Citizens, not working in Thailand) who have had the same, it bears repeating: Go into the branch, ask for help with completing form. "Do you have work permit" - answered no. OK then, fill basic details, copy/sign your passport, bank book if you have it, done. No need to provide any tax ID, Thai or foreign. So, no need for anyone to be concerned about this form.

Pretty much now I see only the poor old (actually young in age) 7-11 staff still have them on, probably a head office mandate. Although I note the manager has stopped wearing a mask....

Thanks for the update. Do you still consider the risk high enough that you wear an N95 every time you leave home? What would it take, to get to a level you are comfortable removing the mask from the dog on your profile picture?

Get advice from a Thai based, crypto experienced, professional accountant on this. IMO, very few/no individuals have ever paid tax on crypto trading gains, in Thailand. Did you read the FAQs in that Bitkub post? They share basically NOTHING with the TRD, and are at pains to point that out. This forum is not the place to get advice on this topic. If you were asking about remitting UK/US pensions, you've come to the right place. Crypto, not so much.

My view based on the reading of the regulations is: Some credit card issuers are considered non-reportable financial institutions altogether. Others, do not need to be reportable if they have policies of not accepting overpayment of more than US50k, or have policies to return any overpayment in excess of US50k, within 60 days. Those that are reportable, are reportable on a depository basis- that is only if a credit balance is held (overpayment), in excess of the reportable thresholds. So, the credit limit isn't the relevant piece. Based on this, it's logical to infer that very few credit card accounts would ever be reportable. Remember, only once a year this information is exchanged, and only on aggregate balances (with some exclusions).

How can that be, Thailand operates a remittance based system of income tax. If you sell but don't remit, you are not liable to tax. Yes, understand on the sell and not remit, agree, you're not liable if you don't remit. I'm replying to the poster who says: I have already well covered that you need to be a Thailand tax resident in the year of import for there to be a tax lssue with transfers. And as stated, actually you can still have a "tax issue" ( apparently, technically) , when you remit in a year that you are NOT a tax resident. As to how that could work in practice....... I would say, unworkable.

Technically, the year of remittance is not relevant to the 'tax issue'. As discussed in a previous thread, the technical interpretation is only the year of the sale (realisation of the income) matters, not the timing of the remittance to Thailand. As the others state above , if you sell during a year you are non-tax resident, you can remit the sale proceeds any time following that, exempt of thai tax, even if you are Thai tax resident in the year you remit. Ludicrous, creates the following types of scenarios: 2025 - non-resident, sell property overseas, buy thai property, remit sale proceeds, not liable for thai tax 2025 - non-resident, sell property overseas 2026 - thai tax resident, buy thai property, remit sale proceeds, not liable for thai tax 2025 - thai tax resident , sell property overseas 2026 - non-resident, buy thai property, remit sale proceeds, liable for thai tax** (**note, technically, you would be liable as a non-resident, even thought non residents aren't required to file a return.........?!?)

Great question! But on the other hand I doubt expats will welcome global taxation on income and assets either! I suspect the answer is none , or very few, as it is a ridiculous concept, unworkable in reality. Sure, global taxation would be unwelcome, but it would be much simpler / clearer for the authorities to administer, and is much more common, with hundreds of jurisdictions taxing residents on worldwide income (assets, not so much).

This is a good example of the absolute nonsense of remittance based taxation and why almost nowhere in the world does it. If and when they ever enforce tax on foreign income remitted, can you imagine the number of work-arounds that could be put in place to avoid a punitive additional tax on real estate purchases: Loan agreements- anything that flows in is a loan Purchasing agencies based offshore that are non resident Sellers gaming the payment timings in order to ensure the buyers remit when non resident Nominees purchasing Gifting used extensively Probably many other ways to approach, no doubt a goldmine for creative accounting! If it ever is actually enforced (IMO unlikely), I think a swift back pedal will occur or, something like has been suggested above, an exemption, maybe granted. It would just create nonsensical outcomes. Are there other jurisdictions worldwide that impose personal income tax on foreign source funds remitted for a real estate purchase?

If I have a choice between deciding whether to follow rules, or, accepting the word of strangers in an anonymous social network forum that the rules wont be enforced hence I don't need to follow them, guess which one wins hands down. Ironic. As you, an anonymous stranger, advise others to follow your opinion on the rules, instead of taking direct advice received from their local, official, revenue department.

I did. He is not correct. Much of what he is promoting regarding CRS is simply false. As I said, FATCA is mainly about in your case, Thailand reporting back to the US. FATCA has been in place for a decade so nothing new for you, this year. FATCA , like CRS, does not report on individual transactions, has a 50K US minimum threshold and this applies to credit cards, so only if you somehow overpaid your credit card and it was more than 50k, in credit, would it be reported! Even in that case, only a single aggregate balance and no detail of the transactions.

"Transferring/remitting funds internationally and being spent" isn't relevant to the CRS data sharing. I'm guessing you did not read the source. I'll say it again: the CRS simply reports aggregate account balances, ONCE A YEAR, and does not include individual transactions, excepting the cases of certain income as specified in table 5. There is no way this information shared can include individual foreign credit card (or ATM) transactions. There is no source to suggest the CRS regulations involve any sharing of credit card information, especially at the individual transaction level.

Yes, have spoken to several people ( Non-US Citizens, not working in Thailand,) who have had exactly the same experience: Go into the branch, ask for help with completing form. "Do you have work permit" - answered no. OK then, fill basic details, copy/sign your passport, bank book if you have it, done. No need to provide any tax ID, Thai or foreign.

I am yet to see any source to suggest the CRS regulations involve any sharing of credit card information, especially at the individual transaction level. 'What you have heard' is correct, when they state only aggregated account balances are shared , with regard to CRS ( and FATCA) . With regard to FATCA, remember , it is more about a foreign jurisdiction reporting BACK TO the US - and there are thresholds, $50K. Also, remember FATCA has been around for about a DECADE now, this is not new. CRS Source: https://www.rd.go.th/fileadmin/user_upload/FATCA_File/crs/Thailand_CRS_Guidance_280823.pdf Table 4 ( page 60) it defines exactly what financial information is shared which is only yearly aggregate account balances, does not include individual transactions, excepting the cases of income as specified in table 5. There is no way this information shared can include individual foreign credit card (or ATM) transactions. Unfortunately, CRS has become a term used, in a scaremongering fashion, currently being pushed by Thai 'expat' tax experts, in order to drive demand for their services, along with fitting in nicely with the worldview of the those who believe there's an eye on their every transaction. Despite much insinuation, at this point, there is no real link between the CRS/FATCA regulations, and the reality of Thai taxation.

Not sure that this is accurate. Yes, what he said was accurate. However, not sure anything you have said here is accurate. The banks do not need a "trail", and have no idea or interest as to whether a deposit is income, savings, an inheritance, a gift or the proceeds from selling a boat. There is no requirement to have a tax ID number from a country of origin linked to an incoming deposit from that country. The banks are not required to "follow the trail". You are making things up. Yes, quite different, because, the US taxes worldwide income. Different.

Actually, the only place I can see, where they ask you to enter your Thai TIN, is the first paragraph on page one, right under where they ask for your passport number. Yes, if you have a Thai TIN, you enter it here: the first paragraph on page one, right under where they ask for your passport number. If you have a foreign Tax ID ( I mean by this, a Non-Thai, Non US Tax ID for clarity) , AND you are a current tax resident of that foreign jurisdiction, you enter it under Part 2, Section 1, page 2. If you do that, you would not be then completing Part 2, Section 2 of the form (page 2 in the comment section as you describe it), which is where they ask for a reason you haven't provided a Tax ID number. Agree.

IMO, and additionally based on the other member reports coming in, you're incorrect on this. Posting this kind of thing creates unnecessary concern, even to say 'scaremongering' would be fair in this case. As I said, it bears repeating: This part of the form is required to be completed for those who don't have a Thai TIN, and are not currently a resident of a foreign jurisdiction for tax purposes. Here is what the form states: Please explain in the following section why you are unable to obtain a TIN if you selected Reason (B) above or if you don’t have TINs in any countries as per Question 1 of Part 2 above. Mandatory for non-Thai citizens who have taxable income in Thailand and do not provide the Thai-TIN. For example: Amount of income exempted to taxation/ Types of income exempted to taxation / Under issuing TIN For example: Forget TIN X It asks for a reason that you haven't provided a Thai TIN. Then it gives examples of valid reasons , and one invalid reason ( forget TIN) It's not asking for you to list your income, the category of that income that makes it exempt from Thai taxation, and a foreign tax ID. 'Under issuing TIN' - IMO means a TIN is in the process of being issues, which is a reason for not being able to supply one. If you are a current foreign resident with an Tax ID, you would have listed that Tax ID in the part of the form above ( Part 2, 1.) , and you wouldn't be completing this part of the form.

IMO just fill out the form and add your overseas tax residency and Foreign Tax ID. Absolutely nothing else will happen after that. They will definitely not close your account due to you being a foreign tax resident. That's not an issue at all for KBank.

Try this thread, it has recent discussion on gifting:

Yes, I believe you have misinterpreted this, and should reconsider. This part of the form is required to be completed for those who don't have a Thai TIN, and are not currently a resident of a foreign jurisdiction for tax purposes. Here is what the form states: Please explain in the following section why you are unable to obtain a TIN if you selected Reason (B) above or if you don’t have TINs in any countries as per Question 1 of Part 2 above. Mandatory for non-Thai citizens who have taxable income in Thailand and do not provide the Thai-TIN. For example: Amount of income exempted to taxation/ Types of income exempted to taxation / Under issuing TIN For example: Forget TIN X It asks for a reason that you haven't provided a Thai TIN. Then it gives examples of valid reasons , and one invalid reason ( "forget TIN") It's not asking you to provide "Money going into your KBank account" ( of course, KBank can already see that!) Nor is it asking for you to list your income, the category of that income that makes it exempt from Thai taxation, and a foreign tax ID. Here IMO you have made an incorrect interpretation. If you are a current foreign resident with an foreign Tax ID, you would have listed that foreign Tax ID in the part of the form above ( Part 2, 1.) , and you wouldn't be completing this part of the form.

IMO - you misinterpret this part of the form. "For example: Amount of income exempted to taxation/ Types of income exempted to taxation / Under issuing TIN" It needs a reason, not the detail you are outlining . Each one, is an example of a reason why a TIN is not being supplied. "Forget TIN", is listed as an unacceptable reason with a cross icon....... So, for example, you could state: "Amount of Income is exempt level" or "Income type is exempt, gifts, savings, remitted capital" or "TIN is under issuance process" ( I think this is what "Under Issuing TIN" means. I do not believe "Under Issuing TIN" means they are asking for a foreign tax ID linked to a specific amount and type of income. This doesn't hold up logically. ) KBank has no need to collect the detail of the amount of your exempt income ( at what point in time would this be anyway) , and the category of it. You do not need to file a tax return to Kbank. Taking your interpretation would almost amount to a line by line filing. This isn't how these KYC forms work.

To be absolutely clear the donor did not remit funds to their own account or directly for their benefit like a hospital bill, the donee does not/must not give anything directly to the donor, should they do so the gift becomes a tax evasion procedure so dangerously illegal. There nothing to stop the donee from allowing the donor to live in the same property and drive their car etc, though there are some who disagree. This is from direct professional advice. I will not get into a debate on this point, I am confident in the advice I have received. Of course you are free to disagree, as am I free to not engage. Thanks for sharing your professional advice received. I am not debating it, I agree and happen to think it sounds pretty sensible and practical. There was little incentive for the majority to have any knowledge or use of it prior to 2024, I’m sure that those with high enough income or funds outside Thailand knew all about it, or their advisors did. Personally I had no need to understand the rules or laws before mid 2024 Fair enough, be good to see some further clarification on exact mechanics, but the principle seems pretty clear. Not at all you must be able to have absolute trust in the donee and your circumstances must allow for that kind of transfer of funds, along with the limits on transfers. There is a large % who are not now married, will not marry, many who say that they will not marry because of trust or money issues For anyone with a spouse / ascendant / descendant they have absolute trust in ( your point taken) , it is a very valid strategy. Also, the 10M exemption for non relatives, again, you would need absolute trust, and it would need to be compliant with the ceremony or occasion gifting provisions.

Right, I see this as an implausible scenario. If they accept it is a gift, the exemption applies. If they don't accept it is a gift, they'd somehow have to categorise it as income, and then PIT rates would apply and not the 5%. But I guess, you can never rule anything out......... Interesting, thanks for sharing. Based on your professional advice then: the donor has not remitted any funds to Thailand, even though the donor sent the gift straight into a Thai Bank account. Personally, I believe that makes sense. If there was complete clarity on gifts published somewhere, surely it would be shared and common knowledge by now. As it is written, the gift exemption can be used to basically negate any taxation of foreign remitted income.

Yes, this is exactly what has happened. 5 year 'Formerly known as Elite now Privilege' back to 650K.

My reading and professional advice contradicts the idea of making the gift outside Thailand. I have read, and received, the opposite professional advice. Actually, I hope you are right, because it is simpler. Regardless, I cannot see either way being an issue. The only difference is the whether the remittance into Thailand is done by the donor or the recipient. Not possible. For them to tax 5% , it would need first to be acknowledged as a gift for this rate to apply. Then, a gift has a 20M THB exemption. Having said that, 1M on 20M remittance is still a much better outcome for the taxpayer, than paying normal PIT rates on 20M!