Jingthing

When the majority of Trump voters realize they've been CONNED. Daddy Trump it will turn out is not their God King Savior.

The forms are not directly linked to Thai Revenue. They want you to state your Thai Tax ID only IF you are required to have one. Just being a Thai tax resident (which it also doesn't determine on the form) does not necessarily mean you need a Thai Tax ID. If you do intentionally evade Thai taxation if you're liable for it and are caught in an audit, then there are potential harsh consequences, large fines, even though very unlikely prison.

This is a bit of a concern with the doorman. He has an odd personality. I think if I tip he will start to do silly trivial things for me like run to the elevator to hold the door, etc. I don't really want extra fluff attention. I just want him to maybe be in my corner more if a real issue comes up.

I know that video. Actually it was almost all about Roth. It was not like what you said. It understood that Roth is not taxable in the US but asserted that the full amount of ttansfers to Thailand are seen as tax accessible pension income. No mention whatsover of any relevance to the value balance on 12/31/2023.

On this IRA issue, how is it possible for us to get a completely definitive ruling on this?!? This is not an individual situation issue at all! Whatever the rule will be will apply to ALL IRA accounts, Roth and Traditional.

Jim. I want you to clarify something in your post. Did you mean the full value of the IRA at that date including all investments and the cash part of the account which is used for transfers OR did you mean only the cash part of the account? if you only meant the cash part of the account, then for the vast majority of people this would be a trivial issue as most people are heavily invested in their IRA and don't hold very much in the cash part of their account. I ASSUMED you meant the full value including the value of all investments (stocks, bonds, etc.). Thank you.

For the purposes I described in this topic, my initial thought was 1000 baht would work, which seems to be a level a consensus of others agrees with. But the controversial part for me may be I only intend to direct tip two people that have the most impact on my life in the building. Presumably the head doorman is the best paid of the security staff so arguably he needs it the least, but it's beyond my pay grade to solve global economic inequality. My motivations to tip at all are not saintly. The package person over guilt. The doorman person out of deference to his power.

This is 100 percent contrary to my research which says IRAs both Roth and Traditional are classed as pensions by Thai Revenue. I'm not saying you're wrong but this is a big deal for so many retired Americans. My current understanding of the situation. Say you withdrawal 10k usd from your Roth or Traditional during a year that you're a tax resident of Thailand and transfer that to Thailand. Value of account December 31, 2023 irrelevant. If Roth not US taxable but insanely taxable as not exempt income by Thailand. I think though not fully sure that there might be a form to get reimbursed by the US for the Thai tax paid on Roth. If Traditional taxable in the US and Thailand but credits can be made under double taxation but like Roth not exempt as social security is. This needs to be elevated as an issue for Americans. The implications are massive!

The package person works 12 hours a day 7 days a week. Just giving to two very visible people except for what I might put in a communal tip box is unfair of course. Oh well!

Putting in a card in a great idea. Just handing over naked cash is kind of crass

My condo has a holiday tip box for all staff so they're definitely into getting tips so no cultural taboos there. There are two people I would like to tip directly one the person that deals with delivery packages because I use a lot and the other the main doorman. I understand something ridiculous like 100 baht would mark a person on a stink list much much more than no tip, but I'm not in Kansas anymore and am not moved to overtip either. The package receiving person because I feel kind of guilty for creating so much work and not a lost package yet, and the doorman not so much that he has really ever helped me personally in any significant way, but more selfishly because he's in a position of some power and wouldn't hurt to grease the gears a bit in case I do need his help. I do give incidental tips to staff people when they help me directly in a specific way, such as maintenance people. Pattaya/Jomtien, not Manhattan where I guess in some buildings people are giving thousands of dollars and if they don't, it's <deleted> list time. What amount would you suggest?

In Pattaya a copy of the year's transactions in your passbook is fine as long as every single transaction is shown with no composite entries. Bring in the original passbook as well. Otherwise (composite transactions) you do need the full year's statement from the bank.

I don't really agree. They are really trying to collect Tax ID numbers for all nations where you might need them. As said before, they want home country addresses. Of course many expats no longer have a home country address or at least one that is relevant to their current tax residency. The section you referenced:

The CRS form explains who needs to file W9 and W-8BEN. All U.S. persons do the W9.

Being retired is irrelevant but many foreign pensions are exempt depending on what it is and the double taxation agreement with your nation.

Wrong now but the Thai government is considering changing to that.

If you're American you must file FBAR if required. Also banks are required to collect FACTA info from Americans usually done at account opening. Yes the Thai aspect separate from CRS.

OK but in any case the concept of privacy in banking is basically dead. Also as far as Thailand taxation for foreigners Thai Revenue will see your International transfers.

Uh huh. Roll eyes. https://globalbanks.com/crs-stands-for/

Not surprising but there is a fairly easy way to avoid that. Just be sure to NOT be a Thai tax resident in the year that you bring in your funds to buy the real estate. Easiest for those initially moving to Thailand.

I'm with the Russkie guy on this one.

CRS shares all transactions in your account. The forms get into tax residencies other than the US and Thailand. Tax ID numbers for Thailand (only if required for your situation), Tax ID number for the US if a US person (usually social security number), other nation's Tax ID numbers if applicable. The CRS implies that they know that US persons are subjects of the US IRS by default, unlike just about every other nation in the world as far as their tax authorities if you've left. For US person's they want a US address but it's not OK for them to demand that on a W9 if you file to IRS with a non-US address.

Well none of us knows for sure, but I find it very weird indeed that only one bank is getting a little bit aggressive on the CRS. Or step up bothering people who come in for other important services. So I do predict all Thai banks will likely do similar in 2025. Again as far as Americans, these reporting requirements have been in place for many years already and Thai banks should be and I assume most or all are requiring tax info on them when opening accounts. One reason I did bother with going to Kbank is because I opened my account so long ago that I wasn't asked, and I don't really mind Thai banks having this information, as the fines for Americans for not complying with FBAR and FACTA self reporting rules are so incredibly draconian that you'd have to be very reckless not to comply voluntarily anyway. Also I was curious to know exactly what would happen if i went in, and as in my report, I would say be very wary about signing or saying anything to them that you don't understand (as they were trying to strong arm me into filing a US IRS W9 form completely incorrectly). I had done research in advance and learned this is a common issue internationally, with the advice do not cave to them on that.

Up to you, but I don't see much risk in ignoring this, and if it's really an issue, it will be up to them to bother you about the next time you have business at a branch.

No need to have a Thai TIN or file here if you aren't remitting any funds. You may as well find out if the funds that you eventually remit are in a category that are Thai accessible. For example, for Americans only getting social security, there is no need ever get a Thai TIN or to file. To be clear the current CRS form does not require a TIN unless you are actually required to have one under Thai Revenue rules. Also good to know that anything you have abroad as of December 31, 2023 in bank accounts (as opposed to investments, etc.) can be sent to Thailand at any time in future as not accessible income for Thai tax. So be sure to get bank statements of that month.