Any good lawyer for extending retirement visa?

[jimmyyy]

Spoke to US embassy, there will be NO changes to the letter of affidavit concerning income statements for Extensions of stay.  I also spoke to my local immigration office during my last 90 day report last week.  No, there are no changes.  Stop the damn fear mongering, which is all this is.  I always have backup to my pension letters with me when i go to Embassy and the immigration office.  Never been asked never will. 

[amexpat]

1 hour ago, jimmyyy said:

Stop the damn fear mongering, which is all this is. 

It's also wishful thinking by a few old Brit gits. 

[Spaniel]

10 hours ago, JLCrab said:

Thank you -- I don't have $25K in cash sitting in a bank anywhere and if I did I certainly would not want it to be in Thailand.

 

Also, I am well insured and don't need cash for a medical emergency here in Thailand. I also have the no-credit-limit American Express card which is accepted at (most) all major hospitals here in Thailand -- don't leave home without it!

 

And as a US citizen $25K in a non-US bank account puts you on FBAR territory which is to be avoided if at all possible.

Why  should FBAR territory be avoided if at all possible?     It takes me about 5 minutes to file on line.    Am I missing something?

[sfokevin]

One can find some relatively stable dividend stocks in the US (T, VZ, SO, BP, GSK)...that offer 5-6% dividend... so your 800k here is costing you 40-50,000 baht a year...

 

That’s enough to pay for a nice villa in Koh Samui for three weeks during the burning season... 

 

https://abnb.me/gCaSHeuwgP

Edited August 10, 2018 by sfokevin

[JLCrab]

2 hours ago, Spaniel said:

Why  should FBAR territory be avoided if at all possible?     It takes me about 5 minutes to file on line.    Am I missing something?

Yes.

[Somnambulist]

jimmyyy, which immigration office are you talking about?  Please be clear when you post.

[Somnambulist]

My agent went to CM Immigration today and corroborated what Assist Thai Visa posted.  Those who still say I'm a rumor-peddling fear monger are starting to look downright pathetic.  

[CMBob]

22 minutes ago, Somnambulist said:

My agent went to CM Immigration today and corroborated what Assist Thai Visa posted.  Those who still say I'm a rumor-peddling fear monger are starting to look downright pathetic.  

I wouldn't call you a "rumor-peddling fear monger" but what you initially posted was that the Consulate was changing the rules (you said:  "....be aware that starting next month the U.S. Consulate in Chiang Mai will start requiring ACTUAL proof of income before they'll notarize your income affidavit"].  That appears not to be quite accurate.

 

So the issue remaining is whether CM Immigration is going to start (supposedly September 1st) requiring people to show backup documentation to support an income affidavit obtained from their consulate/embassy.  Time will tell as I'm sure we'll hear about it here one way or the other.

 

[Spaniel....no, you're not missing anything.  As you and others who have filed one know, the online filing of a FBAR report is rather quick and simple.]

[JLCrab]

Filing an FBAR may be simple enough but one never knows when one might be under consideration for an IRS audit do one? although the FBAR itself would not be the cause for any such consideration.

[ChiangMaiLightning2143]

Thank you -- I don't have $25K in cash sitting in a bank anywhere and if I did I certainly would not want it to be in Thailand.
 
Also, I am well insured and don't need cash for a medical emergency here in Thailand. I also have the no-credit-limit American Express card which is accepted at (most) all major hospitals here in Thailand -- don't leave home without it!
 
And as a US citizen $25K in a non-US bank account puts you on FBAR territory which is to be avoided if at all possible.

Why avoid FBAR? The online report takes me all of 5-10 minutes once a year. All my money in Thailand comes from transfers from my US bank to BKK bank. Don’t get what is to fear.


Sent from my iPhone using Tapatalk

[JLCrab]

I said to avoid FBAR if possible. If you have $10K or more in a non-US bank account, it isn't possible to avoid it.

 

And if it isn't necessary for me to disclose non-US bank accounts, then I prefer not to do so.

Edited August 10, 2018 by JLCrab

[ChiangMaiLightning2143]

Any particular reason?

[JLCrab]

Yes -- I am a Libertarian wacko.

[ChiangMaiLightning2143]

• There may be rational reasons for certain persons of not keeping too much money in a Thai bank account, and some people ARE  to hiding income from the US (a serious crime) I don't see what problem the US might have with me keeping some money in Thailand that has already been taxed. Every year I report every satang of interest income as well.
• Certainly there are more lucrative places to park 800,000 baht equivalent , but of course there is always risk in investment. For me it is convenient to have a Thai bank account and no reason not to keep a good balance with BKK bank I get a comparitively nifty rate of return on fixed deposits and the appear about as safe as anything else. 
• I admit to keepimg most assets offshore. Not that I think BKK bank is going to fail or the Redshirts will take over and seize Fariengi assets but This being Thailand there may be some  freeze put on the account for reasons lacking  transparency or no reason at all  and beyond my immediate control.    Thai online banking is crap as well as every form of customer service aside from going in during business hours and chatting with the manager. My main US bank does not even have physical offices and they are much easier to deal with in every way.

 

 

[JLCrab]

This is from the US Treasury (FBAR) form TD F 90-22.1 REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS:

 

"This form should be used to report a financial interest in, signature authority, or other authority over one or more financial accounts in foreign countries, as required by the Department of the Treasury Regulations 31 CFR 1010.350 (formerly 31 CFR 103.24). No report is required if the aggregate value of the accounts did not exceed $10,000"

 

Since Thai IMM does allow an extension of stay via retirement without requiring a deposit in a Thai bank in excess of $10K, that is what I choose to do and therefore no FBAR report is required.

Edited August 10, 2018 by JLCrab

[amexpat]

8 hours ago, ChiangMaiLightning2143 said:

Thai online banking is crap

Way off topic here, but I've been loving BKK online for many years and many uses. 

[JLCrab]

And whether on or off topic, I will just add to my comment above that you don't have to have done anything wrong or improper to be audited by the IRS.

[Spaniel]

14 hours ago, JLCrab said:

Yes.

I am not trying to get in a argument with you over FBAR.    What am I missing?

 

 

Edit:   Disregard.  After reading the rest of the post I see I am not missing anything.     As far as an IRS audit I could care less as my taxes are correctly filed each year.

Edited August 11, 2018 by Spaniel

[JLCrab]

Your taxes could be filed correctly every year and you could still be audited.

[sfokevin]

Ok... So I’ll jump down the rabbit hole...

 

Odds are that Thai banks report to the IRS all bank accounts of US citizens regardless of balance (even below $10k)... So if you choose to try and stay under the radar you most likely become more likely to be scrutinized by the IRS...

 

So enjoy hiding under your aluminum foil hat...

[JLCrab]

Oh for crissakes I should have just said that -- instead of the 'whenever possible' -- that because I don't go the 800K in the Thai bank route for a retirement extension I don't have to file an FBAR.

 

Ok Tag Team? 

 

And I'm not 'hiding' from the IRS -- they already know who I am.

Edited August 11, 2018 by JLCrab

[Somnambulist]

CMBob, Yes, my OP was a little off but it was close enough that it prompted a short conversation with contributions from a few other posters that quickly brought the truth out, thereby alerting many readers to the new development.  

Surely, that's what a forum is for.  Within three pages of posts we had the truth and it would have been just one page if the complainers had stayed out of it.  

Your post did nothing but clog up the thread with a tedious replay, containing absolutely nothing that hadn't been said before.  Please, for all of us, try to add some value next time, OK?  

Oh wait, you did give some financial advice - keep 800,000 baht in a Thai Bank in order to save 43 bucks.  Thank you so much for that.  

 

About the IRS and Thai bank accounts - Yes, they know all about them.  I know because I was on the phone once with an IRS agent who asked me to list my Thai accounts.  I named two and she said, "Oh, we know about those."  

Edited August 11, 2018 by Somnambulist

[sfokevin]

“A bit off”...   More like pulled out of your A*$...

[JLCrab]

Just to note, when you file an FBAR report you list your Thai bank account number/s and your US Tax ID number.

 

For me, I have 3 Thai bank savings accounts which are about USD 3000 combined max per year so no FBAR report and for none of those accounts have I provided a US Tax ID number, just my passport ID.

 

So if IRS wants to link a Tax ID number to a passport number and then to a bank account number in Thailand, or vice versa, it can be done but would be tedious especially if the person has a 'Bob Smith' kind of name.
 

Edited August 11, 2018 by JLCrab

[CMBob]

Based on my experience and several friends, all of the Thai banks are requiring account holders to sign a form before opening any accounts these days.  The first question on that form is whether the person is a US citizen and, if answered "no" then they're done with that.  If answered "yes", the US citizen has to provide a social security number and some other minor information.  This all started a couple of years ago after the Thai banks signed agreements with the US Treasury to provide annual information (essentially what we US citizens know as a 1099 form) to the IRS about US citizens' accounts.  

 

While the Thai banks are reporting at least interest information, the online FBAR information actually only adds (presuming the Thai banks aren't reporting this too) the highest amount of the year one holds in those accounts.  The FBAR, of course, was designed to catch drug dealers, money launderers, and others hiding large sums outside the US but unfortunately most of the reporting is likely done by the "little fish" like those of us living in Thailand and doing the 800k baht routine to support retirement extensions.  While it might be more worthwhile to the IRS to raise the reporting limit (so they can concentrate on the "big fish"), at least the annual online filing is very quick and simple to do.

 

[The current Manafort trial in the US substantially involves details about his non-reporting of foreign accounts receiving/holding 30-60 million dollars.  For "willful" non-reporting, the financial penalties start at 100% of those accounts and, of course, there are possible jail terms involved too.  For "non-willful" reporting, the financial penalties purportedly start at 50%.  At a minimum, it would appear Manafort is going to lose and/or owe a whole lot of money given his Deputy testified that they intentionally didn't report the accounts.]

 

 

[scottiejohn]

On ‎8‎/‎10‎/‎2018 at 12:30 PM, Somnambulist said:

My agent went to CM Immigration today and corroborated what Assist Thai Visa posted.  Those who still say I'm a rumor-peddling fear monger are starting to look downright pathetic.  

What Assist Thai Visa posted (according to you) is ambiguous.

If you read my earlier post, read some others on this forum and on the General(major) TV Forum on visas etc you will find that the US embassy has not changed and does not appear to be planning to change anything (other Embassies maybe) but it is Thailand Immigration who are just enforcing the law which states that "proof" of income has to be provided.  The Embassy affidavit does not provide that proof.  It only states that you are who you say you are.  There have been no changes in the rules, just the usual Thai enforcement of rules when they can see quite plainly that many Embassy income affidavit letters are meaningless as regard to true income.

PS; Thai Immigration & the BIB are well capable of reading all this and know that many agent's financial paperwork and many Embassy affidavit letters are not worth the paper they are written on. 

[Dante99]

2 hours ago, Somnambulist said:

 

 

About the IRS and Thai bank accounts - Yes, they know all about them.  I know because I was on the phone once with an IRS agent who asked me to list my Thai accounts.  I named two and she said, "Oh, we know about those."  

And you believed her!

[rumak]

11 hours ago, JLCrab said:

Oh for crissakes I should have just said that -- instead of the 'whenever possible' -- that because I don't go the 800K in the Thai bank route for a retirement extension I don't have to file an FBAR.

 

Ok Tag Team? 

 

And I'm not 'hiding' from the IRS -- they already know who I am.

Don't feed the dogs.......they run in packs

[Somnambulist]

19 hours ago, Dante99 said:

And you believed her!

Why wouldn't I?  After that she named the next two for me.  

[Somnambulist]

19 hours ago, scottiejohn said:

What Assist Thai Visa posted (according to you) is ambiguous.

If you read my earlier post, read some others on this forum and on the General(major) TV Forum on visas etc you will find that the US embassy has not changed and does not appear to be planning to change anything (other Embassies maybe) but it is Thailand Immigration who are just enforcing the law which states that "proof" of income has to be provided.  The Embassy affidavit does not provide that proof.  It only states that you are who you say you are.  There have been no changes in the rules, just the usual Thai enforcement of rules when they can see quite plainly that many Embassy income affidavit letters are meaningless as regard to true income.

PS; Thai Immigration & the BIB are well capable of reading all this and know that many agent's financial paperwork and many Embassy affidavit letters are not worth the paper they are written on. 

I find it ironic that you want me to reread previous posts when you yourself seem to have not read developments in the thread.  I won't rehash here, not interested.  But thanks for your stunning insights about enforcement and affidavits and Thai officials reading this site.  You must be a top expert on Thailand.