Latest from USA Embassy as of 14 December

[fusion58]

10 hours ago, SheungWan said:

How about opening a bank account with a branch in one of the more central areas of Bangkok which would be more conversant with overseas transfers? Should I assume that the bank branches you are currently using are elsewhere?

 

All three branches were in the central Bangkok area.

 

At any rate, I’ve decided to go the Thailand Elite route. That way, I can avoid both Thai banks, and, for the most part, the immigration office.

[skatewash]

5 hours ago, HuskerDo said:

FYI, if you are from the US you will need to report to the US Govt (another form completed when doing your annual taxes) if you have an overseas account with $10,000 dollars or more for even a single day. The 800,000 baht in a Thai bank will force this since it's about $25,000 dollars.

Good reminder of the FBAR every American has to file annually if they meet the threshold requirement.

However, the FBAR (FinCen Form 114) is completely separate from your federal income tax return.  In fact, the FBAR even goes to a different organization (Financial Crimes Enforcement Network) of the Treasury Department than the IRS.  Also, you can be required to file an FBAR even if you have no obligation to file federal income taxes and vice-versa.  They really are separate things, they share the same due date though.

https://www.fincen.gov/report-foreign-bank-and-financial-accounts

 

[Issangeorge]

" in all honesty if you are genuine and receive an income from your said affidavit as submitted to said embassy surely you have 800k thousand available to do it with truth.
Good to see the Thai authorities stopping the stupidity of these so called income letters."
I have an income considerably higher than the required ฿65,000 a month. However I do not have the funds to put ฿800,000 in a Thai bank. Fortunately I am Canadian, and the Canadian embassy still gives out the letters. Perhaps because one has to show them definitive proof of income. For how much longer they will do this, I have no idea, if they stop I am afraid Thailand may lose a long stay foreigner who supports a family of 8 Thais in relative comfort.



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[TallGuyJohninBKK]

4 hours ago, Issangeorge said:

Perhaps because one has to show them definitive proof of income.

 

What exactly does the Canadian Embassy in BKK require to obtain "definitive proof of income"?

 

[ocddave]

4 hours ago, Issangeorge said:

I have an income considerably higher than the required ฿65,000 a month. However I do not have the funds to put ฿800,000 in a Thai bank. 

That seems like an odd statement.

[HuskerDo]

Thanks Skate. When I mentioned submitting the form at the same time as doing your taxes I meant it was a good time to do it along with your taxes so it isn't forgotten.

[HuskerDo]

8 hours ago, skatewash said:

Good reminder of the FBAR every American has to file annually if they meet the threshold requirement.

However, the FBAR (FinCen Form 114) is completely separate from your federal income tax return.  In fact, the FBAR even goes to a different organization (Financial Crimes Enforcement Network) of the Treasury Department than the IRS.  Also, you can be required to file an FBAR even if you have no obligation to file federal income taxes and vice-versa.  They really are separate things, they share the same due date though.

https://www.fincen.gov/report-foreign-bank-and-financial-accounts

 

Skate - I've never had to file an FBAR before so can I ask is it something (form) that you print off and mail to the Treasury Dept or is it completed on-line? I've determine that I most likely won't be filing a tax return while living in Thailand as I won't be owing any taxes thus a tax return is not required. None of my "income" will be taxable (i.e. Social Security, tiny pension, possible IRA distributions). I can live off of my SS easily and the small pension doesn't amount to much. The IRA distributions actually won't be needed but if taken I'll take them is such small increments each year that they won't be taxed either.    

[BertM]

4 hours ago, HuskerDo said:

Skate - I've never had to file an FBAR before so can I ask is it something (form) that you print off and mail to the Treasury Dept or is it completed on-line? I've determine that I most likely won't be filing a tax return while living in Thailand as I won't be owing any taxes thus a tax return is not required. None of my "income" will be taxable (i.e. Social Security, tiny pension, possible IRA distributions). I can live off of my SS easily and the small pension doesn't amount to much. The IRA distributions actually won't be needed but if taken I'll take them is such small increments each year that they won't be taxed either.    

I have filed FBAR every year since been in Thailand after opening a foreign bank account. It is done online and takes me about 10 to 15 min. If you have $10,000 or more USD or equivalent in foreign currency in a foreign bank account or in multiple accounts combined (at any time during the year) you are required to file it. The treasury posts a foreign currency rates table for the end of each year to use to calculate if you meet requirements. Example, 32.50 THB to 1 USD. If you have 400,000 THB in acct or accts, then you are required to file.

 

Edited January 3, 2019 by BertM

[HuskerDo]

1 hour ago, BertM said:

I have filed FBAR every year since been in Thailand after opening a foreign bank account. It is done online and takes me about 10 to 15 min. If you have $10,000 or more USD or equivalent in foreign currency in a foreign bank account or in multiple accounts combined (at any time during the year) you are required to file it. The treasury posts a foreign currency rates table for the end of each year to use to calculate if you meet requirements. Example, 32.50 THB to 1 USD. If you have 400,000 THB in acct or accts, then you are required to file.

 

Thanks Bert. The reason I was asking is that there is question as to whether or not we'll be required to have 800,000 baht in a Thai bank to live there. I'd just rather put in in an not touch it until I leave the country to make things easier. 

 

Question on the Thai bank account tho. I suspect the interest accumulated each year will be minimal on the account but would a person be required to file a Thai tax return due to it?

 

 

[jacko45k]

21 hours ago, HuskerDo said:

FYI, if you are from the US you will need to report to the US Govt (another form completed when doing your annual taxes) if you have an overseas account with $10,000 dollars or more for even a single day. The 800,000 baht in a Thai bank will force this since it's about $25,000 dollars.

I believe that is not difficult. Not the fault of Thai immigration. 

[HuskerDo]

10 minutes ago, jacko45k said:

I believe that is not difficult. Not the fault of Thai immigration. 

Agreed.

[BertM]

 

 

2 hours ago, HuskerDo said:

Thanks Bert. The reason I was asking is that there is question as to whether or not we'll be required to have 800,000 baht in a Thai bank to live there. I'd just rather put in in an not touch it until I leave the country to make things easier. 

 

Question on the Thai bank account tho. I suspect the interest accumulated each year will be minimal on the account but would a person be required to file a Thai tax return due to it?

 

 

I have interest on thai bank accts. The interest is reported on US 1040 tax return and a credit for the 15% withholding is reported also. I do not file Thai tax return. 

[anon537687643]

Unfortunately, I don’t have time to wait for the police order to come down as my current extension expires on 28 February.
Even if I were amenable to depositing funds in a Thai bank, (which I’m not) I wouldn’t have enough time to meet the seasoning requirements. I’m starting to believe the Thailand Elite visa might be my best (and my only viable) option at this point. 

Wow a million down the crapper !


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[HuskerDo]

56 minutes ago, BertM said:

 

 

I have interest on thai bank accts. The interest is reported on US 1040 tax return and a credit for the 15% withholding is reported also. I do not file Thai tax return. 

I apologize Bert but I'm not sure what you're referring to when you say "and a credit for the 15% withholding is reported also". Are you saying the Thai govt withholds 15% of your interest earned yet you don't need to file a return with them? Sorry for my confusion. 

[HuskerDo]

36 minutes ago, markaoffy said:

Wow a million down the crapper !


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Has anyone seen this below? Do they want to drive all the foreigners who want to contribute to their society (at least by spending our money there) out of the country forever? Crazy!! 

 

BANGKOK — Foreign nationals residing in Thailand are being asked to disclose personal information to the government, including their bank details and where they hang out online and offline.

Internal documents obtained earlier this month by Khaosod English showed the Immigration Bureau would ask foreigners for personal details about places they frequent in the virtual and real worlds, additional information to be filed before they can extend their visas or complete the routine 90-day reports required to reside legally in the kingdom.

Full story: http://www.khaosodenglish.com/detail.php?newsid=1460977949&typecate=06&section=

 

 

[Skallywag]

On 1/2/2019 at 9:47 AM, nickstav said:

The first time I went to get a verification letter from the consulate in Chiang Mai I brought along my original award letter from my government pension system, which clearly stated that I would be receiving this amount for life. I wasn't getting SS yet and didn't need it to qualify as my pension amount was more than enough. The young lady behind the counter looked at the award letter and asked me to wait a minute. She got on the phone and made a call. I was wondering what was up. A few minutes later a young man came to the window and introduced himself as the Vice-Consul. He looked at my award letter and said, "so you worked for the government?". Then he began to laugh. He said we don't need to see this, just raise your hand and swear that what you wrote on the affidavit is true. He was very nice about everything. I thought to myself, this is the stupidest thing I ever saw that they just take my word for it. I worked for the government for 30 years in a management position and would never attest to something just based on someone swearing to it. I also know they could very easily verify certain types of income, i.e. pensions, SS, if they wanted to.

Oh how I wish the US Government shut down would shut down pensions -  people think because they paid in a few thousand a year for 20 years they should receive 10's of thousands a year for life after retirement.  For US citizens the reckoning may be coming soon on government pensions (yes I worked in the private sector for 44 years and only receive social security)  https://www.businessinsider.com/us-pension-policy-is-so-bad-that-congress-is-planning-for-its-failure-2018-3?fbclid=IwAR2X1eooHeijryDMhOFfF_IzM4NQNMTDzasAooMg1oxv6nbhVgHbUl9wk4k

[JackThompson]

3 minutes ago, RicUSA said:

Oh how I wish the US Government shut down would shut down pensions -  people think because they paid in a few thousand a year for 20 years they should receive 10's of thousands a year for life after retirement.  For US citizens the reckoning may be coming soon on government pensions (yes I worked in the private sector for 44 years and only receive social security)  https://www.businessinsider.com/us-pension-policy-is-so-bad-that-congress-is-planning-for-its-failure-2018-3?fbclid=IwAR2X1eooHeijryDMhOFfF_IzM4NQNMTDzasAooMg1oxv6nbhVgHbUl9wk4k

I have a better idea - why not RESTORE pensions and other benefits for those working in private-enterprise, by ending the policies that facilitated the destruction of our formerly great middle-class?

 

What we see with federal/state govt workers - resented by many working in the private sector - is what our parents enjoyed In The Private Sector, though our parents earned more income combined with those benefit packages.  It is a bitter irony that we now find ourselves envious of even the lesser-level of financial-security which public-sector employees still have, due to the steep decline in living standards / benefits of those of us in the private-sector.

[JackThompson]

12 minutes ago, HuskerDo said:

Has anyone seen this below? Do they want to drive all the foreigners who want to contribute to their society (at least by spending our money there) out of the country forever? Crazy!! 

 

BANGKOK — Foreign nationals residing in Thailand are being asked to disclose personal information to the government, including their bank details and where they hang out online and offline.

Internal documents obtained earlier this month by Khaosod English showed the Immigration Bureau would ask foreigners for personal details about places they frequent in the virtual and real worlds, additional information to be filed before they can extend their visas or complete the routine 90-day reports required to reside legally in the kingdom.

 

Full story: http://www.khaosodenglish.com/detail.php?newsid=1460977949&typecate=06&section=

This was used for a year or so - but I believe it is no longer being presented.  Even when it was in use, may reported not filling all the details, and IOs having no issue with this. 

[Ahab]

6 minutes ago, RicUSA said:

Oh how I wish the US Government shut down would shut down pensions -  people think because they paid in a few thousand a year for 20 years they should receive 10's of thousands a year for life after retirement.  For US citizens the reckoning may be coming soon on government pensions (yes I worked in the private sector for 44 years and only receive social security)  https://www.businessinsider.com/us-pension-policy-is-so-bad-that-congress-is-planning-for-its-failure-2018-3?fbclid=IwAR2X1eooHeijryDMhOFfF_IzM4NQNMTDzasAooMg1oxv6nbhVgHbUl9wk4k

You are entitled to your opinion. I spent 24 years of my life serving in nuclear submarines (19-43 years of age), many of that time was underway, away from family, friends, and loved ones. Many years I spent greater than 220 days a year away and most of that time underwater. I enjoyed my job but part of the reason I did this for 24 years was the knowledge that I would receive a pension after 20 years of active duty service. I also have 401K investments, social security, and a small federal government pension that I will receive after I reach the proper age (59 1/2 for the 401K and 62 for social security and government pension). Part of the reason for staying in the US Navy for 24 years was that I could begin getting retirement benefits at age 43. I am able to live comfortably in Thailand at age 55 because of sacrifices I made in the prime of my life. If it was an easy choice or career most everyone would stay in for 20 years, but the fact is that it is difficult and not for everyone, but it is a good deal if you can stick it out and retire.

[HuskerDo]

27 minutes ago, Ahab said:

You are entitled to your opinion. I spent 24 years of my life serving in nuclear submarines (19-43 years of age), many of that time was underway, away from family, friends, and loved ones. Many years I spent greater than 220 days a year away and most of that time underwater. I enjoyed my job but part of the reason I did this for 24 years was the knowledge that I would receive a pension after 20 years of active duty service. I also have 401K investments, social security, and a small federal government pension that I will receive after I reach the proper age (59 1/2 for the 401K and 62 for social security and government pension). Part of the reason for staying in the US Navy for 24 years was that I could begin getting retirement benefits at age 43. I am able to live comfortably in Thailand at age 55 because of sacrifices I made in the prime of my life. If it was an easy choice or career most everyone would stay in for 20 years, but the fact is that it is difficult and not for everyone, but it is a good deal if you can stick it out and retire.

You are entitled to your military pension Ahab. I don't think RicUSA was referring to the military pensions but rather entities like the Post Office and local entities like the DMV. Those folks aren't nearly as deserving as the military. Thanks for spending so many years looking out for us in the US. I spent just 4 years on a fast frigate and toured a sub once. I don't remember if it was a nuc but it was new and it was spectacular. I can't imagine not seeing daylight for weeks/months at a time tho so again thank you.

[BertM]

3 hours ago, RicUSA said:

Oh how I wish the US Government shut down would shut down pensions -  people think because they paid in a few thousand a year for 20 years they should receive 10's of thousands a year for life after retirement.  For US citizens the reckoning may be coming soon on government pensions (yes I worked in the private sector for 44 years and only receive social security)  https://www.businessinsider.com/us-pension-policy-is-so-bad-that-congress-is-planning-for-its-failure-2018-3?fbclid=IwAR2X1eooHeijryDMhOFfF_IzM4NQNMTDzasAooMg1oxv6nbhVgHbUl9wk4k

Sorry to hear you only get SS. I didn't want to rely on SS alone so I saved & invested for 40 years. I also worked for a private company for 40 years, retired with a private pension, 401k, company stock, IRAs and my own investments. Will start my SS at age 66 in 4 years. Good luck to you and everyone in this new year.

Edited January 4, 2019 by BertM

[BertM]

4 hours ago, HuskerDo said:

I apologize Bert but I'm not sure what you're referring to when you say "and a credit for the 15% withholding is reported also". Are you saying the Thai govt withholds 15% of your interest earned yet you don't need to file a return with them? Sorry for my confusion. 

The bank withholds 15% of my interest (which is not enough to worry about, was only $9 this year). I can claim that $9 on US tax return so US will credit it to me so I am not paying twice. If you don't file US tax return then no harm done.

Edited January 4, 2019 by BertM

[BertM]

7 hours ago, HuskerDo said:

I apologize Bert but I'm not sure what you're referring to when you say "and a credit for the 15% withholding is reported also". Are you saying the Thai govt withholds 15% of your interest earned yet you don't need to file a return with them? Sorry for my confusion. 

To be more clear, I had $60 in interest from my Thai bank accts. The bank withheld 15% or $9 withholding in taxes for Thai gov't.  I will have to report that $60 on my US tax return, but can claim the $9 also to get a credit back. I forget the line number on 1040 to do this, but can look it up if you need.

[HuskerDo]

1 hour ago, BertM said:

To be more clear, I had $60 in interest from my Thai bank accts. The bank withheld 15% or $9 withholding in taxes for Thai gov't.  I will have to report that $60 on my US tax return, but can claim the $9 also to get a credit back. I forget the line number on 1040 to do this, but can look it up if you need.

Thanks Bert. Is it difficult to file a US tax return from over there? I understand H&R Block will do it for a person. You just have to upload the proper documentation for them and you can sign electronically. Not sure I'll want to go thru the hassle as I've already discussed my financials with them and they said I'll owe no taxes so I won't have to file. The way I'm structuring it is that I'll take minimal IRA distributions and move it to my savings acct as I won't need it. My whole goal is to avoid taxes as much as possible and keep adding to my savings in the event I want to return to the US one day and have to get re-established with a car, condo, etc.    

[TallGuyJohninBKK]

On 1/4/2019 at 6:17 PM, HuskerDo said:

Not sure I'll want to go thru the hassle as I've already discussed my financials with them and they said I'll owe no taxes so I won't have to file.

 

This might be better discussed in a tax filing topic. But just quickly here since you raised the issue, AFAIK, you DO have to do a federal tax filing as an American even if you don't actually owe any taxes in a given year -- unless your gross income for the year is very small.

 

Quote

 

In most cases, you will need to file a return if any of the following are true:

• Your gross income was over $10,000 as a single filer (or over $20,000 as a married couple filing jointly)
• You earned over $400 from self-employment
• You sold your home during the tax year
• You owe taxes because of your retirement account, either from distributions or excess contributions
• You owe Social Security and Medicare taxes on tips that were not reported to your employer, or on wages that your employer did not withhold these taxes from

 

 

https://www.irs.com/articles/who-has-file-federal-income-tax-return

[fusion58]

On 1/4/2019 at 8:24 AM, markaoffy said:

Wow a million down the crapper !


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Actually, the cost for the five-year visa is half of that.

 

And the money is only “down the crapper” if you fail to find sufficient value in a membership and all it entails.

 

For me, the ability to circumvent Thai banks and to minimize my contact with immigration is worth the price of admission.

 

YMMV, as they say.

[ubonjoe]

No need for this topic now since this one was posted.

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