Thai bank account reporting abroad

[Sergach]

Does Thailand report an existence of foreigner owned bank accounts to account holder's country of citizenship? Specifically the Western world. Thanks!

[Bill97]

Not same for all countries.

 

Not to worry they will catch you in the end.

[Sergach]

30 minutes ago, Bill97 said:

Not same for all countries.

 

Not to worry they will catch you in the end.

Ah ok buddy. After reading your useful reply I'm not anymore.

[DezLez]

Why not ask your Thai Bank if they report your account to your home country?

 

Which country in the "western world" are you referring to?

 

There are many inter-governmental banking agreements!

Are you referring to FACTA for instance.

 

A bit more detail might give you a better answer from this forum. 

 

If you do not want to disclose here I suggest you ask Mr Google!

 

 

[skatewash]

If an American citizen then yes.  That's what all those IRS documents you sign when opening a Thai bank account are for.

[Sergach]

9 minutes ago, DezLez said:

Which country in the "western world" are you referring to?

 

There are many inter-governmental banking agreements!

Are you referring to FACTA for instance.

A bit more detail might give you a better answer from this forum. 

If you do not want to disclose here I suggest you ask Mr Google!

Canada

[Gaccha]

21 hours ago, Sergach said:

Canada

There's a convention signed between Thailand and Canada:

 

'For the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income'

 

Pay specific attention to Article 25. Everything is in place to stop you evading paying taxes on your income, dividends, royalties and so on. 

[topt]

10 minutes ago, Gaccha said:

There's a convention signed between Thailand and Canada:

 

'For the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income'

 

Pay specific attention to Article 25. Everything is in place to stop you evading paying taxes on your income, dividends, royalties and so on. 

Would have been useful to have had the link rather than have to search for it........

 

22 hours ago, Sergach said:

Does Thailand report an existence of foreigner owned bank accounts to account holder's country of citizenship? Specifically the Western world. Thanks!

If you are referring to CRS Thailand has agreed to sign up to it but it hasn't happened yet and some internal stuff still needs to happen for Thailand to execute.......It will happen at some point.

[Gaccha]

The Canada-Thailand Income Tax Convention, as signed on April 11, 1984.

[lkn]

On 12/3/2022 at 3:24 PM, topt said:

If you are referring to CRS Thailand has agreed to sign up to it but it hasn't happened yet and some internal stuff still needs to happen for Thailand to execute.......It will happen at some point.

And when it does, it is not unlikely that some countries will request “statement for the last 10 years” for their citizens. Maybe less likely with Thailand, but I know this was done for e.g. Luxembourg, once they joined the CRS system.

 

So if you have something to hide, close your bank account before Thailand reports you.