Who said you bank/s aren't passing on your information to governments. Expats be advised !

4MyEgo · June 5

For those of you who think your bank/s back in your home country aren't passing your information onto Governments, so that you can start paying tax in Thailand, think again and read on. This I believe only applies to Non Residents, although I could be wrong ?

Background:

A while ago, this particular bank back in my home country sent me an email requesting my residency status, with my reply being, you have it on record when I opened the account a couple of years ago, nothing has changed, i.e. I am still a non resident for tax purposes.

They then sent me another email asking me to fill in a form, I complied, confirming my residency status as still being a non resident.

They came back with another email stating that, they cannot accept my information via email as it is against their policy and that I must contact them as they require further information. I told them to contact me as I wasn't inclined to sit and wait on the phone in a line for 30 minutes, calling from overseas, especially when they already had my information which has not changed.

Long of the short, we went back and forth in emails, now have a read of their email of today below to see why they want me to call them, nothing short of them wanting to forward my information to the Thai Government so that they can tax me, remember the new tax code that came in on 1 January 2024 and the recent news that we must have a Tax Identification Number TIN by May and lodge a tax return in Thailand.....LoL, well it's all falling into place isn't it.

Reference: XYZ1234567

Hi XXXXXXX,

Thank you for verifying some of your information, however, further information is required.

I have read through your previous email and in your case, we will need to speak with you via phone call in order to resolve some of our queries. I apologise for the inconvenience in updating your tax residency details, however, with XXXX's legal responsibility to ensure our customer details are correct and up to date, as well as XXXX’s responsibility to maintain our customer’s privacy, certain personal details cannot be updated through nominated email confirmations.

What you need to do:

Provide your tax residency status by updating and returning a completed copy of the attached form.
Please include your THAILAND Thai National ID Number in Section B.

OR

Please contact our dedicated tax team on XXXX XXX XXX (+XX X XXXX XXXX from overseas) and we will assist you further.

OR

Please advise the best time to contact you. If you have not updated your contact number in our systems, please contact our servicing team first on XX XX XX (+XX X XXXX XXXX from overseas) for support regarding the update of your contact number.

*Note: Tax Identification Number is the reference number that is used to communicate with the local tax authority.  Some countries use the National ID as the tax identification number and others have specific reference numbers issued by the local tax authorities.

Why are we doing this?

The Common Reporting Standard (CRS) is an international initiative involving over 100 countries to the exchange of information on accounts held by non-resident individuals and entities with the tax authorities in their respective countries of tax residency.

To comply with CRS, banks and other financial institutions are required to collect foreign tax residency information from their customers. The aim of this legislation is to promote a reduction in offshore tax evasion. All participating countries, which includes XXXXXXXXX, are required to identify and report foreign account holding information to their local tax authority which will be disclosed to the relevant foreign tax authorities.

All XXX customers (individuals, business, trust, etc.) are subject to this legislation.

If you wish to close your account(s)

Withdraw all funds from the account(s) you wish to close. Click the ‘Chat’ icon in either Internet Banking on your desktop or the XXX Mobile App. This will launch a secure chat. Type in ‘Close account’, and then click ‘Chat with a specialist’ who will be able to help you.

Removing the suspension on your account

To meet our regulatory obligations, including the Anti-Money Laundering and Counter-Terrorism Financing Act, we’re unable to remove the suspension on your account(s) until these details have been verified.

We’re here to help

If you have any questions regarding this matter, please contact our dedicated tax team on XXXX XXXX XXX (+XX X XXXX XXXX from overseas) and quote your reference number listed at the top of this email. We’re available Monday to Friday 9am to 7pm and Saturday 9am to 5pm.

To find out more information or check our contact details, visit the XXX website and search for 'collecting your tax information'.

Regards,

XXXXXXX

Analyst | XXX Identity Protect
Customer Identity Remediation | XXXXXXXX XXXXXXX Bank Limited

PH: XXXX XXX XXX

Email: redacted

Now you might ask yourself, what am I going to do, well I am going to reply to them tomorrow, and my thoughts are on the lines of;

Hi, I have withdrawn all of my funds from my account today, please suspend my account until I return to XXXXXXXX in the future, and upon my return, I will notify you of my residency status which will be that of a resident.

I have another account with my residency status as being a resident back home, why did I opt for that, because as Paddy said: to be sure to be sure, suffice to say, Thailand will get nothing from that account when I bring money over.

As a resident of my home country I am not paying the withholding tax as I would be as a non resident, and there is a threshold on earning income before paying tax, so I will avoid paying tax here won't I and back in the home country.....LoL.

Be interested to hear what others think about this collusive practice IMO, albeit it is legislated.

Thailand has been a part of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) since 2017, and has committed to legislate and implement the Common Reporting Standard (“CRS”) which has similar features as the previously released Foreign Account Tax Compliance Act (“FATCA”).

BritManToo · June 5

The obvious answer is not to tell your bank you live overseas.

Doctor Tom · June 5

My bank has no idea where I am, with the obvious exception of SCB here .

timendres · June 5

It is interesting.

The gold sitting in my safe is not asking me to fill out any forms, nor is it reporting itself to any government agency...

Doctor Tom · June 5

3 minutes ago, timendres said:

It is interesting.

The gold sitting in my safe is not asking me to fill out any forms, nor is it reporting itself to any government agency...

Where do you live ? 😁

Sheryl · June 5

There is no new Tax Code in Thailand and no requirement to get a Tax ID number or file a return if you have no assessable income. There is, to my reading, also no requirement to do this if you owe no tax i.e. have assessable income but below the taxation threshold once deductions and credits are applied. This last may or may not change in future.

The only thing that has changed at this point is that a previous loophole regarding funds remitted from abroad after the year in which they were earned has been closed.

Note that being declared resident on your bank account back home does not make remittances from it into Thailand tax exempt in Thailand.

it is well known that Thailand has joined the CRS and thus will be sharing information with financial institutions in other countries (2 way sharing).

Only income remitted into Thailand is potentially assessable and the Thai government has other ways of tracking that aside from possible notification from banks abroad.

If I were you I'd have the bank call me and when they do explain (if true) that you are not required to have a Thai tax ID because you (as applicable) have no remittances into Thailand that are assessable under Thai tax law/ owe no tax on remittances because they are below the threshold for taxation in Thailand. Then offer to provide copues of your Thai visa & annual extensions and passport stamps to show you are not Tax Resident in your home country on basis of living abroad X months if the year.

If your bank wants to inform Thailand of your assets abroad, let them. Only remittances into Thailand are relevant for Thai tax purposes.

Doctor Tom · June 5

9 minutes ago, Sheryl said:

There is no new Tax Code in Thailand and no requirement to get a Tax ID number or file a return if you have no assessable income.

Absolutely right. There is a great deal of false and misleading information floating around social media. Relax expats, especially the ones on retirement extensions.

4MyEgo · June 5

2 hours ago, BritManToo said:

The obvious answer is not to tell your bank you live overseas.

The only problem with that is, if your not an Age Pensioner and requiring funds every year to survive here, they will soon find out when you transfer funds, suffice to say I was called by the bank in the beginning when I moved here asking me if I was transferring money overseas as there appeared to be some suspicious activity with my account.

Nowadays, I transfer my funds to Wise and the to my bank here.

This particular bank has my address back home, telling them nothing.

4MyEgo · June 5

2 hours ago, Sheryl said:

Only income remitted into Thailand is potentially assessable and the Thai government has other ways of tracking that aside from possible notification from banks abroad.

Hey Sheryl, so if I remit, for example a million baht per annum from my overseas account, which is from savings, so to speak, I don't have to pay tax as this is not income, is that what you are saying ?

2 hours ago, Sheryl said:

If I were you I'd have the bank call me and when they do explain (if true) that you are not required to have a Thai tax ID because you (as applicable) have no remittances into Thailand that are assessable under Thai tax law/ owe no tax on remittances because they are below the threshold for taxation in Thailand.

Ok, so tell them that I don't have a Thai Tax ID and have no remittances into Thailand that are assessable under Thai tax law and that I do not owe any taxes to the government.

As for the threshold, not sure what that is, although I did read something like is it 60k for me, 60k for the Mrs and 60k per child (not adopted), plus 50k for goods and services, so the threshold could be 410k if you have 4 kids, i.e. if you have an income ?

2 hours ago, Sheryl said:

Then offer to provide copues of your Thai visa & annual extensions and passport stamps to show you are not Tax Resident in your home country on basis of living abroad X months if the year.

They know I am a non resident in my tax country on the basis of living abroad, hence them breaking my b...s, so to speak.

2 hours ago, Sheryl said:

If your bank wants to inform Thailand of your assets abroad, let them. Only remittances into Thailand are relevant for Thai tax purposes.

My bad, I read the bottom of the email again, they report it to the Taxation Department in my country and they forward it to the Thai Taxation Department.

Might be getting my nickers in a knot over nothing, but I did read an article here on Asean Now not long ago about the TIN for May this year.

Caldera · June 5

Thailand has joined the CRS, so this is hardly surprising. If you tell your bank - that is located in another CRS country - that you are a tax resident of Thailand, they have to report information about your accounts to the Thai tax authorities.

4MyEgo · June 5

22 minutes ago, Caldera said:

Thailand has joined the CRS, so this is hardly surprising. If you tell your bank - that is located in another CRS country - that you are a tax resident of Thailand, they have to report information about your accounts to the Thai tax authorities.

I have told them I am a non resident of my home country, that is all, i.e. I live in Thailand, no mention of me being a tax resident of Thailand, albeit the Thai Government classes anyone who lives here for more than 180 days as a resident for tax purposes.

Edited June 5 by 4MyEgo

Caldera · June 5

45 minutes ago, 4MyEgo said:

I have told them I am a non resident of my home country, that is all, i.e. I live in Thailand, no mention of me being a tax resident of Thailand, albeit the Thai Government classes anyone who lives here for more than 180 days as a resident for tax purposes.

If they ask you where you live and your answer is Thailand, they will assume that you're a tax resident of Thailand.

4MyEgo · June 5

Just now, Caldera said:

If they ask you where you live and your answer is Thailand, they will assume that you're a tax resident of Thailand.

I just completed there one page form, again, the other one they sent me was for an Entity, the left doesn't know what the right is doing.

In the form it asks, are you a resident of another country for tax purposes, to which I replied, NO. I added, that under Thai Law I am a tax resident if I earn an income from Thailand or abroad, which I do not, I live off of my savings.

It also asked me for my TIN, to which I replied, I do not have one as it is not mandatory if you do not earn an income from Thailand or abroad which I do not. I live off of my savings.

I will send it to them after scanning it and see if they understand anything, especially the part where they asked, What is your occupation, to which I replied, retired 10 years ago.....LOL

So over these corporations wanting to know everything about us, especially governments, if they want to get those who lauder money, they should both look in their own backyards and leave us old folks alone.

OneMoreFarang · June 5

In Europe there is GDPR, with possible huge fines. Most banks will think twice before they misuse any data.

But obviously there are regulations about money laundry, supporting terrorists, etc. So not everything goes.

In Thailand there might be laws. But first, mostly nobody cares, and second, many Thais don't even understand the concept of data protection and privacy. It would be stupid to assume our data is private.

MalcolmB · June 5

Who said you bank/s aren't passing on your information to governments.

I dunno. Who said it?

Sheryl · June 5

1 hour ago, 4MyEgo said:

Hey Sheryl, so if I remit, for example a million baht per annum from my overseas account, which is from savings, so to speak, I don't have to pay tax as this is not income, is that what you are saying ?

It depends on where the savings are derived from. Presumably they are from past earnings. If you can make the case that the earnings were from income earned abroad prior to 2023 then its is not assessable in Thailand.

1 hour ago, 4MyEgo said:

As for the threshold, not sure what that is, although I did read something like is it 60k for me, 60k for the Mrs and 60k per child (not adopted), plus 50k for goods and services, so the threshold could be 410k if you have 4 kids, i.e. if you have an income ?

The threshold for owing any tax is 120,000 baht after all deductions are taken. This includes personal deductions (I think there is an extra one for those over age 65) plus, if any part of your income is from a pension type scheme, an additional deduction for that. I am not really up to date on deduction amounts as all my remittances to Thailand are non-assessable here (but taxable in my home country). There are several threads running started by @Mike Lister which go into this.

I really would not get upset about this information sharing, the Thai Revenue Dept does not care how much money you have in your home country bank nor what sort of income (passive or otherwise) you have in your home country, they care only about the source of funds remitted into Thailand. It would be prudent to have your ducks in order in case you ever need to establish that funds remitted are non-assessable i.e. are from savings accumulated prior to 2023. Might make sense to remit from an account that no longer has any new earnings going into it, if that is feasible. Not essential but would simplify proving that the savings are from pre-2023 and do nto include any more recent income.

Might also like to reduce the amount of remittances to the extent you comfortably can as the lower they are, the less likely to flag an inquiry, but that's just a guess on my part.

Until/unless there is new guidance requiring people with no assessable income to to file null tax returns, no need IMO to get a Thai tax ID (but also no harm in having one). This may get clearer at the start f next year which is when filings under the revised regulation will first take place.

Sheryl · June 5

22 minutes ago, 4MyEgo said:

I just completed there one page form, again, the other one they sent me was for an Entity, the left doesn't know what the right is doing.

In the form it asks, are you a resident of another country for tax purposes, to which I replied, NO. I added, that under Thai Law I am a tax resident if I earn an income from Thailand or abroad, which I do not, I live off of my savings.

This is incorrect.You ARE a tax resident in Thailand if you are here 180 days a year or more.

There is a difference between being tax resident, having assessable income, and owing taxes.

From what you describe of your situation, you are a tax resident in Thailand with no assessable income. Thus owing no tax/not required to file a tax return in Thailand.

Strongly suggest you change your answer re tax residency as it may lead your bank to conclude you are tax resident in your home country which could have tax implications there.

Phulublub · June 5

5 hours ago, 4MyEgo said:

I have another account with my residency status as being a resident back home, why did I opt for that, because as Paddy said: to be sure to be sure, suffice to say, Thailand will get nothing from that account when I bring money over.

As a resident of my home country I am not paying the withholding tax as I would be as a non resident, and there is a threshold on earning income before paying tax, so I will avoid paying tax here won't I and back in the home country.....LoL.

Where are you resident? If you are resident "back home" then you are not resident here, but you seem to think you are resident here, so you are not residnet there. But if you are here for 180 days or more you ARE tax resident here; whether you have assessable income is irrelevent to that.

If you are resident here, it is not only your home country bank(s) that will be able to use CRS to report your transfers - your thai bank will also do the same. Trying to play lever on one end will get you nowhere.

PH

Moonlover · June 5

7 hours ago, Doctor Tom said:

Absolutely right. There is a great deal of false and misleading information floating around social media. Relax expats, especially the ones on retirement extensions.

Well, not strictly true Doctor Tom. 'Relax expats, especially those on retirement pensions that have been taxed at source in their home countries'. It's irrelevant what extension they happen to be on.

That's me BTW.

John49 · June 5

For several years, my bank in my home country (aware that I declared myself resident in Thailand) has been asking me for my TIN.

My response was always – ‘not available’ as Thailand does not issue TIN’s to residents, unless paying tax in Thailand, and I did not pay tax in Thailand.

This response was accepted for several years.

Last year, this bank in my home country said they would have to close my account unless I provided a TIN.

In other words, I had to demonstrate that I was liable for tax somewhere.

This was serious, as I have standing orders or payments to be made from this account.

On top of this, I have a bank account in Singapore and they too were suddenly asking for my TIN.

With my overseas two bank accounts under threat, I decided to apply for a Thai TIN. I tried locally and the local Tax Office said they needed a “blue book” from the owner of my apartment. The owner refused to supply unless for Immigration purposes i.e. not for Tax Office purposes.

After searching on Google, I found a tax accountant in Bangkok that could arrange a TIN, under his organisation – no blue book, etc. This would now require paying tax on funds (that I declared as dividends) that I brought into Thailand.

I was happy to do this (pay tax and get a TIN), as I have not filed a tax return since my retirement several years ago. I was starting to feel exposed with all this ramping up of cross border cooperation – one day, there could be a day of reckoning…

I have now have a Thai TIN and have filed two tax returns for the last two years. The fees from the tax account in Bangkok are reasonable and the tax I pay is acceptable – to get these people off my back.

The funny bit was that many years ago, I worked for 3 months in Thailand for Japanese company, and unknown to me, they had been paying income tax on my behalf and I already had a Thai TIN.

The same TIN was just re-issued.

With my two overseas banks now having my Thai TIN, in theory, they can verify that I am paying tax in my country of residence (Thailand). However, my tax accountant informs me that information (from the Thai Tax Office) would not be available to them at the present time.

BTW, these overseas banks are in communication (via access to databases?) as my country home bank later asked me to confirm if I have a Singapore TIN.

I have never linked these two banks in any transfers, so how would they know I have a bank account in Singapore.

Hopefully legitimate, for the time being - paying withholding tax in my home country, paying no tax in Singapore (not required for non-residents), and paying income tax on my ‘dividends’ (funds received in Thailand, as living expenses in my country of residence).

KhunHeineken · June 5

15 hours ago, 4MyEgo said:

For those of you who think your bank/s back in your home country aren't passing your information onto Governments, so that you can start paying tax in Thailand, think again and read on. This I believe only applies to Non Residents, although I could be wrong ?

Background:

A while ago, this particular bank back in my home country sent me an email requesting my residency status, with my reply being, you have it on record when I opened the account a couple of years ago, nothing has changed, i.e. I am still a non resident for tax purposes.

They then sent me another email asking me to fill in a form, I complied, confirming my residency status as still being a non resident.

They came back with another email stating that, they cannot accept my information via email as it is against their policy and that I must contact them as they require further information. I told them to contact me as I wasn't inclined to sit and wait on the phone in a line for 30 minutes, calling from overseas, especially when they already had my information which has not changed.

Long of the short, we went back and forth in emails, now have a read of their email of today below to see why they want me to call them, nothing short of them wanting to forward my information to the Thai Government so that they can tax me, remember the new tax code that came in on 1 January 2024 and the recent news that we must have a Tax Identification Number TIN by May and lodge a tax return in Thailand.....LoL, well it's all falling into place isn't it.

Reference: XYZ1234567



Hi XXXXXXX,

Thank you for verifying some of your information, however, further information is required.

I have read through your previous email and in your case, we will need to speak with you via phone call in order to resolve some of our queries. I apologise for the inconvenience in updating your tax residency details, however, with XXXX's legal responsibility to ensure our customer details are correct and up to date, as well as XXXX’s responsibility to maintain our customer’s privacy, certain personal details cannot be updated through nominated email confirmations.

What you need to do:

Provide your tax residency status by updating and returning a completed copy of the attached form.

Please include your THAILAND Thai National ID Number in Section B.

OR

Please contact our dedicated tax team on XXXX XXX XXX (+XX X XXXX XXXX from overseas) and we will assist you further.

OR

Please advise the best time to contact you. If you have not updated your contact number in our systems, please contact our servicing team first on XX XX XX (+XX X XXXX XXXX from overseas) for support regarding the update of your contact number.

*Note: Tax Identification Number is the reference number that is used to communicate with the local tax authority.  Some countries use the National ID as the tax identification number and others have specific reference numbers issued by the local tax authorities.

Why are we doing this?

The Common Reporting Standard (CRS) is an international initiative involving over 100 countries to the exchange of information on accounts held by non-resident individuals and entities with the tax authorities in their respective countries of tax residency.

To comply with CRS, banks and other financial institutions are required to collect foreign tax residency information from their customers. The aim of this legislation is to promote a reduction in offshore tax evasion. All participating countries, which includes XXXXXXXXX, are required to identify and report foreign account holding information to their local tax authority which will be disclosed to the relevant foreign tax authorities.

All XXX customers (individuals, business, trust, etc.) are subject to this legislation.

If you wish to close your account(s)

Withdraw all funds from the account(s) you wish to close. Click the ‘Chat’ icon in either Internet Banking on your desktop or the XXX Mobile App. This will launch a secure chat. Type in ‘Close account’, and then click ‘Chat with a specialist’ who will be able to help you.

Removing the suspension on your account

To meet our regulatory obligations, including the Anti-Money Laundering and Counter-Terrorism Financing Act, we’re unable to remove the suspension on your account(s) until these details have been verified.

We’re here to help

If you have any questions regarding this matter, please contact our dedicated tax team on XXXX XXXX XXX (+XX X XXXX XXXX from overseas) and quote your reference number listed at the top of this email. We’re available Monday to Friday 9am to 7pm and Saturday 9am to 5pm.

To find out more information or check our contact details, visit the XXX website and search for 'collecting your tax information'.

Regards,

XXXXXXX

Analyst | XXX Identity Protect
Customer Identity Remediation | XXXXXXXX XXXXXXX Bank Limited

PH: XXXX XXX XXX

Email: redacted

Now you might ask yourself, what am I going to do, well I am going to reply to them tomorrow, and my thoughts are on the lines of;

Hi, I have withdrawn all of my funds from my account today, please suspend my account until I return to XXXXXXXX in the future, and upon my return, I will notify you of my residency status which will be that of a resident.

I have another account with my residency status as being a resident back home, why did I opt for that, because as Paddy said: to be sure to be sure, suffice to say, Thailand will get nothing from that account when I bring money over.

As a resident of my home country I am not paying the withholding tax as I would be as a non resident, and there is a threshold on earning income before paying tax, so I will avoid paying tax here won't I and back in the home country.....LoL.

Be interested to hear what others think about this collusive practice IMO, albeit it is legislated.

Thailand has been a part of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) since 2017, and has committed to legislate and implement the Common Reporting Standard (“CRS”) which has similar features as the previously released Foreign Account Tax Compliance Act (“FATCA”).

I told you this in the Australian Forum on a thread and you took the p*ss out of me and refused to either believe, or accept it, despite me posting credible govenmnet link about it.

Yet, here you are in another forum, starting this thread. Go figure.

Edited June 5 by KhunHeineken

Sheryl · June 6

Breaking news:

https://aseannow.com/topic/1329034-thailand-to-tax-residents’-foreign-income-irrespective-of-remittance/page/10/#comments

@4MyEgo If the above goes through, and if it applies to non-citizens, may have significant implications for you if you have anything much in the way of passive income (intetest etc) that you so far don't pay tax on.

4MyEgo · June 7

On 6/5/2024 at 6:15 PM, Sheryl said:

From what you describe of your situation, you are a tax resident in Thailand with no assessable income. Thus owing no tax/not required to file a tax return in Thailand.

Strongly suggest you change your answer re tax residency as it may lead your bank to conclude you are tax resident in your home country which could have tax implications there.

I have done that just this moment, explaining them that I am a resident, but not a resident for tax purposes as I do not have an assessable income, and am not required to lodge a tax return, nor am I required to have a TIN.

Let's see what they come back with, e.g. we still need to verify some things with you, and cannot accept emails as updating your information.....LOL

4MyEgo · June 7

On 6/6/2024 at 12:25 PM, Sheryl said:

Breaking news:

https://aseannow.com/topic/1329034-thailand-to-tax-residents’-foreign-income-irrespective-of-remittance/page/10/#comments

@4MyEgo If the above goes through, and if it applies to non-citizens, may have significant implications for you if you have anything much in the way of passive income (intetest etc) that you so far don't pay tax on.

If that ever came to that, I would then activate Plan B

KhunHeineken · June 8

Posted a similar link in a thread, on the Australia forum, for the OP.

https://www.ato.gov.au/about-ato/commitments-and-reporting/in-detail/privacy-and-information-gathering/our-approach-to-information-gathering/gathering-offshore-information

It sets it out very clearly.

Neeranam · June 8

On 6/5/2024 at 1:37 PM, Caldera said:

Thailand has joined the CRS, so this is hardly surprising. If you tell your bank - that is located in another CRS country - that you are a tax resident of Thailand, they have to report information about your accounts to the Thai tax authorities.

Better not to tell them then, I guess.

Neeranam · June 8

What bank is it?

Do WISE have to do this too?

KhunHeineken · June 8

10 minutes ago, Neeranam said:

Better not to tell them then, I guess.

Can't speak for other western countries, but I gather they would be similar to Australia.

From the link in a previous post, which is from the Australian government.

"an exchange of information with other jurisdictions under various arrangements."

Also, this.

"If we believe that the information or documents we need about your tax affairs are located outside Australia, we can issue you with an offshore information notice."

As an Australian, It reads to me that if you earn in Australia, then Australia will inform Thailand, and if you earn in Thailand, then Thailand will inform Australia.

All a DTA will do will do is stop the same money getting taxed twice, but it will be taxed, either in one jurisdiction, or a percentage combination in both countries.

KhunHeineken · June 8

17 minutes ago, Neeranam said:

Do WISE have to do this too?

WISE is registered in the UK. Thus, I'm pretty sure they have to record and report.

Since 2017, not even the Swiss can offer banking secrecy anymore.

https://www.swissinfo.ch/eng/business/tax-evasion_swiss-say-goodbye-to-banking-secrecy/42799134

Edited June 8 by KhunHeineken

Roo Island · June 8

On 6/5/2024 at 5:00 AM, Doctor Tom said:

My bank has no idea where I am, with the obvious exception of SCB here .

If you access their website or send an email, they know your ip address

Sign In

Who said you bank/s aren't passing on your information to governments. Expats be advised !

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