Bangkok Bank Now Doing FATCA

[kingstonkid]

Not sure if it is posted anywhere else

 

I just got a notice tht BB is sending out emails about FATCA and the same forms tht Kasikorn did.  

 

Guess it is correct we can expect everyone to get them if you have an account

[scubascuba3]

Yeah already posted, I haven't received an email yet and nothing on the app

[Mark1066]

I had to Google that. Thank goodness I'm not from a country that hunts its citizens worldwide to tax them.

[chang50]

Not received anything as yet but I didn't get anything from Kbank either..

[rumak]

Here is the most important 2 facts about FATCA :

 

The Form 8938 must be attached to the taxpayer's annual tax return.

U.S. taxpayers who do not have to file an income tax return for the tax year do not have to file Form 8938, regardless of the value of their specified foreign financial assets.

 

You may also have to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) PDF. 

 

These both have been in effect for many years .  I hate doing these type of "reports" ( but i hate many things us "citizens" of the world have to do.

 

FinCEN has to be filed online.... not difficult .

I do not need to file 8938 (don't ask why)...... but if you are rich enough to have to file a tax return .... then i guess you'd better look into how to do Form 8938

 

Note:  US expats living outside of US  do get all of their SS benefits.... unlike many countries that have big restrictions on payments for those living abroad

[Caldera]

51 minutes ago, chang50 said:

Not received anything as yet but I didn't get anything from Kbank either..

 

Same here (with both banks as well).

[Etaoin Shrdlu]

11 minutes ago, rumak said:

Here is the most important 2 facts about FATCA :

 

The Form 8938 must be attached to the taxpayer's annual tax return.

U.S. taxpayers who do not have to file an income tax return for the tax year do not have to file Form 8938, regardless of the value of their specified foreign financial assets.

 

You may also have to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) PDF. 

 

These both have been in effect for many years .  I hate doing these type of "reports" ( but i hate many things us "citizens" of the world have to do.

 

FinCEN has to be filed online.... not difficult .

I do not need to file 8938 (don't ask why)...... but if you are rich enough to have to file a tax return .... then i guess you'd better look into how to do Form 8938

 

Note:  US expats living outside of US  do get all of their SS benefits.... unlike many countries that have big restrictions on payments for those living abroad

 

There are fairly high thresholds for filing Form 8938. It isn't linked to whether one has to file a tax return, but instead to the aggregate value of specified financial assets held outside the US.  

 

For single persons resident outside the US, the threshold is the aggregate value of specified foreign financial assets of $200,000 or more at the end of the year or $300,000 or more at any time during the year. For single persons resident in the US, the thresholds are $50,000 and $75,000. Higher thresholds apply to those filing jointly, both for residents of the US and non-residents.

 

Details here:  https://www.irs.gov/instructions/i8938#en_US_2020_publink100045144

[rumak]

5 minutes ago, Etaoin Shrdlu said:

 

There are fairly high thresholds for filing Form 8938. It isn't linked to whether one has to file a tax return, but instead to the aggregate value of specified financial assets held outside the US.  

 

For single persons resident outside the US, the threshold is the aggregate value of specified foreign financial assets of $200,000 or more at the end of the year or $300,000 or more at any time during the year. For single persons resident in the US, the thresholds are $50,000 and $75,000. Higher thresholds apply to those filing jointly, both for residents of the US and non-residents.

 

Details here:  https://www.irs.gov/instructions/i8938#en_US_2020_publink100045144

 

thanks.   that's true .   i forgot that.    Good thing that I put the 50 million baht house in my girlfriends name !   🤪🤪🤪

[saintdomingo]

19 minutes ago, Caldera said:

 

Same here (with both banks as well).

With a savings/passbook account are you required to notify a change of address.?

[Etaoin Shrdlu]

11 minutes ago, rumak said:

 

thanks.   that's true .   i forgot that.    Good thing that I put the 50 million baht house in my girlfriends name !   🤪🤪🤪

 

Even with a 50 million baht house, I don't think you would have to worry. I don't think real estate counts as a "specified financial asset".

[TallGuyJohninBKK]

29 minutes ago, Etaoin Shrdlu said:

 

There are fairly high thresholds for filing Form 8938. It isn't linked to whether one has to file a tax return, but instead to the aggregate value of specified financial assets held outside the US.  

 

For single persons resident outside the US, the threshold is the aggregate value of specified foreign financial assets of $200,000 or more at the end of the year or $300,000 or more at any time during the year. For single persons resident in the US, the thresholds are $50,000 and $75,000. Higher thresholds apply to those filing jointly, both for residents of the US and non-residents.

 

Details here:  https://www.irs.gov/instructions/i8938#en_US_2020_publink100045144

 

Because of the relatively HIGH financial thresholds on total foreign financial assets that exist in the FATCA requirement, especially for those living abroad, I'd think MOST Americans living in Thailand, especially retirees, aren't likely to have a FATCA filing requirement.

 

However, as noted above, the FBAR filing requirement is much lower -- merely $10,000 USD or more in combined financial assets held in foreign accounts.  Thus anyone with just the standard 800,000 THB retirement extension Thai bank deposit (equal to about $23,000 USD) and little else in Thailand IS is going to trigger the FBAR reporting requirement, but NOT the FATCA reporting requirement.

 

As noted, FBAR is a separate annual reporting requirement done apart from one's federal tax filing process.

 

 

[Etaoin Shrdlu]

3 minutes ago, TallGuyJohninBKK said:

 

Because of the relatively HIGH financial thresholds on total foreign financial assets that exist in the FATCA requirement, especially for those living abroad, I'd think MOST Americans living in Thailand, especially retirees, aren't likely to have a FATCA filing requirement.

 

However, as noted above, the FBAR filing requirement is much lower -- merely $10,000 USD or more in combined financial assets held in foreign accounts.  Thus anyone with just the standard 800,000 THB retirement extension Thai bank deposit (equal to about $23,000 USD) and little else in Thailand IS is going to trigger the FBAR reporting requirement, but NOT the FATCA reporting requirement.

 

As noted, FBAR is a separate annual reporting requirement done apart from one's federal tax filing process.

 

 

 

Yes, few Americans resident in Thailand will need to file Form 8938 with their Form 1040 due to the high reporting thresholds for specified financial assets.

 

FBAR (FINCEN Form 114) is, as you state, a separate filing requirement apart from tax filing obligations and is indeed triggered by an aggregate of $10,000 or more in reportable accounts or assets.

 

[rumak]

36 minutes ago, rumak said:

 

thanks.   that's true .   i forgot that.    Good thing that I put the 50 million baht house in my girlfriends name !   🤪🤪🤪

i hope y'all realize (from the emojis)  that I am just joking

[dddave]

9 minutes ago, TallGuyJohninBKK said:

 

Because of the relatively HIGH financial thresholds on total foreign financial assets that exist in the FATCA requirement, especially for those living abroad, I'd think MOST Americans living in Thailand, especially retirees, aren't likely to have a FATCA filing requirement.

 

However, as noted above, the FBAR filing requirement is much lower -- merely $10,000 USD or more in combined financial assets held in foreign accounts.  Thus anyone with just the standard 800,000 THB retirement extension Thai bank deposit (equal to about $23,000 USD) and little else in Thailand IS is going to trigger the FBAR reporting requirement, but NOT the FATCA reporting requirement.

 

As noted, FBAR is a separate annual reporting requirement done apart from one's federal tax filing process.

 

 

A very dear friend is kind of wondering if he has neglected to file an FBAR report in past years, what are the consequences of doing it now?

[TallGuyJohninBKK]

I haven't gotten anything new from BKKB as yet.... But I'm guessing, the form they're likely to be sending out is merely one that asks recipients to confirm or report their US SSN, which is the identifying detail that ties together all the various international financial reporting for Americans.

 

It still will be up to the individual American expat to tally up all their various foreign financial account balances for the 2024 year, and then determine whether they do or don't have a FATCA and/or FBAR filing requirement. BKKB isn't going to be telling anyone that, as they only know about your BKKB account(s), but nothing about any of the others.

 

I'm pretty sure BKKB asked me for, and had me fill out, one of the FATCA/SSN forms some years back in connection with my account. But who knows, maybe that form ended up in a shredder at some Thai Immigration office somewhere!  

 

[Etaoin Shrdlu]

I think the FBAR filing requirements came about because of the Bank Secrecy Act of 1970 and that the $10,000 filing threshold hasn't changed since then.

 

If indexed for inflation, the filing requirement would now be more than $75,000. Unfortunately, I don't think there's much political will to do anything about this. 

[TallGuyJohninBKK]

10 minutes ago, dddave said:

A very dear friend is kind of wondering if he has neglected to file an FBAR report in past years, what are the consequences of doing it now?

 

As best as I recall, the consequences can be pretty financially severe if the feds end up themselves having to catch someone who has deliberately not filed over a period of time. But I think there are ways to voluntarily get back into compliance.

 

Per the IRS website on the subject:

Penalties

"You may be subject to civil monetary penalties and/or criminal penalties for FBAR reporting and/or recordkeeping violations. Assertion of penalties depends on facts and circumstances. Civil FBAR penalty maximums in Title 31 of the United States Code are adjusted annually for inflation. Publication 5569, Report of Foreign Bank & Financial Accounts (FBAR) Reference Guide PDF contains information about criminal penalties.

Filing delinquent FBARs

Filing an FBAR late or not at all is a violation and may subject you to penalties. If the IRS hasn’t contacted you about a late FBAR and you’re not under civil or criminal investigation by the IRS, you should file late FBARs as soon as possible to keep potential penalties to a minimum.

 

Follow these instructions to explain your reason for filing late. If you’re using a compliance option, such as the Streamlined filing compliance procedures, follow the instructions for the specific compliance option. 

 

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

 

[NoDisplayName]

7 hours ago, kingstonkid said:

Not sure if it is posted anywhere else

 

I just got a notice tht BB is sending out emails about FATCA and the same forms tht Kasikorn did.  

 

Guess it is correct we can expect everyone to get them if you have an account

 

Is this about FATCA or CRS?

 

The Kasikorn emails were sent out at the end of January for existing customers to update records if their home tax jurisdiction information had not been entered.  Came about with Thailand implementing CRS.

 

Shouldn't be FATCA.  Americans have been filling in IRS forms around the world when opening foreign accounts for many years.

[Caldera]

1 hour ago, saintdomingo said:

With a savings/passbook account are you required to notify a change of address.?

 

My address hasn't changed. I'm not sure if notifying them would be required, but I think it's in your best interest to keep their information about you up to date.

[riclag]

5 hours ago, Mark1066 said:

I had to Google that. Thank goodness I'm not from a country that hunts its citizens worldwide to tax them.

Are you from a country that says you can’t get a government pension increase, if you live in another country?

 

FATCA seeks to eliminate tax evasion by American individuals and businesses that are investing, operating, and earning taxable income abroad.

https://www.investopedia.com/terms/f/foreign-account-tax-compliance-act-fatca.asp#:~:text=Who Needs to Comply With,bonds%2C and other financial instruments.

 

If Americans are honest , no worries!

My concern is Thailand .I can’t trust my own country to be secure with my data(2024 national public data breech exposing millions of Social Security# to the dark web) , why should I trust Thailand .

[riclag]

56 minutes ago, NoDisplayName said:

 

Is this about FATCA or CRS?

 

The Kasikorn emails were sent out at the end of January for existing customers to update records if their home tax jurisdiction information had not been entered.  Came about with Thailand implementing CRS.

 

Shouldn't be FATCA.  Americans have been filling in IRS forms around the world when opening foreign accounts for many years.

I got my Kasikorn  email in July!

And I agree with you about having to file for many years!

Also  worth mentioning I had to fill out

a W9 form not a Fatca for Kasikorn.

 

https://brighttax.com/blog/form-w-8ben-what-us-expats-need-to-know/#:~:text=American citizens and green card,fill out form W-9.

[NoDisplayName]

3 minutes ago, riclag said:

I had to fill out

a W9 form not a Fatca for Kasikorn.

 

I'm shirley the W-9 is the FATCA form.

 

FATCA requires foreign banks to report their American account holders’ name, address, account details (including balance), and US tax identification or social security number. Form W-9 allows banks to know this number.

 

https://brighttax.com/blog/us-expats-receive-form-w-9-from-foreign-bank/

[NoDisplayName]

1 hour ago, dddave said:

A very dear friend is kind of wondering if he has neglected to file an FBAR report in past years, what are the consequences of doing it now?

 

Thankfully, there’s an IRS amnesty program called the Streamlined Procedure that allows expats who are behind with their US tax filing to catch up. They simply have to file their last 3 returns and last 6 FBARs as is applicable, and self-certify that their previous failure to file wasn’t willful avoidance.

The Streamlined Procedure also lets expats claim the Foreign Earned Income Exclusion and Foreign Tax Credit, depending on which is more beneficial for their circumstances, which mean most expats won’t owe any US tax, although they still have to file.

 

 

https://brighttax.com/expats-irs-streamlined-procedure/

[riclag]

2 minutes ago, NoDisplayName said:

 

I'm shirley the W-9 is the FATCA form.

 

FATCA requires foreign banks to report their American account holders’ name, address, account details (including balance), and US tax identification or social security number. Form W-9 allows banks to know this number.

 

https://brighttax.com/blog/us-expats-receive-form-w-9-from-foreign-bank/

Im just sayin, thats what Kasikorn

made me sign off on was a W9 form.

[NoDisplayName]

1 minute ago, riclag said:

Im just sayin, thats what Kasikorn

made me sign off on was a W9 form.

 

I signed W-9's at BKK Bank, Krungsri, KrungThai, my Thai brokerage, at Schwab International last month, and ten years ago in China at Bank of China and Agriculture Bank.

 

Interestingly, as of 'bout 5 years ago, Bank of China, Agriculture Bank, ICBC all dropped the requirement for Americans when opening accounts.

[NoDisplayName]

26 minutes ago, riclag said:

My concern is Thailand .I can’t trust my own country to be secure with my data(2024 national public data breech exposing millions of Social Security# to the dark web) , why should I trust Thailand .

 

You are aware that cartons and cartons of confidential identification and financial documents are recycled by immigration offices and used as copy paper or handed out as note paper?

 

I wouldn't worry about the banks.

[riclag]

1 minute ago, NoDisplayName said:

 

You are aware that cartons and cartons of confidential identification and financial documents are recycled by immigration offices and used as copy paper or handed out as note paper?

 

I wouldn't worry about the banks.

I wasnt aware of that ! Wow

[NoDisplayName]

16 minutes ago, riclag said:

I wasnt aware of that ! Wow

 

Next time you're at CW, and IO wants you to hand-write something, they don't hand you a fresh sheet of paper.  Turn it over and you've got someone's passport ID page or their bank statement.

 

If I'm remembering correctly, stacks of recycled foreigner paper was set out at the front sign-in area for doodling and notes.

 

 

[riclag]

12 minutes ago, NoDisplayName said:

 

Next time you're at CW, and IO wants you to hand-write something, they don't hand you a fresh sheet of paper.  Turn it over and you've got someone's passport ID page or their bank statement.

 

If I'm remembering correctly, stacks of recycled foreigner paper was set out at the front sign-in area for doodling and notes.

 

 

I’ll have to check! I know about the hundreds of signatures and never saw

what you’re referring to, Im not denying what you say !

[treetops]

3 hours ago, NoDisplayName said:

Is this about FATCA or CRS?

 

The form refers to both FATCA and CRS.