Bangkok Bank Now Doing FATCA

[jeffandgop]

8 hours 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

And for married couples the thresholds are the aggregate value of specified foreign financial assets of $400,000 or more at the end of the year or $600,000 or more at any time during the year

[Maestro]

9 hours ago, rumak said:

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

 

Ah, yes,🤪the emoji known as Zany Face, used if something is silly but funny.

[Presnock]

expattaxthailand yesterday 20 February, indicated that several folks with an account at the Bangkok Bank have received the FATCA/CRS letters that must be filled in and signed.  Readers will recall that in Dec of last year, Kasikorn Bank sent out the same letters which certify whether you are an American (FATCA or CRS) person and that the banks are required by the US or other countries' tax agencies in order for the local banks to continue serving you.  If one fails to certify the necessary information, then supposedly, the banks could either lock you out or close the account altogether.  One can google Kasikorn explanation on filling out the forms or check with expattaxthailand.com and they too have the info on filling out the documents.  The text is Thai and English and is fairly self explanatory in what is needed.  Good luck.  Once filed in, W9 can be downloaded from the US IRS website and needs to be filled in by American Citizens along with the FATCA document and taken to the bank also.

[hotsun]

9 minutes ago, Presnock said:

If one fails to certify the necessary information, then supposedly, the banks could either lock you out or close the account altogether.  

No big loss. Just use crypto and under your mattress. Boom, no thai taxes, problem solved

[Presnock]

2 minutes ago, hotsun said:

No big loss. Just use crypto and under your mattress. Boom, no thai taxes, problem solved

Up to each  individual - I always believe in following the rules of what country I live in.  Here, I know the rules, follow those rules - have an LTR (WP) and only a US govt civil service pension so I don't have any Thai tax ID nor am I required to file for taxes as I have no assessable income.  good luck to you and all the other expats out there.  I am filling out the FATCA  form and W9.

[CharlieH]

Finance Forum

 

MOVED

[mudcat]

18 hours 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

I have no intention of ever being so foolish to bring hundreds of thousand dollars here to put into a Thai bank - but my wife will once I pass, so I have pre-filled out the forms including the GIIN # and addresses for her banks.  Fortunately the form is not dated as to tax year so the forms can be pre-filled out.  Simply by waiting to the next tax year she can dodge that bullet, but waiting 11-months may be beyond her.

 

The form is kind of confusing each page 1 requires a total amount of assets and interest, but it does not appear allow you to append the account specific information on page 2 to be rolled into a single - I recommend that she go with a tax professional at least for the first year.