Krungthai Bank now doing FATCA/CRS ?

[Mutt Daeng]

Got this message earlier this morning. Looks like a visit to the Krungthai Bank is needed.

 

[Grusa]

Got one too. Ignore, unless you depend on the account and it's your only bank. Otherwise, tremble!

[Nick Carter icp]

4 minutes ago, Grusa said:

Got one too. Ignore, unless you depend on the account and it's your only bank. Otherwise, tremble!

 

   Will it affect your visa extension application ?

[KhunBENQ]

Not the first bank.

Got it from Kasikorn.

Bangkok Bank posted here.

I filled the forms as good as possible (sometime in January).

Not heard from them again

I am not US citizen

 

 

[KhunBENQ]

7 minutes ago, Nick Carter icp said:

 

   Will it affect your visa extension application ?

Absolutely no indication on that.

Some Immigration boss stated that they are not involved with tax affairs.

(Current status, I don't participate in scaremongerin of the future)

[KhunBENQ]

As I know banks are obliged to update the tax status of foreign account holders.

[KhunBENQ]

I got it by email from Kbank with forms attached and not that alarming tone. 

 

Do they have your email?

[Presnock]

23 minutes ago, Grusa said:

Got one too. Ignore, unless you depend on the account and it's your only bank. Otherwise, tremble!

every Thai bank has done this or is doing this now!  As a foreigner here with a Local bank account, the bank is required to do certain sharing of information.  If you do not provide the proper information the bank can freeze or close your account.  I fail to understand why so few actually know about this information sharing and recommend for folks to ignore the contact from one's bank.  

 

22 minutes ago, Nick Carter icp said:

 

   Will it affect your visa extension application ?

only if you need information from that bank account which could be closed by the bank.  This is an international requirement for all banks doing international work. 

[Nick Carter icp]

2 minutes ago, Presnock said:

 

only if you need information from that bank account which could be closed by the bank.  This is an international requirement for all banks doing international work. 

 

   Wouldn't you need a bank account to show the 800 000 Baht in the bank (for a retirement visa?)

[Mutt Daeng]

I will certainly be complying since that is where my 800,000 baht for my extension is.

[Mutt Daeng]

14 minutes ago, KhunBENQ said:

I got it by email from Kbank with forms attached and not that alarming tone. 

 

Do they have your email?

I got the email from Kasikorn and was surprised to be notified by SMS by Krungthai, as they do have my email address as well.

[Mutt Daeng]

33 minutes ago, Nick Carter icp said:

 

   Will it affect your visa extension application ?

Depends what the consequences (if any) of non-compliance are. I'm not going to speculate on what those consequences could be at Krungthai.

[Mutt Daeng]

34 minutes ago, KhunBENQ said:

Not the first bank.

Got it from Kasikorn.

Bangkok Bank posted here.

I filled the forms as good as possible (sometime in January).

Not heard from them again

I am not US citizen

 

 

Same for me.

[RayC]

Tried ringing KrungThai about this message but no reply. Before I troop off to my branch, can anyone confirm if there is any documentation other than the usual passport, bank book and bank card that I need to bring with me? Many thanks.

[Mutt Daeng]

3 minutes ago, RayC said:

Tried ringing KrungThai about this message but no reply. Before I troop off to my branch, can anyone confirm if there is any documentation other than the usual passport, bank book and bank card that I need to bring with me? Many thanks.

Your TIN if you have one and are prepared to divulge it.

[markwhite]

28 minutes ago, RayC said:

Tried ringing KrungThai about this message but no reply. Before I troop off to my branch, can anyone confirm if there is any documentation other than the usual passport, bank book and bank card that I need to bring with me? Many thanks.

 

Been looking at this as I'm in the same boat with the same SMS. Looks like they're insisting that all foreigner-owned accounts are FACTA and CRS compliant, and if they're not, you get the SMS. Getting FACTA and CRS compliant seems to involve filling in a couple of forms. FACTA requires declaring your status as a US tax-payer, and CRS form might require a tax number (TIN) so it looks like a visit to the tax office may be needed. This PDF also states they can terminate your account if it are not complaint.

 

https://media.krungthaixspring.com/docs/en/services/FatcaForm_EN.pdf

 

Getting a TIN seems to need a lp10.1 form completed according to this, and a visit to the tax department first as pointed out by Mutt Daeng below [edited for clarification]:

 

https://www.rd.go.th/english/21987.html

 

And the form (Thai only):

 

https://www.expattaxthailand.com/wp-content/uploads/2023/11/lp10.1_110355.pdf

[Mutt Daeng]

4 minutes ago, markwhite said:

 

Been looking at this as I'm in the same boat with the same SMS. Looks like they're insisting that all foreigner-owned accounts are FACTA and CRS compliant, and if they're not, you get the SMS. Getting FACTA and CRS compliant seems to involve filling in a couple of forms. FACTA requires declaring your status as a US tax-payer, and CRS form requires a tax number (TIN) so it looks like a visit to the tax office may be needed.

 

https://media.krungthaixspring.com/docs/en/services/FatcaForm_EN.pdf

 

Which needs a lp10.1 form completed according to this:

 

https://www.rd.go.th/english/21987.html

 

And the form (Thai only):

 

https://www.expattaxthailand.com/wp-content/uploads/2023/11/lp10.1_110355.pdf

LP 10.1 is the form used when applying for a TIN at the revenue department.

I see you have edited your original post to reflect this.

[markwhite]

4 minutes ago, Mutt Daeng said:

LP 10.1 is the form used when applying for a TIN at the revenue department.

 

Which may be required depending on some conditions stated on the CRS form. Also, may not be required 🙂

[anrcaccount]

Don't worry!

 

For the same forms for KBank, spoke to several people ( Non-US Citizens, not working in Thailand,)  who have had exactly the same experience: 

• Go into the branch, ask for help with completing form.
• "Do you have work permit" - answered no.
• OK then, fill basic details, copy/sign your passport, bank book if you have it, done.
• No need to provide any tax ID, Thai or foreign.

[NoDisplayName]

47 minutes ago, Nick Carter icp said:

 

   Wouldn't you need a bank account to show the 800 000 Baht in the bank (for a retirement visa?)

 

Not if your 800K is in another bank, then you can ignore Krung Thai, and they'll freeze/suspend soon, then eventually get around to closing your account.

 

As for me, I'll be heading to Krung Thai next week to deposit yet another Thai income tax refund in the account I opened last September.

 

I assume this SMS was sent out to all foreign customers, seeing as I filled out the gosh-darned paperwork when I opened the account.

[markwhite]

16 minutes ago, anrcaccount said:

Don't worry!

 

For the same forms for KBank, spoke to several people ( Non-US Citizens, not working in Thailand,)  who have had exactly the same experience: 

• Go into the branch, ask for help with completing form.
• "Do you have work permit" - answered no.
• OK then, fill basic details, copy/sign your passport, bank book if you have it, done.
• No need to provide any tax ID, Thai or foreign.

 

Certainly hope this is the case. Seems a lot simpler than the bunch of PDFs and forms I first turned up. Worth a try as the first step I guess.

[dinsdale]

Received it a couple of hours ago. Passport, work permit and bankbook should do it for me but .....................TIT so we'll see.

[NoDisplayName]

29 minutes ago, markwhite said:

and CRS form might require a tax number (TIN)

 

If the form is asking for a tax number, it should be from your other tax jurisdiction(s).

 

 

[Presnock]

48 minutes ago, Nick Carter icp said:

 

   Wouldn't you need a bank account to show the 800 000 Baht in the bank (for a retirement visa?)

I didn't keep the 800K in the bank as many others don't either for my retirement O as I did the monthly deposit once the embassy ceased providing the letter on my account - now have a LTR so still don't have to report any banking but even before, yearly I had to do the bank letters for immigration and guess folks know what they need to do yearly for the long stay.

[Presnock]

Just now, NoDisplayName said:

 

If the form is asking for a tax number, it should be from your other tax jurisdiction(s).

 

 

One form, if an American, one also has to certify that plus provide a social security number which is the tax ID number for the US and the American if not already done so when opening the account, will have to download and sign the W9 form which provides information needed by the local bank to forward for sharing.  CRS i have not idea what you folks need to provide - check with your bank as it appears that some of us anyway when opening our account at a different bank signed the necessary forms att. , this according to my bank (bangkokbank)

[RayC]

24 minutes ago, markwhite said:

 

Been looking at this as I'm in the same boat with the same SMS. Looks like they're insisting that all foreigner-owned accounts are FACTA and CRS compliant, and if they're not, you get the SMS. Getting FACTA and CRS compliant seems to involve filling in a couple of forms. FACTA requires declaring your status as a US tax-payer, and CRS form might require a tax number (TIN) so it looks like a visit to the tax office may be needed. First like states they can terminate your account if they are not complaint.

 

https://media.krungthaixspring.com/docs/en/services/FatcaForm_EN.pdf

 

Getting a TIN seems to need a lp10.1 form completed according to this, and a visit to the tax department first as pointed out by Mutt Daeng below [edited for clarification]:

 

https://www.rd.go.th/english/21987.html

 

And the form (Thai only):

 

https://www.expattaxthailand.com/wp-content/uploads/2023/11/lp10.1_110355.pdf

 

Thanks for the reply.

 

I'm here <183 days so (lack of) Thai TIN shouldn't be a problem for me (famous last words).

 

I faced a similar request years back. I'm a Brit but was tax resident in Belgium. UK bank sent me some forms. Filled them in. Sent them back. Last I heard of it.

 

If I remember correctly according to the Belgian authorities, in Europe only the name of account and account # were shared unless there are grounds to investigate criminal activity. Not sure if that is still the case or whether that situation applies worldwide?

[Mutt Daeng]

20 minutes ago, RayC said:

 

Thanks for the reply.

 

I'm here <183 days so (lack of) Thai TIN shouldn't be a problem for me (famous last words).

 

I faced a similar request years back. I'm a Brit but was tax resident in Belgium. UK bank sent me some forms. Filled them in. Sent them back. Last I heard of it.

 

If I remember correctly according to the Belgian authorities, in Europe only the name of account and account # were shared unless there are grounds to investigate criminal activity. Not sure if that is still the case or whether that situation applies worldwide?

Just a small point. You need to be here < 180 days not 183.

[cjinchiangrai]

Had to do that to open my BB account many years ago. Nothing new.

[markwhite]

3 hours ago, anrcaccount said:

Don't worry!

 

For the same forms for KBank, spoke to several people ( Non-US Citizens, not working in Thailand,)  who have had exactly the same experience: 

• Go into the branch, ask for help with completing form.
• "Do you have work permit" - answered no.
• OK then, fill basic details, copy/sign your passport, bank book if you have it, done.
• No need to provide any tax ID, Thai or foreign.

 

Went to the local KrungThai bank on this basis. Southern Thailand here with not many foreigners locally so was unsure if they'd know about this, but got a competent cashier who knew I was referring to the CRS form. Took passport and bank book and nothing else (retired). The form was on the computer and after a few minutes fiddling about, it was printed, filled in name and address, ticked the "TIN exempt" box and signed it.

 

Dead easy. As anrcaccount said 🙂

[ukrules]

3 hours ago, NoDisplayName said:

 

If the form is asking for a tax number, it should be from your other tax jurisdiction(s).

 

 

 

Also if you live here and are not resident in your country of origin or anywhere else then the whole thing is quite redundant - they won't want or need your income details in say the UK if you've lived here for a decade and are non resident.

This whole CRS thing seems to be confusing people - from the Wests approach they're looking for people who have accounts in Thailand who actually live in the UK / Europe, etc but secretly use a Thai account to avoid paying UK taxes - that's why they want the information - but it's only relevant if you are a tax resident in the foreign country.