Thai Tax Info Required for Overseas Bank Account

[AusDieMaus]

So I have a investment bank account in Germany with a stock portfolio which is registered under my Thai address. I have been living on and off in Thailand for the past 10 years. I always stay here on visa exempt entries but planning to get a non-immigration O visa for retirement this month. My bank sent me a letter that they would need a tax ID from the country that my bank account is registered to. I do not have a tax ID from Thailand. I earn income from a rental property in Germany. This income is taxed in Germany. I am not registered in Germany any more, as I am mostly traveling around the world with my base being in Thailand most of the year. 

 

Can I get a Thai tax ID once I have the non-immigrant O visa? Or what are my options here? The bank said they will close my account in 3 months if I cannot provide the required information. Anyone with the same problem here? I am happy to provide more details. Thank you.

[Briggsy]

2 hours ago, AusDieMaus said:

So I have a investment bank account in Germany with a stock portfolio which is registered under my Thai address. I have been living on and off in Thailand for the past 10 years. I always stay here on visa exempt entries but planning to get a non-immigration O visa for retirement this month. My bank sent me a letter that they would need a tax ID from the country that my bank account is registered to. I do not have a tax ID from Thailand. I earn income from a rental property in Germany. This income is taxed in Germany. I am not registered in Germany any more, as I am mostly traveling around the world with my base being in Thailand most of the year. 

 

Can I get a Thai tax ID once I have the non-immigrant O visa? Or what are my options here? The bank said they will close my account in 3 months if I cannot provide the required information. Anyone with the same problem here? I am happy to provide more details. Thank you.

You will have the same problem in the UK. The tax residence and tax ID questions are mandatory. Once you change your address to a foreign address, the issue becomes much bigger. The banks have no choice. They have to comply with legislation regarding mandatory disclosure and reporting.

 

Easiest fix is to change your address back to a German address. Alternatively, you could explain to the bank that you are not resident in Thailand for tax purposes and have no Thai tax ID.

[scorecard]

31 minutes ago, Briggsy said:

You will have the same problem in the UK. The tax residence and tax ID questions are mandatory. Once you change your address to a foreign address, the issue becomes much bigger. The banks have no choice. They have to comply with legislation regarding mandatory disclosure and reporting.

 

Easiest fix is to change your address back to a German address. Alternatively, you could explain to the bank that you are not resident in Thailand for tax purposes and have no Thai tax ID.

Australian banks are now going down the same road, even to the point of sending them photos from google earth showing the exact location of the  residential address the client has given the bank.