Offshore bank account

[salavan]

Just inquired about opening an offshore account with skiptons. 

They asked me where I'm tax resident (Thailand) will I be taxed by the Thai revenue department on the interest I receive. 

[ChaiyaTH]

Answer no, next.

[salavan]

11 minutes ago, ChaiyaTH said:

Answer no, next.

I assume skiptons will inform the Thai revenue department under the new exchange of information act recently brought in so will I have to declare the interest I have received? 

[oldcpu]

26 minutes ago, salavan said:

I assume skiptons will inform the Thai revenue department under the new exchange of information act recently brought in so will I have to declare the interest I have received? 

 

With regard to declaring, I suspect only if you meet some conditions, where it only needs to be declared if:

(1 you remit the interest to Thailand when a tax resident of Thailand and

(2) your combined income with this remitted interest meets or exceeds the Thai threshold for income tax filing, and

(3) you don't have an LTR visa.

 

However i am no tax expert. As always, its best to double check and obtain better advise elsewhere.