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.

[koolkarl]

First, it depends on which country you will be opening the bank account.  

In my opinion, eventually you will have to report worldwide income to Thai tax dept. if you are in Thailand more than 180 days a year.  When this happens, who knows.  

[jojothai]

On 6/26/2025 at 12:25 PM, 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? 

I think your original post was not clear. Its not Skipton asking whether you will be taxed.
Its your question on the forum.
Read the post from oldcpu. It currently primarily depends if you are resident and  remit the interest amount to Thailand which will be considered as income and whether you need to complete a tax return. 
However, be aware that Skipton should require that you provide a Thailand Tax ID. It is mandatory under the CRS (Common Reporting Standard), but there are some specific exemptions.
If you do not have a Thai tax ID, thats perhaps going to take some effort. If you read related posts on the forum you will see that many people, and tax offices, do not consider it necessary or applicable.
You will have to go to your local tax office to request.
Some Thai banks are now starting to ask for Tax ID, and it will eventually get implemented here under the CRS .
So, IMHO its best you deal with getting one. Other people may disagree.

If you have a Thai tax ID it does not mean that you have to submit a tax return every year.
See oldcpu post item 2).

[hullmonkey1]

2 hours ago, jojothai said:

f you have a Thai tax ID it does not mean that you have to submit a tax return every year.
See oldcpu post item 2)

Can you post a link to oldcpu post. Thanks

[oldcpu]

2 hours ago, hullmonkey1 said:

Can you post a link to oldcpu post. Thanks

Better yet - I  will repost.  Its not long:

 

 

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.

[hullmonkey1]

18 minutes ago, oldcpu said:

Better yet - I  will repost.  Its not long:

 

 

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.

Thanks oldcpu much appreciated 

[K2938]

5 hours ago, jojothai said:

Some Thai banks are now starting to ask for Tax ID, and it will eventually get implemented here under the CRS .

Some Thai banks are now starting to for FOREIGN or THAI tax ID?  Or regardless?