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?

[topt]

5 hours ago, jojothai said:

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.

From what you say it sounds like you have a Skipton off-shore account and know this for a fact?

Can you please elucidate what the "specific exemptions" you  refer to are?

[jojothai]

14 hours ago, K2938 said:

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

A tax ID. Under the CRS regulations it is a requirement for the banks to get it.
I suppose if you give them a foreign tax ID they have to accept it, but i do not know.
I have a Thai tax ID so I have no problem declaring it.

As a related note, but not something that happened for Thai Banks, I had problems before from an offshore bank wanting two tax IDs when I was working in Israel and classed as living in Thailand. They were asking for a Thai tax ID. 
It took a few efforts to get them to understand that I was not (tax) resident in Thailand at the time and there was no reason for them to request it.
Perhaps if you give a thai bank a foreign tax ID they may ask for a thai tax ID as well,
in particular If you are resident and remitting money from overseas.
Its something we wil not know until somebody reports such an issue.


 

[jojothai]

14 hours ago, topt said:

From what you say it sounds like you have a Skipton off-shore account and know this for a fact?

Can you please elucidate what the "specific exemptions" you  refer to are?

NO,
I have other offshore bank accounts, uk accounts, etc.
I know for a fact what the CRS requirements are and what several institutions have required.
The declaration of the Tax ID is always a must have.
I had enough battles over what other information has to be given or not and had to read a lot of the CRS implementation requirements to reject the banks requests for extra personal information.
If you want to know more about requirements and any exemptions then go and study the CRS requirements.
you can start at 
https://www.oecd.org/en/networks/global-forum-tax-transparency.html

and
https://www.oecd.org/en/networks/global-forum-tax-transparency/resources/aeoi-implementation-portal.html

[Yumthai]

3 hours ago, jojothai said:

The declaration of the Tax ID is always a must have.

It's not always a must have. There's a field on the CRS self-certification form where you can explain why you are unable to obtain a TIN from your country of tax residence. But of course any financial institution can set their own policy and deny/open accounts accordingly.

 

https://www.oecd.org/content/dam/oecd/en/topics/policy-issue-focus/aeoi/crs_entities_self-cert_form.pdf