Non Imigration Bank Account

[exeter]

I am thinking of moving to thailand as a non imigration visa? I understand that I have deposit 800,000 bahts into a Thai bank, do they pay interest and if so is it tax free? How do you open the account and what documents are required? I was looking at the Kasikorn Bank is this a good choice? Any help would be appreciated.

[lopburi3]

You mean you are age 50 and plan to obtain a non immigrant visa before arrival providing a 90 day entry into Thailand and then extend your stay one year at a time? For that 800k in a Thai bank account is required (2 months first time and 3 months after that) at that amount or more and in your name only. It can be a passbook savings account at about 1/2% interest and there should not be any tax deduction. Or it can be a fixed deposit (only about 3/4% or a little more now) and that would require payment of 15% on the interest in tax I believe. At this time no account earns much.

To open account you need your passport and perhaps a letter from your Embassy listing your current address. You may have to go branch to branch to find one willing to open account but should not take very long.

[Lite Beer]

Yes. Forget about interest. It is so small and taxed at 15%.

[mahjongguy]

Yes. Forget about interest. It is so small and taxed at 15%.

The average retiree will not pay Thai tax on the bank interest. If you earn less than 150,000 baht then there is no need to pay, nor even to file a tax return.

However, because it is not taxed by Thailand, U. S. citizens must claim that income on their FED tax filing.

[lopburi3]

It appears this poster is talking about retirement so will not have any local income or a tax ID number. In that case, no tax ID number, fixed deposit interest is taxed at 15% withholding I believe. Believe passbook savings accounts are only taxed if interest if over a set amount per year - at at current rates that would take a huge account balance.

[Lite Beer]

Yes. 15% will be deducted at source before it is credited to your account.