Thai Bank Account

[jil]

Not that I have much money on my Thai bank account, but I wonder : are foreign tax revenue departments, for instance from Europe, aware of the fact that their citizens have a Thai bank account ?

If so, how do they get this information ?

[monty]

Not that I am aware of.

Not sure how the tax treaties between countries are or are effected, the only slight risk I might see is that when you are not resident in Thailand, you can get back the tax they withhold on your interest. Which would mean that you are obliged to declare that income in your home country.

[Soutpeel]

Theoretically a european country tax department could request information from the Thai tax department/banks regarding a national of theirs operating a bank account in Thailand, I stress the words "request infomation".

They will not automatically forward information to your countries tax dept as soon as you open and account.

Its generally too hard for tax dept to be chasing small fry in other countries...ie the benefit has to outweigh the cost of doing so.

If its the UK you are worrried about just get yourself declared non-resident...problem solved

[Pib]

Don't know about European countries, but for the U.S. any U.S. citizen with over $10,000 USD in a foreign bank account must submit a form to the U.S. Treasury Dept by by 30 June of each year. Details at attached web link: http://www.irs.gov/businesses/small/articl...=148849,00.html. And a U.S. citizen needs to report interest/dividends earned on a foreign account on their federal tax return in most situations. Various Europeans countries probably/may have different laws regarding subject.

[flying]

Don't know about European countries, but for the U.S. any U.S. citizen with over $10,000 USD in a foreign bank account must submit a form to the U.S. Treasury Dept by by 30 June of each year. Details at attached web link: http://www.irs.gov/businesses/small/articl...=148849,00.html. And a U.S. citizen needs to report interest/dividends earned on a foreign account on their federal tax return in most situations. Various Europeans countries probably/may have different laws regarding subject.

Terrible isn't it? I mean what a bunch of blood sucking nosy vamps.

Not only a 10k limit but even if The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

This is why as time goes on more & more folks will just back out of banking altogether. Who needs it? Not like they pay big interest. There is no law... that says you have to claim what is held in a hole in the ground.

[liloldspirut]

Don't know about European countries, but for the U.S. any U.S. citizen with over $10,000 USD in a foreign bank account must submit a form to the U.S. Treasury Dept by by 30 June of each year. Details at attached web link: http://www.irs.gov/businesses/small/articl...=148849,00.html. And a U.S. citizen needs to report interest/dividends earned on a foreign account on their federal tax return in most situations. Various Europeans countries probably/may have different laws regarding subject.

Terrible isn't it? I mean what a bunch of blood sucking nosy vamps.

Not only a 10k limit but even if The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

This is why as time goes on more & more folks will just back out of banking altogether. Who needs it? Not like they pay big interest. There is no law... that says you have to claim what is held in a hole in the ground.

What is interesting is last year the US DOT TD 99-22-1 only asked if the account had over 10k now they want the exact amount. This way you will incriminate yourself if you make any error as to Tax Laws. Unless your last name is Geitner.

[T_Dog]

Don't know about European countries, but for the U.S. any U.S. citizen with over $10,000 USD in a foreign bank account must submit a form to the U.S. Treasury Dept by by 30 June of each year. Details at attached web link: http://www.irs.gov/businesses/small/articl...=148849,00.html. And a U.S. citizen needs to report interest/dividends earned on a foreign account on their federal tax return in most situations. Various Europeans countries probably/may have different laws regarding subject.

Terrible isn't it? I mean what a bunch of blood sucking nosy vamps.

Not only a 10k limit but even if The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

This is why as time goes on more & more folks will just back out of banking altogether. Who needs it? Not like they pay big interest. There is no law... that says you have to claim what is held in a hole in the ground.

What is interesting is last year the US DOT TD 99-22-1 only asked if the account had over 10k now they want the exact amount. This way you will incriminate yourself if you make any error as to Tax Laws. Unless your last name is Geitner.

Where did you get the revised form? Does it have a new number? I just mailed my TD 99.22.1 form this morning and it had a range of amounts and no space for an exact amount. If your information is correct about an exact amount, then I either used the wrong form or an out-dated copy.

[Soutpeel]

Boys think we are going way off topic, as the OP is asking about the European countries tax man....not the good old US, so not really bring much to the discussion are we if you are talking about IRS ??

[Carmine6]

Don't know about European countries, but for the U.S. any U.S. citizen with over $10,000 USD in a foreign bank account must submit a form to the U.S. Treasury Dept by by 30 June of each year. Details at attached web link: http://www.irs.gov/businesses/small/articl...=148849,00.html. And a U.S. citizen needs to report interest/dividends earned on a foreign account on their federal tax return in most situations. Various Europeans countries probably/may have different laws regarding subject.

Terrible isn't it? I mean what a bunch of blood sucking nosy vamps.

Not only a 10k limit but even if The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

This is why as time goes on more & more folks will just back out of banking altogether. Who needs it? Not like they pay big interest. There is no law... that says you have to claim what is held in a hole in the ground.

I've never looked at that form until today. Unbelievably detailed information required. Instead of a savings account, might as well get a safe deposit box. No chance of ATM fraud, and safer than a gold chain around the neck.

[pkspeaker]

i wouldn't bother reporting a measily 10000 to the irs; they're too busy going after the big fish in the cayman islands