No wonder people like to shop at Lazada.

[Jingthing]

I made this Thai specific in the headline but of course if "liberalized" it would apply internationally.

This is about the onerous reporting requirements the US government is imposing on foreign banks with American customers. A big concern is that many foreign banks will now refuse new American clients and/or close the accounts of existing ones rather than bothering with complying with American-government-demanded reporting requirements. Hopefully, these less imposing policy rules if enacted will reduce this problem, but obviously no guarantees:

http://www.washingto...D4zQ_story.html

The announcement is intended to address concerns of overseas financial institutions while making it clear that the United States plans to implement the Foreign Account Tax Compliance Act, or FATCA. The 2010 law requires banks to withhold 30 percent from “certain U.S.-connected payments” to the accounts of U.S. clients who don’t disclose enough information to the IRS.

Edited February 9, 2012 by Jingthing

[Lifer]

Sounds like someone is trying to stir up the expats anamosity by reporting this. Let's wait and see how it affects people here first. Your comments kind of conflict with Thaiolands requirment for longterm visas to have money in the bank for marriage and retirment.

[Jingthing]

Sounds like someone is trying to stir up the expats anamosity by reporting this. Let's wait and see how it affects people here first. Your comments kind of conflict with Thaiolands requirment for longterm visas to have money in the bank for marriage and retirment.

Whatever the US government policies end up being, yes if they result in some or all Thai banks wanting to close American's accounts or not open them in the first place, of course it will have a huge impact on many Americans in Thailand. I'm not trying to stir up anything. This has been in the news for years and yes there are cases where foreign banks have reported not wanting American business anymore because of American reporting laws (too much bother!). Not yet in Thailand as far as I know, but keep in mind the enforcement part is being phased in over time. So nobody can really tell you what the reaction of any specific bank will be when the enforcement becomes required.

This news BTW is actually GOOD NEWS in that it indicates the U.S. authorities are listening to pushback about the problems they may be causing.

Edited February 10, 2012 by Jingthing

[flying]

These things if implemented sound more & more laborious for Thai banks it seems.

Would be nice to hear from our two resident Bangkok Bank employees ( if they are allowed to discuss )

Just to hear what one of the bigger banks may be thinking.

Although with Bangkok Bank having a NY intermediary bank... they probably are not the ones worried.

As their accounts are well know to the US

As the US looks more & more under every stone to help pay their debt I would not be surprised at things like

this getting more air time.

Although I think things like these mainly concern larger amounts leaving the US & the IRS wanting to be sure their chunk does not leave

Edited February 10, 2012 by flying

[flying]

Just happened on this today............

http://nestmann.com/...by-u-s-clients/

It’s no surprise that in anticipation of these severe rules coming into effect, thousands of offshore service providers have “fired” their U.S. clients. Indeed, the option to ditch U.S. customers to avoid FATCA’s draconian compliance regime is specifically written into the law. FATCA’s intent is not only to discourage U.S. persons from investing offshore, but more fundamentally, to discourage offshore businesses from offering financial services to U.S. citizens or permanent residents. These severe requirements are nothing less than a de facto form of foreign exchange controls.

Edited February 22, 2012 by flying