If You Intend Opening A Thai Bank A/C Do So Now .

[theblether]

As to maxman71's post, probably most US citizens are unaware of this legislation passed in 2010 called FATCA.

All foreign banks and financial services (such as brokerages) are required to report all American citizen account holders to the Treasury Dept. and the IRS. The deadline to comply was pushed up a bit, but eventually they will have to do it, or face sanctions. Serious ones.

Do you remember when America used to be called the Land Of The Free??? Now to be born a US citizen entitles you to the dubious privilege of being haunted by your authorities no matter where in the world you choose to live.

Not content with that, they now are ramming their legislation down the throats of the rest of the world. It's time the US reconnected with what it made it great.

It certainly wasn't this crap.

[jez56]

OP said: "Saw in todays Bangkok Post ,that it will be much harder after 21 st of August .They are putting in extra checks to stop money laundering .SCB have upped what you need already ,as they are looking for a work permit."

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I visited two banks in Chiang Mai today and tried to open new savings accounts. So here is my little field report.

(I already have an account at another bank. But as a result of reading this thread, I thought there would be no harm in adding a couple more before 21 August.)

So I went to Mee Chok Plaza. First stop: the SCB branch on the corner, opposite McDonalds.

Contrary to what the OP wrote -- which I'm sure he wrote in good faith, I'm just telling you what happened to me -- I soon had a new account after showing my passport only. Oh, plus the blue book for my truck, but only because it has my address in Thai.

Next: Krung Thai Bank, just a few steps away. The lady here asked for passport and work permit. I didn't argue. I didn't mention the date of 21 August. I didn't mention my recent experience at SCB. I did say that I have no work permit, as I don't work. After a bit of rapid-fire Thai with a colleague, and after asking me whether I rented or owned a place, she changed this story to passport plus proof of residence. (I hadn't brought it with me, so that was the end of that.)

So, it sounds like not all SCB branches are working to the same script, and it sounds like at least one Krung Thai branch has jumped the gun on the new stricter requirements. Or it may have been differences of understanding between the two ladies who I happened to be dealing with.

I didn't try Kasikorn or Bangkok Bank at Mee Chok.

-- jez

Edited July 5, 2012 by jez56

[KhunG]

The foreign banks can either refuse to take on US citizen/green card holder accounts, or knuckle under the pressure from not only the US gov't, but also the int'l banking cartels.

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As to what you say about green card holders.......Not to say one is rich & hiding money but.....green card holders do not usually open accounts in their home country (outside USA ) using their US passports. Why would they given all the hassle?

No, instead they use their Thai government ID card & I agree with that being the easier method.

Just to mention that this point is rather nonsensical--green card holders by very definition do not EVER possess US passports!

It is however worth pointing out that no bank has any way of telling if you have a green card or not, so green card holders can rest easy about these new rules...

Sorry for the confusion.... It was because I was replying to a post that was written as

"US citizen/green card holder accounts"

My wife for instance was a greencard holder but is now a US Citizen...with a US passport

Yet she is still a Thai citizen with that passport & govt ID as well.

It is her choice to open/maintain her accounts here in the country of her birth with her

Thai citizenship.

That is what I meant

Considering the penalties for non-reporting are very high, up to 1/2 of what is in the accounts, do you have any concerns when filing US taxes or do you report her accounts on the FBAR and the new IRS form?

My wife is a green card holder applying for US citizenship, now. She wan't going to bother with the citizenship, but the estate tax rules for a foreign spouse, especially when we move back to LOS, are draconian.