Us Bank Income Letter For Retirement Visa

[TallGuyJohninBKK]

So this is beginning to look like a new requirement for Americans.

I'm not sure where you're getting the basis for that notion...

Clearly, you ran into a problem with your local Immigration office. But there are many many Americans each month who are renewing their retirement extensions at various Immigration offices all around Thailand, and thus far AFAIK from reading here on TV, your unfortunate experience hasn't been repeated elsewhere in any systematic way.

Edited November 29, 2012 by TallGuyJohninBKK

[Pinot]

So this is beginning to look like a new requirement for Americans.

I'm not sure where you're getting the basis for that notion...

Clearly, you ran into a problem with your local Immigration office. But there are many many Americans each month who are renewing their retirement extensions at various Immigration offices all around Thailand, and thus far AFAIK from reading here on TV, your unfortunate experience hasn't been repeated elsewhere in any systematic way.

You're right. We'll see what happens.

[mania]

I had wondered if they would crack down on this at some point.

because is it true that other embassies ask for proof before issuing the embassy verification of income

for their citizens? Whereas the US embassy just asks the citizen to testify that they do get this income & sign the affidavit?

Then the Embassy issues the income verification based on the US citizen saying it exists?

If true seemed a little light proof wise on the US end

so I wondered if at some point the Thai Immigration would start asking for more proof.

Edited November 29, 2012 by mania

[Mario2008]

I had wondered if they would crack down on this at some point.

because is it true that other embassies ask for proof before issuing the embassy verification of income

for their citizens whereas the US embassy just asks the citizen to testify that they do get this income & sign the affidavit?

Then the Embassy issues the income verification based on the US citizen saying it exists?

If true seemed a little light proof wise on the US end

so I wondered if at some point the Thai Immigration would start asking for more proof.

Might have more to do with the different responsibilities between the individual states and the fedral government.

The US-embassy make you swear an affadivid. They might not ask for proof, but don't forget you are given a sworn statement and are breaking federal law if you lie.

[Jingthing]

There have already been some waves of special attention for Americans and some others over the years in certain offices. However, it never seems to be consistent, to last very long, or to spread nationally. Personally I think it's just too much hassle for immigration officers to deal with anything other than the embassy letters. So I expect some localized "crackdowns" and perhaps some offices being more into this than others, but I seriously doubt there will be a consistent national policy change on this. So pay attention to local reports and always be aware they can always ask for more documentation of anyone.

Edited November 29, 2012 by Jingthing

[mania]

Might have more to do with the different responsibilities between the individual states and the fedral government.

The US-embassy make you swear an affadivid. They might not ask for proof, but don't forget you are given a sworn statement and are breaking federal law if you lie.

True & while wondering if folks fibbed I always thought it crazy as it would be a double whammy if caught.

Because even if not caught on the Thai end the Embassy may send a copy to the IRS. Seems everything is reported to the

IRS these days from banks etc.

So if you claimed on the one hand income you did not receive to jump hurdles in Thailand

you may be made to pay income taxes on it some day back in the US.

After all you swore you did get this income

[phuketrichard]

just wondering about this; Americans as u know are required by law to report once /year how much money they hold in foreign accounts in excess of $10,000 . This in addition to ur irs income tax form. That's TOTAL amount in all accounts. Many countries are compiling with this an not allowing us citizens to open bank accounts cause of the hassle and they also need report the amounts. There are a only a few banks ( one in Singapore ) that has refused to work with this regulation.

If u don't report ur subject to a fine of up to 50% of what is in the foreign banks.

AS to the US emabssy sending a copy of the report you swear to, to the IRS nope, you fill out one paper, they stamp it an give it to u, there are no copies made.

Than again , who the fuc_k knows the reason. Mine is up in July an I plan on going in to the office in Phuket and ask the white guys in march what the score is so i am not caught short handed.

AS to Phuket there is a new guy their in charge an perhaps he is just being an asshol_e

Edited November 30, 2012 by phuketrichard

[mania]

AS to the US embassy sending a copy of the report you swear to, to the IRS nope, you fill out one paper, they stamp it an give it to u, there are no copies made.

Probably but, It is done on a computer & printed yes?

I do not put anything past the IRS these days as they look under every stone.

Not to worry as I doubt many folks fib their income to stay in Thailand.

But like the new bank reporting FBAR requirements you mention the US is definitely more aggressive these days

on seeking out any revenues as they are deeply in the red of debts vs revenues.

[phuketrichard]

AS to the US embassy sending a copy of the report you swear to, to the IRS nope, you fill out one paper, they stamp it an give it to u, there are no copies made.

Probably but, It is done on a computer & printed yes?

I do not put anything past the IRS these days as they look under every stone.

Not to worry as I doubt many folks fib their income to stay in Thailand.

But like the new bank reporting FBAR requirements you mention the US is definitely more aggressive these days

on seeking out any revenues as they are deeply in the red of debts vs revenues.

Nope

not done on a computer, they give you the paper, u fill it in and sign it, they take ur money and stamp it and thats the original u give to the immigration

Edited November 30, 2012 by phuketrichard

[pmarlin]

I had wondered if they would crack down on this at some point.

because is it true that other embassies ask for proof before issuing the embassy verification of income

for their citizens? Whereas the US embassy just asks the citizen to testify that they do get this income & sign the affidavit?

Then the Embassy issues the income verification based on the US citizen saying it exists?

If true seemed a little light proof wise on the US end

so I wondered if at some point the Thai Immigration would start asking for more proof.

The US is not the only embassy that does it this way, but remember if you lie on a US income letter the US can jail you and fine you for making a flase statement on an official document. When I do my extension using the income letter I always take my Thai bank books and copy of my three pension statements. Never been asked for them but just in case it is needed.

[NancyL]

If asked, would it be acceptable for American to show a copy of their most recent IRS income tax return, with the various 1099 forms for income?

That's what Hubby brought with him as back-up when he used an American income letter to do his retirement extension in Chiang Mai in October. But, he wasn't asked for proof of income, so he didn't offer the income tax return for inspection.

[moe666]

AS to the US embassy sending a copy of the report you swear to, to the IRS nope, you fill out one paper, they stamp it an give it to u, there are no copies made.

Probably but, It is done on a computer & printed yes?

I do not put anything past the IRS these days as they look under every stone.

Not to worry as I doubt many folks fib their income to stay in Thailand.

But like the new bank reporting FBAR requirements you mention the US is definitely more aggressive these days

on seeking out any revenues as they are deeply in the red of debts vs revenues.

The FBAR requirementas are not that hard actually. I declared my Thai brokerage account this year and the amout is aomething like 400,000dollars before you have to provide info, thats no probles as most of investment is in the states.

[mania]

The FBAR requirementas are not that hard actually. I declared my Thai brokerage account this year and the amout is aomething like 400,000dollars before you have to provide info, thats no probles as most of investment is in the states.

I may have mis-spoke

There is a form that declares if your aggregate amount of all bank accounts outside the US exceeds 10k USD at any time during the

year. Is that the FBAR?

I never thought it would be hard but just mentioned that they do look harder these days.

Also they leverage their authority against foreign banks to also report US passport holders accounts.

I know this leverage only exists for banks like Bangkok Bank as they have a NY Intermediary bank in the US

But I have read there may be other forms of leverage such as inability to accept Visa & Mastercard for those who do not comply.

Just gives credence to the person who earlier said they thought it could get to a point where *some* foreign banks decide

it is not worth the hassle to hold small accounts ( Visa types 10-20k ) for US passport holders. Given any extra work they may be required to do.

Edited November 30, 2012 by mania

[lopburi3]

Yes it is FBAR or Form TD F 90-22.1 and not very hard to fill out for most with one or two bank accounts (but if you have numerous accounts you may have to do a little digging to get all there address information together).

[phuketrichard]

yep thtas it;

FBAR Requirements

American citizens and Green Card holders are required to report their foreign bank accounts if their balances, when added together, are more than $10,000. It does not matter how many accounts this $10,000 is spread across. You are required to file an FBAR in addition to your US expat taxes if the $10,000 threshold is met by the sum of all your foreign accounts, not just one account with a balance higher than $10,000.

FBAR Penalties

If a US citizen or Green Card holder fails to disclose their overseas bank accounts, the treasury department can and will enforce penalties on the taxpayer. The penalties can be much more severe than the penalties assessed by the IRS for delinquency on US expat taxes. However, it should be noted that penalties for US Expats who did not know about the requirement to file the FBAR have been forgiven in many cases.

some scary shit;

http://www.greenbacktaxservices.com/blog/how-to-file-your-fbar/

and they give an example of an American couple living in Thailand as well,".........You may remember Brian and Sarah Expat from our US Expat Taxes Explained: Form 1040 article. Brian and Sarah live in Thailand and had over $10,000 outside of the US, but only in 2010."