Bangkok Bank New Accounts

[SailingHome]

Hi. Can I open a new account with just my airport/border stamp being current, or do I need at least a TR visa? Seem to remember some restriction a few years ago.

[SailingHome]

Never mind... found it finally. Yes, just need passport and rental agreement

[55Jay]

If the branch you visit doesn't agree, just try another one.

[SailingHome]

I figure I will go to Siam Paragon. Easy to get to (basement by McDonalds) and knew the procedure a few years ago for a lot of foreigners.

[riclag]

OP. If your from the USA be careful not to deposit more then $10,000 worth of BHT You'll have to report this to the IRS.Unless of course

you not mind having Big Brother looking over your shoulder.

[SailingHome]

OP. If your from the USA be careful not to deposit more then $10,000 worth of BHT You'll have to report this to the IRS.Unless of course

you not mind having Big Brother looking over your shoulder.

Over what time period? I plan on transfering my SSDI each month and have no savings. Big Bro has me by the ankles anyway.

[riclag]

OP. If your from the USA be careful not to deposit more then $10,000 worth of BHT You'll have to report this to the IRS.Unless of course

you not mind having Big Brother looking over your shoulder.

Over what time period? I plan on transfering my SSDI each month and have no savings. Big Bro has me by the ankles anyway.

Check out this thread,It will give you all the details

http://www.thaivisa.com/forum/topic/686792-us-citizensdo-you-fbar/

[Pib]

OP. If your from the USA be careful not to deposit more then $10,000 worth of BHT You'll have to report this to the IRS.Unless of course

you not mind having Big Brother looking over your shoulder.

Actually it's reported to a special office the U.S. Treasury Dept for specific purposes...this office is not part of the IRS. And the FBAR report/filing is not part of your yearly federal tax return/sent to the IRS...for 2012 and earlier federal tax filings it was mailed to a special U.S. Treasury Office address in Detroit but for 2013 and forward tax filings it must be done online. Generally, the IRS only wants specific details on your foreign accounts if you have more than $50K in foreign financial assets and that $50K amount climbs to a much higher amount for a joint tax filing, if you live outside the U.S. full time, etc...it gets a little complicated but for most common folks they won't be affected by the IRS tax return reporting requirement not to be confused with the Treasury Dept FBAR $10K reporting requirement. But regardless, the deposit is subject to U.S. federal dividend/interest tax on a worldwide basis and reportable for tax purposes just like any account at a U.S bank/credit union/mutual fund/etc.

[riclag]

OP. If your from the USA be careful not to deposit more then $10,000 worth of BHT You'll have to report this to the IRS.Unless of course

you not mind having Big Brother looking over your shoulder.

Actually it's reported to a special office the U.S. Treasury Dept for specific purposes...this office is not part of the IRS. And the FBAR report/filing is not part of your yearly federal tax return/sent to the IRS...for 2012 and earlier federal tax filings it was mailed to a special U.S. Treasury Office address in Detroit but for 2013 and forward tax filings it must be done online. Generally, the IRS only wants specific details on your foreign accounts if you have more than $50K in foreign financial assets and that $50K amount climbs to a much higher amount for a joint tax filing, if you live outside the U.S. full time, etc...it gets a little complicated but for most common folks they won't be affected by the IRS tax return reporting requirement not to be confused with the Treasury Dept FBAR $10K reporting requirement. But regardless, the deposit is subject to U.S. federal dividend/interest tax on a worldwide basis and reportable for tax purposes just like any account at a U.S bank/credit union/mutual fund/etc.

Its called "computer matching" this is the politically correct term for all USA Departments to share information with each other. Don't kid your self,the IRS has no boundaries and answers to no one.When reporting to one agency in this case the Treasury Dept then it gets filtered down.The Feds want to control more then ever. I wish I knew about this(Fbar) before I deposited the reportable sum .

[55Jay]

OP. If your from the USA be careful not to deposit more then $10,000 worth of BHT You'll have to report this to the IRS.Unless of course

you not mind having Big Brother looking over your shoulder.

Over what time period? I plan on transfering my SSDI each month and have no savings. Big Bro has me by the ankles anyway.

Yearly, 30 June is the filing cut off date, which is now done on-line vs. mail in hard copy forms. Sounds like you won't touch the reporting threshold unless, over time, your local Thai acct receiving SSI, builds up to over $10,000.00, then that would trigger the report under current regs.

If you use tax prep software, there are questions you answer to determine if you need to file an FBAR and/or Foreign Assets report.

Some additional reading about it here http://americansabroad.org/issues/fbar/ or of course, over at Big Brother dot com

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

[Pib]

I figure there are 3 main reasons a person dislikes filing a FBAR:

1. Another govt form to complete each year.

2. Don't want Uncle Sam (a.k.a., Big Brother) to know about financial assets outside the U.S.

3. Don't want to pay Uncle Same taxes on those assets outside the U.S.

I'm totally agree with reason one...I'm not thrilled about having another form I need to get to the govt each year, whether mailed or filed online. Reasons number 2 & 3 I have no issues with as Uncle Sam has been good to me and I have no reason to hide foreign financial assets from him and to pay him some taxes on those assets as it is U.S. law. But since some people do hide assets from Uncle Sam and take extra efforts to avoid taxes (especially some very rick folks) and Uncle Sam knows this, we all end up having to deal with this reporting requirement for any amount over $10K.

[Pib]

Here's a 17 Feb 14 CNN news story talking about 3,000 Americans giving up their U.S. passports/citizensip in 2013...which triples the average over the previous 5 years. The article infers some of the increase is probably due to complicated tax filings and FBAR & IRS reporting requirements of foreign financial assets and also to protect their wealth. Of course 3000 people out of the approx 315 million U.S. population only represents 0.0009% of the population if I got the math right. Additionally approx 750,000 immigrants becoming new naturalized U.S. citizens each year so the number of new citizens is far, far, far outnumbering those who are giving up their citizenship. 3K giving up citizenship; 750K gaining citizenship.