Is this a scam at Phuket arrivals?

[expatsupreme]

Do Thai banks report your income to EU countries for example if you get paypal transfers each month from online work?

Do they report each month to your native country about that?

[worgeordie]

I bloody well hope not!

regards Worgeordie

[stickylies]

[chiang mai]

Some clues:

Does the Thai Bank have offices in your country of residence?

Is there a rapidly growing trend to tax overseas payments to foreign nationals?

Does the UK follow what the US does? This is an old link but age doesn't matter:

http://www.thailawforum.com/blog/us-expats-on-alert-new-us-tax-law-extends-irs%E2%80%99-reach-internationally

Do bears poo in the woods!

On the (your) plus side: is the UK Revenue Dept geared up to manage such investigations and reporting? Probably not, much bigger fish to fry right now although that could easily change and I could be very wrong.

[thepool]

"Do Thai banks report your income to EU countries for example if you get paypal transfers each month from online work?

Do they report each month to your native country about that?"

Supposing the Banks did "report" why would anyone be concerned about legitimate income ?

Maybe the income is ????????????????????????????

[kimbathewhitelion]

If it's anything like the US, if you have passport attached, than YES!

Sent from my iPad using Thaivisa Connect Thailand

[PattayaPhom]

Yes but for a 20% cut of what u get I can make sure they don't....... No they dont

[isawasnake]

I can imagine an American banker trying to deal with a Thai, and I swear after a few dealings they would throw their hands in the air like anybody else.

[Gomyway]

In case of the op's question you should ask yourself why the german financial minister Schaeuble met with the government here in 2011 (or was it 2012, I don't remember exactly and the date also is not important in this case)? There you'll find your answer.

[fatfather]

In case of the op's question you should ask yourself why the german financial minister Schaeuble met with the government here in 2011 (or was it 2012, I don't remember exactly and the date also is not important in this case)? There you'll find your answer.

If the German taxman is scrutinising your doings, then they will get answers from Thailand. Thailand don't send any data just for a routine. On the other hand, the German taxman send every year your tax data to the Thai taxman if you reside here. Careful!

Fatfather

Sent from my phone

[stickylies]

i'd be more worried about paypal... thai banks, nah....

[Eneukman]

I don't know whether or not Thailand reports bank account details to the EU governments. If you're from the UK and spend less than an average of 90 (?) days per year in the UK, subject to a maximum of 180 days in any one year, you can submit a form to the Inland Revenue claiming non-residence status for income tax and capital gains tax purposes. This means that the UK will only tax your income if it was actually earned in the UK so income earned elsewhere is wholly exempt. It may, of course, be taxable in Thailand, but that is another matter. Inheritance tax is another matter altogether.

I claimed non-residence status in 2005 when I moved to live in Thailand on a permanent basis.

Alan

[Peterphuket]

In a statement in a europe newspaper a copple of weeks ago, there was a report from the OESO that next year there will be come a exchange from every person who have a bank account anywhere in the world to the taxoffice from the country they are originaly belong, so be warned and keep your money, or changing it to gold and keep it on a safe place.

[chiang mai]

I don't know whether or not Thailand reports bank account details to the EU governments. If you're from the UK and spend less than an average of 90 (?) days per year in the UK, subject to a maximum of 180 days in any one year, you can submit a form to the Inland Revenue claiming non-residence status for income tax and capital gains tax purposes. This means that the UK will only tax your income if it was actually earned in the UK so income earned elsewhere is wholly exempt. It may, of course, be taxable in Thailand, but that is another matter. Inheritance tax is another matter altogether.

I claimed non-residence status in 2005 when I moved to live in Thailand on a permanent basis.

Alan

The Revenue has changed the residency rules a couple of times since 2005, the 90 days per year and/or the average of days spent in the UK over four years no longer apply, exactly what the rules are any longer I'm unsure but I'm certain they are more stringent. But the point to be made here is that it may no longer be beneficial for some people to claim non-residence status now that Revenue is looking into taking away the personal allowance from UK ex-pats, for some it may be a game changer.

[stickylies]

In a statement in a europe newspaper a copple of weeks ago, there was a report from the OESO that next year there will be come a exchange from every person who have a bank account anywhere in the world to the taxoffice from the country they are originaly belong, so be warned and keep your money, or changing it to gold and keep it on a safe place.

.. sure sure... scaring the people as per the usual ... whereas the big shots, including many politicans, keep their cash safe offshore or in suisse ...

i say: f/ck em. they wanna check all bank accounts in the world, let them do so... and fail... as per the usual too.

[Peterphuket]

In a statement in a europe newspaper a copple of weeks ago, there was a report from the OESO that next year there will be come a exchange from every person who have a bank account anywhere in the world to the taxoffice from the country they are originaly belong, so be warned and keep your money, or changing it to gold and keep it on a safe place.

.. sure sure... scaring the people as per the usual ... whereas the big shots, including many politicans, keep their cash safe offshore or in suisse ...

i say: f/ck em. they wanna check all bank accounts in the world, let them do so... and fail... as per the usual too.

I don't like to scared anybody, but this are the facts, I have 2 articles about this, but they are in the dutch language so not for many people to read.

[Artist]

I think its very unlikely that either your bank or Paypal would report any of your banking details without a court order. Especially not Paypal as they would go out of business if people found out they were doing that. Reverse it, do you think an EU bank would report your your banking details to the Thai authorities without a court order?

Edited April 7, 2014 by Artist

[GAZZPA]

No of course they don't, who would they report it to and why? However, if you do something wrong or illegal then of course your overseas bank accounts can be investigated and if there are traceable transfers of money then i suspect that it wouldn't take Sherlock Holes to find it these days.

But investigations like that are time consuming and expensive so it would only happen if someone really wanted to find out what you were doing and I doubt that would happen unless you were doing something seriously wrong.

The key to all this is don't do anything you shouldn't be doing, pay your taxes and keep yourself clean then you have nothing to worry about.

[expatsupreme]

I was really thinking or moving my residency to Thailand, because I am staying here for 1 year, then go home for 1 month, come back for 1 year, go home for 1 month etc.......

But if I dont pay tax to EU do Ihave to pay to Thai gov?

Because I dont do any business in Thailand at all. I work online only, all my income if from online only

So will Thai taxman want my money?

SOme people tell you to withdraw it and put it in gold?

WHat do you mean by that?

[larsjohnsson]

No they don't report it. I have had bank accounts here more than 20 years without any problems

[Rimbuman]

I was really thinking or moving my residency to Thailand, because I am staying here for 1 year, then go home for 1 month, come back for 1 year, go home for 1 month etc.......

But if I dont pay tax to EU do Ihave to pay to Thai gov?

Because I dont do any business in Thailand at all. I work online only, all my income if from online only

So will Thai taxman want my money?

SOme people tell you to withdraw it and put it in gold?

WHat do you mean by that?

You can Google the gold thing

[chiang mai]

The potential problem arises when account holders decide to repatriate their funds, the UK expat who has long argued that he/she has no assets overseas suddenly finds a large lump sum in his/her account, explain that if you will! And yes, UK banks do report large deposits to The Revenue.

[pauleddy]

Short answer: No. There is no bilateral or unilateral agreement for sharing of fiscal or banking information. I have 9 offshore UK bank accounts and two onshore accounts (simply because I have pensions paid into them from habit). no Thai banks have ever asked for any UK bank info, and vice-versa.

If you are Victor Bout, it may be different.

Eddy

[Peterphuket]

Again, read this and shudder: http://www.oecd.org/tax/automatic-exchange-of-financial-account-information.htm

[Pattaya Pat]

No they don't report it. I have had bank accounts here more than 20 years without any problems

Just because you haven't had any problems doesn't mean that the 2 are mutally exclusive.

[ggt]

Ask your bank...they will tell you...

[larsjohnsson]

No they don't report it. I have had bank accounts here more than 20 years without any problems

Just because you haven't had any problems doesn't mean that the 2 are mutally exclusive.

Yes in my country it does. If they where reported to the Swedish authorities, then they would be listed in the tax preparation that I get. And the authorities would charge tax also.

Every bank account I have and that the Swedish authorities get a report about will be listed in the tax preparation that I get once a year

Edited April 7, 2014 by larsjohnsson

[metaben]

There are billateral tax agreements for most EU countries and Thailand. If you make your money here it is taxed here and so on for any source of revenue.

The problem arizes from "online" activities: is the taxable income where the work originates or where the funds originate and or where the funds finally land???

Maybe all 3 nations will want a cut.

Buy gold and Bitcoins

PS the above does not include VAT issues, which is a book in itself.

[fatfather]

I was really thinking or moving my residency to Thailand, because I am staying here for 1 year, then go home for 1 month, come back for 1 year, go home for 1 month etc.......

But if I dont pay tax to EU do Ihave to pay to Thai gov?

Because I dont do any business in Thailand at all. I work online only, all my income if from online only

So will Thai taxman want my money?

SOme people tell you to withdraw it and put it in gold?

WHat do you mean by that?

If you quit residence in England and settle in Thailand than the Thai taxman has got the right to claim your tax. In this case the UK taxman inform the Thai taxman that they may claim your tax, but Thailand will not give you a tax number if you don't make your money here. They just don't like to give you any status of residence here. This means that you have to keep your paperwork clear in the UK and try not to have big money in accounts. At this point the gold thing jumps in. Don't worry, be happy

Fatfather

Sent from my phone

[expatsupreme]

guys where do you keep your gold, in socks?