The trend in disclosure rule changes is indirectly tied to many other issues reported on ThaiVisa.com, but almost never mentioned in the actual posts. We have to be careful as this kind of thinking quickly becomes a 'which came first, the chicken or the egg' kind of thing, but the answer I think may be worth considering or at least attempting.

I have some expertise in this area. It was my profession for 30 years in the USA.

The USA is greatly increasing the reporting of financial data to the IRS under FATCA, the latest info on which is that it has been delayed so banks and stock brokers can update their accounting systems. Capital gains in Thailand are not taxable, so the systems here are not at all centered on reporting that kind of information very well yet. Before FATCA, disclosures were provided under the so-called "Double Taxation" convention but it didn't require detailed reporting of cap gains, rather, only the sharing of information already tracked.

It will not just be an issue for Americans, as we go further along. The USA is leading the way, and with AEC integration......

Example. The ever ongoing "where/how to open a bank account" and even "90 Day Immigration Letter" changes.

I think maybe even the tourist visa run as well might be somehow. Yes I do, maybe.

The rules will get tougher in many areas.

What do ya think?

Financial disclosures. Sorry, I think the following belongs here:

What is the reason banks have such indiscriminate rules for opening accounts? I have never had trouble opening accounts in Thailand even when I was here the first time as a visa exempt tourist... and yet..... I am fascinated by the postings on that issue because I don't have any idea why ANY bank in ANY country would not welcome the money of anyone as long as they have some decent government issued id, a passport only, and they are standing there in person at an actual branch office where bank officers can see and identify them quite effectively. It doesn't make sense. Is it because of disclosure rules? Why shouldn't opening a lousy retail savings account not be as easy as 1,2,3?

As for 90 day letters, the reason I extend my paranoia to that is that before you could just post it with an SASE. The SASE made sense because there is no other as efficient way to verify an address, and it was convenient for all concerned. The 90 day letter has nothing to do with address verification. It does, however, with any 2 letters in any one year, place the reporter 100% for sure in the same category exactly the same as any Thai national, as to how the Thai revenue code applies.... so what is the 90 day letter really for? Obviously it no longer has anything to do with the address where you are living, even if that is what the form reports. Especially for Thailand, there is a glaringly obvious absence of any kind of verification at all of the actual purported purpose of the entire reporting process, unless......

It's easy and comforting to write all of this off as "silly bureaucracy" but I think maybe it is not so silly, maybe.

With visa runs you not only avoid a visa but you avoid...... so...???

I always kind of think about this if I run across Faber on CNBC and he is clearly identified as to WHERE he is located at that time especially when it is visavis a fuzzy Skype connection.

Edited May 26, 201412 yr by maewang99

Eh?

Must be really shit being an American.

if your point is that the 90 day reports could be used as proof of Thai residence by the Thai tax authorities so too could the stamps in your passport (if you made the trip abroad rather than reporting). But in any event, Thai tax law is (for now) very kind to indeviduals who keep their assets outside Thailand and only remit income in the year after it was earned.(I am pretty sure this is what a smart guy like Faber does). If you want something to get paranoid about how about a global withholding tax on all investment income. or a global levy on savings to pay for the next banking crisis!

Edited May 27, 201412 yr by wordchild