Report of Foreign Bank and Financial Accounts

[soidog2]

Warning:

The other day I went to my bank for some business; they presented me with a form to where I had to disclose if an American citizen or not.

I guess they will be reporting all US citizens accounts to the IRS.

Best Regards

[TallGuyJohninBKK]

What Thai bank was that?

And was their request in connection with opening a new account, or they wanted it for an existing account you have with them?

[MrWorldwide]

No problems - the ATO can already track every penny I've ever had in an Australian bank account - this would only be an issue if I was earning money elsewhere and not reporting it for tax purposes.

[soidog2]

What Thai bank was that?

And was their request in connection with opening a new account, or they wanted it for an existing account you have with them?

Siam Commercial Bank / New account

If US citizens, you are required to report accounts over $ ten thousand, by June 30th each year, independent of whatever you file with the IRS. ( http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html )

Since 800.000.00 Baht are required for a retirement visa; those that use this provision are in!

[Pib]

What Thai bank was that?

And was their request in connection with opening a new account, or they wanted it for an existing account you have with them?

Siam Commercial Bank / New account

If US citizens, you are required to report accounts over $ ten thousand, by June 30th each year, independent of whatever you file with the IRS. ( http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html )

Since 800.000.00 Baht are required for a retirement visa; those that use this provision are in!

That's the yearly FBAR report which has been in existence for many years...the "individual" must accomplish/submit that report not the Thai bank. It's really not related to the new FATCA requirement which went in effect 1 Jul 14 for foreign banks to report to the U.S. Treasury Dept each year U.S. citizen accounts containing over $50K equivalent in baht which is around Bt1.6M. Now SCB knew you were a U.S. citizen based on your passport when opening your account...they code your country of citizenship into their system.

[soidog2]

Thanks for taking your time to answer; perhaps I wasn't clear; I bank there for many years; this is the first time they presented me with such a request; that's what shocked me.

You are Right about the FBAR not related to FATCA but why would they all of the sudden start asking about US citizenship confirmation ?

[Pib]

Thanks for taking your time to answer; perhaps I wasn't clear; I bank there for many years; this is the first time they presented me with such a request; that's what shocked me.

You are Right about the FBAR not related to FATCA but why would they all of the sudden start asking about US citizenship confirmation ?

Because of the FATCA requirement which went in affect 1 Jul 14 where foreign banks will need to report deposits information to the IRS once a year...but to do this they will need your taxpayer identification number which is usually your social security number. There are several ongoing threads about this on ThaiVisa.

[thrilled]

You might say it's not related.But it's not A coinscodience that this has happened.

[Suradit69]

Thanks for taking your time to answer; perhaps I wasn't clear; I bank there for many years; this is the first time they presented me with such a request; that's what shocked me.

You are Right about the FBAR not related to FATCA but why would they all of the sudden start asking about US citizenship confirmation ?

Because of the FATCA requirement which went in affect 1 Jul 14 where foreign banks will need to report deposits information to the IRS once a year...but to do this they will need your taxpayer identification number which is usually your social security number. There are several ongoing threads about this on ThaiVisa.

"There are several ongoing threads about this on ThaiVisa."

"Several" is an understatement. It seems there's at least one a week ... usually with some dire warning attached for all Americans regarding their bank accounts and the long arm of the US government. By now virtually every bank and investment company that operates in Thailand seems to have opted to comply with the FATCA requirement and the prying eyes of the IRS & Treasury is hardly surprising or a revelation.

It seems this dead horse will continue to be beaten for a long time.