"Form for Declaration of status as U.S. Person" do they exchange...?

[danielson0616]

Hello everyone,

I was opening the new account in K bank and they want me to fill this out. I am wondering what this form means and do Thailand government and U.S exchange bank information each other? What do I have to consider? Is there I need to worry about anything? Please give me some tip for these. thanks,

[Jingthing]

Yes, banks all over the world communicate with the U.S. government.

Your main concerns will be to file FBAR and FACTA forms when and if required under U.S. law.

The penalties for non-compliance are massive.

They will also be looking for money laundering, terrorist money transfers, all that kind of juicy stuff.

The only way to opt out is to renounce your U.S. citizenship and even that is a problem if they determine it's for tax avoidance.

Cheers!

[lopburi3]

That said it is just a normal paper that will include your SSN so they can make there annual reports - amounts on deposit will be reported and if more than $10,000 combined value at any time during the year a short on-line report of account/location/amount would be required from you. For really large amounts other reporting would be required but for most of us the simple FBAR would be it (if even that).

[danielson0616]

Thank you so much for the tips. I see. I dont worry about the tax or anything since my salary under $50,000. But the problem is the person asked me fill these paper out could not speak English. And Only the paper I could read was this form and it said I need to submit W-9 form and W-8 ben form??? . I was trying to ask them where i have to start. Nobody know and hep me out at the bank. I think i have to go really long way to make a simple account. thank you very much again,

[Jingthing]

Thank you so much for the tips. I see. I dont worry about the tax or anything since my salary under $50,000. But the problem is the person asked me fill these paper out could not speak English. And Only the paper I could read was this form and it said I need to submit W-9 form and W-8 ben form??? . I was trying to ask them where i have to start. Nobody know and hep me out at the bank. I think i have to go really long way to make a simple account. thank you very much again,

You will need to file an annual FBAR form if the AGGREGATE of your foreign accounts goes over 10,000 USD during any tax year. In other words, having 9K in one account and 2K in another, both accounts need reporting.

[Pib]

This short Bangkok Bank FATCA related document might be helpful. Although its a Bangkok Bank document the process still applies to all Thai banks. Basically Uncle Same wants to ensure you are reporting your overseas interest earned, accounts, etc., and he can no longer rely on the citizen truefully reporting. Unfortunately, over the years too many people have avoided paying taxes on earning from overseas accounts...or flat out just hiding money in overseas accounts...we hear news stories almost everyday...and it's not just U.S. folks doing it.

http://www.bangkokbank.com/BangkokBankThai/Documents/Site%20Documents/Expat%20Articles/FATCA.pdf

[imjmn]

This is the normal course of business for most banks these days if they want to have US customers. The foreign banks are required to follow the US guidelines - W9 etc.

I have or have had accounts in Saudi Arabia, Qatar, Singapore and was asked to submit the required US gov't documentation or close the account.

I have been reporting my foreign accounts for years and no issues. Follow the tax rules per the IRS and there should be no problems.

The form shows your SSN so it can be reported to the US authorities. With the SSN they know who you are.

There is lots of info on the web - suggest doing your own Internet homework so you are not relying on forum 'experts'.

MJ