I completely forgot to put my friend Nick's link here, sorry Nick no excuse. I'll pin this as it is worth a read for anyone interested. nicholascreed.substack.com/p/the-common-reporting-standards-crs?triedRedirect=true --BWH
I don't understand people who send criticism on Ben's account. Guy is providing assistance for FREE for services and legal advice which you would normally needed to pay. In behalf of normal modest people we thank you and appreciate your efforts Ben. Cheers
Its not free advice; its opinion which in most cases is not factual. Sources such as some paper in Pattaya can hardly be verified. As you know, the Thai gov't has many sections & they can change at will. Best deal with your concerns directly at the appropriate gov't office.
So my take on receiving the email in question was initial shock - that Kasikorn was sending out PDF files over email. NEVER OPEN any PDF you get sent by email! This act is incredibly stupid and irresponsible in 2024. If KBank insists on using email, include a link to a secure website to download the form (like, the US Embassy website!). It beggars belief that this bank has an encrypted app and secure website, yet is so reckless to use email for this task. The Kasikorn CIO needs to be read the riot act...
It took me many days until I finally decided to take the risk and click that. Then until now I am trying to figure out whether that applies to me at all - I am not a US citizen.
Thank you for the information today. I am irritated enough about the necessity to have my SS number on file with a Thai bank and the Thai bank reporting interest on my account to IRS. I do not want to participate in any world tax. I purposely moved here so I did not have to deal with the abusive tax rate in the USA.
This is just like what they ask for in Tbilisi , Georgia if you want a bank acct. without being a resident or citizen. The Georgia banks are partnered up with JP Morgan in N Y - I believe it is very difficult to find a bank that isn't partnered with the big western banks, unless you are a resident or Citizen of a country that has just national banks. Damn hard to get out of this western Bank Matrix.
@@garrycompton7214only recently in Georgia, before the 2 major banks there didn't demand any extra details unless you were a USA citizen or tax resident.
Great breakdown Ben of this regulatory nonsense, that is clearly being pushed out by the OECD. Really hope common sense prevails in Thai society, ASAP.
My Australian bank taxes my savings account , because apparently , I am a non resident. They also asked me , what is my Thai tax file number. I don't have one , have retired 5 years ago , but yeah , they are going to control anything they can put their hands on , in conjunction with the government.
Banks get to commit crimes others are not allowed to commit. Canada has strong data protection laws. If you hold my personal information you are not allowed to store it in a 3rd party country. Except last year I had an issue with my Bank card being cancelled. Seems they somehow determined a transaction (one I had been making monthly for 4 years) was suddenly 'fraud' so they wanted me to come in to my local branch to get a new card. Which me being in Thailand was not going to happen, so I had to dig into what was going on and how to work around this 'request'! Long story short, after about talking to about 10 different people, giving every one of them my 'personal information for security verification', they were all 'contractors' working not in Canada, but in The Dominican Republic and Colombia!! Somehow I was being asked to accept what if done by any company not a bank would have been illegal, and and obvious violation of my personal privacy rights. This is what they want for Thailand ... and the world for that matter ... we should be reversing this problem in the West, not exporting it to the rest of the world ... at least that's the policy I would vote for if I were allowed to vote on anything meaningful in this world!
That would be because of the double taxation agreement, assuming you have no other taxable income in Australia it's better for you to do it that way, otherwise you would have to do an Australian tax return for your Australia deposit interest.
I just renewed my Marriage Visa Extension and it was vastly different. The major change was having my Thai bank produce a 12 month activity report, register it and have me deliver it to Immigration 12:21 the SAME DAY! The approval took an additional 15 days and arrived from Bangkok.
i done it as well and did not have do to that in bangkok. But lets see whats happen with this visa category next year anyway. Immigration in bangkok is shitty though. thinking about moving to samut prakhan, a lot more relaxing there... and basically still bangkok :D
Vastly different? How so... A 12 month statement is required if you use the "monthly deposit of 65k or 40k per month method" for your extension. And same day or next day for the documents has been the proceedure since the changes that happen circa 2019. You're blowing this "vastly" out of proportion.
And where do we pay this liability wherever we set footing, even the Moon lol As an American 🇺🇸 I Have no worries about the US tax hally Thailand will Need to reimburse us for our tax 🇺🇸 as it is under a treaty today, so all the humor rumors on the topic are rubbish.
@DominiqueGodefroy America is the only country that taxes you based on citizenship rather than residence, and banks around the world refuse to open accounts for American customers because of the compliance it subjects them to. Outside of America US citizens have a horrible time just trying to do simple things like open a bank account. For anyone living outside of America being an american citizen is a massive liability not an asset.
The US citizen (person) is a maritime entity and has nothing to do with the United States of America, state nationals are based with the law of the land. Claiming being a US citizen is actually being threat, a domestic terrorist 😅
@@jesselivermore9285 maybe hard in some countries, but as an American citizen I haven’t had any issue opening bank accounts in a couple of countries. You must have a lot more experience than I have with this subject?
Glad to see this. I have not yet received anything from KBank or Bangkok Bank, but if I do I’ll ignore any emails. I file with full disclosure my US returns every year, including FACTA. That’s enough.
Brilliant post! As an american with BKK bank... and don't match the minimum amount there to have to report ac😮count with US IRS... your comment about it being like colonialism was perfect! BKK has not sent anything to me at least....yet.
These documents were issued to customers by email. At what stage or point in opening a bank account did the customer give the bank their email address - if at all? Does KBank have the email address of EVERY customer? Also the thrust of the email is to catch tax evaders of "individual residing OUTSIDE Thailand" - this doesn't make sense.
I received the email with the 3 email attachments, only from kasikorn, not from my other account at Bangkok Bank. My questions. Why do they send by email? It’s easy to not receive it, or not see it, especially in gmail. The accompanying email is signed “Best Regards”. I don’t think banks sign using that? I’m assuming this is a phishing scam until I know better,
This micromanaging international banking, digging every penny they can from every source, was probably inspired by the wild success of Bitcoin. They will leave no stone unturned.
Good luck doing that when you own a house or condo in Thailand. Are you going to rent it out except when you want to vacation in Thailand? Good luck selling it.
Furthermore, Thailand received their first cohort of information pertaining to foreigners who are tax resident in Thailand in September of 2023 as I understand.
If Thailand wants to force it's residents/citizens to pay taxes on global income. They need access to foreign bank data. They will not gain access unless they share their own bank data. It is that simple
I think you underestimate Thai banks and their regulators. They can easily access the information through terrorist initiatives, among other activities.
I've been experiencing what I perceive as bullying tactics by various entities, including individual Thais. To the degree that it really feels like extortion of either $$ or information (which is used to make $$). I do not take any of it lightly.
@@Kohyoti very minor fender bender and other driver demanded my insurance. So I gave it to him but he wouldn't let me leave after we called for an examiner and waited an hour, but still didn't show. I had to leave, he tried to stop me as I drove away by jumping into passenger seat with the door open. I just kept driving. Stopped 1/4 mile away and asked him how much. Gave him 4000. In hind sight, I should have called police and said he was carjacking me. Oh well. Then there's the UPS Bangkok Customs broker. Need I say more? There is more, incrementally.
What I hate the most is my Thai wife having to bow & excuse these bureaucrats' incompetent intrusions in our lives (something that Thai teaching has been brainwashed into her). Rrrr! The hand-drawn duplicate maps demanded by Thai immigration bureaucrats come to mind along with the requirements of filling forms that have the same info year after year. How about a database?
That pisses me off no end as well. Why can't we move to a permanent residency status? I've been here 15 years. I pay for everything here. I don't expect anything from government services for free or 30 baht. 😕 Annoying.
Suggestion.... you should pass this post onto the US Embassy/Consulate here. They are not covering this with us here in country until things are set. Yet getting questions from us about it. Great post... they should see it.
Big picture WEFfery- by making life more difficult for expat retirees to stay put vs continually moving- spreads the welfare by proxy of pensions paid- encourages a higher spend per retiree per month. Disincentivizes renunciation of original citizenship.
I have been researching retiring to Thailand for almost 2 years now. I am looking 3 to 5 years before I can meet my outstanding commitments and make the move. For the first time Cambodia and the Philippines are becoming serious contenders.
My Australian bank has just asked me to declare whether I am a 1. tax resident for Australia and 2. whether I am a citizen and/or resident of Australia. The bank says it needs to provide this information to the Australian government.
I'm a 5th generation American; it will be 13 years in April 2025 that I arrived/moved to Thailand..... I have not returned to the USA since, and haven't, and do not plan in paying a dime in taxes to the American government or any other government period, point black!!!
Touche Ben, yeah I got the same demand from KBank😮😢 but yeah those guys ILLEGALLY shut off electronic access to my accounts until I agree to their terms and conditions each year which is directly contrary to the BoT's rules but good luck arguing with them 😢😮😂
The AEOI - CRS started already in September 2023 . Thailand and 120 Countries has signed the AEOI CRS agreements and example Singapore IRAS already exchanged details of end of the year accounts of Thai Residents with the Thai Revenue Department. 🎉
I'm not American but received the same email. Seems Thai banks are sending it anyone that is not Thai. Good to know they aren't going to close the account but it's very concerning they would even attempt to do this massive over reach of personal data mining.
Not to mention the PCR and vaccination free entry across the USA border when they forced pretty much every other country to have arrivals take the test and/or vaccination certificate for land and sea entry.
This morning my bank sent me three forms that basically are aimed at Americans. As a British retiree here in Thailand am I legally obliged to fill these form in or can I just ignore them
@@mr.bullion6786 i have not received this particular form "FATCA/CRS the 3 forms i have are specifically aimed at Americans so please do not insult my intelligence
@@barrywordsworth9924 He was trying to be helpful. He doesn't have to put his hand up to wait for your permission. - calm down, calm your nerves - why not have a Chang....
Have you not noticed how you have to go, cap in hand to make a large withdrawal at a UK bank recently? 'What do you want your own money for, what are you going to spend it on...?
@@michael-lt2lf No ,I dont live in the UK I live in Thailand. I havent had the pleasure of visiting a UK bank in quite a while. But DPA was always a thing when sharing information and people/businesses can get into a lot of trouble if its breached.
I received the e-mail in question from a named back in this video. It went directly to "file 13". I am so grateful for this outstanding video on this particler topic. Thank you very much!! Indeed!!
I believe the same Bullshit is being promulgated in Philippines. To open my bank account was simple; but my account was put in limbo for non-use because I left after Covid started. To reactivate my account requires 13 pages of tax identifying info. Hopefully this Info helps reclaim my money.
This CRS Self-Certification Form has a purpose to collect and report information about where our customers are tax resident to local or foreign governmental authority according to The Royal Decree on the Exchange of Information for International Agreements on Taxation B.E. 2566
The email from Kasikorn said "If your information has already been up-to-date, please kindly disregard this request." so if nothing has changed for you personally you don't need to reply.
Why are all these unelected bureaucrats and unaccountable organizations so desperate to enforce tax policy. It becomes very clear where all the tax money ends up going at the end of the day.
Great info, I've followed your channel for quite some time! 👍 This BS doesn't only pertain to US citizens, I discovered an email from Kasikorn Bank in my junk folder (ex-pat UK) this morning, complete with attached 🙄PDF files. Keep up the excellent work, following as usual. #FJB and the so-called elite!
I won't bank on that. Clown Trump is about to impose a 25% tariff on products coming in from Mexico and Canada. A lot more on imports from China. All this will happen as soon as he takes office. Look for inflation to skyrocket in the US by next Summer!
It’s simply because the US person (private financial vehicle) is charging the domestic one (the public commercial vehicle), even most lawyers and magistrates have no clue about that 😁 The transactions must be balanced… IMF and world bank sources.
Received the same from Kbank, nothing from Bangkok bank, nor from Krungsri. Do the banks coordinate among them or is the Kbank call unenforceable ? I hear you, but did I miss a clear answer to the question of what if I do not ?
I accept my home country taxing my investment income earned there. What I do not accept is banks and financial institutions sharing information that is my privileged and private business with any overseas institution. How secure is it? What happens when some corrupt employee accesses my (and others) personal information and sells it to the highest bidder? Putin? Kim Jong Un? Who authorised that? I don't recall signing anything to allow that. There are many issues that I don't agree with Mr Hart on, but this on this one, I am in total agreement. Going on the number of views this post has already generated, I think there are many concerned people out there.
For USAmericans, the answer is simple, for the last decade or so, USAmericans are required to provide this information to the IRS and the Treasury. The USAmericans and Japanese are among the most vigorous enforcers of worldwide tax calculations. Thailand seems to want to follow the USA/Japan in this regard. Most other OECD economies (mainly EU economies) do NOT tax worldwide income. So this is NOT a OECD thing. This is a USA driven change in the world tax regime, and it does make some sense to stop big MNCs from transferring profits from high to low tax jurisdictions. Remember the OECD initiative ONLY PERTAINS TO CORPORATE TAXES. BEN! You need to study too. Like all of us.
Seems like having a Thai bank is not worth the trouble. Just get a card from home with no international transaction fees and no / low ATM fees and sidestep all this nonsense.
Whilst your steadfast cautions against “foregone conclusions” are undoubtedly well made, it is therefore all the more surprising that you seem to have been caught in your own mental trap of believing anything fundamental will change come January 20th. I would respectfully suggest that it is sadly as delusional to make such a presumption as it is contradictory in your particular weltanschauung.
I have bank account with 3 different banks, I'm seeing which presents the least problems over the next 6 months. I feel Kbank has always been the biggest pain in the ass :)
Have not got one but then I do not put money in checking account. And thiers other places to put your money 💰 tax free . Navey federal credit union everywhere .....
I completely forgot to put my friend Nick's link here, sorry Nick no excuse. I'll pin this as it is worth a read for anyone interested. nicholascreed.substack.com/p/the-common-reporting-standards-crs?triedRedirect=true
--BWH
I don't understand people who send criticism on Ben's account. Guy is providing assistance for FREE for services and legal advice which you would normally needed to pay. In behalf of normal modest people we thank you and appreciate your efforts Ben. Cheers
Agreed!!!!
Its not free advice; its opinion which in most cases is not factual. Sources such as some paper in Pattaya can hardly be verified. As you know, the Thai gov't has many sections & they can change at will. Best deal with your concerns directly at the appropriate gov't office.
@@musicman42896 so, it's free advice.
Bad advice isnt worth anything
Good luck getting the right information from the government officials either, that's the whole issue.@@musicman42896
Great rant and I agree. Now what TF should I do with the forms they've sent to me?? Just ignore or comply or what?
So my take on receiving the email in question was initial shock - that Kasikorn was sending out PDF files over email. NEVER OPEN any PDF you get sent by email! This act is incredibly stupid and irresponsible in 2024. If KBank insists on using email, include a link to a secure website to download the form (like, the US Embassy website!). It beggars belief that this bank has an encrypted app and secure website, yet is so reckless to use email for this task. The Kasikorn CIO needs to be read the riot act...
@@garbagetruckdriver Really? That surprised you?
+1
A bank asking to submit personal info plus passport copy by eMail. Those managers must get fired asap ! 👺
It took me many days until I finally decided to take the risk and click that. Then until now I am trying to figure out whether that applies to me at all - I am not a US citizen.
WEF...Mordor 👍
And the banking maffia
On point.
Thank you for the information today. I am irritated enough about the necessity to have my SS number on file with a Thai bank and the Thai bank reporting interest on my account to IRS. I do not want to participate in any world tax. I purposely moved here so I did not have to deal with the abusive tax rate in the USA.
This is just like what they ask for in Tbilisi , Georgia if you want a bank acct. without being a resident or citizen. The Georgia banks are partnered up with JP Morgan in N Y - I believe it is very difficult to find a bank that isn't partnered with the big western banks, unless you are a resident or Citizen of a country that has just national banks. Damn hard to get out of this western Bank Matrix.
As a US national, you ARE subject to pay tax on global income. That's a 'feature' of the US tax system and has nothing to do with Thailand.
@@crazyg74 my income does not meet the USA tax threshold, but I get your point.
@@crazyg74 Income usually over 80,000 bucks , unless they have changed that law.
@@garrycompton7214only recently in Georgia, before the 2 major banks there didn't demand any extra details unless you were a USA citizen or tax resident.
Great breakdown Ben of this regulatory nonsense, that is clearly being pushed out by the OECD. Really hope common sense prevails in Thai society, ASAP.
Ever heard of the term oxymoron?
My Australian bank taxes my savings account , because apparently , I am a non resident. They also asked me , what is my Thai tax file number. I don't have one , have retired 5 years ago , but yeah , they are going to control anything they can put their hands on , in conjunction with the government.
Banks get to commit crimes others are not allowed to commit.
Canada has strong data protection laws. If you hold my personal information you are not allowed to store it in a 3rd party country.
Except last year I had an issue with my Bank card being cancelled. Seems they somehow determined a transaction (one I had been making monthly for 4 years) was suddenly 'fraud' so they wanted me to come in to my local branch to get a new card. Which me being in Thailand was not going to happen, so I had to dig into what was going on and how to work around this 'request'!
Long story short, after about talking to about 10 different people, giving every one of them my 'personal information for security verification', they were all 'contractors' working not in Canada, but in The Dominican Republic and Colombia!!
Somehow I was being asked to accept what if done by any company not a bank would have been illegal, and and obvious violation of my personal privacy rights.
This is what they want for Thailand ... and the world for that matter ... we should be reversing this problem in the West, not exporting it to the rest of the world ... at least that's the policy I would vote for if I were allowed to vote on anything meaningful in this world!
That's not lawful unless they have a garnishment order from the tax office. Usually that can only happen with unpaid retrospective taxes.
if you've paid tax that wasn't due, you can claim it back at EOFY. Not ideal, but you are not liable for tax that isn't legally due.
HK done that for a few years but seems to have fizzled out
That would be because of the double taxation agreement, assuming you have no other taxable income in Australia it's better for you to do it that way, otherwise you would have to do an Australian tax return for your Australia deposit interest.
I just renewed my Marriage Visa Extension and it was vastly different. The major change was having my Thai bank produce a 12 month activity report, register it and have me deliver it to Immigration 12:21 the SAME DAY! The approval took an additional 15 days and arrived from Bangkok.
i done it as well and did not have do to that in bangkok. But lets see whats happen with this visa category next year anyway. Immigration in bangkok is shitty though. thinking about moving to samut prakhan, a lot more relaxing there... and basically still bangkok :D
Vastly different? How so... A 12 month statement is required if you use the "monthly deposit of 65k or 40k per month method" for your extension. And same day or next day for the documents has been the proceedure since the changes that happen circa 2019. You're blowing this "vastly" out of proportion.
sounds like all my years on Extension based on Marriage, living outside of Bangkok.
Closing my kbank
I got it to but I am not filling in any form before it is a law period!
American citizenship is a liability not an asset
Let’s go Brandon! 😂
And where do we pay this liability wherever we set footing, even the Moon lol
As an American 🇺🇸 I Have no worries about the US tax hally Thailand will
Need to reimburse us for our tax 🇺🇸 as it is under a treaty today, so all the humor rumors on the topic are rubbish.
@DominiqueGodefroy America is the only country that taxes you based on citizenship rather than residence, and banks around the world refuse to open accounts for American customers because of the compliance it subjects them to. Outside of America US citizens have a horrible time just trying to do simple things like open a bank account. For anyone living outside of America being an american citizen is a massive liability not an asset.
The US citizen (person) is a maritime entity and has nothing to do with the United States of America, state nationals are based with the law of the land. Claiming being a US citizen is actually being threat, a domestic terrorist 😅
@@jesselivermore9285 maybe hard in some countries, but as an American citizen I haven’t had any issue opening bank accounts in a couple of countries. You must have a lot more experience than I have with this subject?
Ben, THANK YOU! EXCELLENT ANALYSIS OF THE WHOLE NEO-COLONIAL system (financial aid)!
K Bank are saying they are entitled to terminate banking facilities if you don't comply
Glad to see this. I have not yet received anything from KBank or Bangkok Bank, but if I do I’ll ignore any emails. I file with full disclosure my US returns every year, including FACTA. That’s enough.
Smells like some back room dealings by Thaksin, who really is in control.
hit the button right on the nose...this all happened since he came back and back into a position of power
Brilliant post! As an american with BKK bank... and don't match the minimum amount there to have to report ac😮count with US IRS... your comment about it being like colonialism was perfect!
BKK has not sent anything to me at least....yet.
These documents were issued to customers by email. At what stage or point in opening a bank account did the customer give the bank their email address - if at all? Does KBank have the email address of EVERY customer? Also the thrust of the email is to catch tax evaders of "individual residing OUTSIDE Thailand" - this doesn't make sense.
I received the email with the 3 email attachments, only from kasikorn, not from my other account at Bangkok Bank.
My questions.
Why do they send by email? It’s easy to not receive it, or not see it, especially in gmail.
The accompanying email is signed “Best Regards”. I don’t think banks sign using that?
I’m assuming this is a phishing scam until I know better,
Thank you for looking out for us expats. Please keep up the great work!
This micromanaging international banking, digging every penny they can from every source, was probably inspired by the wild success of Bitcoin. They will leave no stone unturned.
Great work Ben.
Thanks,Ben. Everyday I'm happy to hear yours true story's.
Nothing from the banks,bull-shiy from those who think they knows what everything.
THANKS.
Beginning to think that the option of living in the Philippines or Malaysia and just vacationing in Thailand is the only sensible option.
Good luck doing that when you own a house or condo in Thailand. Are you going to rent it out except when you want to vacation in Thailand? Good luck selling it.
From the UK , you’re so true in everything you are saying. Unfortunately common sense is not present here in Thailand.
Furthermore, Thailand received their first cohort of information pertaining to foreigners who are tax resident in Thailand in September of 2023 as I understand.
If Thailand wants to force it's residents/citizens to pay taxes on global income. They need access to foreign bank data. They will not gain access unless they share their own bank data. It is that simple
Surely, that's the point - they will...
I think you underestimate Thai banks and their regulators. They can easily access the information through terrorist initiatives, among other activities.
They also need to give ALL tax residents the same access to government health services if they want them all to pay worldwide tax.
I've been experiencing what I perceive as bullying tactics by various entities, including individual Thais. To the degree that it really feels like extortion of either $$ or information (which is used to make $$). I do not take any of it lightly.
Yeah, like what?
@@Kohyoti very minor fender bender and other driver demanded my insurance. So I gave it to him but he wouldn't let me leave after we called for an examiner and waited an hour, but still didn't show. I had to leave, he tried to stop me as I drove away by jumping into passenger seat with the door open. I just kept driving. Stopped 1/4 mile away and asked him how much. Gave him 4000. In hind sight, I should have called police and said he was carjacking me. Oh well. Then there's the UPS Bangkok Customs broker. Need I say more? There is more, incrementally.
Unelected officials..
It is a monarchy...
Self appointed, a law unto themselves and accountable to nobody.
Promulgated is your big word for today,,,i enjoy hearing the English language spoken well.
I don't have an account with K-bank ... but they still sent me the email.
My son is a Thai citizen and he didn't receive it.
Good video and great information. Thanks!
Another amazing and IMPORTANT video. Thank you Ben.
The Mordor / WEF comment was classic, cracked me up! 555
What I hate the most is my Thai wife having to bow & excuse these bureaucrats' incompetent intrusions in our lives (something that Thai teaching has been brainwashed into her). Rrrr! The hand-drawn duplicate maps demanded by Thai immigration bureaucrats come to mind along with the requirements of filling forms that have the same info year after year. How about a database?
That pisses me off no end as well. Why can't we move to a permanent residency status? I've been here 15 years. I pay for everything here. I don't expect anything from government services for free or 30 baht. 😕 Annoying.
Thai culture embodies a thinking process that reaches only as far as the tip of your nose.
Suggestion.... you should pass this post onto the US Embassy/Consulate here. They are not covering this with us here in country until things are set. Yet getting questions from us about it. Great post... they should see it.
I agree a thousand percent, but they are doing it. Like you said they are acting as if it done.
Same here I got a the same from Kasikorn Bank - Request of FATCA/CRS information
And me…
I sincerely appreciate your insight and eduction on this topic. I had no idea this was happening here.
Excellent I saw this in Florida and moving there banking in Cambodia and Vietnam
Big picture WEFfery- by making life more difficult for expat retirees to stay put vs continually moving- spreads the welfare by proxy of pensions paid- encourages a higher spend per retiree per month. Disincentivizes renunciation of original citizenship.
I have been researching retiring to Thailand for almost 2 years now. I am looking 3 to 5 years before I can meet my outstanding commitments and make the move. For the first time Cambodia and the Philippines are becoming serious contenders.
Only a matter of time. They will fall into line.....
My French bank and my Greek bank wanted my Thai tax number. Else they said they would close my account with them.
SERIOUSLY, how and who would we trust without Ben?
Excellent comments and very useful. ,🙂
My Australian bank has just asked me to declare whether I am a 1. tax resident for Australia and 2. whether I am a citizen and/or resident of Australia. The bank says it needs to provide this information to the Australian government.
I'm a 5th generation American; it will be 13 years in April 2025 that I arrived/moved to Thailand..... I have not returned to the USA since, and haven't, and do not plan in paying a dime in taxes to the American government or any other government period, point black!!!
Just revoke your US citizenship???
Good for you! 😮
I am Australian and my Kasicorn bank sent me all these forms
What the !! is going on
Touche Ben, yeah I got the same demand from KBank😮😢 but yeah those guys ILLEGALLY shut off electronic access to my accounts until I agree to their terms and conditions each year which is directly contrary to the BoT's rules but good luck arguing with them 😢😮😂
The AEOI - CRS started already in September 2023 . Thailand and 120 Countries has signed the AEOI CRS agreements and example Singapore IRAS already exchanged details of end of the year accounts of Thai Residents with the Thai Revenue Department. 🎉
Thailand signed up to CRS in 2020!
Thumbs up 👍 Benjamin
You are using logic, but in Thailand, often logic is not used!
Thank you. Your videos are very helpful.
Clear and factual information! Thanks for that.
I'm not American but received the same email. Seems Thai banks are sending it anyone that is not Thai.
Good to know they aren't going to close the account but it's very concerning they would even attempt to do this massive over reach of personal data mining.
Australian with k bank and not received the form as yet
@@MikeyInThailandaustralian here, received it also
English, received mine on Saturday 😮
Australian - also got it
@@MikeyInThailandsame here
Sounds like someone else wants the data and they're trying to see how many will cave.
The funny/sad thing is that in the US people entering illegally can easily open bank accounts! While they mandate this on its Citizens!
Not to mention the PCR and vaccination free entry across the USA border when they forced pretty much every other country to have arrivals take the test and/or vaccination certificate for land and sea entry.
This morning my bank sent me three forms that basically are aimed at Americans. As a British retiree here in Thailand am I legally obliged to fill these form in or can I just ignore them
Same as you Barry, I've ignored it so far
@@mr.bullion6786 i have not received this particular form "FATCA/CRS the 3 forms i have are specifically aimed at Americans so please do not insult my intelligence
@@barrywordsworth9924 He was trying to be helpful. He doesn't have to put his hand up to wait for your permission. - calm down, calm your nerves - why not have a Chang....
What about the DATA PROTECTION ACT as in the UK.
Have you not noticed how you have to go, cap in hand to make a large withdrawal at a UK bank recently? 'What do you want your own money for, what are you going to spend it on...?
@@michael-lt2lf No ,I dont live in the UK I live in Thailand. I havent had the pleasure of visiting a UK bank in quite a while. But DPA was always a thing when sharing information and people/businesses can get into a lot of trouble if its breached.
@@michael-lt2lfit's the same for international transfers
Great Points Ben - Where did these reporters learn to validate something before they start writing - they look inept for their job.
I received the e-mail in question from a named back in this video. It went directly to "file 13". I am so grateful for this outstanding video on this particler topic. Thank you very much!! Indeed!!
I believe the same Bullshit is being promulgated in Philippines. To open my bank account was simple; but my account was put in limbo for non-use because I left after Covid started. To reactivate my account requires 13 pages of tax identifying info. Hopefully this Info helps reclaim my money.
yes same in phil,
This CRS Self-Certification Form has a purpose to collect and report information about where our customers are tax resident to local or foreign governmental authority according to The Royal Decree on the Exchange of Information for International Agreements on Taxation B.E. 2566
don't confused it as it is reporting to CRS. The fine is 200k.
Can you clarify if your friend with the issue of completing documents for the Kasikorn Bank completed the forms or not?
The email from Kasikorn said "If your information has already been up-to-date, please kindly disregard this request." so if nothing has changed for you personally you don't need to reply.
On point no BS in words spoken
Banks in Spore are doing the same thing.
Thank you!!
Why are all these unelected bureaucrats and unaccountable organizations so desperate to enforce tax policy. It becomes very clear where all the tax money ends up going at the end of the day.
Comes from Biden and Yellen. Left is obsessed with taxes.
Big brother coming to Thailand.
Great content Ben! Would it be possible to get a response letter template for all your viewers, in case people receive those indecent bank requests? 😊
XML? As a friend of mine often says "XML is like violence. If it's not working for you, you aren't using enough of it"
Your right they still pushing it
They already require FATCA for Americans on account opening. Not clear from this video what the change is.
Crypto currencies don't make demands like these.
I totally agree with you.
Great info, I've followed your channel for quite some time! 👍
This BS doesn't only pertain to US citizens, I discovered an email from Kasikorn Bank in my junk folder (ex-pat UK) this morning, complete with attached 🙄PDF files.
Keep up the excellent work, following as usual.
#FJB and the so-called elite!
Same shoes although not from the UK. So what are you going to do? I can't really decide from this rant video what to do. Comply or ignore?
Now we are on the same page.. WEF and the Federal Reserve. Trump will do away with this..
I won't bank on that. Clown Trump is about to impose a 25% tariff on products coming in from Mexico and Canada. A lot more on imports from China. All this will happen as soon as he takes office. Look for inflation to skyrocket in the US by next Summer!
😂
no he wont
@@searchinghacker3060we don't know what he will or won't do
It’s simply because the US person (private financial vehicle) is charging the domestic one (the public commercial vehicle), even most lawyers and magistrates have no clue about that 😁
The transactions must be balanced… IMF and world bank sources.
Received the same from Kbank, nothing from Bangkok bank, nor from Krungsri. Do the banks coordinate among them or is the Kbank call unenforceable ? I hear you, but did I miss a clear answer to the question of what if I do not ?
Well said re CBDC..
I accept my home country taxing my investment income earned there. What I do not accept is banks and financial institutions sharing information that is my privileged and private business with any overseas institution. How secure is it? What happens when some corrupt employee accesses my (and others) personal information and sells it to the highest bidder? Putin? Kim Jong Un? Who authorised that? I don't recall signing anything to allow that.
There are many issues that I don't agree with Mr Hart on, but this on this one, I am in total agreement. Going on the number of views this post has already generated, I think there are many concerned people out there.
Unfortunately our protests will fall on deaf ears....
Well said Ben! Always appreciate your informing videos! You won’t need that punching bag today😁
For USAmericans, the answer is simple, for the last decade or so, USAmericans are required to provide this information to the IRS and the Treasury. The USAmericans and Japanese are among the most vigorous enforcers of worldwide tax calculations. Thailand seems to want to follow the USA/Japan in this regard. Most other OECD economies (mainly EU economies) do NOT tax worldwide income. So this is NOT a OECD thing. This is a USA driven change in the world tax regime, and it does make some sense to stop big MNCs from transferring profits from high to low tax jurisdictions. Remember the OECD initiative ONLY PERTAINS TO CORPORATE TAXES. BEN! You need to study too. Like all of us.
2023 some of this started. it has been gazetted already so it's not just talk
I opened a new account in November and was asked to fill out a USA W9.
I use Kasikorn and did not receive it. On retirement Visa.
Me either because I probably already signed these papers last year when I opened the aacount. Its not only for US but for all nationals.
@@susanzimmerli5178 My account is a few years old. Neither my husband nor I received it.
Sounds like you may be changing your tune on whether or not a tax id is probably going to be compulsory?
Tax the foreigners to pay for the Thais. 😂
Hello, does that mean thailand already send info to european countries about people who had a thai account in 2023?
You will be asked the same in EU of your're a american citizen,. It is a requirement by US gouv your bank has to comply with.
Seems like having a Thai bank is not worth the trouble. Just get a card from home with no international transaction fees and no / low ATM fees and sidestep all this nonsense.
@@mr.bullion6786 not yet if you use your card from your home bank.
That loophole will soon be mended......
I’m British, received the email, do I bin it or respond?
Whilst your steadfast cautions against “foregone conclusions” are undoubtedly well made, it is therefore all the more surprising that you seem to have been caught in your own mental trap of believing anything fundamental will change come January 20th.
I would respectfully suggest that it is sadly as delusional to make such a presumption as it is contradictory in your particular weltanschauung.
Just keep 1 account and take your money out of the bank, keep it in a safe or spend it, whatever.😉
Small gold bars, exchange at will.
This looks like something from the USA. I never got such. British.
Patience. You will....
So, to complete the form or not? That is the question.
I have bank account with 3 different banks, I'm seeing which presents the least problems over the next 6 months. I feel Kbank has always been the biggest pain in the ass :)
Well done Mr.
Thank you Nick
Have not got one but then I do not put money in checking account. And thiers other places to put your money 💰 tax free . Navey federal credit union everywhere .....