HSBC, and/or opening an account at a Thai Bank

[cavanami]

Americans are required to report any foreign bank accounts or foreign companies that they might have control over.

Still penalties if you do you report, like the US gov can take all your money in that foreign account(s).

 

I file the form every year. The form does not go to the IRS office but some other office. Doesn't impact you taxes...unless you have a pile of $$$ in the account(s).

[Pom Michael]

Yes, but you report it to the IRS - what office are you talking about?

[cavanami]

You made me do a google...gets mailed to Detroit, MI

 

http://www.irs.gov/businesses/small/article/0,,id=148849,00.html

 

Do You Have a Foreign Financial Account?

 

If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust, or other types of financial accounts, you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if

 

1.

The person has a financial interest in, or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country and

2.

The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

 

The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.

Who Must File an FBAR

 

United States Person: Refer to the definition of "United States person" found in the July 2000 version of the FBAR. Under this definition, the term "United States person" means (1) a citizen or resident of the United States, (2) a domestic partnership, (3) a domestic corporation, or (4) a domestic estate or trust...

 

The FBAR is not to be filed with the filer's Federal income tax return. The granting, by the IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR. You may not request an extension for filing the FBAR. The FBAR must be received by the IRS on or before June 30 of the following year. File by mailing the FBAR to:

 

U.S. Department of the Treasury

P.O. Box 32621

Detroit, MI 48232-0621.

[simie]

Warning, IF a farang looses his Thai ATM card, make sure the branch you opened at is close to where you spend your time or a expensive trip back to the original branch is now required.

 

NG, is that a very recent change? My Kasikorn account was opened years ago in Pattaya when it was Thai Farmers. Got a new card at the Suk soi 33 branch last year no problem at all.

Simie.

[Nervous God]

As of about 2 months ago - if YOU loose the card, your fault, you go back to original bank.

 

If the bank fucks up, as Krungsri did, then they tried to make me replace in original Bangkok branch, however they finally admitted it was their mistake so i got a replacement with a lot of hassle from Udon/

 

Also 2 years ago same thing.

 

WIFE can get replacement anywhere . . .

[TroyinEwa/Perv]

Show 'em your tits like she does and you can get it replaced anywhere you want too.