Answered8 months ago
Do U.S. expats in Thailand need to complete an FBAR for their Thai bank account holding 800,000 baht?
I have a question that I don’t see mentioned here. For U.S. Expats who have a bank account count in Thailand where they deposit their 800,000 baht requirement to satisfy their year extension. Do they complete the FBAR each year? I think it is called FinCen form 14.
Answer summary
U.S. expats with bank accounts in Thailand that hold the required 800,000 baht for visa extensions must file the FBAR (FinCen Form 114) each year. This legal requirement applies to any U.S. citizen with foreign bank accounts that exceed $10,000. The filing process is described as relatively quick, taking about 2 to 10 minutes. Additionally, expats who secure a Long-Term Resident Work Permit (LTR-WP visa) may avoid this requirement. Overall, the community agrees on the necessity of reporting.
14 repliesnewest first
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Samuel ******
I did one a few years ago but do I need to do it every year?
Marshall *********
Yes.
Mark *********
takes 10 minutes
SereneBu*********
Mark Schultz 10 minutes? What did you do for the other 8 minutes after you completed it? 😁
Marty *********
Yes. You do it online. It takes 2 minutes.
Brenda *********
What is this? Hadn’t heard of it.
Bill *********
Affirmative
Scott ********
Yep. Such a minor pain that damn form so I got an LTR-WP visa so I don’t have to worry about it anymore.
John **********
It's a legal requirement
Phil ********
@John *********
What if it's mythical Agent money?
Steve *******
Phil Corbin The FBAR would be the least of your concerns
Brandon ************
@Phil *******
I believe FBAR says if you've ever had more than that in your foreign account. So legally you'd still need to report itPhil ********
Brandon ************
@Barath ******
FBAR is a US law. So any bank not in the US. I think that's obvious.Activity
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