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Will banks in Thailand require a Tax Identification Number (TIN) for foreigners opening accounts?
Thailand bankingTax Identification NumberForeigners banking in ThailandVisa rulesDTV visaTax policyAccount opening requirements
Nov 14, 2024
a year ago
Greg ********
ORIGINAL POSTERNow this is a single report only so take it as that - a single anecdote. It is not confirmed policy and may be only a single bank manager implementing it at their branch.
In another thread about taxation in another group a guy tried to open a bank account yesterday and was told he needed a TIN (Tax Identification Number).
If this becomes standard bank policy the cat will be truly among the pigeons - especially for those on visas other than DTV.
In another thread about taxation in another group a guy tried to open a bank account yesterday and was told he needed a TIN (Tax Identification Number).
If this becomes standard bank policy the cat will be truly among the pigeons - especially for those on visas other than DTV.
TLDR : Answer Summary
An anecdotal report suggests that a foreigner was asked for a Tax Identification Number (TIN) when attempting to open a bank account in Thailand. This may not be a confirmed policy and could reflect the practices of a specific bank branch. Comments indicate mixed experiences, with some suggesting that TIN requirements may not yet be enforced universally. The involvement of taxation aligns with broader efforts by Thailand to regulate the financial activities of non-citizens.
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Tony **********
I asked last month thru ampur not required as yet I was told but will be a thing in the future not sure if not government approved as yet or banks not enforcing
Greg ********
ORIGINAL POSTER@Tony *********
That was the first time I saw mention of it - bank asking for TIN. To be honest it would actually make sense for the banks to make CRS reporting easier. Bad news for many foreign Thai residents though. some heads will explode :-)Reply to
Greg ********
Reply
Andi ***********
It is in line with other countries in regards to non citizens/permanent residents opening accounts. Thailand is pushing to up its' income and the increase in foreign residents is one way of getting it via tax
Steve *********
@Andi **********
No it's not. Most countries do not ban non-citizens/PR from opening a bank account. I've never had any problem opening accounts elsewhere.Andi ***********
@Steve ********
Yeah, accounts can be opened in many countries but not that simple in many. Thailand is not that hard via an agent or even by yourself if you go about it the right wayGreg ********
ORIGINAL POSTER@Andi **********
Exactly. There is not a ban. The banks just want a certain visa type and the correct paperwork. These are private and not government owned banks. Banks are just making commercial decisions.Andi ***********
@Greg *******
Commercial decisions is the exact reason UK banks gave, when they closed accounts of non UK residents.Greg ********
ORIGINAL POSTER@Andi **********
Pal of mine here in a Visa Exempt opened a bank account here last week and did not pay a visa agent. He bought a condo in same complex as me. Real Estate Agent took him to a bank. He opened an account and transferred the money on to buy the condo. Money hit the bank on Monday. Deal signed and he moved in Tuesday. Commercial decision. No ban according to Visa type.Andi ***********
@Greg *******
Condo purchase helps relax bank staff. Surprisingly not that difficult when millions of baht are in play compared to 10K THB.Greg ********
ORIGINAL POSTER@Andi **********
Yeah. I think it was 10 million THB transferred :-)Greg ********
ORIGINAL POSTER@Andi **********
Exactly. Many of the accounts make no commercial sense to the banks. They are a cost and not a profit centre to them. As regulations become more onerous ie CRS, it makes even more sense to pick and choose customers. Banks are not charities.Reply to
Greg ********
Reply
Greg ********
ORIGINAL POSTER@Steve ********
Thailand does not ban non-citizen from opening accounts. It is quite easy with the correct visa and paperwork. PS: Do you think it is a government or Bank of Thailand directive telling these private banks not to allow Tourists to open accounts.Reply to
Greg ********
Reply
Greg ********
ORIGINAL POSTER@Andi **********
Thailand signed to CRS (Common Reporting Standards) with regard to tax regulation this year. As you say becoming standard in many countries. It means a signatory can ask for bank details of someone from another country. As an example if I was tax resident in UK then the UK tax authorities could ask for my Thai and Singapore tax details. So if a bank knows where you are tax resident and you prove this by giving them a TIN it makes their job much easier :-)Andi ***********
@Greg *******
i know, i have to give them that info to maintain my accounts in the UK.Greg ********
ORIGINAL POSTER@Andi **********
I was in UK last October and in a branch to change my Thailand address. I know they have never asked for my Thailand TIN. My Singapore accounts have never asked for it either. One bank I Thailand might have it as it was opened with Work Permit but the day to day one does not have it. Opened on Retirement Visa.Andi ***********
@Greg *******
Surprise they not asked for your TIN. Many UK banks closing to expats. You are on the non O or OA ?Greg ********
ORIGINAL POSTER@Andi **********
Non O - I know a lot are closing to expat. HSBC are fine up to now. Not much in there but I like to keep it open. It goes dormant due to non-use but I activate it on trips to the UK :-)Andi ***********
@Greg *******
I heard HSBC is expat friendly unlike Barclasy. Halifax is ok. You will move from the O to DTV ?Greg ********
ORIGINAL POSTER@Andi **********
I am waiting to see lay of the land with DTV - I am in no hurry as have 7 months on the "O". Might even be going for a BOI Startup Visa.Andi ***********
@Greg *******
The Smart Visa ? it looks tough to get.Greg ********
ORIGINAL POSTER@Andi **********
These privileges are good too. 17% flate rate of tax. My last BOI Visa came with a 15% flat tax rate - makes a hell of a difference when your monthly salary is higher than most English teachers yearly salary 🙂Greg ********
ORIGINAL POSTER@Andi **********
We are just bouncing ideas around at the moment. The "S" and we are in a targetted industry ie Health Hub. I have almost 20 years in New Product Development (Project Management) and Clinical Development in Pharma and Medical Devices. My colleague has similar and he is a world renowned Oncologist with many published papers. He has senior Thai Dr contacts and Professors - they would be on the advisory board. chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/*****************************************
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8-smart%20visa-EN-*****
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.pdfAndi ***********
You are in the right field for that visa so it is a good option
Greg ********
ORIGINAL POSTER@Andi **********
They really want telemedicine etc. It is up to my pal though. He has just been at a start-up that failed to get a drug to market. Which has knocked him back a bit and I think he would prefer a big pharma with oodles of cash again. I worked with him at Big Pharma and remember the vaccine failing at the last hurdle. His team had to split up. Then he was leading one of the most successful cancer immunotherapy launches in Asia. It is peaks and troughs in that area.Jim ***********
@Greg *******
I'm grey area tax UK. I have an exemption. No idea how accountant got that as I rent out property uk.Reply to
Jim ***********
Reply
Charles **********
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@Charles *********
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