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#141
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Mike Forman said:
Thanks for the detailed description!
So it is clear that the bank will exchange the information with your country of citizenship since they asked for your permanent address.
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That was just (a bit nosy) KYC/AML disclosure.
1. CRS exchange is with country of residence, not citizenship
2. He was not asked where is he tax resident, what is his TIN there, where is his utility bill...etc.
 
#142
zzzzzz said:
That was just (a bit nosy) KYC/AML disclosure.
1. CRS exchange is with country of residence, not citizenship
2. He was not asked where is he tax resident, what is his TIN there, where is his utility bill...etc.
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Correct. A CRS exchange cannot be deducted automatically just from this. UAE banks sometimes ask this info as well.
 
#143
zzzzzz said:
That was just (a bit nosy) KYC/AML disclosure.
1. CRS exchange is with country of residence, not citizenship
2. He was not asked where is he tax resident, what is his TIN there, where is his utility bill...etc.
Click to expand...
1. True, CRS is exchanged with the country of residence. Lack of providing sufficient proof of your country of (permanent) residence will automatically be assumed that your country of citizenship is your permanent residence.

2. It depends on the country and bank what information is requested and if proof of residence is required. A self declaration is sufficient under crs rules and it's up to the bank to decide about their CRS and KYC requirements.

Some banks accept a local utility bill/rental contract etc as residence proof and don't ask for a permanent resident address, others require it and if it's different with your country of citizenship they sometimes only accept an ID showing you are a permanent resident (temporary resident even it's 5 years is then even not accept as your permanent residence). If not you have to give your country of citizenship as permanent residence, even you have no address there anymore.

If they also actually exchange the account info to the "permanent" residence can only be guessed. It just seems to be possible, otherwise why would they require to provide a permanent residence address?

All this is different in each jurisdiction and per bank, I can only speak about the experiences in countries and banks I had experience with, which does not include Thailand.
 
#144
Mike Forman said:
1. True, CRS is exchanged with the country of residence. Lack of providing sufficient proof of your country of (permanent) residence will automatically be assumed that your country of citizenship is your permanent residence.

2. It depends on the country and bank what information is requested and if proof of residence is required. A self declaration is sufficient under crs rules and it's up to the bank to decide about their CRS and KYC requirements.

Some banks accept a local utility bill/rental contract etc as residence proof and don't ask for a permanent resident address, others require it and if it's different with your country of citizenship they sometimes only accept an ID showing you are a permanent resident (temporary resident even it's 5 years is then even not accept as your permanent residence). If not you have to give your country of citizenship as permanent residence, even you have no address there anymore.

If they also actually exchange the account info to the "permanent" residence can only be guessed. It just seems to be possible, otherwise why would they require to provide a permanent residence address?

All this is different in each jurisdiction and per bank, I can only speak about the experiences in countries and banks I had experience with, which does not include Thailand.
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@Skenners "It also asked for country of permanent residency." it seems they do as internationally demanded. that seems the CRS field.
But if one where to leave that field empty? Do they accept it is the question.
 
#145
JackAlabama said:
But if one where to leave that field empty? Do they accept it is the question.
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Im gonna go with No on that. the guy i got was big on me filling out EVERY field, regardless, and every mistake had to have me write my signature next to it.

Like you guys said, i dont think it was crc due to no tax questions other than residency stuff and basic financials.

-Skenners
 
#146
Skenners said:
Im gonna go with No on that. the guy i got was big on me filling out EVERY field, regardless, and every mistake had to have me write my signature next to it.

Like you guys said, i dont think it was crc due to no tax questions other than residency stuff and basic financials.

-Skenners
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They don't ask questions because you have to give your permanent residence and if it matches country of citizenship this is what they assume is your tax residence.
If it's another location as mentioned earlier they will ask proof you have a permanent ID. I have been through this and even already over 10 years living in another jurisdiction, they did not accept it as permanent residence because it only stayed temporary residence (since in many countries it's hard or takes a long time to obtain a permanent residence)
 
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#147
Mike Forman said:
They don't ask questions because you have to give your permanent residence and if it matches country of citizenship this is what they assume is your tax residence.
If it's another location as mentioned earlier they will ask proof you have a permanent ID.
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I'm an NZ citizen with tax residence in Australia. My perm residence is Australia. They didn't ask me for more than what I gave over. More to that, because I lived in Aus before NZ visa rules came in, I don't have a fixed visa in my passport, so they wouldn't know my visa status as they didn't ask for it on the forms or to provide proof.
So no proof of perm ID, unless I'm missing something?


-Skenners
 
#149
Skenners said:
I'm an NZ citizen with tax residence in Australia. My perm residence is Australia. They didn't ask me for more than what I gave over. More to that, because I lived in Aus before NZ visa rules came in, I don't have a fixed visa in my passport, so they wouldn't know my visa status as they didn't ask for it on the forms or to provide proof.
So no proof of perm ID, unless I'm missing something?


-Skenners
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Make a stupid face, and ask them is this resident or non-resident bank account? If you gave them thai address, thai phone number, have long-term thai visa, they did't give you CRS self-certification form...you're treated as resident.
 
#150
zzzzzz said:
Make a stupid face, and ask them is this resident or non-resident bank account? If you gave them thai address, thai phone number, have long-term thai visa, they did't give you CRS self-certification form...you're treated as resident.
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Indeed. That is a good option.
Just say no address maintained anymore in any other country. Which makes sense if one gets this long stay visa.
 
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#152
@Skenners does Bangkok bank statement include your residential address in Thailand? How many years is their debit/credit card validity (expiration date)? If you need a new card, do they send it to your address in Thailand or do you pick at the bank...?
 
#153
zzzzzz said:
@Skenners does Bangkok bank statement include your residential address in Thailand? How many years is their debit/credit card validity (expiration date)? If you need a new card, do they send it to your address in Thailand or do you pick at the bank...?
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not sure of the statement, i got an online account and its early on. my mailing address is in thailand, so if they send something, its coming here.

the card is a printed card, not imprinted with the card details and lasts 3 years (and 3 months for some reason). 07/27.
its microchipped and magnetic strip.

Id say you could go into the bank if necessary as the card was given to me at the same time as the passbook, but id assume its sent if you call

-Skenners
 
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#156
zzzzzz said:
IBKR closed account to this Canadian guy (citizen and tax resident) after he withdraw money to Thailand bank account. Does anyone have any idea why would they do that?
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There can always be more in play than what we know, but highlikely
Because he withdrew to a different location of his registered residence on IBKR.

If he is a resident in Thailand he should have updated that information. IBKR can be sensitive to that and they say you can only have ONE residence at the time when try to withdraw to another country or explain to them you have different residences. An exception can be manually asked but they mention chances are low this gets approved.

The name, address and country of the bank transfer should match with your given residence
 
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#159
Mercury said:
Are you saying that one cannot withdraw from IBKR to an offshore personal bank account?
So, a Thai resident could not withdraw to his/her own bank account located in SG, UAE, US or EU ...?
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Correct you can't, unless you send a special request and explain. Deposit from another country from your personal account is no problem, withdraw only to the country of your residence or a bank account in another country which is also registered with the same residence address. So if your Singapore bank account has the same residential address abroad should be fine
 
#160
For what I can read through the comments, he had some 'tax advantage' type accounts registered with IBKR.
He withdrew from them and then sent to TH, so compliance monkey went nuts and assumed our guy here is doing some sort of tax evasion.

Hence why his acc got nuked

Mike Forman said:
Correct you can't [...]
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I wd funds from IBKR on the regular to UAE, TH and BE and they have never said anything to me.
None of the accounts have the same address, and even if they did they dont have any way of knowing it.
 
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