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Tax services for expats in Thailand

Tax Alert: CRS/FATCA Information Requested by Thai Banks

November 24, 2024 | Featured, Insights

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24th November, 2024

This weekend Kasikorn Bank (KBank) has requested compliance information from customers, including details under the Common Reporting Standard (CRS) and FATCA (for US citizens). This marks the first significant implementation of CRS-related reporting requirements for expats in Thailand. Other Thai banks are expected to make similar requests.

This is a copy of the email:

Dear Valued Customer,

We, KASIKORNBANK PUBLIC COMPANY LIMITED, would like to express our sincere gratitude for entrusting us in providing you our products and/or services. As part of Thailand’s participation in the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA CRS), financial institutions are obligated to submit certain information to the Revenue Department, Ministry of Finance, in accordance with the Emergency Decree on Exchange of Information for Compliance with International Agreements on Taxation, B.E. 2566 (2023) and related regulations (hereinafter collectively referred to as the “CRS”).
The CRS aims to combat tax evasion by individuals residing outside Thailand and to ensure compliance with international taxation standards. In light of these requirements, we kindly request your cooperation in completing the following steps:
1. complete and sign the attached forms, which include:
1.1 FATCA/CRS Individual Self-Certification,
1.2 IRS Form W-9 (if applicable), and
1.3 IRS Form W-8BEN (if applicable);
2. provide a certified true copy of your passport; and
3. return the completed forms and document(s) abovementioned to us by email at K-CustomerFATCACRSUpdate@kasikornbank.com no later than December 20, 2024.
We sincerely appreciate your prompt attention to this matter and apologize for any inconvenience this may cause. If you have already completed these actions or your information has already been up-to-date, please kindly disregard this request.
Should you have any questions or require clarification regarding the CRS or how it applies to your specific situation, please consult with your legal or tax advisor. You may also refer to the Revenue Department, Ministry of Finance, for further guidance. Please note that KASIKORNBANK PUBLIC COMPANY LIMITED does not provide you any tax or legal advice, and we shall not be held liable for any damages, whether direct or indirect, arising from your use of or reliance on any information provided by us related to CRS or taxation.
If you have any questions or require any assistance, please do not hesitate to contact K-Contact Center at Tel: 02-888-8888, ext. 876.
Please be informed that, in accordance with our policy, none of your personal information shall be requested via telephone or SMS.

Best regards,
KASIKORNBANK PUBLIC COMPANY LIMITED

If you’ve received an email or communication from KBank about this, here’s what you need to know and how to respond.

What Are CRS and FATCA?

CRS is an international framework developed by the OECD to combat tax evasion, requiring financial institutions to collect and share tax residency information with local tax authorities, who may exchange it with other countries. FATCA is a US regulation requiring banks worldwide to identify accounts linked to US citizens or entities and report them to the IRS to ensure compliance with US tax obligations. For more information about CRS read our article here. 

Thailand’s Role in CRS Compliance

Thailand joined the CRS framework in 2020, committing Thai financial institutions to collect and report tax residency details. KBank’s recent requests are among the first visible signs of this compliance effort, but other Thai banks are expected to follow soon.

Why Have You Received This Request?

KBank is acting under CRS and FATCA regulations to collect tax residency information and financial account details. This ensures that customers comply with tax obligations in other countries. Switching banks won’t bypass these requirements, as all Thai banks must comply.

What Do You Need to Do?

If you’ve received a request from KBank, you’ll need to:

  • Complete the FATCA/CRS Individual Self-Certification form (mandatory).
  • If applicable, complete IRS Form W-9 (for US citizens or entities) or IRS Form W-8BEN (for non-US persons with US-related accounts).
  • Submit a certified copy of your passport.
  • Email the completed documents to K-CustomerFATCACRSUpdate@kasikornbank.com by 20 December 2024.

For questions about the process, contact KBank directly or visit a local branch for clarification.

Key Points to Keep in Mind

  • Don’t panic, this is a global; standard practice by international banks to increase financial transparency.
  • Not everyone needs a Thai Tax Identification Number. Whether you need one depends on your specific tax situation.
  • You have plenty of time. KBank’s deadline of 20 December 2024 gives you ample time to prepare.

How Expat Tax Thailand Can Help

We understand CRS and FATCA compliance can feel overwhelming and are here to help:

Join Our Webinar:

CRS Requests from Thai Banks Explained: What to Do Now

Friday, 29 November at 1 PM

In response to recent requests from Thai banks for customers to provide CRS (Common Reporting Standard) information, we’re hosting a live webinar to guide you through what this means and how to respond. This webinar includes:

  • A live presentation
  • A step-by-step walkthrough on completing the forms
  • A Q&A session to address your questions

Don’t miss this essential session for expats in Thailand navigating these new requirements.

Book a Free 15-Minute Call

Our support team have helped explain the tax changes to thousands of expats. Gain clarity on your unique situations by booking a call. They are happy to help.

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Why CRS and FATCA Compliance Matters

CRS and FATCA aim to prevent tax evasion and ensure individuals report their overseas income and assets accurately. For expats in Thailand, understanding and complying with these regulations is essential to avoid complications with your financial accounts and tax obligations.

To learn more about CRS and FATCA compliance and what it means for you, refer to our detailed article here. We’re here to help you navigate these new requirements with clarity and confidence.