{ 8 comments… read them below or add one }

Susan August 12, 2011 at 22:38

You have a typo in this paragraph:
(the word “fund” is missing the “d”).

I wish this FBAR issue was mutual fun, but it certainly is not! 😀

—————

Now, on to the types of accounts covered by this law. For FBAR purposes, financial accounts that fall under reporting regulations include any foreign account such as a savings, checking, demand, brokerage, securities, deposit, time deposit, commodity futures, options account, insurance policy with cash value, an annuity policy with cash value, shares in a mutual fun, or any other similar account held with a foreign financial institution or pooled fund account.

Thailand Lawyer August 16, 2011 at 10:16

The error has now been corrected, thank you Susan for pointing it out. We do try to provide entertaining content, glad we hit the nail on the head with this one!

Janet September 7, 2011 at 16:25

I’ve been told people who have dual citizenship cannot renounce their US citizenship without paying these taxes and penalties. I’ve also been told that they can be stopped at the border and arrested. True?

Josh December 23, 2011 at 16:25

I understand it is possible to get a 2nd passport to a number of countries by just paying a large fee (i.e. Switzerland and I believe Chile). Couldn’t US citizens just get a passport from one of these countries and set up an account using one of these passports? Noone would be the wiser.

Steven January 6, 2012 at 03:32

Does anyone know if the Thai banks are actually complying with this requirement? From your article, it sound like 2011 might the first year any of the banks might have submitted info. Wonder if it is safe to assume that is not necessary to file retroactive prior year reports as IRS would have no info on prior years?

Steven March 23, 2012 at 18:14

“I understand it is possible to get a 2nd passport to a number of countries by just paying a large fee (i.e. Switzerland and I believe Chile). Couldn’t US citizens just get a passport from one of these countries and set up an account using one of these passports? Noone would be the wiser.”

You are absolutely correct and I speak from first hand experience. I am a dual US-Irish citizen living in Germany. I opened my German back account with my Irish passport and they US has nothing to do with the whole ordeal.

Bob Mattes April 27, 2014 at 09:13

What is the personal tax exsemptions when living on a retirement visa in Thailand or are there any ?

Wulan December 11, 2015 at 15:53

Christmas never feels the same in Thailand as at home. The sun and the heat just make it feel like another day. But at least in Bangkok they sell crsmhtias cards and all.

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