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Author Topic: Unwritten Rule for Marriage Extensions  (Read 214 times)

fceligoj

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Unwritten Rule for Marriage Extensions
« on: December 29, 2018, 05:01:19 PM »
Just saw this on the Expats in Khon Kaen Facebook site.  Yes, this is the requirement in Bangkok.  Not sure if it will carry over to Khon Kaen and other outlying provinces.


POLICY CHANGE; BANGKOK Anyone getting a yearly extension of stay based on marriage to a Thai using banked money (400K baht banked for 2 months prior to your application) be advised:

They now require the money to still be in the account and above the 400K baht threshold when you go back after the 30 days.
When you apply for the year extension and get the 30 day under consideration stamp they tell you to leave the 400K baht in the account UNTIL you go back for the extension. On that day you bring your bank book back with you AND to update your bankbook on that day too.  Once they see the funds are still there they'll ink the new year extension into your passport.

 This is NOT written down anywhere in an official policy BUT I saw several people asked for their bank books and people being told to go update their bank books and make a copy BEFORE they could get the year extension.
 This is ONLY for extensions based on marriage to a thai where people use the 400K baht banked money method of proving funds. 

Just thought you people should know (especially you Bangkok-ianz married to Thais)
« Last Edit: December 29, 2018, 07:50:59 PM by Rex (Admin) »



Rex (Admin)

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Re: Unwritten Rule for Marriage Extensions
« Reply #1 on: December 29, 2018, 07:52:49 PM »
Just curious. Do they care if the funds have been on deposit longer than two months, or is it supposed tp be exactly two months? Dubm question, but you never know...

stevve

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Re: Unwritten Rule for Marriage Extensions
« Reply #2 on: December 30, 2018, 06:50:18 AM »
the question should be .. do they care if you need that money to live on.....the answer would be no.

Rex (Admin)

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Re: Unwritten Rule for Marriage Extensions
« Reply #3 on: December 30, 2018, 07:31:16 AM »
Do deposits have to be of any particular date or can the funds be sitting around for years?

Surfer

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Re: Unwritten Rule for Marriage Extensions
« Reply #4 on: December 30, 2018, 08:18:56 AM »
Do deposits have to be of any particular date or can the funds be sitting around for years?
No, You can deposit and leave for future extensions. 

Rex (Admin)

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Re: Unwritten Rule for Marriage Extensions
« Reply #5 on: December 30, 2018, 10:33:10 AM »
Not that I am complaining, but if true, that's ridiculous!  If one has a permanent deposit, then what is he living on?  If married, I suppose he could be legally employed, but no so if retired.

russell17au

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Re: Unwritten Rule for Marriage Extensions
« Reply #6 on: December 30, 2018, 12:56:53 PM »
It is quite easy Rex, A person could have an income from overseas which he could have 400,000 deposited into his Thai bank account and still have plenty of money to live on. He could work offshore for 6 months and live here with his Thai wife for 6 months. Even being retired I had a good payout when I finished work and I have my 400,000 permanently in the bank and I live on my pension with no problems. Remember we are talking MARRIAGE extensions not retirement

fceligoj

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Re: Unwritten Rule for Marriage Extensions
« Reply #7 on: December 30, 2018, 05:23:15 PM »

But there is an issue for US Citizens and the tax laws of the US.  One has to report with their Tax Return form(s) for the year at any time one exceeds a $10,000 threshold in any foreign investment including bank saving accounts.  So if an American citizen puts either 400,000 baht (about $12,300) for any length of time as required for a marriage extension, then he has to report it and any interest paid (more of a pain in the a** than anything else.)  For a retirement extension then with 800,000 baht (about $24,600), the amount for reporting and the interest paid is greater (not much but it is.)  Not only that the Thai bank is legally required to report the interest paid to the US IRS.  The law is called 'FATCA'.  Of course, this was passed under the Obama Administration!


It is easier to put the money in an account with my Thai wife as sole account holder, no reporting!

avvocato

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Re: Unwritten Rule for Marriage Extensions
« Reply #8 on: January 04, 2019, 11:49:52 AM »
Not FACTA. But FBAR.
By law, you must file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts, or "FBAR") if both of the following are true:
You're a U.S. citizen or resident taxpayer or domestic business entity
You own, control, or have signature authority over foreign bank and financial accounts with a combined value over $10,000.
The FBAR is filed separately from your tax return and does not go to the IRS. Your FBAR is filed online through the BSA E-Filing System. The deadline for the FBAR is April 15 to coincide with Tax Day, but an automatic six-month extension to October 15 is available if your FBAR is filed after the initial tax deadline.
 The Foreign Account Tax Compliance Act (FATCA) is a part of the government’s efforts to combat offshore tax evasion. American expats of all income levels with foreign accounts and assets should know about it. FATCA requirements impact U.S taxpayers and overseas financial institutions:

U.S. taxpayers with foreign accounts and assets may need to file Form 8938: Statement of Specified Foreign Financial Assets with their annual U.S. Income Tax Return
Foreign financial institutions must disclose information about U.S. citizens who hold accounts overseas. Many foreign financial institutions must report their U.S. citizen and resident clients’ accounts worth more than $50,000.
 Form 8938 is the same as an FBAR in many ways. However, it has different reporting thresholds and requires you to disclose certain "non-account" assets such as:

Business and trust ownership/ Certain contractual investments with foreign parties

Expats living abroad have an increased reporting threshold. You don’t need to complete this form unless your foreign assets exceed either:

$200,000 (or $400,000 if married filing jointly) at the end of the year, or $300,000 (or $600,000 if married filing jointly) at any time during the year


 

fceligoj

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Re: Unwritten Rule for Marriage Extensions
« Reply #9 on: January 05, 2019, 08:16:44 AM »

avocado, thank you for clearing it up.  So in simple terms, Form 8938 has to be submitted only if your foreign financial ownership exceeds $400,000 at the end of the year, etc.  So if you use TurboTax, they will know what to do, right?


Now turning to FBAR, you do not mention when your foreign financial ownership exceeds $10,000.  Is it anytime during the tax year or at the end of the tax year?  Can you expand?  I do not plan on having my foreign financial ownership to exceed $10,000 at the end of the tax year in 2019.  I need the 800,000 baht (or about $25,000) from June 10th to September 10 only.

avvocato

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Re: Unwritten Rule for Marriage Extensions
« Reply #10 on: January 05, 2019, 08:36:18 AM »
Frank:I am pretty sure it is if the balance exceeds $10,000 any time during the year. Also FinCEN requires you to use the US Treasury foreign exchange rate as of December 31st of the year in question. The US Treasury published rate.https://www.fiscal.treasury.gov/reports-statements/treasury-reporting-rates-exchange/current.html

avvocato

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Re: Unwritten Rule for Marriage Extensions
« Reply #11 on: January 05, 2019, 08:41:19 AM »
Here is the FinCEN website where you file electronically:

https://bsaefiling.fincen.treas.gov/NoRegFilePDFIndividualFBAR.html