What is Thai’s current inheritance law say?
Currently, there is no inheritance tax or gift tax in Thailand. A person who receives cash or property as a result of a death may be liable to pay income tax upon the sale of the property. The beneficiary is not liable for income tax for most moveable property.
When someone passes without a will, the deceased’s estate is transferred through the list of statutory heirs in the Thai Civil and Commercial Code. There are six classes of statutory heirs beginning with decedent’s children and ending with aunts and uncles. Spouses are subject to a separate provision of the Thai Civil and Commercial Code.
If a foreigner has assets in Thailand but lives overseas, what happens to his Thai assets if he dies?
The Conflict of Laws rules will apply in this situation. The courts will look at where the event or action took place that gives rise to the claim. If the foreigner lived mostly overseas and died overseas, Thai courts will look to the foreign court for jurisdiction and foreign statutes. If the foreign national lived a majority of the time in Thailand and has strong ties to Thailand, a Thai court will likely accept jurisdiction over the estate.
If a foreign national inherits property in Thailand, what happens to the property?
Under the Condominium Act of 1979, the foreign national has to sell an inherited condominium within one year of ownership of the condo. A foreigner will have to sell his condo, if they inherited a condo in Thailand but does not have a long term stay visa in Thailand. For those who have a right to reside in Thailand, they have to sell the condo within one year of the end of their authorized stay.
A provision is automatically void if a foreign national receives land as part of a specific gift in a will. The foreign national has to sell the land within one year of accepting ownership of the property if they received the property as part of a statutory transfer.
A will in Thailand is required to meet the requirements of Thailand. An improperly prepared will can result in the will being void and created legal issues for your love ones. We can help you ensure that your love ones do not have to deal with distribution problems and paying the bills when you pass away. The best solution to ensuring that your family and financial requirements are met is through estate planning. Contact a family lawyer in Thailand if you have questions on estate planning.