Considering retirement in Thailand? Let us give you the basics of what and how certain properties and rights are inherited in Thailand. Speak to a lawyer in Bangkok for more information. One of the trickiest properties one could inherit in Thailand is leasehold properties. This in terms of Thai law is viewed as personal rights and on death the lease is terminated.
These rights thus cannot be transferred on death to an heir. You could however include this in the lease agreement that in the event of your death that the remainder of the lease devolve amongst your heirs. This is important as most commercial property in Thailand tends to be leasehold agreements. If you have a company located in a commercial or industrial area and the lease is in your name and not in the name of the company, when you die effectively the business comes to a halt. Speak to a lawyer in Bangkok with the eye on reviewing your lease agreements and the drafting of a will to ensure that business can continue after your death.
If you are looking at land then you would know that there are limitations on land in Thailand. Normally you need to have permission from the Minister of the Interior to obtain land in Thailand. Most times in Thailand you will be give 6 months to a year to sell the property if you are not by law allowed to own the assets. Speak to one of our lawyers in Thailand with regards to land and condo ownership when it comes to a last will and testament. Understand how inheritance in Thailand works before you need it.
When you retire in Thailand you at times have to look further than the retirement and consider who will all your property and other personal items be left too. Consider having a will drafted. Currently there is no inheritance tax in Thailand. There has been much talk about introducing it however there had been too much objection to the tax and thus was never drafted after discussion.
Check with your lawyer in Bangkok, Thailand with regards to any changes to the law as laws do change from time to time in Thailand. If there is no last will then Thai law dictates how the property is divided. There are 6 type of heirs in Thai law. These are listed in the order of importance:
If you die in Thailand without a will your fiancee or girlfriend might not be able to inherit anything. Always speak to a lawyer when buying property about drafting a will in Thailand for you. There are conditions in Thailand when it comes to a foreigner inheriting property in Thailand so ensure that you understand the law and if you should die what the process would be if you are leaving the condo or villa to a family member in your home country.
In terms of the Condominium Act if a foreigner who inherits property in Thailand, does not qualify under Thai law to inherit the property then he or she has 1 year to sell the property. If they fail to sell the property in 1 year, the Land Department has the power to sell the property. Always ensure you leave a valid will and that the person(s) you are leaving assets to are able to inherit in terms of Thai law.
If you are living in Thailand or you are planning on retiring in Thailand then speak to any of our lawyers in Bangkok with regards to property ownership and Thai law with regards to inheritance in Thailand. Speak to any of our lawyers about drafting a will in Thailand today at any of our offices in Bangkok, Pattaya, Chiang Mai, or Phuket about your retirement and property issues.
Getting married in Thailand starts with you obtaining a letter from your local embassy in Thailand stating that you are single and able to marry. In order to do this if you have been married before you would need to show your embassy a copy of your spouses death certificate or divorce decree.
Once this has been handed in and a form completed usually you get to collect it the following day at the embassy. Once this is done the document needs to be taken to the Thai Foreign Affairs department near to the old Bangkok Airport. This usually means a day of sitting and waiting as it takes a few hours waiting for the documents given to you by the embassy is verified. Once verified they will stamp all your documents so you can not take you documents, your wife’s Thai ID card and house papers to the Amphur’s office or what would be called the District Office. All of this usually takes 2-3 days to complete as there is a lot of leg work that needs to be done. If you are looking at getting married ensure that you speak to a lawyer in Bangkok about it.
If you are getting married in Thailand then speak to any of our lawyers in Thailand about a prenuptial agreement. In the event that the marriage ends at least the prenup will give you more leverage than what you would otherwise have had. Talk to us today via our toll-free US or UK numbers or simply walk into any of our offices in Bangkok, Pattaya, Chiang Mai, or Phuket.