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:
- brothers and sisters of full blood
- brothers and sisters of half blood
- uncles and aunts
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.
Inheritance of a Condo
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.