Most countries across the world have an inheritance tax structure in place. The purpose of this tax is to redistribute wealth across society once a person has died. Countries such as the United Kingdom have extremely comprehensive taxes for earning, transacting or saving money in a bid to generate funds to spend elsewhere to the benefit of its residents.
Death is the subject that most people wish to avoid talking about but planning ahead with making it easier for the person due to inherit the property at an already difficult time. As with any legal issue, it is always advisable to speak with a local legal expert to understand what the best course of action is in a bid to safeguard your asset.
In a nutshell, Thailand’s Condominium Act details inheritance. A law which was introduced to cater to the growing numbers of non-residents wanting to own property in the Kingdom. To aid in inheritance, overseas owners are urged to plan by drawing up a will or intestate succession that clearly states what will happen to the property upon death. Any local law firm will be able to assist with producing these and it will also save any hiccups later down the line.
For a property to be successfully inherited the local Land Office will require several documents including the deceased’s death certificate, the will or intestate succession, plus a court order confirming the inheritance. Thai law states that an heir can inherit the deceased’s estates and in doing so they also inherit the responsibilities that it comes with this new ownership. Since this is deemed as a property transaction, the person inheriting the real estate will be subject to pay the property transfer fee and business tax to the Land Department upon transfer of ownership.
Finally, as foreign purchasers are required to pay for their property with money that has come from overseas, it is vital that the deceased has met the correct criteria when purchasing the property.
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