
Delight
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I have been named as a beneficiary in my friends will.
Delight replied to tucker4444's topic in General Topics
The simple solution is for you to create a will. With a will you can have as many originals as you like. They have to be created at the same time. Also the beneficiary can also be the administrator. A must in your case. I created a joint account with my wife. This is the only legal way to provide funds for her prior to receiving her inheritance . You do not need a lawyer to make a will. Plenty of info. on the internet which explains how to achieve.. I prepared my own will. -
I will submit an official HMRC document stating the total tax which I pay in the UK. Whether this amount is fully allowed against Thai tax remains to be seen I only bring in to Thailand about 60% of my UK net income. I will refuse to specify my total gross UK income. Maybe this is the basis for a future argument-time will tell.
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I visited Chonburi Taxation Office. Albeit that they spoke very little English -It was obvious that I had to pay tax on my 2024 income from UK. For example they had written in English the procedure for acquiring a Tax Identification number (TIN) They also stated that the process for paying tax could only commence beginning 2025. The tax authorities will not contact you. You have to volunteer.
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Called at the Chonburi Taxation office
Delight replied to Delight's topic in Jobs, Economy, Banking, Business, Investments
The problem with that approach is that they may prosecute me> -
This office is located in Jomtien. Just called in for information The 1st stage is to obtain a TIN (Taxation Identity Number) For this copies of passport entries are required plus a TM30 English -it seems is not spoken here.
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Private House Sale Proceedure
Delight replied to carlyai's topic in Real Estate, Housing, House and Land Ownership
The new owner will simply take the Chanote to the power and water providers. By this stage to Chanote is in the new owners name. -
Private House Sale Proceedure
Delight replied to carlyai's topic in Real Estate, Housing, House and Land Ownership
Is the house in a Company? If so then all elements of your post are irrelevant. If it is in a a Thai name then your post is correct. A cashiers cheque cannot be cancelled by the provider. -
Has any reader of this blog used the fore mentioned company? I have contacted them and to date they have advised me on the topic of allowances. For example if I am aged 65 or older -which I am -I will pay less Tax If i have a Thai wife who does not work -which i have -i will pay less tax This list continues. That said I am interested to learn from Expats who have actually used the services provided by this company.
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The big problem with this method _it will kill the property development market. In my view they will apply taxation to the gross income of expats -a credit being applied for tax already paid . Therefore expats can bring in as much money as they please -without being taxed. This is my guess. If the Thai tax authorities have any sense then a ceiling will apply-maybe maximum 60,000 Baht per tax year. All the foregoing is pure speculation on my part -only time will tell
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Have the circumstances changed? It seems that evidence that 800K has been in the applicants bank account for 2 months-prior to application date is unchanged. Historically a 2 nd visit with a similar letter was required 3 months after the application was approved. It appears that this 2nd visit is now no longer required. Is this the case?
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Not quite true. If the foreigner has evidence that he brought the money into Thailand -then in the case of divorce he will get minimum 50%. The evidence can simply be an entry in a bank book. Money brought in just prior to the house purchase. In Thai divorce law each party keeps their assets prior to marriage- maybe not relevant in this case. 50/50 split on assets accrued during marriage.
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The 2 components of an air conditioning system which are typically located outside the actual apartment are the compressor and the condenser. .Typically housed in the same enclosure The condenser must be outside. The compressor does not have to be- for it to work. I assume that the motive of the installer was to keep the outside enclosure as small as possible. If it is no inconvenience then best left alone.
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From what you state the property is in the foreign allocation. Given that -then you shall have no legal problems in repatriating the money. The land office will supply you with all necessary documentation. The bank manager of your bank may insist on a bung.
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House inheritance from Thai wife?
Delight replied to kaufmanski's topic in Real Estate, Housing, House and Land Ownership
Under Thai law you will not inherit the property. This assumes that there is no will. In such circumstances (ie no will) there is a pecking order on who gets what. As widower you are at the bottom of the list. Why is this?-You are not blood related. A will is required. If you acquire the property -then you have 1 year to sell it. Maybe you can put it into a company. Legal advice required. -
That which you assume is correct. In effect you will be selling electricity to your tenant -typically with no mark up. You will always be responsible to the electricity provider for payment. Many years ago a tenant in my condo organised a 'fiddle' with the office manager. The building buys the electricity and then sells to each apartment. The tenant was billed only 500 baht per month and the manager received 500 baht per month from the tenant. The actual bill was about 3000 Baht per month. Both the tenant and the manager left -just in time. The co -owner had to pay the outstanding balance
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Thailand imports its milk. From USA I think For Thailand to produce its own milk -it would require: Large Herds of cattle. A Fleet of road tankers to transport the milk to the processors from the farms. Demand for milk from Thai nationals. Thailand has non of the foregoing
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Is this 100% legal?
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If the condo is in a company then you can pay the seller any way you please. The land office is not affected by this transfer of ownership. Of course this does not apply to a new condo. In the regular way you have to submit a FET to the land office as part of the purchase process. You bank will issue this FET but will only do as confirmation that the funds come in from abroad. FET means 'Foreign Exchange Transfer' certificate . As far as tax is concerned _the situation is not clear. Some say the if you transfer funds from abroad direct to the developer -then no tax applies That then begs the Q -how do you obtain the FET -not clear
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The only person that counts -in any country- is the administer. In UK this title is the Executor. This person you must absolutely trust. Also you can have as many 'originals' as you like. They must all be created at the same time-and be identical. Typically you will sign or initial each page Select your administer carefully.
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Buying a condo this year. Taxes?
Delight replied to Bangkok Alex's topic in Real Estate, Housing, House and Land Ownership
The following is my understanding. You will pay tax on the income from overseas which you declare. You can legally not declare funds for the purchase of a condo. Also Any tax paid in your home country will be classed as a credit . This will reduce your liabilities in Thailand.