Delight

 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.

On 11/26/2024 at 12:30 PM, scubascuba3 said:

What income from UK will you be paying tax on? how about the double tax agreement? you must have discussed it

 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.

 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.

 It seems to me that you need to authorize Power of Attorney in Florida.

That  appointed lawyer can legally act on your behalf. with respect of the condo sale

On 11/12/2024 at 12:29 PM, carlyai said:

In a Thai name...thanks.

 

We should also go to the utilities places and cancel water and electricity?

Or do you take the new owners with us to transfer utilities to them.

 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.

 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.

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

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?

On 11/12/2016 at 8:56 PM, Djw6 said:

Buy a condo. It's in your name (freehold), and it will always be in your name.

Buy a house. Never in your name. The wife owns it 100%. You split up, you get 0%.

Good luck.

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.

 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.

23 hours ago, paddypower said:

what's your point? have you set up a land holding company or are you just lost? are you are referring to the fact that a private company has to file audited financial statements every year.? or are you  asking about the risks of using nominees ?

 I am not making a point-I am simply asking a question. My motive is curiosity.

Please do not be so aggressive.

If no audit process is carried out...ever

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.

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.

Inorder to buy a condo  in a a foreign name you will always  require a  FET.

The only solution that I can think of is to buy  a condo that currently  is in a company.

The seller must accept Baht

The benefit of company is that it is easy to bequeath.

downside -you must have the company audited every year

 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

 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 

7 minutes ago, MrJ said:

FET can be "purchased" for a fee of 1% via banks and/or money exchanges 

Is this 100% legal?

 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

 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.