Food for thought - land ownership.

[Jenkins9039]

Not specific to Thailand, actually was reflecting on this and China's 70yr Gov leases.

 

Average lifespan is 80yrs or so, ability to purchase is 20yrs old or so, so good 60 yrs of ownership.

 

China, Thailand etc 70, 90 yrs. -> generally cheaper to acquire, own, annual prop fees/taxes, etc

 

West freehold, ownership, when die state basically gets thanks to death taxes etc...

 

Why is the western approach better again?

 

It's the same but different .

 

[KhaoYai]

3 hours ago, Jenkins9039 said:

West freehold, ownership, when die state basically gets thanks to death taxes etc...

Explain please.

[Jenkins9039]

1 hour ago, KhaoYai said:

Explain please.

research death taxes

[tomazbodner]

4 minutes ago, Jenkins9039 said:

research death taxes

research "explanation"

[KarenBravo]

Firstly, in Thailand the maximum lease period on a piece of land is 30 years.

30+30+30 years is invalid.

 

In the UK, the tax exemption on property is 325,000 pounds. The excess of this amount is 40%.

 

Why say "the West"? The West consists of many different countries with different death duties.

[Lacessit]

There are no death taxes in Australia, apart from a 15% tax on the superannuation of a decedent if they have not been smart enough to keep it out of the ATO's clutches.

[KhaoYai]

4 hours ago, Jenkins9039 said:

research death taxes

Inheritance tax as its known in the UK is only payable when the deceased's estate is valued at over£325,000.  I'm sure other countries will have also have thresholds.

[timendres]

True ownership no longer exists - at least in the US.

If you don't believe me, try not paying your property taxes.

[bluebluewater]

I don't know of anyone in the US who has lost their property to estate taxes.  Certainly, there can be some due but if the estate is structured properly and some planning has gone into it then those can be avoided entirely.  The OP and his scenario are total <deleted>.

[newnative]

OP should have clarified his sweeping 'West freehold'.   Every country is different and one size doesn't fit all.

[rickudon]

It is easy enough to avoid/reduce inheritance taxes with a bit of simple planning - downsize property after retirement, give surplus money to your inheritors. Borrow money and use/give away, any debt reduces your inheritance tax.

Of course, you may be so rich that above doesn't make much difference. Then you can afford to pay for advice!

 

I have no inheritance tax liability in UK at all, all done years ago.

[baansgr]

On 6/1/2022 at 5:05 PM, Jenkins9039 said:

research death taxes

You can overcome these if you plan properly