Chadchart: Luxury House In Seattle Purchased With Inherited Asset

[webfact]

Bangkok Governor Chadchart Sittipunt in front of the luxury house in Seattle that belongs to his son. The Thai headline says, “The owner is his son.” Photo: Amarin TV

 

by TNR Staff

 

BANGKOK GOVERNOR Chadchart Sittipunt explained June 15 that the luxury house in Seattle, USA, belongs to his son, Mr. Saenpiti Sittipunt, and was purchased with proceeds from the sale of one-rai land on Rama 4 road that his mother had given him, Amarin TV said.

 

As questions are being raised about two-storey four-bedroom, three-bathroom house in Seattle, Chadchart explained through the TV programme “Choh Luek Thua Thai Inside Thailand” that his son received the transfer of this house from his mother, Mrs. Paraminthiya Sittipunt, on May 4, 2022 as she had held the title for him while he was still a minor.

 

The price of the house as assessed from tax base is US$1.7 million or approximately 58 million baht but the market price is USS2.2 million or around 72 million baht.

 

Full story: https://thainewsroom.com/2022/06/15/chadchart-luxury-house-in-seattle-purchased-with-inherited-asset/

 

-- © Copyright  THAI NEWSROOM 2022-06-17

 

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[Srikcir]

Thailand does not have a gift tax that in other developed national economies is used to prevent avoidance of an inheritance tax. Furthermore, I believe the Thailand inheritance tax only applies to "registered" Thai assets. Foreign property is not "registered" Thai property. Obviously, in Thailand there is a big loophole for the wealthy in wealth transfer, albeit a legal loophole. 

But note there was a similar issue regarding PM Prayut's sale of property originally transferred to him  as a child by his father.  Prayut's response in 2014 was:

"So what's the deal?"

So I repeat.

[digbeth]

ex ceo of a real estate company can afford expensive house is not a surprise, he also declared before taking office

 

the PM on government salary all his life and never declared any of his assets citing 'privacy' reason is a lot more fishy

[sanuk711]

Well he's a very lucky young man to be able to buy a nice big house in a country that he is not even a Citizen of..........

[asiaexpat]

2.2 mil for a home in Seattle is not considered a luxurious home, just average in a place where a bungalow sells for 1 mil.

[Purdey]

If only foreigners were allowed to buy property here, eh?

[PuaSai]

Who would want to waste money on a house in Seattle....