Inheritance of Condominium and Section 19

[niknak]

Hi, 

 

I just need some confirmation/info on inheritance of condominiums in Thailand.

 

So, if I inherit my fathers condo, I have to sell it within a year to a Thai national if I do not meet the Section 19 condominium criteria (section 19/7)?

Which I assume is the same criteria as is I was a foreigner buying a condo from scratch?

So feasibly I can put money into a Thai bank and then keep the condo? Or have I misunderstood Section 19/3(5)? 

 

We have a will being drafted at this moment in time, so there should not be any probate issues.

Anyone else had a situation like this? 

Thanks in advance... N

 

[userabcd]

Suggest you seek written legal opinion to clarify and make sure.

[tomazbodner]

How was condo bought? By your father in his own name or in the name of a company? Is your father having Thai citizenship or is a foreign citizen? I assume you have foreign citizenship. Correct?

 

Without knowing these it's hard to answer.

 

But basically, if condo is already in foreign quota (your father's name is in the list of units owned by foreigners) then I see no reason why you would need to worry about this.

 

If your father's condo is in Thai name (company for instance), but there is less than 49% of foreign owned living area, then you could make a change and register it in foreign name (yours). If this is inherited, there should not be a need to show proof of transferring funds from abroad as you're not buying the place but getting it through inheritance.

 

Not sure if this answers your questions.

[Delight]

 It is important that you are both beneficiary and administrator in your fathers will.

 

When your father passes you will need  a lawyer to  organize probate.

At the end of that process your father's estate will be in your name as administrator.

 

Suggest you keep it that way.

Do not transfer to your name as beneficiary.

 

If you do you will have to bring in monies equivalent to the appraised value of the apartment.

A bank will issue a FET to confirm that such funds have been imported in Thailand.

 

Should you wish to sell at some point in the future then you as administrator can legally organise the process.

 

The new buyer will need the FET