Thai property being left to a non-Thai via will.

[AKJeff]

So, if I were to build a home like this I would retain a lawyer.  This is just a general question to see if anyone has heard of this before. 

 

Background:

 

Over the years I have become good friends with an older Thai couple .  They call me son and I call them mom and dad.  They both are Thai born and raised but lived in the Staes for more than 30 years.  I am also friends,  not romantically,  with their daughter, she is about my age.  They have more money and property than I would ever hope to dream of.  In other words, they don't need my money.  There is more than enough to provide for extended relitive as well.  The daughter will inherit most of the assets. 

 

Situation:

 

The older couple moved to a nice secluded place in the mountains about an hour away.  They are going to build a nicer home there.  They want me to build a house an an adjacent piece of property.   Given the location this is tempting to me but I clearly have reservations.   Mom says the land would be in her name but I could have a lease, usafuct , or separate the land and home.  She doesn't really care.  Her daughter also is okay with the arrangement. 

 

I have discussed the possibility of transferring the land to a future wife and both the mother and daughter have voiced no issues with the idea.

 

Mom says she wants to put the property in her will and give it to me.  I have heard that if a foreigner is married to a Thai and the Thai dies leaving property to the foreigner then the foreigner has a year to sell or transfer the property.   I guess the equivalent of disposing of an asset while it is in probate (Imperfect example).

 

Questions:

 

Can a non-related, non-Thai inherent property for a limited period of time?  

 

If this is permitted,  how long would you have to sell/transfer the property?

 

If this is not permitted,  will the clause cause the property to be argued over in court?  If this is the case, then willing it to her daughter seems like a better idea.

 

Please excuse grammar and spelling issues, I am on my phone in a coffee shop and don't have my glasses.

 

 

[Peterw42]

OP, a couple of things are unclear , firstly, who currently owns or will be paying for the adjacent land and house ? 

If you have a grand desire to own this property, and the older thais have a grand desire to gift you a property, why not put it in a company name etc, the way lots of foreigners do.

Otherwise, if you inherit a property (not set up in a company), you would be required to sell it within a set time frame, usually one year.

[AKJeff]

2 hours ago, Peterw42 said:

OP, a couple of things are unclear , firstly, who currently owns or will be paying for the adjacent land and house ? 

If you have a grand desire to own this property, and the older thais have a grand desire to gift you a property, why not put it in a company name etc, the way lots of foreigners do.

Otherwise, if you inherit a property (not set up in a company), you would be required to sell it within a set time frame, usually one year.

Sorry for any confusion.   I am not sure if it makes a difference to question though. 

 

The adjacent property is currently for sale.   Mom has suggested that she'll buy the land with her money and I would pay for the house.. 

 

I don't think either of us have a "grand desire " in regard to this situation.  I personally have not been keen on building or buying a house in Thailand because of the rules around land ownership.   I do own a condo because I could put it in my name.  

 

As for the company option, I know it exists but has it own issues.   Tax filings here in Thailand.   Share ownership reporting for US taxes (not required for personal ownership of foreign property) . Not to mention the occasional talk of cracking down on Thai nominees in a company structure in order to "own" land.  I am not saying I wouldn't do it but it is not my preferred method. 

 

It is good to hear that you think that a clause in the will would not be invalid and that there would be time to sell the property.   I am a long way from trying to make this happen but my mom was talking about buying the property last week when I went up to see her.  I told her not to, but mom is head strong. 

 

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