Inheritance tax in Thailand for children with dual nationality from a European father

[john donson]

I recently found out, at my death, there will apparently be an autopsy and result send to my embassy.

 

In my home country, the government is trying to get 30-55% of whatever I have upon my death.

 

Thailand, inheritance tax, thai people pay nothing up to 50 million baht ?

 

If I die, with death certificate send to my greedy embassy, will they try to make my dual Thai / European children, pay my home country % of inheritance tax or, as I am not living in my home country for a decade, registered here and assets here, taxable at thai rate, aka nothing ?

[KannikaP]

5 minutes ago, john donson said:

I recently found out, at my death, there will apparently be an autopsy and result send to my embassy.

 

In my home country, the government is trying to get 30-55% of whatever I have upon my death.

 

Thailand, inheritance tax, thai people pay nothing up to 50 million baht ?

 

If I die, with death certificate send to my greedy embassy, will they try to make my dual Thai / European children, pay my home country % of inheritance tax or, as I am not living in my home country for a decade, registered here and assets here, taxable at thai rate, aka nothing ?

Move it all before you kick it. I have started giving my two sons quite a hefty sum into their Investment Accounts as gifts.

As long as I live another 7 years, nowt to be paid.

[Pitak Chirachat]

Did your greedy embassy look after your healthcare and retirement fund? 

[CMBob]

As concerns an autopsy, it'll only happen if the cause of death is suspicious/unknown or if your next-of-kin request it.

 

As concerns estate tax, that's between you and your home country, your kids (regardless of nationality) have nothing to do with that (other than, presuming they are your estate beneficiaries, they'll get what's left).  Neither any embassy nor Thailand itself will have any involvement in whether your estate owes "inheritance" taxes (actually, it's a tax on your estate) on property you own outside of Thailand and that outside property will have to be probated in your home country.  Property you own here in Thailand will necessarily be required to be "probated here."

If you have property outside of Thailand in your home country, obviously you should have a Will (or trust if allowed) there.  As for property you may have here in Thailand, you ought to have a separate Thai Will covering those assets.

Bottom line......since you presumably have significant assets and kids.....go talk to a lawyer as to how it all happens, best way to handle it, whether you should have a Will or trust (home country only), etc., etc.

[alanrchase]

The inheritance tax is on your estate and imposed by your country's tax office, it has nothing to do with the nationality of any beneficiaries.

[Srikcir]

24 minutes ago, CMBob said:

As concerns an autopsy, it'll only happen if the cause of death is suspicious/unknown or if your next-of-kin request it.

 

As concerns estate tax, that's between you and your home country, your kids (regardless of nationality) have nothing to do with that (other than, presuming they are your estate beneficiaries, they'll get what's left).  Neither any embassy nor Thailand itself will have any involvement in whether your estate owes "inheritance" taxes (actually, it's a tax on your estate) on property you own outside of Thailand and that outside property will have to be probated in your home country.  Property you own here in Thailand will necessarily be required to be "probated here."

If you have property outside of Thailand in your home country, obviously you should have a Will (or trust if allowed) there.  As for property you may have here in Thailand, you ought to have a separate Thai Will covering those assets.

Bottom line......since you presumably have significant assets and kids.....go talk to a lawyer as to how it all happens, best way to handle it, whether you should have a Will or trust (home country only), etc., etc.

I believe there's a loophole in the Thai inherentance tax. The property must be "registered" in Thailand, ie., with the Thai government (see "Panama Papers" accounts) offshore). As such it can be seized if the tax isn't paid. Note: In Thailand there is a 10% Gift Tax for non-related receivers and 5% for descendants or ascendants.

[Taboo2]

Simple solution to this tax issue....spend all your money and end up with debt to the banks.  

 

My kids will do just fine...they need to learn how to make their own money.

 

The idea of leaving money (outside of a trust) for the Government to steal is against my whole reason for living.  They tax me to death and then want more after I am dead.  That is evil.

 

My Dad gave me the greatest gift ever when he kicked me out of the house at the age of 16 and told me to go out and  earn a living after graduating from High Schoo.

 

I had $250 to survive...and retired at 61.  I could have retired earlier.

[CMBob]

1 hour ago, Srikcir said:

 In Thailand there is a 10% Gift Tax for non-related receivers and 5% for descendants or ascendants.

Correct but those rates are only applied to the Thai estate value over 100 million baht.  If that happens (almost never involving anybody posting here), happily pay the tax.

[Srikcir]

1 hour ago, CMBob said:

Correct but those rates are only applied to the Thai estate value over 100 million baht.  If that happens (almost never involving anybody posting here), happily pay the tax.

There are three factors to which the gift tax applies:

• Inheritance income exceeding 100M THB 
• Immovable property or rights of occupation of the immovable property less than 20M THB except property given to son or daughter without any return
• Shares, cash, and property subject to various exemptions.

There are further complexities. 

[john donson]

On 9/7/2023 at 9:12 AM, Pitak Chirachat said:

Did your greedy embassy look after your healthcare and retirement fund? 

my embassy gives nothing except a new passport every few years...

 

healthcare? they don't provide s...

[john donson]

On 9/7/2023 at 1:25 PM, alanrchase said:

The inheritance tax is on your estate and imposed by your country's tax office, it has nothing to do with the nationality of any beneficiaries.

 

I have zero assets left in my home country and I get zero services like child allowance, because my kids live here in Th, I missed out on about 96.000 euros over 20 years for 2 kids (400 euros per month for 2 kids x 240 months)

 

so are you saying that whatever I have in Thailand, will be taxed by my government that delivers ZERO benefits to myself and my kids, but still will take 30-50% of whatever I managed to save, upon my death in Thailand?

 

 

 

[john donson]

On 9/7/2023 at 1:43 PM, Taboo2 said:

Simple solution to this tax issue....spend all your money and end up with debt to the banks.  

 

My kids will do just fine...they need to learn how to make their own money.

 

The idea of leaving money (outside of a trust) for the Government to steal is against my whole reason for living.  They tax me to death and then want more after I am dead.  That is evil.

 

My Dad gave me the greatest gift ever when he kicked me out of the house at the age of 16 and told me to go out and  earn a living after graduating from High Schoo.

 

I had $250 to survive...and retired at 61.  I could have retired earlier.

 

spend all, great idea... specially when nobody knows when they will die, well except in a suicide case...

 

leave your kids nothing ?

[alanrchase]

16 hours ago, john donson said:

 

I have zero assets left in my home country and I get zero services like child allowance, because my kids live here in Th, I missed out on about 96.000 euros over 20 years for 2 kids (400 euros per month for 2 kids x 240 months)

 

so are you saying that whatever I have in Thailand, will be taxed by my government that delivers ZERO benefits to myself and my kids, but still will take 30-50% of whatever I managed to save, upon my death in Thailand?

 

 

 

I am British, I stay in Thailand with yearly extensions of a non-immigrant O visa. It would be hard to claim my domicile is Thailand when I don't have as much as PR status. Because my domicile would be considered Britain, (English), my worldwide assets will be liable for consideration for possible inheritance tax by the British tax office when I die. It makes no difference what nationalities the beneficiaries are as any assets they get will only be distributed after tax on the whole estate has been calculated by the British tax office. There is a tax free threshold of £325,000 and some property can be used to avoid a bit more tax if it meets certain conditions. Your country may have different rules.

[Foxx]

On 9/8/2023 at 8:28 PM, john donson said:

my embassy gives nothing except a new passport every few years...

 

healthcare? they don't provide s...

Better than the British Embassy, then.  They don't even provide passports.  Outsourced to a private company with a ludicrously inefficient "service".

 

As for healthcare, nada.  Even as other embassies here were arranging Covid shots for their nationals, the British Foreign Office did sweet FA.

[brewsterbudgen]

2 hours ago, Foxx said:

Better than the British Embassy, then.  They don't even provide passports.  Outsourced to a private company with a ludicrously inefficient "service".

 

As for healthcare, nada.  Even as other embassies here were arranging Covid shots for their nationals, the British Foreign Office did sweet FA.

UK passports are issued by HMPO in Liverpool.  What difference does it make using the Embassy (still issued by HMPO) or the VFS office (still issued by HMPO) to check and forward the documentation to the UK?