trust accounts possible yet?

[gamb00ler]

I have read a couple of articles by Thai legal firms that indicate that Thailand was about to legalize the creation of Trust accounts.

The last update on the status of the Private Trust Account Bill  that I read was dated 2018.

 

Does anyone know if it is now possible to set up trust accounts in Thailand?

[Foxx]

Trusts are already legal, but only for transactions in capital markets, as per Trust for Transactions in Capital Market Act B.E. 2550 (2007).

Trusts set up by individuals are not recognised.

[gamb00ler]

35 minutes ago, Foxx said:

Trusts set up by individuals are not recognised.

The google results return several references that agree with your opinion, but those results are not recent.

 

I have also read several more recent claims by Thai law firms that differ from your opinion.  Reporting of the Thai government's updating the law to allow private trusts stops around 2019.  I can only search in English so google's results are somewhat suspect.  Thus, my question.

 

https://www.bakermckenzie.com/-/media/files/insight/publications/2018/08/al_thailand_privatetrustactapproved_aug18.pdf?la=en#:~:text=According to the current draft,a beneficiary of the trust.

 

https://pdf.hubbis.com/pdf/article/thailand-recent-developments-in-wealth-management.pdf  (last page)

 

https://www.linkedin.com/pulse/benefits-beneficiary-trust-thailand-expats-dave-mills/

 

 

[JBChiangRai]

Thai law has another category "Controller of Property" using this can create almost the same as a trust.  Take legal advice.

[Foxx]

1 hour ago, gamb00ler said:

I have also read several more recent claims by Thai law firms that differ from your opinion. 

 

They don't.  They write about a draft bill getting cabinet approval in 2018.  There hasn't (so far) been a final, enacted version. I was correct when I wrote "trusts set up by individuals are not recognised."  And that's a fact, not an opinion.