Impossible for my european son to inherit my condo ?

[mezzadro]

Quite old, divorced, no thai wife, no thai gf, I have a retirement visa and own a condo here in Thailand. Recently I spoke to a BKK lawyer who stated that we falang cannot give our thai properties as heritage to our european sons as the thai law allow them to keep the condo for one year only and after this time they can sell but not dispose of it. IS IT TRUE??????

[keith101]

I dont know if true or not but maybe transferring ownership to his name will avoid all the uneccessary bs with this countries laws and save you peace of mind for the future .

[Delight]

Not true

Your Will will be approved by a court official.-note your Will needs to be in Thai language.

This approval only gives your son the right to sell -which must be done within one year(if not sold within that time then the land office will sell it for him and take a commission)

For the Condo to be rgistered in his name he will need 2 things

1) The vailid immigration status

2) A certificate -issued by a bank- verifying that an amount of foreign exchange equivalent to the appraised value of the condo has been brought into Thaialnd. This cert . is called a FET

(I understand that you can buy them-)

This topic has been covered many times . You will need to look at earlier posts for more details of alternative methods

[simple1]

OP: Have a read of the more detailed advice given at the URL below, but summary is...

Foreign ownership of condos in Thailand is restricted to foreigners who qualify under section 19 of the Thailand Condominium Act (foreign ownership), but the fact that a foreign individual qualified for ownership of a condominium in Thailand does not qualify his foreign heirs or successors for ownership. Basically the right of foreign freehold ownership ends at death of the foreigner who qualified for ownership under the Condominium Act. Foreign freehold ownership of a condominium is not automatically transferable by inheritance to another foreigner.

http://www.samuiforsale.com/real-estate/condo-inheritance.html

[trogers]

Not true

Your Will will be approved by a court official.-note your Will needs to be in Thai language.

This approval only gives your son the right to sell -which must be done within one year(if not sold within that time then the land office will sell it for him and take a commission)

For the Condo to be rgistered in his name he will need 2 things

1) The vailid immigration status

2) A certificate -issued by a bank- verifying that an amount of foreign exchange equivalent to the appraised value of the condo has been brought into Thaialnd. This cert . is called a FET

(I understand that you can buy them-)

This topic has been covered many times . You will need to look at earlier posts for more details of alternative methods

Your son can transfer the condo into his name at the land office with the FET and paying transfer taxes.

Or he can arrange for the condo to be sold within the one year period.

[prestburypark]

Wow, good info , could have sleepwalked into a minefield there.

I guess the forced sale price would be peanuts if it came to that option.

[rayongchelsea]

My friend who died young , not married, no kids , through probate ( no will)had his condo transferred to his parents..so it can be done.

Also, I know of one individual lady whose was separated from her husband who died suddenly inherited the condo on his death.

As stated in previous threads there are ways to of doing this, both used a lawyer..

Sent from my iPad using Thaivisa Connect Thailand mobile app

[harrry]

OP: Have a read of the more detailed advice given at the URL below, but summary is...

Foreign ownership of condos in Thailand is restricted to foreigners who qualify under section 19 of the Thailand Condominium Act (foreign ownership), but the fact that a foreign individual qualified for ownership of a condominium in Thailand does not qualify his foreign heirs or successors for ownership. Basically the right of foreign freehold ownership ends at death of the foreigner who qualified for ownership under the Condominium Act. Foreign freehold ownership of a condominium is not automatically transferable by inheritance to another foreigner.

http://www.samuiforsale.com/real-estate/condo-inheritance.html

My reading of that does not support this.

It says that the person inheriting must be able to qualify to purchase a condo in the foreign quota in order for it to be registered.

[givenall]

Not true. I just saw the sons of a frang who passed away looking at his condo in our codos. They never knew about the condo and they just took over their dad's condo

[fish fingers]

Most important to make a thai Will otherwise inheritance of anything in thailand goes up in smoke

[Langsuan Man]

Covered extensively here:

http://www.thaivisa.com/forum/topic/694267-bequeathing-condo-to-my-son-need-forex-certificate/

[fifthcolumn]

I read on this forum (?) that the estate will have to sell the property and he would then have to buy it - and why would he want to do that? If that is the intention, put the condo in his name.

Edited February 7, 2014 by fifthcolumn

[kannon99]

And I just had a friend (who buys/sells properties for a living) to clarify with his lawyer this week about inheritance as the law has recently changed. We have had to investigate this because of owning property here and making sure our farang children can inherit. Cut and paste from email:

"I've confirmed with my lawyer here (who is with a prominent firm called Tilleke and Gibbins), that the laws have changed - which is good news - and that children of foreigners now can inherit property without the property having to be "sold" to them.

What this means is that where formerly - you'd have to sell the property to your children if you wanted to pass it along to them, now you don't have to do that. Why is this so important? The reason is because if you had to sell the property to your children, they would be hit with massive taxes which are part of the sale process (income taxes, transfer taxes, government charged "duty stamp" taxes, and others).

This is all good news for foreigners who own property in Thailand."

[rayongchelsea]

I think the easiest option is to add your children to the chanote, either at time of purchase or at some later date when you know you will be keeping the condo.

There are some small taxes to be paid on adding your child but on the event of death he/ she would have immediate access to the condo etc..etc..avoids some different interpretations of the law etc..

From the previous post it states the law has changed, my understanding this has been law for quite a few years but is still interpreted incorrectly.

Sent from my iPad using Thaivisa Connect Thailand mobile app

[Ulic]

Transfer the ownership now while you are alive. Keep probate/lawyers etc, out of the picture

as much as possible.

[puukao]

side note: I hope you are still in good health and able to enjoy Thailand for many, many more years.

good luck

[BlueSkyCowboy]

I dont know if true or not but maybe transferring ownership to his name will avoid all the uneccessary bs with this countries laws and save you peace of mind for the future .

Sell it now