Inheritance of a Condominium

[Delight]

Not to be cute, but if you are asking about the current government then it would be the "norm" but not necessarily "supported" legally

If the bank manager gives you a receipt then that would be my criteria for "supported" by the government

So its a semi -legal fiddle !

Where do you suspect the money ends up?

Edited December 25, 2015 by Delight

[PattayaPhom]

Although the need to show funds from abroad to transfer the inheritance, FETs can be purchased for 1% of condo value without the need to actually bring funds to Thailand.

Legitimate or through one of those shady exchange offices ?

I think many bank managers will arrange this, and their rubber stamp makes it "legitimate". But I would expect the fee to be 2% or more.

Is this practice supported by the Government?

Land offices are Government agencies, so yes it is supported by them

[lonewolf99]

Tell the uncle to sell now and just rent.

Until I read through the details on this thread I never knew - but suspected - that this "owning" a condo in a country that has always been and always will be run by the army..... is a minefield.

I should also start my own thread - When you sell and get the money..be it 500,000 baht, 5 million 10 million - How easy is it to transfer all that money back out of here ?

Like all the details above - I have never got a straight answer from anyone on that matter. Even estate agents waffle at me but cannot introduce me to anyone personally that has got the money out all in one go.

The only real answer I get is most fallangs re-invest in another unit/s.

Yeah...until they die and then some tart from Isaan inherits it all.

How many times have we heard that story..?

Best of luck to the OP coz he will need it big time on this issue.

[Langsuan Man]

Asked and answered many times, maybe not in this thread, but if you have a currency exchange certificate it is very easy, especially if you use the same bank account it was wired into in Thailand with, to wire it back out and is the same amount

[lonewolf99]

Amazing Thailand - I have asked at least 7 or 8 estate agents over the years and dozens of expats who owned a condo and none of them mentioned this or seemed to have a clue ?

- Thanks Langsuan Man.

[Jingthing]

Or another idea... Don't worry about selling it..

Contact a management company and just rent it out... And collect the rent

I recall reading you can't legally do that either. Must sell within one year is my understanding.

[Brit_Doggie]

In short can bequeath but legally cant live within must sell within 6 months or so I was told by a lawyer, something to do with ownership papers if u aint on it you get the hell out and seen same happen with thai gays living wth farang name not on docs out you go, now I know some have said it ok but give me proof or forget I mentioned this merry Christmas.

[Jingthing]

Six months is a lot of time pressure! A year was bad enough! It will be a major major hassle for heirs putting it mildly.

[CWMcMurray]

Or another idea... Don't worry about selling it..

Contact a management company and just rent it out... And collect the rent

I recall reading you can't legally do that either. Must sell within one year is my understanding.

For a condo?

Foreigners can maintain ownership of a condo, as long as within the foreign ownership quota... Which presumably it is, if the previous owner was a foreigner

I thought the time forced to sell is if it is a house or land... As a foreigner is not allowed to own land...

So Thai gov gives them 1 year to sell if they inherit

[Langsuan Man]

For a condo?

Foreigners can maintain ownership of a condo, as long as within the foreign ownership quota... Which presumably it is, if the previous owner was a foreigner

I thought the time forced to sell is if it is a house or land... As a foreigner is not allowed to own land...

So Thai gov gives them 1 year to sell if they inherit

Your missing the point, the condo law is not designed to help foreigners own something here in Thailand but is designed to bring in foreign currency on a regular basis and to provide tax revenue via the transfer taxes which are payable even if inherited

Just wait till they pass the proposed inheritance and gift law, then there will be even more taxes to pay, both for the Thais and Foreigners

[KittenKong]

Or another idea... Don't worry about selling it..

Contact a management company and just rent it out... And collect the rent

I recall reading you can't legally do that either. Must sell within one year is my understanding.

For a condo?

Foreigners can maintain ownership of a condo, as long as within the foreign ownership quota... Which presumably it is, if the previous owner was a foreigner

I thought the time forced to sell is if it is a house or land... As a foreigner is not allowed to own land...

So Thai gov gives them 1 year to sell if they inherit

In Thailand an inheritance is treated as a sale.

[Robbieseal]

Wouldn't it be better if your Uncle sold you the condo for a nominal fee (1 baht?). Then when he dies there is no question of you inheriting it, it is yours already.

I have been trying to find out if there is any minimum price that I can sell my condo for.

I realise that the Land department Tax is fixed and easy to find out.

http://www.acuterealty.com/calculator.asp

The Land Dept. might see this as a workaround in the case of a foreigner not wishing to bring in

a larger amount from home country.

I am not thinking of 1 baht, but say Baht 200,000 for a calculated value of Baht 750,000

Does anyone ave info about this issue please.?

[Robbieseal]

An insight into inheritance here, much mor details within the site

http://www.the-social-lawyers-company.com/inheritance-law.html

[KittenKong]

Wouldn't it be better if your Uncle sold you the condo for a nominal fee (1 baht?). Then when he dies there is no question of you inheriting it, it is yours already.

I have been trying to find out if there is any minimum price that I can sell my condo for.

I realise that the Land department Tax is fixed and easy to find out.

http://www.acuterealty.com/calculator.asp

The Land Dept. might see this as a workaround in the case of a foreigner not wishing to bring in

a larger amount from home country.

I am not thinking of 1 baht, but say Baht 200,000 for a calculated value of Baht 750,000

Does anyone ave info about this issue please.?

As I mentioned earlier, the Land Office always takes the higher of the appraised value and the declared value.

This applies both to the taxes/fees and to the FET form.

So you can sell your condo for 200kB but you will pay taxes on 750kB, and the buyer will need an FET form for 750kB.

[Robbieseal]

Wouldn't it be better if your Uncle sold you the condo for a nominal fee (1 baht?). Then when he dies there is no question of you inheriting it, it is yours already.

I have been trying to find out if there is any minimum price that I can sell my condo for.

I realise that the Land department Tax is fixed and easy to find out.

http://www.acuterealty.com/calculator.asp

The Land Dept. might see this as a workaround in the case of a foreigner not wishing to bring in

a larger amount from home country.

I am not thinking of 1 baht, but say Baht 200,000 for a calculated value of Baht 750,000

Does anyone ave info about this issue please.?

As I mentioned earlier, the Land Office always takes the higher of the appraised value and the declared value.

This applies both to the taxes/fees and to the FET form.

So you can sell your condo for 200kB but you will pay taxes on 750kB, and the buyer will need an FET form for 750kB.

EXACTLY what I needed to know..Thanks so Much.

[casualbiker]

If he is serious about leaving you the apartment why not just get it transferred into your name now.. He just lives there until he doesn't want to anymore.. Sorted!

[Langsuan Man]

If he is serious about leaving you the apartment why not just get it transferred into your name now.. He just lives there until he doesn't want to anymore.. Sorted!

He can't transfer it , the only way a Chanote is going to be issued in the foreign quota is if a Foreign Exchange Certificate is issued in the name of the new "owner"

The old expression that you can't even give it away is embodied in the Condominium Act