Company Shares

[fat boy slim]

My friend is considering buying a new house which is in a Thai company name. I don't want to get into the argument whether this is right or wrong, but he asked the question, could he leave the shares that would be in his name to his son in a will.

How would that effect the directorship that was in his name or is this just so complicated a situation that he would be better getting the 30 yr lease option and leaving the lease in the will. Any help would be Greatfull

[Alf Witt]

My friend is considering buying a new house which is in a Thai company name. I don't want to get into the argument whether this is right or wrong, but he asked the question, could he leave the shares that would be in his name to his son in a will.

How would that effect the directorship that was in his name or is this just so complicated a situation that he would be better getting the 30 yr lease option and leaving the lease in the will. Any help would be Greatfull

A good question. I don't know the answer, but I suspect it would help those who do to know whether your friends son is an adult or a child and whether he is Thai or farang. Also I am fairly sure it would have to be a Thai will drafted in the Thai language.

[fat boy slim]

he is 62 years old and I believe he has a 25 year old Falang son in the U.K. Obviously I assume it would have to be a Thai will. Would it have to be registered at the British Embassy aswell. Maybe if some one could tell me of a lawyer who spcialises in this field.

Anything would be a help

Regards

Fat Boy Slim

[astral]

In the Uk shares can most certianly be passed in a will.

It is as well to specify that the shares should be passed as such, or the executor may decide to liquidate the shares and pass the value.

[smilingjim]

he is 62 years old and I believe he has a 25 year old Falang son in the U.K. Obviously I assume it would have to be a Thai will. Would it have to be registered at the British Embassy aswell. Maybe if some one could tell me of a lawyer who spcialises in this field.

Anything would be a help

Regards

Fat Boy Slim

Personally speaking I simply wouldn't do it, especially with everything that is going on at the moment about property ownership through shell Companies. Much better to go the lease route.

However, if that's what he wants to do he would have to have a Thai will for any assets in Thailand. Any good Thai lawyer should be able to do this. I know a good one in Pattaya if that is of any use (mind you he'd probably tell him not to do it)!

He would need to have the will done in Thai (it has to be registered at the lcoal district office which is amphur in Thai from memory).Have an English translation copied to his executor.

[BKK90210]

I’m not a lawyer or anything. But common sense tells me.....

Let’s just say he can pass on those shares to his son upon his death, based on the will. Then his son has to be worried about “inheritance tax” at the time of the transfer. Dealing with this tax w/ govt in our own country is bad enough, but his son has to be dealing with the headache from thai government as well too.

That is Not including the other issues such as….Upon his father death, who is going to be the new director of the company….or Is this new MD planning to liquidate the company asset? And what will happen to the distribution proceed? Will he get his fair share of 49% or will they(other shareholders – presume thais) just take money and disappear?

Edited October 27, 2006 by BKK90210