Does anyone know about European death duties? If a Thai who is often resident in Europe inherits (say) his father's estate - much of which is in Thailand - is he liable for death taxes in Europe on the Thai property?
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Does anyone know about European death duties? If a Thai who is often resident in Europe inherits (say) his father's estate - much of which is in Thailand - is he liable for death taxes in Europe on the Thai property?
European Union does not regulate taxes in member nations, every country has its own tax laws, and they vary hugely.
I can tell you about Estonia, EU member since 2003. No such tax in Estonia.
Lets say I own 3 condos, and 1 Mil in bank, my account,. I leave it all to my partner, or any person, relative or not, and it all goes to person who is in my last will. No tax, all property is transferred to his/her name, bank account etc, NO TAX. That person inherits everything that I left him in the will, and there is zero tax. None of it is taxable. The only tax he will ever pay, is when he sells property down the line, he'd have to pay 22% of the income he receives from each property. So no, no death tax, in the way USA has it.
But if I have condo in Pattaya, and I leave it to somebody in my will, I'm sure Estonian tax laws are irrelevant, Thai law takes over. He will not pay any tax in Estonia after inheriting Thai property, cos this has nothing to do with Estonia, or it's tax laws.
But I'm positive every EU nation has different rules. Swedish tax laws are day and night compared to Eastern Europe.
First: it depends on agreements btw countries: country where person is resident (for taxation) and country where property is. If countries have agreement to avoid double taxation then person will pay taxes under law of country of residence.Quote:
Originally Posted by whitemouse
Second: with property in Thailand everything will be complicated unless "receiver" is still Thai citizen (ownership limitation for farangs).
What is this death tax your are on about?
There is something called the estate tax in the USA. Is that what you are on about?
In the US when a person dies and passes property to heirs the basis or value of the property is the fair market value at the time of death. As a way of avoiding paying taxes rich folks could transfer all their wealth to aunt Theadora on her deathbed and then have aunt Theadora will them the property back..At here death the new basis of the property is the fair market value, the property reverts back to the original wealthy owner, and taxes are avoided. The estate tax in the US starts after the first 5-6 million. No taxes are paid on the first 5-6 million in assets. Oh the horrors.. a person with over 6 million USD in assets might be forced to pay taxes on the assets over 5=6 million.
The ESTATE TAX (what is this death tax crap) is in place to remind wealthy people that they also need to pay taxes.
Anyone know what estate and inheritance laws are in Thailand?
I'm guessing there must be some Pattaya by-law which says that if you suddenly fall off a balcony to your death then your Thai Wife, BF/GF, Boy/Girl Special, Regular Shag, or One Night Stand, gets everything he/she has not already cleaned you out of.
frequent stop being a naughty boy...u know that there are certain things that should not be discussed in Thailand...
I don't think it's a good idea to make a will anywhere and tell your darling what you've done. If you do such a thing you're more valuable dead than alive.
Let it be a post-mortem surprise for him while you enter heaven above.
Yup, making a will in Thailand and letting beneficiariy aware is sure way to learning to fly from 5th floor and higher.Quote:
Originally Posted by FarangRuMak
But it's worse, foreigners in Thailand buy houses on the name of basically strangers, and when thrown out they act all surprised. Foreigners put their condos on Thai partner's name, sure way to flying lessons
I've never spoken to anyone who flew from >7th floor.
It appears that the 7th floor is the minimum to be safely sure.
Surely just over-dosing them on viagra would work better?
Omega, it isn't 'them', it is us. As in I and my fellow foreigners here. We can easily fall pray, if not observing basic precautions.
Not you, of course, you are above all this. You won't be making family here, you are here for culture. Disregard this thread. Open a thread about culture and temples and how paying for sex is dirty.
What was it how you referred to us? Oh, here it is:
Quote:
Originally Posted by Omega
My Thai boyfriend tells me that he’s told his relatives that if he dies I’m to have his house. As far as I know he’s not made any formal kind of Will and as he also doesn’t seem to have any documents that prove he actually owns the house, which was left to him by his father, it seems unlikely to happen. He’s also exactly twenty years younger than me so, hopefully, it won’t happen anyway. I’ve no idea what sort of tax complications inheriting a house in Thailand would involve but it does seem a remote possibility. The property is hardly a piece of prime real estate anyway as it’s in a very poor part of Ratchaburi Provence and is usually unoccupied as my boyfriend lives in Bangkok.
He’s never asked me if I’ve made a similar arrangement for him to inherit my house but I expect he knows the answer which is “No”.
I always thought the people falling off balconies would be those who are dumb enough to write a will which means the other party has a huge financial gain from a death.Quote:
Originally Posted by scottish-guy
If there is true love, no problem.
If the whole relationship is based on money grabbing, the moment you have a character with no morals & the relationship becomes strained, the death of the farang is the most profitable way to end the relationship.
I don't know where to find the stats, but jumping off a balcony must be one of the less common suicide methods for farang outside of Thailand. As it is so common for Farang in Thailand, one would think assistance is frequently involved.
As for inheritance taxes, I doubt Thailand would share such details with European countries as efficiently as 2 developed European countries might. Even there, I know cases where someone who has lived in one EU country for decades, without his country of residence knowing anything about the properties owned in another.
Also, in the UK, there is an inheritance tax threshold. Assuming it's applicable, your average Thai house will be nowhere near the level to trigger taxes.
frequent...apart from death taxes and other questions??...perhaps pertaining to fashion..as in whats suitable to wear while visiting a shopping mall with your GF??
I think straight males get screwed out of property at a higher rate than gay.
Of course straights are X 10 more prolific but I think they'r duped at a higher pro-rata level also.
I have no real proof of this - only a lot of anecdotal evidence.
I think pussy foolish is stronger than the cock equivalent or something like that.
On par with all your other posts thenQuote:
Originally Posted by FarangRuMak
Spot on, latin. Are temporary tattoos OK, for example?Quote:
Originally Posted by latintopxxx
- If a farang inherits a Thai property then he must sell it within 12 months. Since everyone will know you are under time pressure, you won't get market value. Best idea might be to sell it to his/her family then lease it back for 30 years.
- Thailand just introduced an estate tax but the exclusions are pretty generous. One hundred million baht for spouse/family, fifty million baht for non-relatives.
On a par with.Quote:
Originally Posted by frequent
But look on the bright side; they'd only have to take one lesson.Quote:
Originally Posted by whitemouse
I don't believe that the Thai partners are throwing the farangs off the balcony. The heat, too much time, too much alcohol, depletion of funds, boyfriend/girlfriend and assorted family members/hangers on turning into the housemates from hell and general dream turning into a grinding reality of nothingness are the guilty partners in crime.
I've read some of your posts but you've all of mine.Quote:
Originally Posted by frequent
That's flattering.
Thanks some much☺
Some sanity at last.Quote:
Originally Posted by arsenal
Ahh whitemouse, I'm afraid you're revealing your perceptions about what I've said, and they don't reflect well on you.Quote:
Originally Posted by whitemouse
My thread was looking for tips and recommendations about My visit to Thailand. Instead what I got was an intense and intrusive discussion about sexual activities. Finally you all got insulted when I said I wasn't interested in paying for sex, and would rather go with out.
Now I understand that many people find it hard to understand... but how I live my life is not my recommendation for how others should live theirs.
Since I never said anyone was dirty for paying for sex, I can only assume you've inserted your own moral judgement?
Well I'm not a mind reader but I don't think Whitemouse is judging you - I think it's more that he simply doesn't believe you
:D
No indeed, he's judging himself and others here.
We all make mistakes.Quote:
Originally Posted by sglad
My reply should have been "I've read some of your posts but you've read all of mine" for example.
And that's flattering coming (I presume) from an "ideas" man as per Aristotle.
I don't know of a "death duty" in Germany. There is just an inheritance tax.Quote:
Originally Posted by frequent
If a Thai man with a Thai passport, while being in Germany, intherits his Thai father's property in Thailand, German tax authorities wouldn't even know about his inheritage.
personally I am not one to follow social media fake news and rumors but perhaps frequent or latintopxxx can point to a specific example they are aware of where the German tax authorities where not only aware of the inheritance but supposedly doing back of the envelope calculations of the inheritance tax involved?Quote:
Originally Posted by christianpfc
bkkguy
I'm quite sure that everyone including the german authorities would have been aware that this particular Thai citizen has considerable assets in Thailand.
Now I see where this is leading. Weeks ago when I first read about "...pay more than $3.5 billion to the state of Bavaria..." I thought it was a joke.
After only three pages of posts. Is this a Forum record?Quote:
Originally Posted by christianpfc
Frequent: What is the purpose of this thread?
perhaps the answer lies in the 8th reply after this?Quote:
Originally Posted by bobsaigon2
bkkguy