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?
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.Originally Posted by whitemouse
Second: with property in Thailand everything will be complicated unless "receiver" is still Thai citizen (ownership limitation for farangs).
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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?
Opinions are like assholes, everyone has one, and they all stink.
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.
bobsaigon2 (July 26th, 2017), Dax (July 27th, 2017), goji (July 27th, 2017)
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.
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
christianpfc (July 28th, 2017)
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?
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