Inheritance Tax and property has always been a sticky issue in the West when winding up an estate. One of the advantages about Thailand and property is the lack of inheritance taxes.
With the changes in government, the Thai government had placed the issue of taxes on the back burner hoping to use the time to push to further develop the property market. Now that this has come to pass, the issue has again been raised and it would appear that Thailand might be getting imposing inheritance taxes. The issue has been brought forward by the Thai Prime Minister and they have said that they will place the proposed taxes before parliament for review and discussion. However, this has not taken place yet and might be delayed in implementation. Hopefully the issue might be placed on the back burner again.
Death and taxes have always been a touchy issue and this will be seen in Thailand. Many expats who wish to draft a last will in Thailand would be served best by speaking to a solicitor when it comes to property inheritance as the tax changes will affect the value of the estate. Speak to any of our property solicitors in Thailand with regards to your estate duty and drafting a last will and testament in Thailand. Consult any of our solicitors today!