From Dream Home to Legacy: How Foreigners Can Inherit Thai Property
In the enchanting land of Thailand, where turquoise waters meet golden shores and vibrant culture captivates the soul, foreigners have discovered a profound opportunity – the chance to inherit Thai property. While navigating the intricacies of property inheritance can be a daunting task, this guide aims to illuminate the path, empowering you with the knowledge and understanding necessary to transform your dream home into an enduring heritage. Join us as we delve into the captivating realm of Thai property inheritance, unraveling its mysteries and unveiling the remarkable possibilities that await those who dare to embrace this unique opportunity.
Can a foreigner inherit land under Thai Inheritance Law?
Foreigners are prohibited from owning or inheriting land in Thailand. Foreigners who are married to a Thai spouse can acquire land as a statutory heir according to section 93 of the Land Code Act but will not be able to register for ownership. The foreigner will be able to inherit land owned by the Thai spouse upon the death of the Thai spouse but the foreigner will not be allowed to register for ownership of the land owned by the deceased spouse and the foreigner would have to sell off the land within one year of the land acquisition.
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Can a foreigner inherit a freehold condo?
A foreigner who inherits a condo either as a legal heir under the last will and testament or as a statutory heir can inherit the property ownership, provided the condo is within the 51/49 foreign ownership quota and if the foreigner meets the qualifications. Otherwise, the foreigner must sell off the unit within one year of the acquisition date or the Director-General shall reserve the right to sell off the condo unit if the foreigner fails to sell off the unit within the given time limit.
Eligible Foreigners under Section 19 (1) of the Condo Act
- Aliens who are allowed to live in the Kingdom of Thailand under the Immigration Law (qualified for ownership within foreign condo ownership quota).
- Aliens who are allowed to enter the Kingdom of Thailand under the Investment Promotion Law (qualified for ownership within foreign condo ownership quota).
- Juristic persons as provided in Sections 97 and 98 of the Land Code and registered Juristic Person under Thai Law (qualified for ownership within foreign condo ownership quota).
- Juristic Persons who are aliens under the Section 4 of the Foreign Business Act and have obtained promotion certificate under the Investment Promotion Law (qualified for ownership within foreign condo ownership quota).
- Aliens and Juristic Persons, considered Aliens by law, who have brought foreign currency into the Kingdom of Thailand or withdrawn money from the Thai Baht account of the persons who reside out of the Kingdom or withdrawn money money from foreign currency account (qualified for ownership within foreign condo ownership quota).
Can a foreigner inherit a leasehold property?
Foreigners can inherit a leasehold property in Thailand. However, a significant drawback of lease in Thailand is that the contract and possession right terminates upon the lessee's death and isn't instantly transferrable following inheritance. The lease agreement must include a succession clause, but this does not offer complete legal guarantee for the lessee's heirs.
What if a foreigner lacks a last will & testament? What happens to their assets?
In Thailand, when a person dies while lacking a last will and testament, the distribution of the interstate's assets is according to the law. As stated in The Civil and Commercial Code Section 1629, the following are the six classes of statutory heirs in Thailand entitled to inherit:
- Decendants
- Parents
- Siblings of full blood
- Siblings of half blood
- Grandparents
- Uncles & Aunts
Conclusion
As we reach the end of this enlightening journey, one thing becomes abundantly clear: the dream of inheriting Thai property as a foreigner can indeed become a resplendent reality. By understanding the nuances of Thai property laws, navigating the inheritance process with diligence, and embracing the challenges along the way, you can transform your dream home into an everlasting legacy. Thailand's allure, with its captivating landscapes, rich culture, and promising real estate market, presents an extraordinary opportunity for foreigners seeking to leave their mark. So, seize the moment, embark on this remarkable adventure, and let your inheritance story unfold—a tale of vision, resilience, and the enduring magic of Thai property that will echo through the generations to come. Your dream home awaits, ready to be transformed into an eternal legacy that embodies your aspirations, accomplishments, and the essence of your extraordinary journey.
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