Is there a tax when you inherit a condominium?-
There is no inheritance tax in Thailand. When you sell the condo you have to pay income tax. The problem for foreign heirs is section 19 of the condominium act:
Section 19/5
The foreigner or juristic person as provided in section 19 shall dispose of apartment in the following cases:
When a foreigner or juristic person stipulated in section 19 have acquired apartments by legacy in the capacity of statutory heir or inheritor under will or by other means as the case may be, and when include the apartment already held by such aliens or juristic persons stipulated in section 19 exceeding the ratio prescribed in section 19 bis
Section 19/7
A foreigner or juristic person regarded by law as foreigner other than those specified in section 19 who acquires an apartment by inheritance as statutory heir or legatee or otherwise, as such case may be, shall notify in writing the Competent Official within a period of sixty days from the date of acquisition of ownership of apartment, and shall dispose of such apartment within a period of not exceeding one year from the date of acquisition of ownership of apartment. If disposition is not made within said period, the provisions of the fourth paragraph of Section 19 quinque shall apply mutatis mutandis.
Referenceshttp://www.thailandlawonline.com/archive/no-new-inheritance-tax.html
http://www.thailandlawonline.com/article-blog/condo-laws-inheritance-of-a-condominium-for-foreigners.html
http://www.thailandlawonline.com/Laws/condo-laws-condominium-act-section-19.html
http://www.thailandlawonline.com/view/12-how-to-calculate-the-transfer-withholding-tax.html
http://www.thailandlawonline.com/Laws/thailand-income-tax-law-revenue-code.html
Answered by Guest
10 months ago0 0 -
There is a problem with registration of ownership to a foreign heir. They must qualify. Besides income tax the transfer of a condominium apartment is subject to transfer fee at the rate of 2% on the government assessed value. There will be stamp duty at 0.5% when the condo is transferred, except in cases where the seller is subject to a specific business tax. There is a specific business tax on the transfer of a condominium at the rate of 3%, plus a municipal tax of 10%, assessed on the amount of the specific business tax (total tax to 3.3%) except: • The seller has possessed the condo more than five years before the transfer. • The seller transfers the condo to the legal heir or an heir by a will. • The seller transfers the condo to a legitimate child, but not including an adopted child. • The seller transfers the condo without consideration to government agencies. • The seller transfers the condo without consideration to temples, churches or mosques. • The transferred condo has been used as the principal place of residence, and the seller’s name appeared in the house register for not less than one year from the date of acquiring such condo. • The condo transferred was acquired through inheritance.
Answered by Nadia
9 months ago0 0
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