Sunbelt Asia Weekly Column
12 January 2018
A Thai will
Question 1:
I’m a retired American with assets in 2 Thai banks. I have a U.S. will but have not executed a Thai will. I have heard anecdotal stories of the heirs of expats getting access to assets from Thailand in cases where The account holder has passed away. I have sufficient assets in the U.S. that my estate would require probate. My question is whether there is any way to organize the transfer of assets in Thailand to a beneficiary designated on the account, such as “payable upon death to”, or designate a power of attorney over the account. I assume it is always prudent to have a Thai will?
Sunbelt Asia Legal Advisors responds:
Under Thai law if you die without a Thai will then inheritance is according to Thai law :So, if you have no children and no spouse it would go to your parents, etc.
Level 1 your children and his spouse
Level 2 your parents
Level 3 your brothers and sisters of full blood
Level 4 your brothers and sisters of half blood
Level 5 your Grandfathers and grandmothers
Level 6 your uncles and aunts
Your parent will also be upgraded to Level 1 beneficiaries.
In addition to the spouses entitlement for the marital assets, she will also be considered as the Level 1 beneficiary.
If you have assets in Thailand then you need to have a Thai will to ensure that your Thai assets are distributed according to your wishes. You cannot instruct the bank on how to distribute them after your death, that is what the will is for. Sunbelt Asia Legal Advisors has extensive experience in assisting foreign residents draft and register wills so that their assets will be distributed according to their wishes. Please be aware that a Thai will does not cover assets outside the country, you need a separate will drafted in that country to cover those assets.
The Board of Investment (BOI) is pushing for further foreign investment, especially in the Eastern Economic Corridor, after exceeding its 600 billion baht target by 22 percent in 2017. The BOI has set its target for investment support in 2018 to 720 billion baht. There was a total of 1,456 projects applying for investment support in 2017, totaling over 641 billion baht. Japan led the field with the highest value of investment at 130 billion baht followed by Singapore at 40 billion baht, and China at 27 billion baht. The BOI will be pushing for more investment in the EEC by attracting foreign investors from countries such as Japan, Hong Kong, China, South Korea, and Europe and hopes to see investment proposals rise 12% from 2017 as the government continues infrastructure investment in special economic zones.
The Deputy Prime Minister believes the Thai economy could see early 5 percent growth in the final quarter of 2017 and predicts the GDP will by 3.6 percent to 4.6 percent in 2018. The National Economic and Social Development Board (NESDB) reported in November that the third quarter of 2017 saw the highest growth since the first quarter of 2013, after expanding by 3.3 percent in the first quarter and 3.8 percent in the second quarter. The recovering manufacturing sector, export growth, strong tourism numbers, and continued expansion of private sector consumption were the drivers behind the growth. Global economic recovery will contribute to Thailand’s economic growth along with the acceleration of public investment, supported by key investment projects, growth in private investment; and the continued expansion of key production centers.
Chinese travelers to Thailand are expected to hit 400,000 over the Chinese New Year holidays according to the Association of Thai Travel Agents (ATTA) and are expected to generate 20 billion baht in revenues. Thailand remains a top destination for Chinese New Year, which starts February 16, and many Chinese are avoiding South Korea due to tensions with North Korea and the United States. Last year a total of 9.8 million Chinese tourists visited Thailand, that number is expected to exceed 10.8 million in 2018. In 2017 Chinese tourists generated 480 billion baht in revenues, up 9 percent in value from the previous year this year that number is expected to rise to 528 billion baht, a 10 percent year on year rise. China accounts for the largest numbers of tourists to Thailand.
Special offer on serviced officesWe are offering two types of serviced offices available at a special promotional deal
Office with space for three staff at 11,000 baht a month
A “Thank you” gift for our clients new and old!
Be sure and contact our English speaking
legal advisors
for all your legal needs
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Please feel free to contact us if you are in Thailand on (+66) 02-662-7004 to discuss any of these listings.
Guesthouse & bar on popular Samui beach
Located on the popular tourist destination of Bo Phut on Samui Island, this guesthouse and bar has been in business since 2013 and built up word of mouth for their friendly service. In addition to the guesthouse and bar the business also offers motorbike rentals bringing in a steady income.
The business brings in about 120,000 baht a month, with 75,000 baht coming from the bar, 30,000 baht from the rooms, and 15,000 baht from the bike rentals. Rent on the 420sqm building is only 15,000 baht on a 3 year renewable lease and there are three rooms for rent. Total costs average around 27,000 baht a month.
Included in the sale are all furniture, fixtures, and fittings, including televisions, and four motorbikes to rent out as well.
This is a great small business for a couple wanting to walk in to an already established business. The owner is selling as he is looking to take time off from working.
ASKING PRICE 1.6 million baht
(BKK15811)
Fitness center in heart of top Phuket tourist area
Set in the heart of the top tourist area of Phuket this fitness center has been open for a year and attracts both wealthy tourists staying at the many villas and hotels but also a core of local customers. The local Thai community has provided a strong market for the center as well.
The business includes a limited company that can provide work permits for two people, the business license, and includes all assets including the website and customer list as well as all fitness equipment and the fully fitted out gym. The company uses an accounting firm and a legal consult to manage all finances and legal matters for the company.
The business has been established for one year and has one full time and one part-time employee with a total monthly payroll of 30,000 baht. The lease on the building is 18,000 baht a month and expires in 2025. The owner invested 2.8 million in the business.
The owner is forced to sell as health issues keep him from managing the business full-time. A new owner can step right in and really grow this business even further with marketing and promotion.
ASKING PRICE: 2.5 million baht
(BKK15801)
Fully renovated Pattaya hotel with new asking price
UPDATE! New asking price!
This long-running hotel and restaurant was fully renovated just this past year for a new, modern look. Located on Pattaya 2nd road, the hotel now has a up to date, modern kitchen, bar, and restaurant with classic decor. There is an outdoor dining space as well and the entire restaurant seats 50 people.
The hotel has 14 rooms over 4 floors, in a three unit shophouse. Rent on this large space is only 100,000 baht per month. The hotel has income from a tour company of 15,000 baht a month, reducing the total overall rent to 85,000 baht a month. The lease is set for 4 years plus 3. There are 6 staff with a total monthly payroll of 70,000 baht a month. Located right on the main road and with good lease terms, this is a deal.
The owner is moving to Bangkok and so must sell the business. The sale includes all new equipment and the fully renovated restaurant and bar as well as a Thai company with work permit.
ASKING PRICE 5 million baht
(BKK15804)
Long running pub in heart of Chiang Mai’s Night Bazaar
You won’t just be purchasing this long-running well-known pub, located in the heart of the busy tourist district of the Chiang Mai Night Bazaar, but also property that has grown and will continue to grow in value in this booming city.
The bar and restaurant has earned a reputation for good food and good drinks both with tourists and locals and is well-rated on Trip Advisor for its authentic atmosphere and great location.
Included in the purchase are two units of property covering 4 floors with a total of 400 sqm of area. The restaurant seats 90 people and is fully fitted out. There are 15 staff with a total monthly payroll of 200,000 baht.
The value of the property alone is already 45 million baht. The owner is retiring from the business and so wishes to sell this popular bar.
ASKING PRICE 49 million baht
(BKK15793)
Snacks shop in busy Rama 9 neighborhood
This charmingly decorated small shop is in a busy area filled with offices in the booming Rama 9 neighborhood. With a great location and near a Starbucks, this shop offers ready made snacks to go, spicy salad, salad rolls and more. There are also 8 seats for some eat in customers. The business has only just started and already sells 4,000 – 5,000 baht a day. A small franchise, this business is turn-key ready for someone looking to walk into a business that can easily grow.
Rental on the 10sqm shop is only 13,500 baht a month, great for this popular location. There are two staff with monthly wages of 24,000 baht.
ASKING PRICE: 880,000 baht
(BKK15806)
Beautiful spa for rent in top Bangkok hotel
This beautiful spa is located in a popular and well regarded high end Sukhumvit hotel in a busy area with several other hotels as well as condo buildings. The large space is 135 sqm and has two rooms with two beds and two rooms with one bed each. All rooms have a shower for the customer. This spa is serene and beautifully decorated to ensure a quality experience for the guest. All equipment is included in the rental agreement. Five months deposit is required.
RENTAL PRICE: 100,000 baht a month
(BKK15773)
