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orientalist

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About orientalist

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  1. Unfortunately, most of my assets are in Thailand as I worked here for decades. I did start moving funds back to the UK a few years ago (when interest was 6%) but then the sub-prime financial crisis wiped about 40% off their value, so I learned a hard lesson. Brexit accounted for another 10%. At the time I made the will, I had beneficiaries in the UK and in Thailand. My lawyer did not mention any problems paying out to overseas beneficiaries, but I have wondered about that, if only from the practical side of getting ANY money out of Thailand. Do you know of any cases where a foreign beneficiary couldn't get an inheritance out? Actually, I can well believe this might be the case and have recently been exploring other ways to handle things.
  2. Sure, but I said "If you are single and your next of kin are unlikely to come to Thailand...". That's when things get complicated. I had no choice but to name a blood relative as executor as well as being a beneficiary. No problem for me, as she is not likely hasten my demise to get at the money! But, say she comes to Thailand for the funeral and starts the legal process, it then takes at least a month before the court will issue the necessary papers (this is to allow time for anyone contesting the will to come forward). So a second visit would be necessary and paralegals would have to be hired, making it a costly hassle. This is why it's complicated for single expats. Part of the cost in having a will written up by a lawyer is having it Thai and English (I then had the translation checked by a Thai friend). I wouldn't recommend doing it at the amphur office, but it's a cheap alternative.
  3. Apart from preparing for death, you have to consider the possibility of a long period of ill-health before death. It could be dementia, diabetes, being confined to a wheelchair, etc, but many of us will have some kind of illness. Partly because of that I make sure I live a healthy lifestyle and have remained in the Prakan Sangkom scheme. If you are legally married and die intestate - like most folks - there is a default method of calculating how your assets are divided. If you are single and your next of kin are unlikely to come to Thailand, it's more complicated. When you die, your immovable assets go to the state and the banks get your money. In that case, it makes sense to make a will and specify who gets your stuff. That raises another problem: you don't really want the executor to be a beneficiary but designating a lawyer as executor will see all your money disappear in expenses. I believe you can simply file your will at the local amphur (in Thai language) and they'll handle things.
  4. For sure, you'll be cremated if you haven't specified otherwise in a will. You can specify burial in your will, but I imagine you'd have to organise this in advance with a specific church or organisation. There are plenty of Chinese cemeteries in Thailand, but I've never seen a Christian one.
  5. Making a will to cover UK assets

    Sure. He wasn't implying that a UK will was valid everywhere. In my case I only had significant assets in Thailand and the UK, so it worked for me, while providing some sort of backup in case I placed assets in a third country and died before having time to write an additional will. Sent on the move with my mobile phone. Please excuse the brevity.
  6. Making a will to cover UK assets

    The way my lawyer recommended was to make the first will for "all countries except Thailand" and the second for Thailand.
  7. CRS form from HSBC

    Looking at the UK summary of the double taxation treaty, it seems crystal clear that "there is no relief for state pension" (as opposed to government pensions). https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/538047/Digest_of_Double_Taxation_Treaties.pdf
  8. CRS form from HSBC

    The mystery is that many retirees here declare their overseas pensions to Immigration as a prerequisite for getting the visa. That information is available but the Revenue Dept have never acted on it. Perhaps they feel that with all the double taxation treaties in place it would be too much hassle. My main worry is that the rule about overseas income is actually an unwritten guideline to easily determine what is "savings" and what is "income." At some point in the future the Revenue Dept may decide that pensions not remitted in the year they are received are in fact "income."
  9. CRS form from HSBC

    I think the situation is that foreigners with a Thai ID can or should use it as tax ID. But I've had a Thai ID for over a decade and they have never changed my tax ID. I assume this is because they don't know I have a Thai ID unless I tell them.
  10. Transferwise

    Just go to the Pricing page and plug in the currencies and amounts you want. It will show you the fee calculation.
  11. CRS form from NatWest

    I just took another look at the latest form and it is different from the first one. The latest form does have 13-digits for a Thai tax ID but instead of asking about tax residency in the current year, it appears to want tax residency for every period.
  12. CRS form from HSBC

    Yes. According to various accounting firms and old topics on Thaivisa (though not mentioned in the English version of the Thai tax code) , it only applies to overseas revenue earned and remitted in the same tax year. For safety, I store my pension and transfer to Thailand the following year. Sent on the move with my mobile phone. Please excuse the brevity.
  13. Making a will to cover UK assets

    My UK lawyer told me not to reference the other will. His reason was that I might never get around to writing it, or it might get lost, etc.
  14. Making a will to cover UK assets

    You can make one will in Thailand to cover Thai assets and one in the UK to cover assets everywhere except Thailand. Make sure the second will doesn't contain the standard clause about invalidating all previous wills.
  15. CRS form from NatWest

    A couple of questions here. 1. The NatWest form contains only 12 spaces for a tax ID. The newer Thai tax IDs are 13 digits, the old ones are 10 digits plus 3 hyphens. So I entered my old one with no hyphens. Two months later I got a letter saying the format was wrong. Anyone else had this problem and found a solution? Santander didn't complain about it. The Natwest phone number for help on this is busy all day or just rings. 2. The requirements on the form are confusing: "Please provide details for each country where, for the purposes of taxation, the account holder is a tax resident or is a citizen. Please note: Tax residence relates to where you live, and the citizenship relates to where you were born or the country of your passport. You can be tax resident in one country and a citizen of another." It's the "citizen for the purposes of taxation" I don't get. If I have another citizenship and was tax resident in that country 50 years ago but hold no accounts there, do they want that information?
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