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Spousal Gifting And Taxes In Thailand?
Transcript of the above video:
As the title of this video suggests, we are discussing, well we're talking about gifting to spouses and the implications for tax.
Okay, I have had a lot of emails, a lot of folks have asked me about gifting and the lack of tax associated therewith. Understand, there are sort of two; again I'm not a Thai Attorney, I am an American Attorney. I am a Tax Attorney in the United States. This is something of an informational video to provide some Comparative Legal Analysis regarding how things work in Thailand and taking it from the perspective of somebody like me to provide maybe some insight and nuance to folks out there.
But long story short, what are we talking about here? Well spousal gifting in Thailand is slightly different than just gifting. There's a different threshold; there's a higher amount that can be gifted from a person to their spouse, their children or their parents - so sort of close interpersonal family ‘gifting’ if you want to call it that, nuclear family gifting if you kind of want to look at it like that. That has a different threshold than just standard gifting. And again, if you are under the threshold of the gift, there may be no tax liability associated with it whatsoever. This is one of the reasons why people have contacted us asking about spousal gifting and whether or not that's a viable option in certain scenarios where they are trying to mitigate any type of tax liability basically.
Long story short, again this is going to vary depending on your circumstances whether or not this is going to be something to do. It's not something you want to just read about on the internet and then just go out and do it and sort of think that that's sort of the way to do things because at the end of the day, if it is not done formally correctly and it doesn't basically cross all the T's and dot all the I's, you could really find yourself in some real trouble especially with respect to assessability and liability associated with taxes here in the Kingdom of Thailand.