Weekly Column

Sunbelt Asia Weekly Column 2 March 2018

Sunbelt Asia Weekly Column

2 March 2018

A will for assets in Thailand

Question 1:

Me and my Thai wife have been married for almost 20 years, and live outside Thailand. We have two children. Recently my wife has created a couple of bank accounts in Thailand, to which she has transferred a significant amount of money.

She has by herself drafted a last will, in which she states that the money she has on these accounts shall be divided between me and the children (50% – 25% – 25%) when she dies. She added me as the executor of the will.

In the event that my wife dies before me, can we legally get the money as wrtten in my wife’s will? What is the procedure to get the money, should this event occur?

Sunbelt Asia Legal Advisors responds:

A foreigner can be the executor of a Thai will, however, it is important that the will is registered in the Thai legal system, this would before the writer of the will passes away. Once the will is registered and then ratified after the owner passes the executor can have access to bank accounts with the certified will, marriage certificate and death certificate. Sunbelt Asia Legal Advisors has extensive experience in setting up Thai wills and ensuring they are registered and legal and can assist your wife in this matter, please have her contact us for a free initial consultation.

The Thai government has instituted new regulations for property owners leasing five or more residential properties; landlords with five or more residential properties will now fall under the Consumer Protection Bureau’s definition of a contract controlled business and the new regulations will take effect May 1, 2018. The new regulations prevent landlords from charging more for basic utilities than they cost, they can ask for only month rent in advance and the cost of one month rent for the security deposit. Many properties currently ask for two months for the security and one month advance rent. Landlords are also not allowed to charge for normal wear and tear usage, and must return the deposit within seven days after inspection. They are not allowed to inspect the property without advance written notice. The lessee is now allowed to give 30 days advance written notice of termination of the contract and is no longer required to finish the contract entirely. Read more details on these new regulations that affect both landlords and lessees here on Sunbelt Asia.

A working group discussed ways to regulate and protect consumers using and trading in crypto-currencies. Crypto-currencies will not fall under SEC supervision but will fall under regulations governing securities issuance, which requires underlying assets or service and Know Your Customer (KYC) rules. These will be applied to the coming framework governing cryptocurrencies in an effort to protect investors. Trading in crypto-currencies will also have to fall under the KYC rules. The new regulatory framework should take shape this month and will also cover standards for information disclosure and transaction reporting as well as system security, transaction objectives and utilization of proceeds arising from initial coin offerings (ICOs).

AirAsia Thailand is launching a new direct flight from Hua Hin to Kuala Lumpur in Malaysia starting May 18. The new route will offer four direct flights a week and marks the airline’s seventh direct route from Thailand to Malaysia. The airline also flies direct from Malaysia to Bangkok, Phuket, Krabi, Hat Yai, Chiang Mai and Pattaya for a total of 165 flights a week. Bangkok Airways is also expanding direct international flights, with a new route from Chiang Mai to Hanoi starting March 25 and an expected fourth quarter launch of Phuket – Yangon. The airline is also increasing frequency on its Bangkok – Phuket route, as well as Bangkok – Vientiane, and Bangkok – Mandalay. Thai VietJet has launched a new Bangkok – Krabi route starting April 5, this will be the airline’s fourth domestic destination after Chiang Mai, Chiang Rai, and Krabi.

The Thai government began accepting applications for the new Smart Visa this month, more details on Sunbelt Asia here:

Special offer on serviced officesWe are offering two types of serviced offices available at a special promotional deal
Office with space for two staff at 9,500 baht a month

Office with space for three staff at 11,000 baht a month

Happy anniversary from all of us at Sunbelt Asia!!
A “Thank you” gift for our clients new and old!
Sunbelt Asia has been offering our excellent service to our clients for 15 years! As our 15th anniversary gift we would like to offer our professional services on retirement and marriage visa extensions at the very special reduced rate of 7,500 baht as a thank you to our clients new and old for their support over the years.

Sunbelt Asia Legal Advisors can handle all your legal and business needs; from visas to work permits, prenuptial agreements to divorces, condo purchases and wills.

Be sure and contact our English speaking
legal advisors
for all your legal needs

We at Sunbelt Asia see many of our clients regularly ask us legal questions regarding living and running a business in Thailand. To help out we have set up a FREE Expert Answers for Your Questions in Thailand Facebook page;
Sunbelt Asia Facebook Expert Advice Page

Please feel free to contact us if you are in Thailand on (+66) 02-662-7004 to discuss any of these listings.

Top American franchise in food court of busy mall

This top American franchise business is located in the food court of a popular and busy mall in Northwestern Bangkok. The business has been opened for a year now but the owner needs to sell as his other businesses take up too much of his time to manage this one. Located in a top spot int he food court of a busy mall this business is great for someone who wants to take up a well-known and popular franchise in a busy area.

Rent is 17 percent of gross profit and the space is 25.60 sqm There are four full time employees with a total monthly payroll of 25,000 baht a month. A new owner with more time to dedicate to this business could easily grow sales which topped 3 million in the first year. The sale price does not include the franchise fee or deposit with the supplier

ASKING PRICE: 2.5 million baht

Well-known American franchise in popular mall

Located in a busy mall in a popular Western suburb of Bangkok this popular American franchise is well-known but the owner is forced to sell as he has no time to manage and grow the business. A new owner could easily grow sales and profits with this popular franchise.

The 18 sqm restaurant is set in the food court of a busy mall and has a rent of 17 percent of gross profit. The business sold over 4.1 million baht in its first year and could easily grow with a dedicated owner/manager. There are three full time employees with a monthly payroll of 29,300 baht. The business has made a profit of around 20,000 baht a month.

The franchise fee and deposit with the suppliers is not included in the sale price.

ASKING PRICE: 2.5 million baht

Beautiful day spa in Thonglor area

This stunning modern day spa has been in business since 2013 and is near the popular Thonglor area. The spa has four VIP rooms with a shower in each room, and four Thai massage beds and three foot massage chairs. Well reviewed on Trip Advisor and featured in a popular online magazine, this full featured spa also offers Swedish massages and aromatherapy treatments as well as body scrubs and facial treatments.

Rent on this gorgeous space is 100,000 baht on a 3 +2 year lease. There are eight staff with a total monthly payroll of 80,000 baht. Sales last year reached 2.8 million baht and broke even, with an active busy owner this business can easily grow.

The owner is selling as he is starting a new business.

ASKING PRICE: 3.5 million baht

Restaurant in busy Asoke area

Just off Asoke Montri Road and near Terminal 21, Health Land and many office buildings and hotels this restaurant is on the ground floor of a hotel and has a booming lunch trade and is very popular with the locals in the area as well as tourists.

The restaurant can seat 85 people comfortably and a classically decorated private ventilated cigar room or VIP room. There is 7 full time staff with excellent team work, and food and beverage contracts with the hotel in the same building or provide breakfast service and room service offering a guaranteed income every month.

There is a cool room which stores wine and beer kegs, new kitchen equipment including charcoal grill, wok stove, oven, deep fryers, cooker, refrigerators and freezers included in the sale price. Rent on the 280 sqm space runs 155,000 a month with no key money. The lease runs until 2022 with a fixed rate. All construction maintenance is supplied and paid for by the hotel above.

The website, email, Instagram, Facebook page (15k followers) are all included in the sale.

Total income is around 400,000 – 500,000 baht a month but can go higher with an owner with more time to spare for the business. The owner doesn’t have time to manage the business and so is looking to sell the business.

ASKING PRICE: 3,600,000 million baht

French bistro in Sathorn area business district

This charming French bistro was established in 2013 and has earned a good reputation for delicious food in the hotel, office and condo filled Sathorn business area. There are 19 seats in this 35 sqm space with a very low rent of only 8,500 baht a month. There are 4 Thai employees and sales have reached around 2 million baht with a profit of around 15 percent.

The restaurant has earned good reviews on Trip Advisor with many praising the delicious food, excellent wine selection and outdoor terrace.

The owner is seeking to sell as he has invested in another business that takes up his time.

ASKING PRICE: 1.2 million baht

Event organizer brand, website, and database

A well-known website and brand is up for sale offering the aspiring event organizer a great entry into the networking business. The sale includes the website, as well as all social media sites, meetups, and a full mailing list and database of attendees, potential events and more. The brand is quite well known in Bangkok and around Thailand for event organization.

Also included in the sale are several event brands and logos along with partnerships with events in Singapore and around Thailand.

The owners are also providing three months of assistance for the buyer in event organizing, strategy, marketing promotion for the first three months of business.

ASKING PRICE: 5 million baht / US$ 150,000

Large restaurant in great Sukhumvit location

This charming home-style Italian restaurant is located in newly constructed building in a busy area of Sukhumvit road in an area surrounded by 5 star hotels and high end condominiums and is well-reviewed on Trip Advisor.

The 300 sqm restaurant has 7 years left on the lease and covers 2 floors with an balcony. The owner invested 20 million in the business for kitchen equipment, decor, software and security systems with a CCTV camera as well. Rent on this space is 372,500 baht a month and the building has parking for 6 cars onsite and 10 spaces in a nearby building with valet parking. Rent for the 10 spaces off site is 25,000 baht per month. There are 20 full-time staff with a total monthly payroll of 350,000 baht. A Thai company with 6 million baht in registered capital allowing for 3 work permits is included in the sale as is the registered trademark. Sales have averaged 1.4 – 1.5 million baht a month.

The new owner can change the focus of the restaurant if they desire as the location is prime.
The owner is selling as he has another restaurant that takes up all his time and has no time to manage this one.

ASKING PRICE: 15 million baht

Guesthouse in Fisherman’s Village on Samui

This clean and quiet guesthouse and restaurant in Koh Samui is located near the beach in the popular Fisherman’s Village area of Bo Phut. Well-rated on Trip Advisor the business was established in 2015 and has garnered good word of mouth in that time. There are 15 rooms (air conditioned and fan rooms) both singles and doubles to cater to every guest’s needs.

There is also a restaurant and bar in the guesthouse as well as laundry rooms. This is a turn key business for someone wanting to step in to a guesthouse business on the booming island of Koh Samui. The lease on the business runs until 2020 and rent is 100,000 baht a month. There are two staff with a total monthly payroll of 21,000 baht. Sales have reached 3 million baht with a profit of 1 million baht.

The owner is moving and so must sell this guesthouse in a really great location.

ASKING PRICE: 7 million baht

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