Guide - 29 July 2021

Thai Tax Implications of Offshore (Non-Thai) Trusts in Singapore

Our factsheet introduces key tax issues relevant to Hawksford’s standard trust structure from the perspective of the laws of Thailand. As Hawksford is based in Singapore, the trusts which we manage are considered to be tax residents in Singapore.

In general, Thailand does not have a law governing trusts for use in individual estate planning. Thailand does however have a trust law and that law is limited to the use of trusts for capital markets transactions (e.g., real estate investment trusts – REITs). As such, it is often said that Thailand does not recognise the law of trusts or the substance of offshore trust arrangements.

Thailand, however, still normally applies general rules when recognising the form of the trust relationship. This means that Thailand will not recognise the beneficial ownership aspects of the trust but will consider the actual formal transactions involved in the trust.


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