Foreign wills with Cambodian beneficiaries
Foreign wills with Cambodian beneficiaries
Posting for a friend, what advice can you give him please?
In particular is there any inheritance tax or other tax to bring the funds to Cambodia or other reporting or bureaucratic requirements? Any other information or experience appreciated.
Case of a foreigner wishing to provide for his Cambodian partner, their minor children, her minor children from a previous marriage etc
Thank you
In particular is there any inheritance tax or other tax to bring the funds to Cambodia or other reporting or bureaucratic requirements? Any other information or experience appreciated.
Case of a foreigner wishing to provide for his Cambodian partner, their minor children, her minor children from a previous marriage etc
Thank you
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There are no inheritance, gift, estate taxes in Cambodia. there is Capital gains tax for when any assets are sold that they 'would' pay.
As GM says, they will have to comply with the laws in the country they are transferring from.
As GM says, they will have to comply with the laws in the country they are transferring from.
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He should put the money in a trust so she gets monthly payments. If you leave a Cambodian woman a six figure lump sum of money, her extended family will demand loans and assistance or get her mixed up in ill advised “investments”
Follow my lame Twitter feed: @gavin_mac
Whilst I have no idea in regards to the question, wouldn't a local lawyer be able to work this out on behalf of the beneficiary?
Keith McC could probably do it.
Keith McC could probably do it.
Massive stalker
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Why would the beneficiary need a lawyer? She should just get a phone call from the estate’s representative asking where to send the money.
Follow my lame Twitter feed: @gavin_mac
I dunno. I've only been written out of wills.
Massive stalker
Thank you for the help.
The man writing the will is a Canadian citizen and resident. He hopes and expects that he will be back in Cambodia
but he is not sure of that.
His main beneficiaries are his common law partner and his very very young dual citizen Cambodian resident children.
He will have a Canadian based trust for his children, but his partner will inherit outright.
The man writing the will is a Canadian citizen and resident. He hopes and expects that he will be back in Cambodia
but he is not sure of that.
His main beneficiaries are his common law partner and his very very young dual citizen Cambodian resident children.
He will have a Canadian based trust for his children, but his partner will inherit outright.
gavinmac wrote:He should put the money in a trust so she gets monthly payments. If you leave a Cambodian woman a six figure lump sum of money, her extended family will demand loans and assistance or get her mixed up in ill advised “investments”
It causes me great pain when I have to agree with GM,
But in this case I do.
I refuse to go out with nothing more than a whimper followed by a small farting sound and a shit stain on my bed sheets..
Just thought I'd share that with you.
Just thought I'd share that with you.
If the in-law family proofs to be able to create more money from a little bit of money, you don't have that much to worry about. This applies to some Cambodians.
Are the in-laws of the other type of Cambodians, OP simply can expect the friends money to be consumed pretty rapidly. Be it in 1 month or in just a couple of years. The future pay-outs might even be used to obtain loans on high interest rates .......
And, I think, as raised before, the only way to avoid the early exhaustion of OP's friend money, would the trust setup. Of course, accompanied by the lack of trust of the trust managers and the associated costs (which will be charged, once the trust founder deceased, etc).
Subsequently be aware, most countries will charge the highest tax rates for beneficiaries outside the country (think about 50% or so), independent whether these beneficiaries are spouses or natural offspring.
I would certainly consider to give up on the idea that the inherited money should last for a long time and not try to control over my grave, so to say.
On the contrary, I would spent a lot of the money during my life, to get the beneficiaries to a status they can create more money form a little bit of money. That would be a better long term benefit for the beneficiaries , then leaving a big bag of money.
Are the in-laws of the other type of Cambodians, OP simply can expect the friends money to be consumed pretty rapidly. Be it in 1 month or in just a couple of years. The future pay-outs might even be used to obtain loans on high interest rates .......
And, I think, as raised before, the only way to avoid the early exhaustion of OP's friend money, would the trust setup. Of course, accompanied by the lack of trust of the trust managers and the associated costs (which will be charged, once the trust founder deceased, etc).
Subsequently be aware, most countries will charge the highest tax rates for beneficiaries outside the country (think about 50% or so), independent whether these beneficiaries are spouses or natural offspring.
I would certainly consider to give up on the idea that the inherited money should last for a long time and not try to control over my grave, so to say.
On the contrary, I would spent a lot of the money during my life, to get the beneficiaries to a status they can create more money form a little bit of money. That would be a better long term benefit for the beneficiaries , then leaving a big bag of money.
Because he has intimate experiences leaving Cambodian women 6 figure lump sums...scoffer wrote:gavinmac wrote:He should put the money in a trust so she gets monthly payments. If you leave a Cambodian woman a six figure lump sum of money, her extended family will demand loans and assistance or get her mixed up in ill advised “investments”
It causes me great pain when I have to agree with GM,
But in this case I do.
All in KHR denomination
and
on the bedside table the morning after...
Rated R for Ricecakes
Because he has intimate experiences leaving Cambodian women 6 figure lump sums...ricecakes wrote:scoffer wrote:gavinmac wrote:He should put the money in a trust so she gets monthly payments. If you leave a Cambodian woman a six figure lump sum of money, her extended family will demand loans and assistance or get her mixed up in ill advised “investments”
It causes me great pain when I have to agree with GM,
But in this case I do.
All in KHR denomination
and
on the bedside table the morning after...
This may be true or just speculation,
It is not for me to comment on GM's foreign currency deposits into the KOW.
However the crux of his comment remains true,
If I was to list family, friends, relatives of my wife or my wife who could manage a lump sum of cash without it being siphoned off by parasitic in laws and family members I'd have to say the number is Zero.
My wife's extended family is very large and perhaps 2 out of 18+ family members can budget and plan for more than 2 days in advance.
So when it comes to nominating a beneficiary in a will.
I would structure it so that funds were drip fed rather that a lump sum pay out.
I refuse to go out with nothing more than a whimper followed by a small farting sound and a shit stain on my bed sheets..
Just thought I'd share that with you.
Just thought I'd share that with you.
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You got married ( again) ?....My wife's extended family is very large and perhaps 2 out of 18+ family members can budget and plan for more than 2 days in advance.
I think it is his 8th no ?over the rainbow wrote:You got married ( again) ?....My wife's extended family is very large and perhaps 2 out of 18+ family members can budget and plan for more than 2 days in advance.
Rated R for Ricecakes
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