The Thai Cabinet has recently approved, in principle, the Bill on Trust for Private Asset Management (the “Trust Bill”) which allows creation of a trust for the purpose of personal asset management. Under the current law, only the trust for transactions in the capital market can be created.
The key objectives of the Trust Bill are to facilitate personal asset management in a form of trust, and to reduce repatriation of assets out of Thailand which will benefit the country’s economy.
The Trust Bill will be sent to the Council of State for review and approval. Nevertheless, the Trust Bill will proceed with further necessary proceedings before becoming an enforceable law.
We welcome any opportunity to discuss the relevance of the above matter upon request.