Buy Condo For Investment Visa

[hankamazon]

I will be here for 10 years or so. I decided to buy a condo worth more than 3 mil so I can get the one year visa extension. Are these steps correct?

I need to wire the money from overseas to here. (1) Can I have my mother wire from her acoount overseas to my account in Thailand since it will be my family money. Or it needs to be my account overseas to my account in Thailand?? I have bank of Asia. (2) do I need to wire to a government bank like Krung Thai or private bank will be fine? (3) how do I prove the money is from overseas? by showing the transfer receipt from wiring bank? bank of asia always lose my ovweseas wire statement. Not very reliable. So better I keep the wire receipt from the overseas bank. When i buy a condo and finish the paperworks, then I go immigration to show them the money transfer statement from wiring bank (or it has to be receiving bank. My bank of asia loses my receiving staements a few tomes already) and the condo purchase paper to get the one year visa?? Is it this simple.?or anymore things to be careful about?

please advise. I don't want to make any mistake at any procedures.

[mbkudu]

I will be here for 10 years or so. I decided to buy a condo worth more than 3 mil so I can get the one year visa extension. Are these steps correct?

I need to wire the money from overseas to here. (1) Can I have my mother wire from her acoount overseas to my account in Thailand since it will be my family money. Or it needs to be my account overseas to my account in Thailand?? I have bank of Asia. (2) do I need to wire to a government bank like Krung Thai or private bank will be fine? (3) how do I prove the money is from overseas? by showing the transfer receipt from wiring bank? bank of asia always lose my ovweseas wire statement. Not very reliable. So better I keep the wire receipt from the overseas bank. When i buy a condo and finish the paperworks, then I go immigration to show them the money transfer statement from wiring bank (or it has to be receiving bank. My bank of asia loses my receiving staements a few tomes already) and the condo purchase paper to get the one year visa?? Is it this simple.?or anymore things to be careful about?

please advise. I don't want to make any mistake at any procedures.

Hankamazon, 1. Anyone can wire money to you into your account in Thailand, but it must come from overseas. It can be from her account. Make sure that she writes: "For the purchase of a condominium" on the wire transfer form. 2. A government bank is not necessary. I did this with Kasikorn Bank, a commercial bank and everything went well. 3. You prove the money is from overseas by showing a special document provided by the receiving bank (Bank of Asia). When I did this, it was called a TOR-TOR 3. I think they have recently changed the name of it, so check it out. You have to ask for this document; they won't just hand it to you. Always keep your wire transfer receipt from the originating bank. Have your mom send it to you. 3. After you have bought the condo and done all the business at the land office, you should have a title deed and a document showing the purchase price. Keep in mind that if the agreed price is 3 million Baht, more than likely the seller will want to declare a lower price at the land office to reduce his taxes. This is normal procedure. You can refuse to do this if you want. It would be better to get this out into the open with the seller before you are at the land office signing papers. At immigration they will want to see how much the purchase price of the condo is. They are not concerned with how much you brought in originally, but have your receipts and tor-tor 3 with you anyway.

[hankamazon]

Thank you MBKUDU. Very helpful. One more quick question. If I buy a cheaper condo ,say 1.5 mil, still not enough for investment visa, so later on I buy another condo, say at 1.7 mil, so 2 condos add up to be more than 3 mil. Then am I still eligible for the visa extension? If the first and second purchase have a big time gap , say 6 months or more, is it ok? or it has to be a same time deal of 3 mil meaning that i have to purchase 2 condos at the same time over 3 mil to qualify for this visa. thank you.

[mbkudu]

Does not matter. The time gap is irrelevant. You can also mix and match property,

money deposited into a government bank or government issued bonds. For example; you could buy a condo for 2,700,000 baht and wire 300,000 baht into a savings account at a government bank. This would of course put you at the 3,000,000 baht investment minimum.

[Jeff Jarvis]

Hank, when you transfer the money into your Thai bank, a special code will appear in the passbook. At Bangkok Bank the letters FTT are printed next to the date. Your banker will prepare a certificate for you.

[lopburi3]

I will be here for 10 years or so. I decided to buy a condo worth more than 3 mil so I can get the one year visa extension. Are these steps correct?

I need to wire the money from overseas to here. (1) Can I have my mother wire from her acoount overseas to my account in Thailand since it will be my family money. Or it needs to be my account overseas to my account in Thailand?? I have bank of Asia. (2) do I need to wire to a government bank like Krung Thai or private bank will be fine? (3) how do I prove the money is from overseas? by showing the transfer receipt from wiring bank? bank of asia always lose my ovweseas wire statement. Not very reliable. So better I keep the wire receipt from the overseas bank. When i buy a condo and finish the paperworks, then I go immigration to show them the money transfer statement from wiring bank (or it has to be receiving bank. My bank of asia loses my receiving staements a few tomes already) and the condo purchase paper to get the one year visa?? Is it this simple.?or anymore things to be careful about?

please advise. I don't want to make any mistake at any procedures.

If you plan to take advantage of the 3 million investment visa please see immigration and get the requirements direct from them (Bangkok). There are restrictions on what property/investments will qualify so you need to be sure first.

[mbkudu]

www.imm3.police.go.th (Contact Pol.Lt.Col.Chalermpong)

[40theives]

Where is the 3 million baht figure coming from? According to this [imm3.police.go.th] the total is 10 million.

Applications may be submitted under one of the five categories of investments listed below:

- Investment in a private company or public company;

- The purchase of a condominium from the owner of the condominium project;

- The purchase of government bonds or state enterprise bonds;

- Deposit(S) totaling not less than 10 million baht in one or more Thai banks;

- Other investments in accordance with the specification of the Immigration Commission.

[lopburi3]

Where is the 3 million baht figure coming from? According to this [imm3.police.go.th] the total is 10 million.

Applications may be submitted under one of the five categories of investments listed below:

- Investment in a private company or public company;

- The purchase of a condominium from the owner of the condominium project;

- The purchase of government bonds or state enterprise bonds;

- Deposit(S) totaling not less than 10 million baht in one or more Thai banks;

- Other investments in accordance with the specification of the Immigration Commission.

We are talking about visa investment - the 10 million is for PR.

[simon43]

I had a good look on the immigration website, but couldn't locate the requirements pertaining to investment visas (only PR investment). Can someone give me the direct link? (I'm interested because my understanding is that 3 million baht investment in a Thai company can help to obtain an investment visa. In a week or so I am sending such a sum to my Thai ltd company so that it can invest in some land for a building project).

cheers

Simon

[lopburi3]

I had a good look on the immigration website, but couldn't locate the requirements pertaining to investment visas (only PR investment). Can someone give me the direct link? (I'm interested because my understanding is that 3 million baht investment in a Thai company can help to obtain an investment visa. In a week or so I am sending such a sum to my Thai ltd company so that it can invest in some land for a building project).

cheers

Simon

I was not talking about a web site. Talk with those directly responsible. And I do not believe they would be happy with your plans (involving land).

If you plan to take advantage of the 3 million investment visa please see immigration and get the requirements direct from them (Bangkok). There are restrictions on what property/investments will qualify so you need to be sure first.

[simon43]

Yes, I'm not sure if they would be happy or not! The money is to purchase land which will be used to build a small hotel resort. So it is part and parcel of the Thai companies trading interests (as opposed to just using this company to hold land). But it seemed sensible to see if there was any benefit to be had here

[dr_Pat_Pong]

I had a good look on the immigration website, but couldn't locate the requirements pertaining to investment visas (only PR investment). Can someone give me the direct link? (I'm interested because my understanding is that 3 million baht investment in a Thai company can help to obtain an investment visa. In a week or so I am sending such a sum to my Thai ltd company so that it can invest in some land for a building project).

cheers

Simon

I was not talking about a web site. Talk with those directly responsible. And I do not believe they would be happy with your plans (involving land).

If you plan to take advantage of the 3 million investment visa please see immigration and get the requirements direct from them (Bangkok). There are restrictions on what property/investments will qualify so you need to be sure first.

Absolutely not Lop. No advantage whatsoever for ' legal ' investment for visa purposes.

[edh]

Hi,

Did this two months ago but with no success. Officer at info. desk at imm. in BKK told me that if I had a non O or long stay visa it would be possible. Got other directions in this forum, but with the reminder of "it all depends on the imm. officer mood on that day". Have not been there after that time of rejection so I don't know if they have relaxed a bit after. This was in early June this year. But as always, if you don't try many times enough, you'll never know what the real deal is.

I have other means of obtaining visa these days , wife pregnant, so I guess I'll get one for another reason this time...

Love this forum by the way!

EDH

[mbkudu]

Where is the 3 million baht figure coming from?  According to this [imm3.police.go.th] the total is 10 million.

Applications may be submitted under one of the five categories of investments listed below:

- Investment in a private company or public company;

- The purchase of a condominium from the owner of the condominium project;

- The purchase of government bonds or state enterprise bonds;

- Deposit(S) totaling not less than 10 million baht in one or more Thai banks;

- Other investments in accordance with the specification of the Immigration Commission.

To find an outline of the 3 million Baht 'Visa' go to www.immigration.com, click

the Immigration, Laws, Rules and Regulations box, click Questions. Go to page 2

and look for the "Hello From Alaska" post half way down the page. The outline provided by Pol.Lt.Col.Chalermpong is in the reply from Admin 1.

I'm sorry I couldn't get it to link here, but if you follow the above instructions, you'll find it there.

[fleming]

here is the answer I got today from Immigration head Office of Bangkok:

- buying a condo will not help you to get a visa extension, unless you buy it from a project (i.e. you are the first owner).

- 3 mios Baht is still workable as a deposit on Govt Bank account

[mbkudu]

To find an outline of the 3 million Baht 'Visa' go to www.immigration.com, click

the Immigration, Laws, Rules and Regulations box, click Questions. Go to page 2

and look for the "Hello From Alaska" post half way down the page. The outline provided by Pol.Lt.Col.Chalermpong is in the reply from Admin 1.

I'm sorry I couldn't get it to link here, but if you follow the above instructions, you'll find it there.

Lovecam, you can find what you are looking for here.

[lopburi3]

To find an outline of the 3 million Baht 'Visa' go to www.immigration.com, click

the Immigration, Laws, Rules and Regulations box, click Questions. Go to page 2

and look for the "Hello From Alaska" post half way down the page. The outline provided by Pol.Lt.Col.Chalermpong is in the reply from Admin 1.

I'm sorry I couldn't get it to link here, but if you follow the above instructions, you'll find it there.

Lovecam, you can find what you are looking for here.

http://www.imm3.police.go.th/webboard/view.php?No=871

[mbkudu]

Thanks mate, for the link. I'm a technotard.