Thaiquila Posted November 21, 2005 Share Posted November 21, 2005 (edited) There have been some posts about this recently, but I am still confused. 1. Can you use an existing condo that you own, one in which you are NOT the original owner, and purchased from a foreigner not a Thai, to qualify for this visa? 2. If so, can this be processed in Pattaya for Chonburi residents? 3. If not, can a Chonburi resident process through Bangkok? 4. Is Bangkok issuing these visas based on owners of "not the original owner" condos as a matter of policy now, or is it a crap shoot based on the specific officer? 5. If you need additional funds to top off the investment to 3 million to put in approved bank or bonds, does there need to proof the funds were transferred from outside Thailand? 5. Didn't a business here mention that they assist with these applications, I can't find the specific post about that, so asking again. Was it Sunbelt Legal Advisors? Edited November 21, 2005 by Thaiquila Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted November 21, 2005 Share Posted November 21, 2005 Must you be Original Owner?NoCan you use an existing condo that you own, one in which you are NOT the original owner, and purchased from a foreigner not a Thai, to qualify for this visa? Sorry but the answer is no. The key is it was a foreign seller. 2. If so, can this be processed in Pattaya for Chonburi residents?yes3. If not, can a Chonburi resident process through Bangkok? yes 4. Is Bangkok issuing these visas based on owners of "not the original owner" condos as a matter of policy now, or is it a crap shoot based on the specific officer?The key is who the original owner was... Thai or Foreign. 5. If you need additional funds to top off the investment to 3 million to put in approved bank or bonds, does there need to proof the funds were transferred from outside Thailand? Yes 5. Didn't a business here mention that they assist with these applications, I can't find the specific post about that, so asking again. Was it Sunbelt Legal Advisors? Yes. Our professional fee is 7,200 Baht plus 1,900 Baht government fees. www.lawyer.th.com Link to comment Share on other sites More sharing options...
Firefan Posted November 21, 2005 Share Posted November 21, 2005 Hi Sunbelt - glad to see that you seem even more certain that 2nd hand (as long as bought from Thai) is acceptable as that is my case. Did something change since your last post on this subject since you now are so certain? I am currently on the first 40 day "under consideration" stamp (BKK) and will go end of this month to get the verdict, be it ANOTHER "under consideration" stamp (which I understand is the norm) or the actual extension based on condo ownership. Cheers! Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted November 21, 2005 Share Posted November 21, 2005 Did something change since your last post on this subject since you now are so certain? Laws or the interpretation of those laws by the officials are always changing. We have had several cases where the investment visa was approved with Thai sellers and the condos were second hand. One case the foreigner had owned the condo for over a year and he was on a tourist visa. Did the change to a "B" visa and the extension of stay based on investment. One thing is for certain if the seller is a foreigner, than its a no go. Also if the seller is a Thai company whose main objective is anything but " development," its no good. In other words a Thai company who was the seller and has a objective of ' food and beverage" will not get you approved for a investment visa. www.lawyer.th.com Link to comment Share on other sites More sharing options...
Firefan Posted November 21, 2005 Share Posted November 21, 2005 My case will be interesting then as the seller Tisco (Thailand) took the condo back from Thai owner (first owner) when he went bankrupt. Tisco is a bank and I presume not directly a developer (even though believe they have many activities)... Further I had the condo already for 3 years but only applying now due to previously based elsewhere. Will keep you posted. Cheers! Link to comment Share on other sites More sharing options...
Thaiquila Posted November 21, 2005 Author Share Posted November 21, 2005 Thank you very much, Sunbelt Asia, for your well informed reply. Bad news for me, but hopefully, can help other people use this visa category or wisely not try it, depending. Link to comment Share on other sites More sharing options...
jjp Posted November 22, 2005 Share Posted November 22, 2005 Hi Sunbelt, Is it possible to have 2 condos (1.1 and 1.9 million) with a combined value of 3 million to get the investment visa. They were bought from Thai owners. Cheers JJP Link to comment Share on other sites More sharing options...
Firefan Posted November 22, 2005 Share Posted November 22, 2005 Jjp; until Sunbelt answers, I have previously seen Sunbelt confirm that same is possible. In fact if one only holds a 2M Baht condo the rules even allow for another 1M Baht(not to be touched) in a bank account only to obtain the extension. Cheers! Link to comment Share on other sites More sharing options...
jjp Posted November 22, 2005 Share Posted November 22, 2005 Jjp; until Sunbelt answers, I have previously seen Sunbelt confirm that same is possible. In fact if one only holds a 2M Baht condo the rules even allow for another 1M Baht(not to be touched) in a bank account only to obtain the extension. Cheers! <{POST_SNAPBACK}> Cheers Firefan, Does the money ( 1 million) still have to be deposited from your home country (like condo money) or is it possible to have it in Thai bank account + condo to obtain the visa. Cheers JJP Link to comment Share on other sites More sharing options...
Firefan Posted November 22, 2005 Share Posted November 22, 2005 Gotta come from abroad(in foreign currency) as far as I understand the rules as it is basically a program to get more foreign investment/money into Thailand. TiT so who knows in real life? Cheers! Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted November 22, 2005 Share Posted November 22, 2005 Tisco is a bank and I presume not directly a developer (even though believe they have many activities)...Our lawyers all feel you'll get approved. Tisco is not a foreigner involved behind a Thai company.Does the money ( 1 million) still have to be deposited from your home country (like condo money) or is it possible to have it in Thai bank account + condo to obtain the visa. It must come from abroad and you must have a foreign exchange cert. ( Do not send Thai Baht) A minimum of $20,000 is require to obtain a foreign exchange cert. Is it possible to have 2 condos (1.1 and 1.9 million) with a combined value of 3 million to get the investment visa. They were bought from Thai owners. Yes www.lawyer.th.com Link to comment Share on other sites More sharing options...
mbkudu Posted November 22, 2005 Share Posted November 22, 2005 Tisco is a bank and I presume not directly a developer (even though believe they have many activities)... Our lawyers all feel you'll get approved. Tisco is not a foreigner involved behind a Thai company. Does the money ( 1 million) still have to be deposited from your home country (like condo money) or is it possible to have it in Thai bank account + condo to obtain the visa.It must come from abroad and you must have a foreign exchange cert. ( Do not send Thai Baht) A minimum of $20,000 is require to obtain a foreign exchange cert.Is it possible to have 2 condos (1.1 and 1.9 million) with a combined value of 3 million to get the investment visa. They were bought from Thai owners. Yes www.lawyer.th.com I've been researching this visa for over a year and never knew that the condo had to be purchased from a Thai national . Luckily I did purchase mine from a Thai, but that's pretty ****** for those that bought theirs from a foreign seller. The value of mine is 2.5 million; 500,000 short of the 3 million, so planned on sending the remaining 500,000 into a government bank. The problem looks like I will have to remit 800,000 instead because of the minimum amount for a foreign exchange certificate. There's always something else, isn't there. Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted November 23, 2005 Share Posted November 23, 2005 The value of mine is 2.5 million; 500,000 short of the 3 million, so planned on sending the remaining 500,000 into a government bank. That’s the other item to be aware of; they go off the appraised value that you paid the transfer fee on. Not the purchase price of the condo. www.lawyer.th.com Link to comment Share on other sites More sharing options...
mbkudu Posted November 23, 2005 Share Posted November 23, 2005 The value of mine is 2.5 million; 500,000 short of the 3 million, so planned on sending the remaining 500,000 into a government bank. That’s the other item to be aware of; they go off the appraised value that you paid the transfer fee on. Not the purchase price of the condo. www.lawyer.th.com I know what you're saying, but what I meant was a little different. 2.5 is what is stated on the paperwork in the land office (even though the true value may be more). What I was getting at is that I am 500,000 baht short of the visa, but this amount is not equivalent to $US20,000, the minimum for an FEC; it's more like 800,000 baht. Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted November 23, 2005 Share Posted November 23, 2005 I understand. Thought you may know it already but wanted to be sure other readers understood this fact as well. Thanks. www.lawyer.th.com Link to comment Share on other sites More sharing options...
mbkudu Posted November 25, 2005 Share Posted November 25, 2005 I understand. Thought you may know it already but wanted to be sure other readers understood this fact as well. Thanks.www.lawyer.th.com Thanks SBA. Your input here is always helpful. Link to comment Share on other sites More sharing options...
Firefan Posted November 25, 2005 Share Posted November 25, 2005 One thing that has surprised me pleasently is that there is no silly rule that says you have to apply for the visa within a give time period of purchasing the condo. I have had my condo 3 years. I was a bit annoyed that my first application got denied as I was here on double entry tourist visa - and my lawyer had said that it was fine and that it could be converted to non-em b here. The denial was APPARENTLY based on the condo having been bought 2nd hand, which I am now told here does not matter (anymore)... They+lawyer suggested I tried again with a non-em b visa. I left and came back with a multiple entry 3 months non-em b visa from Hanoi (not an easy place to get it before a bunch of you start asking - had some embassy connections help). Will update you in less than a week when I go to emmigration to hear the results of my 2nd application. Cheers! Link to comment Share on other sites More sharing options...
mbkudu Posted November 25, 2005 Share Posted November 25, 2005 One thing that has surprised me pleasently is that there is no silly rule that says you have to apply for the visa within a give time period of purchasing the condo. I have had my condo 3 years.I was a bit annoyed that my first application got denied as I was here on double entry tourist visa - and my lawyer had said that it was fine and that it could be converted to non-em b here. The denial was APPARENTLY based on the condo having been bought 2nd hand, which I am now told here does not matter (anymore)... They+lawyer suggested I tried again with a non-em b visa. I left and came back with a multiple entry 3 months non-em b visa from Hanoi (not an easy place to get it before a bunch of you start asking - had some embassy connections help). Will update you in less than a week when I go to emmigration to hear the results of my 2nd application. Cheers! Firefan, it would be good to know your results. Mine as well I bought from a previous owner (Thai), and not from a development company. Link to comment Share on other sites More sharing options...
Firefan Posted November 30, 2005 Share Posted November 30, 2005 I got it today! Hurray! 2 hours of sitting around waiting though. Cheers! Link to comment Share on other sites More sharing options...
lopburi3 Posted November 30, 2005 Share Posted November 30, 2005 You have nine minutes to buy some Champagne. Have a happy one. Link to comment Share on other sites More sharing options...
Firefan Posted November 30, 2005 Share Posted November 30, 2005 Thanks Lop! Will pop a Red Horse beer on the balcony instead! Cheers! Link to comment Share on other sites More sharing options...
sabaijai Posted November 30, 2005 Share Posted November 30, 2005 Question: Can this visa be renewed annually indefinitely based on the one-time purchase of a 3-mil baht condo? Or is it good only for the year in which you bought the condo? I assume the lattter; hard to believe the one-time purchase would entitle one to indefinite extensions. Link to comment Share on other sites More sharing options...
lopburi3 Posted November 30, 2005 Share Posted November 30, 2005 As long as you own it and the laws don't change you should obtain an extension of stay. Link to comment Share on other sites More sharing options...
Firefan Posted November 30, 2005 Share Posted November 30, 2005 Yeah Lop is right! If they later on should increase the amount one would think they would "grand father" people with 3M baht condos already receiving the extension - on the other hand; maybe they will not! Time to sell then I guess... In my case the value (of which transfer tax paid) is well above the 3M baht wherefore I hope I can handle any changes in the amount needed invested. Naturally OTHER laws can change - but that time that worry! Cheers! Link to comment Share on other sites More sharing options...
sabaijai Posted December 1, 2005 Share Posted December 1, 2005 Very interesting, thanks for the info. Link to comment Share on other sites More sharing options...
mbkudu Posted December 2, 2005 Share Posted December 2, 2005 Yeah Lop is right! If they later on should increase the amount one would think they would "grand father" people with 3M baht condos already receiving the extension - on the other hand; maybe they will not! Time to sell then I guess...In my case the value (of which transfer tax paid) is well above the 3M baht wherefore I hope I can handle any changes in the amount needed invested. Naturally OTHER laws can change - but that time that worry! Cheers! Fireafan, that's good news. Would you use the title deed as proof that you still owned it for future extensions? What was the total cost for the process? Thanks, Mbk Link to comment Share on other sites More sharing options...
Firefan Posted December 2, 2005 Share Posted December 2, 2005 Hi Mbk, I would need to use the same docs as I used for the first extension: passport (w. non-em B as I bought 2nd hand from Thai) Title deed Buy/sell contract Receipt(copy) of transfer taxes paid I added a copy of my yellow book/Tabien bahn(farang) but that is not needed I believe. They did keep the copies though. Extension costs are the usual 1900 Baht. Multiple entry stamp for the year another 3800 Baht. On top of that I had lawyer fees which can be done cheaper than my about 10.000 Baht. Sunbelt advertises it for around 7000 Baht I believe. Next extension I might want to try to handle myself if I have the time - now that I know the docs are in order it really is only a couple of application forms and a lot of signatures. Cheers! Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted December 2, 2005 Share Posted December 2, 2005 Sunbelt advertises it for around 7000 Baht I believe. On the renewal, most firms charge the same as the original application. Very proud to say we do give a discount to our clients on the renewal, then were only 3,900 Baht. (That’s for everbody, not just to the Captain of the Sunbelt football team ) www.lawyer.th.com Link to comment Share on other sites More sharing options...
Firefan Posted December 2, 2005 Share Posted December 2, 2005 He,he! Based on THAT price I might not even bother doing it myself! + vat I presume. Cheers! "Cappy" Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted December 2, 2005 Share Posted December 2, 2005 Dear Cappy, +VAT Have fun with some Good luck this weekend! Regards Sunbelt Link to comment Share on other sites More sharing options...
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