landosmiles

On 3/21/2020 at 4:09 PM, thaiman said:

Do you have to wear pants at CW?

Yes. I also saw someone else refused service as they had a sleeveless shirt. I just googled a sign from CW; it also include see-through clothes, shirts that expose the stomach, tight pants, short pants, mini skirts, and sandals. It's not enforced every day, and exceptions were granted if you've never been to CW before, but why chance it. There are other Thaivisa posts from the last year or two on the same topic if interested as well.

From the Thai government website, the Communicable Diseases Act, B.E. 2558 (2015) is being used as part of the legal basis for enforcement. As Sheryl helpfully mentioned, it has been in the news that there should be a daily check-in with health officials. The Thai government website goes on to say that if "travelers do not comply with the law, they will face penalty under the law. The offender will be fined up to 100,000 Thai Baht or imprisoned up to one year in jail or both of those penalties."

Thailand was also mentioned in a February 27 Wall Street Journal article about countries doing things like stripping permanent-residency, work permits, etc. from those weren't fully up-front with health authorities - in Thailand's case, about a traveler who delayed telling authorities that he had visited Japan: "Singapore this week charged a Chinese couple under the Infectious Diseases Act for giving false information about their movements. The city-state has also stripped people of their permanent-resident status and revoked foreigners’ work passes over virus-related infractions. Thai officials on Wednesday criticized an infected citizen who delayed telling authorities he had traveled to Japan and caused them to test dozens of others."

Things have seemingly gotten more serious in terms of COVID-19 in most countries (outside of China) since then.

On 2/18/2020 at 4:40 PM, sadeghsep said:

Now i only worry about coronavirus because i have 3 years old daughter

I don't think you need to worry too much as based on the data I've seen, the impact of coronavirus decreases the younger you are, with a 0.000% fatality rate below 10 years old. Additionally, based on the data, if you have a daughter, she's even safer than a son, as the death rate of males is ~2/3 higher than for females. If anything, it seems like older men are the most at risk in this situation.

13 hours ago, Dinand said:

The local conversion rates are not good, Deemoney gives you the official rate.

Pretty much every single Thai bank's current SWIFT exchange rates are better than DeeMoney at present, and I am not sure which number you are referring to by the 'official' rate. However, for non-large transfers, DeeMoney might be a better option because of SWIFT fees - you'd have to run the calculation. http://bankexchangerates.daytodaydata.net/

Thank you. Krungsri's Company Overview page has similar data. However, the biggest shareholder there (77%) is MUFG, a Japanese bank. However, Krungsri also seems to be publicly traded on SET, so I don't know how those things fit together. I've sent Krungsri an email. Phone customer service said yes but I don't think they understand, and I don't trust verbal answers from bank reps more than I do thaivisa replies. ???? Regardless, thanks!

I had previously excluded CIMB Thai, UOB, Bank of China (Thai), Industrial & Commercial Bank of China (Thai), and Citibank as I expected they didn't meet the government requirements.

As an upate for those interested in the investment visa (non-condo) route: I visited 6 GSB branches, 2 LH branches, and 1 TMB branch. All started by asking me "work permit?" but even after explaining that I'm not working and showing them the investor visa page, it was a no-go. Krunsri said OK, although now I don't know if Krungsri meets the Thai government`s requirement that it be "a bank which is registered in Thailand and has Thai nationals holding more than 50 percent of its shares" - I'm trying to confirm that now.

I've been in a number of countries, but prefer Thailand for now. I'm still 12 year short of a retirement visa. The spreadsheet(s) I linked to use semi-aggressive figures for the US. I'm not familiar with how to invest within Singapore, unfortunately. Although I want to stay in Thailand for now, I think trying to predict where I'll want to be in 5 years, let alone 20, is too far out for me. Although a limo would cost more than 360 THB, I personally only value it the same as a GrabCar - but I wouldn't object to others placing a significantly different value on it. Although the transportation is round-trip, it's only for international flights, which in my case I anticipate only doing 2 or 3 times per year. Thanks for the reply!

As a more general upate for those interested in the investment visa (non-condo) route: I visited 6 GSB branches, 2 LH branches, and 1 TMB branch. All started by asking me "work permit?" but even after explaining that I'm not working and showing them the investor visa page, it was a no-go. Krunsri said OK, although now I don't know if Krungsri meets the Thai government`s requirement that it be "a bank which is registered in Thailand and has Thai nationals holding more than 50 percent of its shares" - I'm trying to confirm that now.

For the discussion around whether work is required for PR, there was also some discussion around this a few months ago at: 

 - with similar conclusions.

18 hours ago, LivinLOS said:

I thought you could buy the SET ETFs with it.

I believe that is for PR via investment, not an investment visa.

16 hours ago, steve1512 said:

both Immigration and a law firm in BKK told me I have to be a sole owner of the condo for at least 3 years.

How very confusing.

16 hours ago, steve1512 said:

a purchase or rental price of no less than Baht 10 million

How does the 10 million even apply to a condo rental price? That you paid 10 million in rent over 3 years?? Or that the condo was bought by the owner for 10 million, and now you've been renting it for 3 years for less than 10 million? Well, I'm pursuing the investment visa via something other than a condo, so more of a rhetorical question for me.

On 1/30/2020 at 12:05 PM, ThomasThBKK said:

There's only a perceived  non-loss of capital with the investment visa, in reality you lose a lot of money - most likely.

@ThomasThBKK I am pursuing investment visa via something other than a condo, so I won't argue with you about the condo approach. However, for an investment visa by otherwise holding funds in Thailand... Common investing advice is to have a mix of stocks and safer investments, so I'm planning to keep the 10 million baht in a Thai 'safe' investment while leaving my other funds invested in my home country in stocks. I would imagine that the stock market wouldn't be considered comparable risk to a fixed deposit account or bonds. However, if the 10 million baht is the entirety of worldwide investments that someone has then I may agree with you.

I ran the numbers, and investment visa seemed more advantageous to me than elite visa - and would be even more so if your stay duration doesn't end up corresponding exactly to the elite visa length, and also more so if you're coming from a developed country whose rates are approaching zero or are even negative. The comparison I came up with: https://docs.google.com/spreadsheets/d/1WM8u3P7z0sc8KfneuDby_bTdetj_dWbHjCg4HZoJRaU/edit

I am interested to hear feedback.

Finally, merely to help link others to relevant discussions, there is another recent thread on investment visas in these forums at: 

@Jean123 For your questions about bank accounts, it should be possible to open a bank account at certain banks, yes - including multiple types of accounts at Bangkok Bank - but not the banks with the highest fixed deposit interest rates, per my shared Thai bank returns spreadsheet.

I recommend Googling a little more about opening a Thai bank account, or check out https://www.thethailandlife.com/thai-bank-account-foreigners (including recent comments) (or maybe https://www.expatden.com/thailand/thai-bank-accounts/ ).

17 hours ago, Jean123 said:

Have you landosmiles tried to go to HQ of those Thai majority owned banks and see whether they would be better informed?

From reading others' experiences online, it was more about each branch perhaps doing things differently. Multiple GSB branches called someone (headquarters?) after I persisted, but I have no reason to believe that visiting headquarters would help. A couple places recommended to call their help line, but I also haven't done that.

17 hours ago, Jean123 said:

Unless there is a way to open a bank account without buying a condo and wait for three years to be considered for the visa extension alongside the bank deposit?

I recommend to Google a little more - perhaps on (Thai OR Thailand 10-million OR 10,000,000 visa) - but from what I've read online, no - condo versus deposit are independent methods. Additionally, condo purchase is typically - is the mention of 3 years in regards to the mentioned "rental" of a condo - but I don't know how 10 million could be applied to a condo rental?? Current discussion of the condo 3 year thing at:

However, I haven't been pursuing the condo route.

15 hours ago, Just Weird said:

UOB (Thai) PCL (where your money would be deposited) is a Thai bank.   I don't believe that the share ownership of the bank is specified as far as the Investment Visa deposit is concerned.

@Just Weird Thank you. However, I don't believe that is correct. From the requirements that ubonjoe linked above (and in the other requirements lists I have seen), if depositing 10 million THB into a fixed deposit, it specifically states "with a bank which is registered in Thailand and has Thai nationals holding more than 50 percent of its shares." My guess is that this would eliminate Bank of China (Thai), CIMB, Industrial and Commercial Bank of China (Thai), UOB, and Citibank at least?

Merely to help link others to relevant discussions, there are multiple existing threads on investment visa in these forums, including a recent thread here:

3 minutes ago, Just Weird said:

Why were GSB and LH the first banks you went to?  I'm surprised that you haven't you approached the 'usual' retail banks; you have plenty of choice, BBL, Kasikorn, UOB, Krungsri, SCB, KTB, etc., before trying to find an agent.

@Just Weird Thanks. To keep 10 million THB deposited for the investment visa, I believe you'd earn 142K/yr in interest at GSB, compared to 100K/yr at BBL, for example. I uploaded the figures to https://docs.google.com/spreadsheets/d/1xUTT2oE3ZuHpLXXWPHeU3FPpN1t109CUMYFnqvwboG4/

Also, I was guessing that UOB (United Overseas Bank) wasn't majority Thai owned and therefore would be ineligible for the investment visa?

Am I off-track on the items above?

On 1/29/2020 at 9:35 PM, DrJack54 said:

Current thread on this. Most your questions covered there. 

I'm only one mug in the crowd. Forget it.

Buy an elite visa. Great option.

Stick the 10big in shares.

@DrJack54 I'm not sure if you meant to link a thread but I don't see a link, sorry.

At least comparing a fixed deposit account in Thailand vs. a fixed deposit account in the US, an investment visa is more advantageous financially (and even more so if your stay duration doesn't correspond exactly to the elite visa length) - I would imagine an investment visa would also be even more advantageous if you're coming from a part of the developed world that has even lower (or negative) interest rates.

I would imagine that the stock market wouldn't be considered comparable risk to a fixed deposit account so it isn't a good comparison, but if that's your comparison, then yes, an elite visa could come out ahead. Common investing advice is to have a mix of stocks and safer investments, so I'm planning to put part in a Thai fixed deposit account while leaving other funds in stocks.

I created a Google Sheet comparing elite vs. investment for me, and then tried to make it consumable by others. You can see it at https://docs.google.com/spreadsheets/d/1WM8u3P7z0sc8KfneuDby_bTdetj_dWbHjCg4HZoJRaU/ - if any feedback let me know.

I'm also working towards an investment visa. Because it involves keeping noticeable funds at the bank, the interest rate, and therefore the bank, matter.
Although the government explicitly permits those without a work permit, etc. to apply for the visa, banks might not let you open the account. In BKK I've visited 6 GSB (Government Savings Bank) and 2 LH Bank branches. All started with "work permit?" and even after showing them the investment visa process, no luck.
I'm currently trying to find an agent to see if they can assist.

In case it helps others I created a Google Sheet comparing the banks.

Also, thank you @ubonjoe!

Anywhere recommended instead of ThaiVisaExpert.com ?

21 hours ago, Changnoi2 said:

. . . paying a pretty penny.

Any example(s) of how much?

However, note that it seems that, depending on your goal and nationality, a visa on arrival might be cheaper than an eVisa. For example, for US citizens, it appears that an eVisa is $50, while a visa on arrival is $35.

Thank you for this topic!

I'm guessing the above estimates presume an international flight into Vientiane and that the Laos visa-on-arrival process isn't long.


Unfortunately it looks like the 21:50 flight out of UTH isn't available on the date I want next month (Dec 30), with the last flight out of UTH being at 21:35. Additionally, I'm scheduled to land from China into Vientiane at 18:10, so 20 minutes later than the original poster (it was late - 15 minutes - once in the last 10 flights).

Based on the very-helpful replies here, it seems likely I'd arrive at UTH by 20:50, 45 minutes before the flight. I have no issue accepting a stressful connection. It sounds as though navigating the airport is fast, but Nok Air (and Air Aisa) close check-in 45 minutes before departure so it seems unlikely it would work in my case. Regardless, thanks to everyone who shared their experience!

On 9/7/2019 at 5:34 PM, LiamB80 said:

Any information about the other schools on this blacklist would be appreciated.

Reported blacklist: https://www.facebook.com/groups/1395920320731833/permalink/2501786133478574/?comment_id=2501799050143949&reply_comment_id=2501887836801737

I think this a duplicate with: 

 ?

On 6/27/2019 at 12:57 PM, elviajero said:

If the investment option also requires you to work and earn 80K pm, what is the point of tying up 10M when you can simply apply based on work?

 

https://www.siam-legal.com/thailand-law/thai-permanent-residency-category-investment/

I contacted Sunbelt Asia, 'Thailand's Largest Business Services Network', using their free consultation link, which seems to link to their contact form:

Quote

 

I've been reading https://www.sunbeltasia.com/investment-visa and https://www.sunbeltasia.com/permanent-residency (based on investing 10 million in Thailand). 

However, from reading https://www.immigration.go.th/download/1560937657542.pdf (page 7 deals with Investment Category) it also lists a number of requirements related to work, such as #5 (employment history), #6 (employment certification), and #13 (many photos of applicant's workplace).
Is permanent residency available solely based on investment, or is work required as well? Does your company have experience with permanent residency based on investment?

 

A 'Foreign Legal Advisor' very kindly replied:

Quote

 

This  https://www.sunbeltasia.com/investment-visa   for the investment visa talks about investing in  a condominium or bank deposit or buying government bonds and this type of investment is not for working in Thailand. This visa is not allowed to apply for Permanent Residence because there are no company documents involve. 

To apply for a Permanent Residence permit, a foreigner must be working here through the investment visa ( where a Board of Investment company was registered) or the normal business visa which is used when employed under a Thai company limited. 

Feel free to ask if you have any questions.

 

The second half of their answer, about permanent residence, seems to assume applying under the investment category requirement 10(1) instead of under 10(2) or 10(3) (relating to government bond/stock market investments). However, my questions/use case might not be their target market.

6 hours ago, NancyL said:

... I had a large sum coming in but didn't want to convert at the time.  Kinda wish I had in retrospect.

@NancyL because of the current value of the baht or something else?

5 hours ago, Tanoshi said:

Bangkok Bank offer 0.9% interest on foreign currency accounts, where did you get the 0.15% figure from.

Based on https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Currency-Deposit it appears that a savings account offer 0.15%, while a 12 month account offers 0.90%. @Tanoshi do you have a 12 month account?

On 6/27/2019 at 12:57 PM, elviajero said:

If the investment option also requires you to work and earn 80K pm, what is the point of tying up 10M when you can simply apply based on work?

 

https://www.siam-legal.com/thailand-law/thai-permanent-residency-category-investment/

1. Based on the file linked earlier from immigration.go.th, page 7 deals specifically with the investment category. If working isn't required, why does the investment category requirements include #5 (employment history), #6 (employment certification), and #13 (many photos of applicant's workplace)? (Note that the immigration.go.th document doesn't seem to include any mentions of minimum salaries - maybe the investment category requirements are lower?)
2. The Siam Legal page doesn't mention work (either that it is or is not required), but also doesn't mention many of the other requirements from the immigration.go.th document (health certificate, criminal record, tax form, etc.) so Siam Legal's listed requirements likely shouldn't be considered complete?

On 6/27/2019 at 10:07 PM, Neeranam said:

Only 40k required if you want citizenship, which is much cheaper and more beneficial than PR.

However, documentation from recent years indicates that PR is required before citizenship (unless applying for citizenship via marriage).

On 6/26/2019 at 7:18 PM, elviajero said:

I don’t know what a “SET tracker” is, but in principle, yes.

I believe he is referring to an index of the Stock Exchange of Thailand - perhaps https://www.bloomberg.com/quote/SET:IND