Confused with Investment Visa - How old can the condo be?

[hrrecruiter]

I'm considering the investment VISA (10 million thb in bonds or real estate), I've heard and read the condo can't be too old, but i have never found anything on the exact terms or a list of condos that are eligible for this VISA? Anyone knows?

 

Thank you

[edwardandtubs]

You must be the first owner.

[elviajero]

It has to be a new property.

 

Personally, I wouldn't bother and would just buy a 20 year Thailand Elite membership/visa for 1M baht.

[edwardandtubs]

9 hours ago, elviajero said:

It has to be a new property.

 

Personally, I wouldn't bother and would just buy a 20 year Thailand Elite membership/visa for 1M baht.

That would be 1M baht down the drain, unlike the investment visa option where you end up increasing your capital if you invest wisely. It's a no-brainer if you have enough money for the investment visa route.

Edited November 3, 2018 by edwardandtubs

[meinphuket]

You won't get an investment visa for buying a 10m Bht condo.

[edwardandtubs]

4 minutes ago, meinphuket said:

You won't get an investment visa for buying a 10m Bht condo.

 

That's untrue.

[ubonjoe]

7 minutes ago, meinphuket said:

You won't get an investment visa for buying a 10m Bht condo.

Yes he can an extension of stay based upon an investment of 10 million baht. You are incorrect.

Look at this. https://www.immigration.go.th/content/service_5

[SiamRose]

what are the advantages of investment extension of stay compared with Thai Elite other than the fact that the fee for the Elite is an expense whilst you retain ownership of the investment. Are there other significant differences?

[elviajero]

8 minutes ago, meinphuket said:

You won't get an investment visa for buying a 10m Bht condo.

@hrrecruiter

Here are the requirements for a 1 year extension of stay.

 

B. Investment of no less than Baht 10 million:
1. Application form
2. Copy of applicant’s passport
3. Copy of evidence showing a transfer of funds from a foreign country to a bank in Thailand
4. Copy of a condominium purchase agreement and a copy of the ownership registration of said
condominium issued by the government or relevant agency (in the case of purchase of a condominium) or a copy of a long-term lease agreement; or
5. Funds deposit certificate issued by a bank and a copy of evidence of the funds deposit (only in the case of investment in funds deposit); or
6. Copies of bond certificates (only in the case of investment in a purchase of government or state enterprise bonds)

[elviajero]

10 minutes ago, SiamRose said:

what are the advantages of investment extension of stay compared with Thai Elite other than the fact that the fee for the Elite is an expense whilst you retain ownership of the investment. Are there other significant differences?

If you can afford both I only see disadvantages to using the condo (investment route) to secure a permit to stay.

• You are limited to what you can buy.
• The extension is only for 1 year and needs to be renewed every year.
• If you sell the condo your permit to stay ends.

If you go the PE visa route you can spend 9M on any condo and your visa is sorted for 20 years for 1M. Or, of course, you can spend 11M on both.

[elviajero]

2 hours ago, edwardandtubs said:

That would be 1M baht down the drain, unlike the investment visa option where you end up increasing your capital if you invest wisely. It's a no-brainer if you have enough money for the investment visa route.

It’s not 1M down the drain. You’ve bought a 20 year stay.

 

You can still buy a condo, have more choice, and still, hopefully, have an increasing asset.

[edwardandtubs]

9 minutes ago, elviajero said:

It’s not 1M down the drain. You’ve bought a 20 year stay.

 

You can still buy a condo, have more choice, and still, hopefully, have an increasing asset.

 

Well, you're 1M baht down and the only benefit is you avoid the need for annual renewals. But those renewals are a very minor inconvenience so it's a no-brainer really unless 1M baht really means nothing to you.

[elviajero]

25 minutes ago, edwardandtubs said:

Well, you're 1M baht down and the only benefit is you avoid the need for annual renewals. But those renewals are a very minor inconvenience so it's a no-brainer really unless 1M baht really means nothing to you.

You could easily save 1M baht buying in the second hand market, and have more choice.

 

If someone wants to buy a specific new condo for 10M, and only have 10M, then the investment route would be a good option, otherwise there are better options.

Edited November 3, 2018 by elviajero

[hrrecruiter]

3 hours ago, elviajero said:

If you can afford both I only see disadvantages to using the condo (investment route) to secure a permit to stay.

• You are limited to what you can buy.
• The extension is only for 1 year and needs to be renewed every year.
• If you sell the condo your permit to stay ends.

If you go the PE visa route you can spend 9M on any condo and your visa is sorted for 20 years for 1M. Or, of course, you can spend 11M on both.

Thats a great point actually. Since I started the thread, I found "one" condo that would fit in my requirements (location, size) but indeed is a lot of money since its new and as we know, Thais dont buy 2nd hand, especially at this mid range price of 7-12m. 

 

Paying 500k for the 5y elite or 1m for the 20y + condo you want is also a very decent option

 

Thank you all for the response

[CH1961]

4 hours ago, meinphuket said:

You won't get an investment visa for buying a 10m Bht condo.

Any proof or just a fairy tale? 

[hrrecruiter]

15 hours ago, elviajero said:

It has to be a new property.

 

Personally, I wouldn't bother and would just buy a 20 year Thailand Elite membership/visa for 1M baht.

You seem to know about this ???? One more question, I found a condo that qualifies, is brand new, but is sold out. It will be ready in 2021, but some people are flipping it, would this work? Or I need to actually buy off the developer before it sells out? 

[elviajero]

31 minutes ago, hrrecruiter said:

You seem to know about this ???? One more question, I found a condo that qualifies, is brand new, but is sold out. It will be ready in 2021, but some people are flipping it, would this work? Or I need to actually buy off the developer before it sells out? 

Lots of people are making money from flipping new builds, but that wouldn't work if you want an investment visa. 

[ArickChaiyaphum]

I love this topic because it seems nobody has done it or they don’t bother being on here. I have been chasing this up for years. You have to go directly into watt ana Bkk and ask the director there and then confirm paper work showing transfer of funds into a new project etc 

Edited November 3, 2018 by ArickChaiyaphum

[ubonjoe]

2 minutes ago, ArickChaiyaphum said:

I love this topic because it seems nobody has done it or they don’t bother being on here. I have been chasing this up for years. You have to go directly into watt ana Bkk and ask the director there and then confirm paper work showing transfer of funds into a new project etc 

What kind of project do you mean? Did you read the info on immigrations website I posted a link to earlier.

There is another category of investment done through the Board Of Investment (BOI)

[Ketyo]

4 hours ago, hrrecruiter said:

You seem to know about this ???? One more question, I found a condo that qualifies, is brand new, but is sold out. It will be ready in 2021, but some people are flipping it, would this work? Or I need to actually buy off the developer before it sells out? 

As long as the ownership has not yet transferred from the developer to the person who is flipping the condo, you will be named as the first registered owner on the relevant documents at the transfer date. The condo then counts as new as far as immigration are concerned - you will be the first owner. This is even though some of your money will go to the flipper to cover the amount he has already paid to the developer - he never owned the condo because it was not transferred to him by the developer in this case. So you will qualify for an investment visa even if you buy a 'resale unit' before the transfer date.

 

One thing to note is to transfer money from your account overseas to your account in Thailand. From your Thai account you can pay the flipper and settle any balance with the developer. Don't pay the flipper directly from an overseas account since immigration are supposed to check that the names on the sending overseas and receiving Thai bank accounts are the same and both yours. 

 

One other thing is that if the value of the condo is less than 10M Baht as far as is registered at the Land Department (not as far as the market value is or what you paid), then you can bring the total invested in Thailand up to 10M by investing the balance in a fixed Income bond with a Thai bank. This is very easy, but the interest is not great...about 1.5%p.a. so better keep this amount to a minimum.

[hrrecruiter]

4 hours ago, Ketyo said:

As long as the ownership has not yet transferred from the developer to the person who is flipping the condo, you will be named as the first registered owner on the relevant documents at the transfer date. The condo then counts as new as far as immigration are concerned - you will be the first owner. This is even though some of your money will go to the flipper to cover the amount he has already paid to the developer - he never owned the condo because it was not transferred to him by the developer in this case. So you will qualify for an investment visa even if you buy a 'resale unit' before the transfer date.

 

 

Good to know, there is hope then. I will chase this opportunity. 

 

[Sophon]

16 hours ago, SiamRose said:

what are the advantages of investment extension of stay compared with Thai Elite other than the fact that the fee for the Elite is an expense whilst you retain ownership of the investment. Are there other significant differences?

One advantage of the investment extension, is that it would be based on a Non Immigrant visa. Thailand Elite is classed as a tourist visa, so if you apply for a driver's license while on Thailand Elite, you will only get a temporary license. With an investment extension you will qualify for a permanent driver's license. Also, some banks (or more precisely, some branches of banks) will open non-resident accounts for you if you open the account while on a tourist visa. My first accounts with Krung Thai Bank and Bangkok Bank were opened while on a tourist visa, so I didn't get interest in Krung Thai Bank and couldn't get internet banking with Bangkok Bank until I had a Non Immigrant visa.

 

There are probably other instances, where having Non Immigrant status is an advantage over being here as a tourist, but none that I have experienced personally.

 

Sophon

[certacito]

1 hour ago, Sophon said:

so if you apply for a driver's license while on Thailand Elite, you will only get a temporary license. With an investment extension you will qualify for a permanent driver's license.

 

Absolute balderdash!

 

Also, the lifetime licence ended decades ago, all licences are now 2 years initial and then 5 on renewal.

[Sophon]

35 minutes ago, certacito said:

 

Absolute balderdash!

 

Also, the lifetime licence ended decades ago, all licences are now 2 years initial and then 5 on renewal.

Not true.

 

Yes, the first license is a two year temporary license, but if you are on a tourist visa when you renew you will not get the five year license. Instead you will get another two year license. There have been plenty of reports here on ThaiVisa of people renewing while on a tourist visa and only get the the two year license, and I have even seen a report of someone on a Thailand Elite visa with the same result.

 

And I wasn't talking about the life time driver's license. With "permanent" license I was talking about the normal license that has to be renewed every five years. Even though you renew it, it's technically still the same license (just a new "card") which is indicated by the issued date being the date of your "first" license.

 

Sophon

Edited November 4, 2018 by Sophon

[elviajero]

9 hours ago, Sophon said:

One advantage of the investment extension, is that it would be based on a Non Immigrant visa. Thailand Elite is classed as a tourist visa, so if you apply for a driver's license while on Thailand Elite, you will only get a temporary license. With an investment extension you will qualify for a permanent driver's license. Also, some banks (or more precisely, some branches of banks) will open non-resident accounts for you if you open the account while on a tourist visa. My first accounts with Krung Thai Bank and Bangkok Bank were opened while on a tourist visa, so I didn't get interest in Krung Thai Bank and couldn't get internet banking with Bangkok Bank until I had a Non Immigrant visa.

 

There are probably other instances, where having Non Immigrant status is an advantage over being here as a tourist, but none that I have experienced personally.

 

Sophon

Thailand Elite provide help, if necessary, in opening a bank account and applying for a driving license.

 

It would probably be easier to obtain both for a TE member than it would for a non-immigrant visa holder.

[DJ54]

Thinking out of the box...   from what I’ve read and it’s not been a 

lot. Most of all types condo, house, townhome and land are all seeing slowing and any increase is minimum at most. 

 

Depending if you buying to resell who would be your target buyers?

Thai, Farang or mix. If the income proof becomes an issue and causes an exodus. Could result in fewer buyers.

 

i was very very fortunate when I sold my home in California

the sell prices doubled 2-1/2 yrs after I purchased sold it for 

$374,000 more than what I paid. Sell was because move to 

APAC. 

 

Every once in a while I’d get emails from the Broker that sold the 

house for us. About 4 months after we sold it the market bottom our the family that bought it were forced to walk away from the house. It was on market for half what I sold it for.

 

Felt sorry for the family a lot of people go hit with losses. I was fortunate 

 

my my point being of the real estate market is flat or softening 

could be a loss or if your investing looking at long term... maybe? 

 

[faranglaowai]

On 11/4/2018 at 4:08 AM, hrrecruiter said:

 

Good to know, there is hope then. I will chase this opportunity. 

 

From what I understood in your earlier post, the condo will only be completed in 2021.  You will not be the owner of the condo unit until after completion and thus would not satisfy the requirements for the Investment extension until you are the actual registered owner.

 

You can however hold the 10m cash in a bank account, awaiting the payment of the condo in 2021 (if the developer will allow that) and that will satisfy the requirements of the Investment Extension.

[hrrecruiter]

6 minutes ago, faranglaowai said:

From what I understood in your earlier post, the condo will only be completed in 2021.  You will not be the owner of the condo unit until after completion and thus would not satisfy the requirements for the Investment extension until you are the actual registered owner.

 

You can however hold the 10m cash in a bank account, awaiting the payment of the condo in 2021 (if the developer will allow that) and that will satisfy the requirements of the Investment Extension.

Thank you, thats my thoughts exactly.

 

Ive been talking to sellers/flippers and indeed my name would be the first on the condo deed. The only issue is, lets say its a 10million condo. 

 

I need to pay ~3 million to seller

then make monthly payments of xx THB

So by the time ai need the visa, half of it will be paid already the other half will be in Bonds.

 

Just not sure the docs needed for immigration to approve, Im checking with a lawyer, will keep you guys posted. If anyone have more inputs please let us know.

 

 

[stud858]

Invest or elite visa, still up to the IO to allow or deny your entry. Either way not the best bet in my opinion. Too risky.  

But hey,  I'm a pessimist.  

[faranglaowai]

One final thing to remember is that it's the value registered at the Land Office that counts to the 10m, not what you pay.

 

Very often, if you pay a developer directly, say 10m then the actual registration at the Land Office may be only 8m (they can reduce their costs of transfer this way), leaving you with another 2m to hold in a bank to make up the 10m for the Investment Extension.

 

Since you will be paying a 'flipper', they will be making some money (likely) and thus the declared value at the Land Office may be much lower than 10m, leaving you with a bigger problem.

 

Personal experience speaking here.  Been there and done that.