Using My Condo to Meet the 800K extension requirement

[stud858]

3 minutes ago, shy coconut said:

If you put 800'000 into buying a condo, what are you going to live off?

I think the argument stands the same if it has to be in a bank account.

[Khaeng Mak]

55 minutes ago, shy coconut said:

If you put 800'000 into buying a condo, what are you going to live off?

The income from my investments that I currently live off.

[lkv]

With the greatest of respect, what's the point of this thread?

 

On the same logic of "why not", why not let me buy a cheap condo for 800K at the age of 36, and give me PR. I want PR, not extension of stay.

Edited February 3, 2019 by lkv

[MikeN]

8 hours ago, Khaeng Mak said:

I am not talking about an investment visa.

 

I am talking about retirement extensions.

 

We now have to have a minimum of 400K deposited in a Thai bank all year.

 

Why can that money not be invested in another asset besides cash.

 

For example. the ssrv retirement program also requires a cash bond, but you can use it to buy a condo.

Well nowhere, to the best of my knowledge, have they explained the reason for the 400k but people are assuming it is to cover potential medical expenses or similar.

 If this is the case, are you going to pay your hospital bill in condos? Do you expect them to wait a year or so until you can sell it ?

 The current 800k required has to be in an accessible account, so I cannot see them accepting a condo as accessible cash .......

[dotpoom]

If you only needed a Chanote...what use would that be if you needed cash for an emergency....(the purpose of the 800,000) Secondly, Immigration would also have to become "Property Valuers".. Condos can be purchased in Pattaya for as little as 500,000 Bt...(around Soi Arunotai, for those who are thinking "never")?

[jacko45k]

10 hours ago, crazykopite said:

It would be interesting to know how many wealthy Thais own properties in the U.K.

Especially a bit of land 100x50 yards with corner flags and goalposts. UK is open to investment from pretty much anyone, Thailand it is very much on their restrictive terms. 

[Straight8]

Illiquid asset, how would it ever work if you run out of money and you need x amount for some emergency payments.

 

Sell a quarter of it maybe?

[onera1961]

17 hours ago, Khaeng Mak said:

That is, anyone who has already purchased a condo (worth more than 800K) in their name need only show their chanote to get their extension.

It will be too simple and narrow minded TIs are not able to formulate it. If somebody buys a condo (minimum 1.6 million, let's say), they should be allowed to get a retirement visa with no additional paperworks. As housing is a major expense for a retired person, it will eliminate one of the expense. Competition among developers will result in better deal for customers. 

 

In the above scenario, I will buy a condo but right now I don't have any incentive to do so when cheap rents are available in plenty.

If I have to wish, I will even wish that they should allow to to obtain a special visa (let's call it Non-R residency) for people not yet 50. They can increase the condo price requirement (for example 2.4 million). Right now, if somebody buys a condo, they can still be denied entry on TV. 

An online application (with all documents uploaded a prior to an in-person interview) should be sufficient for extension. Less paperwork and more streamlined and efficient method. 

 

But alas, this is Thailand. We could only wish.

Edited February 4, 2019 by onera1961

[onera1961]

14 minutes ago, jacko45k said:

Especially a bit of land 100x50 yards with corner flags and goalposts. UK is open to investment from pretty much anyone, Thailand it is very much on their restrictive terms. 

We cannot compare with UK. Allowing foreigners to buy land will increase land prices and drive out locals from buying  house. I am OK with that but they should consider condo investment for retirement requirements.

[Pravda]

Lol, are people really that desperate?

 

In what country on the planet would owning a condo/house fulfil an immigration requirement? I am well aware that condos in Bangkok appreciated significantly, but what about other areas in Thailand? Furthermore, even in Bangkok there are condos on the market listed for years. How in their right mind can immigration take your property into account when it takes a significant time to sell?

 

Here's an idea if you own a property. Go to a bank and take a loan against the property and put it in your account to satisfy immigration requirements.

 

Jesus, what a funny thread.

 

 

[onera1961]

10 hours ago, crazykopite said:

It would be interesting to know how many wealthy Thais own properties in the U.K., Germany , USA and many other countries in the world but those of us who decide to move to Thailand find it so difficult to own land or property  Just a thought

Allowing foreigners buy lands will drive up local land prices and drive away locals from buying home in their own country. Most wealthy people prefer to live in their own country. Most retirees who come here to live permanently after burning the bridge to their home country are poor in their own country.

[onera1961]

4 minutes ago, Pravda said:

In what country on the planet would owning a condo/house fulfil an immigration requirement?

Lots of countries. For example E5 visa in the USA. Portugal Golden Visa. Spain, Australia, New Zealand. 

Edited February 4, 2019 by onera1961

[onera1961]

2 minutes ago, Pravda said:

Here's an idea if you own a property. Go to a bank and take a loan against the property and put it in your account to satisfy immigration requirements.

I think it is not easy in Thailand. that's why people go to loan shark.

[onera1961]

32 minutes ago, jacko45k said:

Thailand it is very much on their restrictive terms. 

Thailand is open for FDIs. All the large Multi-national corporations have offices and investment in Thailand. 

[kingstonkid]

The problem with owning a condo is that you never probably own it.  most people can not pay 800k for a condo and get a loan from the bank for the greater part of the cost.

 

One thing they might do is establish a law that says you can have 400k in investment in the Thai stock market for a long period of time.

 

[Henryford]

Immigration will never accept the ownership of a condo to waive the 800k but maybe they should lower the 65k a month limit for those that own their own home. After all their living expenses should be lower than someone who has to rent.

[rott]

In Thailand the words why and should coming from a foreigner are automatically null and void.

 

If you know and understand "what", leave it at that.

[Pravda]

8 minutes ago, Henryford said:

Immigration will never accept the ownership of a condo to waive the 800k but maybe they should lower the 65k a month limit for those that own their own home. After all their living expenses should be lower than someone who has to rent.

 

What if a Farang that owns a home (or rather his wife, heh) also has the extended family to take care of? So, his cost will be higher than a single guy on pension renting out. Who the heck is going to make all these calculations? Don't most here complain about Thai bureaucracy?

 

They want money in the bank, plain and simple. You should stop dreaming about the different scenarios that will never happen and concentrate on fulfilling the immigration requirements.

 

What's the next thread? Immigration should accept my mom's bank balance?

 

 

[newnative]

10 hours ago, Khaeng Mak said:

Impossible to sell a condo now.  Market already crashing and who is going to buy one now when immigration has waged all out war on long stay expats.

Chinese.  My last 3 condo sales were to Chinese buyers.  None were retirees, they were all in their 30s and 40s.

[Walinton]

18 hours ago, Khaeng Mak said:

Immigration's rationale for me having 800K in the bank was that I should have sufficient money to cover my living expenses for one year.

 

But that position no longer holds up to logical scrutiny.

 

Immigration can no longer claim that the money is for my living expenses. As it cannot be withdrawn from my account.

 

If I have to lock my money up. Why can't I lock it up in the purchase of a Condo.

 

The retirement programs in several other countries allow me to do so.

 

Or are these changes just a poorly implemented plan to effectively double the amount I must now have in Thailand. 800K locked up in a low interest account, and then I have to bring in additional money to live off.

 

Or is there trouble on the horizon and those in charge want to bolster Thai banks with immovable foreign funds?

The Answer is "YES"

[anwa]

17 hours ago, indepth said:

Brilliant Idea. I'm sure BJ will read and take notice. . 

BJ,why Thailand not make a visa like in Philippines.The SRRV CLASSIC is for active/healthy principal retirees who would opt to use their Visa deposit of $10,000 or $20,000 (50 years old & above) or $50,000.00 (35 to 49 years old) to purchase condominium units or use for long term lease of house and lot.(I hope you read this BJ.)

 

[Henryford]

35 minutes ago, Pravda said:

 

What if a Farang that owns a home (or rather his wife, heh) also has the extended family to take care of? So, his cost will be higher than a single guy on pension renting out. Who the heck is going to make all these calculations? Don't most here complain about Thai bureaucracy?

 

They want money in the bank, plain and simple. You should stop dreaming about the different scenarios that will never happen and concentrate on fulfilling the immigration requirements.

 

What's the next thread? Immigration should accept my mom's bank balance?

 

 

Immigration already make allowances for someone who is married. For some bizarre reason they reduce the required figures by 50% compared to a single guy.

[Mavideol]

12 hours ago, dcnx said:

There is a visa (so they say) for people here who have invested 10 million baht or more. Local immigration knew nothing about it and neither did any agent we spoke to. Yet, people keep claiming online this is a thing and they got it.

 

We’ve gone round and round with immigration over this and have been shut down every time.

 

Oh well. 

 

Thai IMMO web site mention it, they also mention the possibility of having a long term visa with a minimum 3 million baht investment, but (you are correct) the IMO's don't know about it, wonder what type of training the IMO's have because I see plenty of new young people there and they keep walking to one office asking question after question, I heard and saw them

[Chrisswe]

Khaeng Mak , I agree 100% !!!

[ubonjoe]

1 hour ago, Mavideol said:

Thai IMMO web site mention it, they also mention the possibility of having a long term visa with a minimum 3 million baht investment, but (you are correct) the IMO's don't know about it, wonder what type of training the IMO's have because I see plenty of new young people there and they keep walking to one office asking question after question, I heard and saw them

If you look at the immigration website the 3 million baht investments option ended in October of 2006 unless you had it before that date and have continued to apply on a yearly basis since then.

[Surasak]

Heads. Walls. Banging, for the use of. WHo? Just who is going to take any notice. Its all done for control, nothing more, nothing less.

[Suradit69]

20 hours ago, Khaeng Mak said:

 

Immigration can no longer claim that the money is for my living expenses. 

Was that ever given as an official reason?

 

Even under the old income method there I was no requirement that you bring baht 65,000 per month into Thailand for living expenses.

[Khaeng Mak]

3 hours ago, catman20 said:

when you see all the low life farangs wondering aimlessly around Pattaya im surprised they dont double the required amount of money needed to stay here.

I started this topic.

 

Are you inferring I am a low life?

[Khaeng Mak]

3 hours ago, Pravda said:

 

What if a Farang that owns a home (or rather his wife, heh) also has the extended family to take care of? So, his cost will be higher than a single guy on pension renting out. Who the heck is going to make all these calculations? Don't most here complain about Thai bureaucracy?

 

They want money in the bank, plain and simple. You should stop dreaming about the different scenarios that will never happen and concentrate on fulfilling the immigration requirements.

 

What's the next thread? Immigration should accept my mom's bank balance?

 

 

Thank you for your helpful comments.

[khunPer]

22 hours ago, Khaeng Mak said:

Your thoughts on my idea are welcome.

Your deposit need to be in a bank deposit – long term fixed-period savings with higher interest is accepted – whilst mutual funds, property, or any other kind of investments cannot be used as it's considered speculation without a fixed value; it will likely not be accepted by your local Immigration Office, even fund books once were accepted by some Immigration Offices almost 10 years ago.