3m thb visa ...

[singa-traz]

Someone previously in this forum mentioned this:

http://www.thai-consulate.org.hk/investment%20scheme.htm

and here :

http://thaisydney.idx.com.au/ResidentVisa.html

Too Good to be true ... or do you need to transfer 3M THB ... every year you apply for renewal ...

Any comments ?

[george]

You will need to show evidence of investment every year.

Some more info in this thread:

3 million Baht Investment visa

[dr_Pat_Pong]

This is not a get the account in funds for the annual letter thing, Condition  5.1 clearly states continual investment is

the requirement.

[singa-traz]

I just wanted to clarify this:

1: Do you need to invest an additional 3MTHB per Year ?

2: or keeping the initial 3M THB in one of the mentioned accounts, would satisfy 5.1 ?

[dr_Pat_Pong]

My interpretation is one lot of 3 million baht continually in the property, or an approved bank or whatever else they approve

[holm188]

Hi,

There is no need to invest an additional 3 Mio B for the following years extensions. The original amout has of course to stay. The difficulty may be to open a bank account to deposit the amout. Many banks require a work permit in which case you do not need such a visa!!!

good luck

[easymoney]

There is no longer a need for a work permit to open ordinary accounts at banks. It is easier to do at main branches but if at another just have them call. The only time you need work permit is for current account and under some circumstances that can be gotten around.

[A1ia5]

Easymoney

I just wondered under what circumstatnces the requirement to have a work permit before getting a current account can be gotten around ?

Cheers

[dr_Pat_Pong]

Advise the bank of your intention to apply for a visa based on the 3 million baht rule.   No work permit needed as you seek a Non-Immigrant O visa

[Thaiquila]

???

So, this is all very interesting.

Has anyone actually gone through the process of getting this kind of Visa (or know someone who has)? What are the costs/problems? I imagine there are lots of rules that need to be followed. Is there a way to smooth it along (consultants, lawyers)?

Also. I wonder about the different kinds of allowed investments.

For example, Thai government bonds. Are they safe?

What is shortest term they offer? Interest rates?

Is the principal safe if held to maturity?

I would guess just like bonds anywhere, if the interest rate market rises and you have to sell before maturity. you will lose a lot of money.

On the condos, it sounds like there are restrictions as to what condos you can buy. Does this mean you would be stuck buying at an above market price?

Another point. A previous post here mentions that this visa option is RARELY used. Granted, the amount of required capital is not trivial, so that might explain that. But what other reasons are there that it is not used very often?

Thanks.

[dr_Pat_Pong]

It is relatively new

[Thaiquila]

Well. I found a good website for information about all kinds of Thai  bonds, including the kind that would satisfy the requirements of the 3 million baht investment scheme.

http://www.thaibdc.or.th/

The yields are really quite low. However, they do sound safe.

So, the option of depositing the money in an approved bank or buying these low yield bonds is basically a way to buy approval for the visa, and tying up a good bit of money to do so.

This all interests me because I am not yet 50 so I am not eligible for the retirement visa.

[dr_Pat_Pong]

It ain't a lotta money., if you don't have a reserves ....safer to stay at home.....no security thing here

[Thaiquila]

:blues:

Its only that there are ways to potentially make much better rates of return on 3 million baht than tie them up in investments that pay under 2 percent yield. For example, stock market, US GNMA bonds, etc. So I was saying that the price for approval of this kind of visa is the potential income you might make on the money you are tying up. With the retirement visa, you don't need to tie anything if you show a flow of 65K baht/month.

Obviously, a personal decision based on desires and financial goals/abilities.

[dr_Pat_Pong]

A matter of personal choice ...for an under 50 are there simple options to avoid the border hops ?