Sell Condo to then put 800,000 into bank ?????

[Toca]

I paid the ultimate penalty of trying to ‘belong’ in Thailand, because I was silly enough to take my cash out of the Kasikorn bank to buy a condo (mortgage free).

However, when my visa consultant contacted immigration to renew my retirement visa they informed her that whilst I held a B3 Million mortgage free condo, that was not enough proof of financial stability and that I also need have B800,000 cash in the bank !!

It is difficult not to just give up and pack up to eliminate the almost daily need to confront bonehead autocratic bureaucrats possessing zero common sense ….. or am I just not seeing the logic? Do I just sell my condo and go back to renting ?? 

[Nyezhov]

They should make an exception just for you?

[DrJack54]

You have an asset. You do not have money. Show income or money in bank. Pretty simple rules

[RJRS1301]

You can’t eat the condo,or exchange it for medical services, so they want to know you can feed yourself I guess 

Edited March 16, 2019 by RJRS1301

[dcnx]

1 minute ago, Nyezhov said:

They should make an exception just for you?

They should make an exception for everyone who has invested at a certain level here. 

[DrJack54]

1 minute ago, dcnx said:

They should make an exception for everyone who has invested at a certain level here. 

You can obtain a visa based on investment in NEW condo. Think its 10 million.

The op didn't mention what income he now lives on. If over 65k/ month then no problem.

[ubonjoe]

3 minutes ago, dcnx said:

They should make an exception for everyone who has invested at a certain level here. 

There is an extension of stay that is possible if you have invested 10 million baht or more in a condo or 10 million baht in a bank account or government bonds or a combination of the condo and the money.

[baansgr]

6 minutes ago, RJRS1301 said:

You can’t eat the condo,or exchange it for medical services, so they want to know you can feed yourself I guess 

With the new rules, you cant even exchange your money in the bank for food or other services as its tied up all year. OP, have you asked your agent if for a fee there is a way round it?

[steve73]

I'm sure you'd be able to get a 800k mortgage on a 3MM bt condo... I'd even consider lending the money with that as security. 

[DrJack54]

4 minutes ago, steve73 said:

I'm sure you'd be able to get a 800k mortgage on a 3MM bt condo... I'd even consider lending the money with that as security. 

Work permit?

[madmen]

Thats Interesting, I wonder if a bank would lend the money. Assuming OP has an income (pension) and is able to show he has capacity to pay after outgoings are deducted then the bank would be in a good position

[EricTh]

I made the same mistake as you. I am also considering selling my house and just rent.

 

My house is worth more than the 800k, immigration should take into account our property purchases as well.

[ThaiBunny]

7 minutes ago, EricTh said:

I made the same mistake as you. I am also considering selling my house and just rent.

 

My house is worth more than the 800k, immigration should take into account our property purchases as well.

Since it's illegal for a non-Thai to own a house, on what basis could Thai Immigration take such ownership into account?

[Tanoshi]

4 minutes ago, ThaiBunny said:

Since it's illegal for a non-Thai to own a house, on what basis could Thai Immigration take such ownership into account?

You can own a house, you cannot own land.

[steve73]

3 minutes ago, EricTh said:

I made the same mistake as you. I am also considering selling my house and just rent.

 

My house is worth more than the 800k, immigration should take into account our property purchases as well.

Anyone considering selling and renting just to raise the 800k is clearly not thinking it through properly.

 

If you (or your wife/partner, in the case of a house) were to mortgage to raise the 800k, you don't have to move, you still "own" the property, and as such continue to benefit from any capital appreciation, and you get to earn some small interest on your 800k cash savings (perhaps 2%).

 

So you need to pay interest on the mortgage loan.  Maybe as much as 8% here in T/L, but it's still peanuts compared to what you'd be paying to rent somewhere half decent. 

 

I don't know how easy it would be for a farang to get a mortgage with a Thai bank, but if the loan-to-value were less than 50% then I'm sure it would be possible, with the bank holding a security over the property if you default.   If its a house in your wife's name, there would be no problem, even if she has no income other than your "payment", but if you wife won't take on a small mortgage to ensure your continued ability to remain here then it says a lot for your marriage. (Not getting at you EricTh... just a general statement.)

 

 

 

[Thailand Outcast]

3 minutes ago, ThaiBunny said:

Since it's illegal for a non-Thai to own a house, on what basis could Thai Immigration take such ownership into account?

Isn't it the case a foreigner can own the house, that is, he can own the bricks and motar, he just can't own the land it sits on. 

 

It's this that leads to a lot of false belief in property ownership here. 

[Farangwithaplan]

41 minutes ago, ubonjoe said:

There is an extension of stay that is possible if you have invested 10 million baht or more in a condo or 10 million baht in a bank account or government bonds or a combination of the condo and the money.

UbonJoe,

 

I see you mentioned a condo, or a condo and cash. Is it possible to have seeveral condos and cash mix to get to the 10 million?

 

It would be interesting to know also if the 10 million is based on the recored sale price of the condo or recent valuations.

 

Can anyone add more light to this?

[Tanoshi]

@Toca

You must have been aware of the financial requirements to get an extension.

Your first priority should have been to secure those finances.

[Tanoshi]

2.5 In the case of investment:
Each permission shall be granted for no more than one year.
A. Investment of no less than Baht 3 million:
The alien:
(1) Must have been granted a nonimmigrant
visa (NONIM):
(2) Must have entered the Kingdom before October 1, 2006 and must have been
consecutively permitted to stay in the Kingdom for an investment of no less than Baht
3 million:
(3) Must have evidence of transferring funds into Thailand of no less than Baht 3 million:
(4) Must have evidence of investing in the purchase of a condominium unit for no
than Baht 3 million issued by a relevant agency or by the government; or
(5) Must have evidence of investing in the form of a fixed deposit of no less than Baht
million with a bank which is registered in Thailand and has Thai nationals holding more
50 percent ;or
(6) Must have evidence of investing in the purchase of government or state enterprise
bonds of no less than Baht 3 million; or
(7) Must have evidence of making an investment as set out in Criteria (4), (5), or (6)
a total value of no less than Baht 3 million

B. Investment of no less than Baht 10 million:
The alien:
(1) Must have been granted a nonimmigrant
visa (NONIM).
(2) Must have evidence of transferring funds into Thailand of no less than Baht 10 million.
(3) Must have evidence of investing in the purchase or rental of a condominium unit
period of no less than 3 years issued by a relevant agency or government, at a purchase
rental price of no less than Baht 10 million: or

4) Must have evidence of investing in the form of a fixed deposit of no less than Baht
million with a bank which is registered in Thailand and has Thai nationals holding more
50 percent ;or
(5) Must have evidence of investing in the purchase of government or state enterprise
bonds of no less than Baht 10 million; or
(6) Must have evidence of making an investment as set out in Criteria (3), (4), or (5)
a total value of not less than Baht 10 million

[WalkingOrders]

In your comment you say you have ownership of a condo, but I assume you also have aditional funds, or a monthly income? How do you cover monthly ecpenses?

[marcusarelus]

13 minutes ago, Thailand Outcast said:

Isn't it the case a foreigner can own the house, that is, he can own the bricks and motar, he just can't own the land it sits on. 

 

It's this that leads to a lot of false belief in property ownership here. 

Must be a lot of people who can't read.

[ThaiBunny]

20 minutes ago, Tanoshi said:

You can own a house, you cannot own land.

I assume you're talking about an "usufruct". Technically (as I understand it) what you've got is a right to enjoy the land for 30 years.  You could build a house on it, as part of your "enjoyment", but the land and the house revert to the owner at the end of the usufruct.  I doubt that TI would regard that as "owning a house"

[ezzra]

37 minutes ago, madmen said:

Thats Interesting, I wonder if a bank would lend the money. Assuming OP has an income (pension) and is able to show he has capacity to pay after outgoings are deducted then the bank would be in a good position

No !! the bank will want work and taxes records going back at least a year, you have to show that you can service the loan, they will not lend money for visa purposes especially for forghiners, so selling the condo and maybe renting it back from the buyer or buying a cheaper one is the only solution here...

[onera1961]

28 minutes ago, steve73 said:

If you (or your wife/partner, in the case of a house) were to mortgage to raise the 800k,

For a married person, there is no problem staying in Thailand. But for a single person, one must keep at least two million BHT (preferably one million in his home country and one million in Thai bank) in bank before purchasing a condo if he he intends to retire in Thailand. It gives peace of mind and no pressure to meet certain amount of incomes from any source. If your income is low, just rent a cheaper place. If your income is high, you can go for more luxury. 

Edited March 16, 2019 by onera1961

[steve73]

3 minutes ago, onera1961 said:

For a married person, there is no problem staying in Thailand. But for a single person, one must keep at least two million BHT (preferably one million in his home country and one million in Thai bank) in bank before purchasing a condo if he he intends to retire in Thailand. 

ok.. if married you only need 400k (in your own name).

 

The old adage "better to rent than buy" seems to apply to living here..

 

[thaitero]

There are a lot of people living on retirement extensions who do not have glue about  requirements to get retirement extension by real rules because they have used agents to get their stamps. 

 

Now it is time to learn ????

[onera1961]

2 minutes ago, steve73 said:

ok.. if married you only need 400k (in your own name).

If not, you can always go outside and get a ME Non-O. Yes it is a hassle. But when one does not have the money, they have to sacrifice something. 

[attrayant]

1 minute ago, thaitero said:

There are a lot of people living on retirement extensions who do not have glue about  requirements to get retirement extension by real rules because they have used agents to get their stamps. 

 

Now it is time to learn ????

 

Why is now the time to learn?  I assume if they've been using agents this long, they'll just continue to use them.  The agents & immigration officers don't want to lose that gravy train.

[madmen]

6 minutes ago, steve73 said:

ok.. if married you only need 400k (in your own name).

 

The old adage "better to rent than buy" seems to apply to living here..

 

The old adage never put your eggs in one basket is actually what is happening. Investment 101 keep a balanced portfolio and that means not the whole lot in real estate ! if an emergency does arise you cant just sell off a bathroom to pay for it. If these guys followed the most basic rules of cash management they would have the 800k

Rent vs Buy has nothing to do with it. Poor management of Cash has everything to do with it

Edited March 16, 2019 by madmen

[Thailand]

Going the same route to cater for additional changes in requirements as too old for continued hassle.

House up for sale at well over 12 million. Expecting to get screwed on price but will be happier to rent and have funds offshore in the event our chosen retirement destination becomes untenable.

Hope not, love it here but it ain't what it was 18 years ago!