Moving to Thailand, building a House, Visa and Money

[typeatme]

So, it's time to coast into retirement--the Thai wife and I are moving from US to Thailand.
We intend to build a house on land "she" purchased.  To pay for the house, a good deal of money will be brought
into the country by me to do so.

 

Given need for Visa, and the need to show investment, etc. to get various Visas.....
Does it make sense to "form a company" and build on the property through the Company(Jointly owned by wife 51%/me 49%)?
 

Is there a "best way" to bring in so much money into the Kingdom, and have it recognized by Immigration as an asset/investment?

Looking for Ideas....

 

Thanks, stay safe :)

[BritManToo]

Get her to take out a mortgage, keep your money in the bank for your retirement VISA extensions, or buy an Elite VISA with it.

Edited September 5, 2020 by BritManToo

[ubonjoe]

Since you are married to a Thai you can get single or multiple entry non-o visa at the Thai embassy in Washington DC or one of the 3 official consulates. The visa allows a 90 day entry.

To stay long term you will need to get a one year extension of stay at immigration.

To apply based upon marriage you will need 400k baht in a Thai bank in your name only or proof of 40k baht income. 

To apply for one based upon retirement you will need 800k baht in a Thai bank for 2 months or proof of 65k baht.

No investment you do an can help with staying in the country unless you invest 10 million baht that can be the purchase of a condo or money in a Thai bank or government bonds or a combination of the 3 totaling 10 million baht.

[tonray]

31 minutes ago, typeatme said:

So, it's time to coast into retirement--the Thai wife and I are moving from US to Thailand.
We intend to build a house on land "she" purchased.  To pay for the house, a good deal of money will be brought
into the country by me to do so.

 

Given need for Visa, and the need to show investment, etc. to get various Visas.....
Does it make sense to "form a company" and build on the property through the Company(Jointly owned by wife 51%/me 49%)?
 

Is there a "best way" to bring in so much money into the Kingdom, and have it recognized by Immigration as an asset/investment?

Looking for Ideas....

 

Thanks, stay safe ????

I would suggest doing a lot more research before you commit to any plans. The initial questions indicate you are in the early "thinking of doing this" phase....take your time...and make sure you are protected

[ubonjoe]

Some off topic posts meant to deflect the topic have been removed and the expected replies to them.

[luckyluke]

Buy what you want, spend what you want. Do what you (Your wife) want. 

However make sure you still have somewhere money, or an income on your only name. 

Things can go sometimes wrong in Thailand. 

Lovely Thais, outside of their country, can sometimes change drastically once they are on their territory. 

"Sometimes" being a relative concept. 

 

 

[NCC1701A]

I am an American and i'm not married but after reading the horror stories of all the documentation you need for a marriage visa I would just put 800,000 baht into Bangkok Bank for a retirement extension of stay and leave the money there all year long.  It makes your experience at immigration so much more easier. 

 

Unlike the USA the real estate market here has tanked. You are building a house in a market that has a glut of houses and condos and rents are incredibly low now. So it maybe fun to build your retirement dream home it will very difficult to get your money out if you need to sell. 

 

Look into Aetna Insurance Thailand as a starting point for researching health insurance. 

 

good luck.

Edited September 5, 2020 by NCC1701A

[Rmac442]

Slow down ..get into a good position where you've 'arrived', worked out the best visa option and YOU know where you are going to live and implications e.g family, village etc.. ..

Suggest the following ..

Get right visa

Get driving licence

Get transport ..car, pickup?

Open Thai baht account

Open foreign currency account ..

Develop a plan and ideas for house requirements .. 

[petermik]

Good luck with your plans and I hope you live a long and happy life here...but just one note of caution from me...do not spend anymore than that you cannot afford to walk away from if needs be

[Shannoblic]

Typeatme,

 

Have sent you a pm.

[fishtank]

Don't listen to those that say marriage Visa/Extensions are difficult to do because they are not.

Pretty straight forward actually.

[Andyfez]

I realize you're coming over here with your wife of probably many years, but please consider your own personal needs as you go into your final years.

It's all very well building a house on land you already own, but is it REALLY in the right location for you? Yes it will be great for your wife, but what about your needs?

The house can be splendid - but isolation may set in later if you get it wrong.

Are there plenty of foreigners within reasonable distance so you have someone to meet up with, and start new friendships with.

Are there places where foreigners can hang out without having to sit on a noisy street corner or the back of a rice field?

It will probably be quite important to find friends who are of the same nationality too, as this can be more of a stumbling block than you initially realize.

Hospitals: are there good ones that meet your possible need as you get older? You don't want to be travelling 200 kilometers every time..... 

90 day reporting - how far away is that going to be?

Just a few comments, and I wish you well. But please realize there are more lonely old foreigners relying heavily on their Thai wives personal support than they wish to admit to!

Setting up companies for the sake of a house is in my humble opinion a complicated way to do things. If it was me I'd just ensure you have the 30 year lease to give you as a foreigner a right to live there.

As long as you have a Thai bank account, just transfer it from your overseas bank to your Thai bank. Either the sender or the receiver (or both) should be in your sole name-no joint accounts. You need to specify in the instructions that it is for (your mame) to purchase property at (name of property) and any further details you can fit in. For small amounts under US$50,000 the Thai bank will give you a letter confirming the transaction. Above this amount you get an FET (Foreign Exchange Transfer). As this money must be transferred through official channels you can't save money by using companies like TransferWise. 

This is mainly for purchasing a condo or whatever.

If you are building your own house it's just a matter of getting the money here, and spending it as you go......

Once you're settled in your house you may want to get a Yellow Book for yourself at your property, but to be quite honest it's often not worth the trouble.

Please also note that if you have the money, it is often much easier to get a normal retirement type visa rather than a marriage visa. The marriage visa means you need to show less income, but there are more hoops you need to jump through.  

 

 

Edited September 5, 2020 by Andyfez

[Singann]

"No investment you do an can help with staying in the country unless you invest 10 million baht that can be the purchase of a condo or money in a Thai bank or government bonds or a combination of the 3 totaling 10 million baht."

 

To Ubonjoe:

Would you please advise what kind of visa one can apply for if he/she has invested more than 10 million Baht for a 30 year leased house? Thanks

 

 

[ubonjoe]

4 minutes ago, Singann said:

Would you please advise what kind of visa one can apply for if he/she has invested more than 10 million Baht for a 30 year leased house?

You cannot get a visa or extension of stay for investment for a leased house or such. Only a condo purchase or lease is allowed.

[rupert the bear]

i wouldnt buy,rent a place keep your money offshore,you cant own it so.......rents are cheap now,that will change when covid leaves but why live here?its little to offer a plainly racist and xenophobic culture law and govt.your here at their whim.theres plenty of other places to live that offer far more,im stuck here due to covid and trying to sell a condo. the mkts picking up a bit and my units older so i will shift it in the next 6 mnths.im out  then ,s europe latam vietnam cambodia even philippines are more welcoming if u like  s e  asia but its well past its sell by date.some places on the tourist menu are so expensive now more so than latam  s europe and surrounding countries. i first came here in mid 80s and its changed a lot mostly for the worse.if u wanna live in a small village good luck with that,everyone knows your biz and how much they think they can screw u for too.its a very very small world.if thats your thing best a luck.fill yer boots

[markeewan]

I would suggest you research the cheapest money transfer method; certainly bank to bank will not be the cheapest and you could waste thousands of dollars if you don't get this right.

 

The US equivalent of OFX or Transferwise would be where to look, and if you can get an exchange rate within 0.3-0.5 baht to the cash rate on Superrichthailand.com then that is a good target. The only other cost would be 500 baht at the receiving bank.

 

Normally you can do this all on line, once you open an account or you can ring the dealing desk for larger amounts. They lock in an exchange rate and record the conversation and then you have to transfer the cash to the US branch within 2 days.

 

They then transfer to your Thailand bank and you get the exact amount that you contract for (less the 500 baht). If you initiate on the Monday then the money should be there by Friday.

 

 

 

 

 

[The Man Who Sold the World]

What I/we did:

 

American male married to Thai female. Worked in Thailand 25y ago. We returned to USA for @ 20y. Retired in Thailand.

 

Procured Non Imm O Multi Visa (married to Thai) from Royal Thai Consulate NY. We did a 3-month fact-finding sojourn during which we reviewed locations, COL, Medical Services and Insurances, and talked to a few real estate agents and Thai attorneys. We already had a USA attorney. 

 

On the basis of our fact-finding visit we selected our Thai Attorney and preferred location.

 

We then planned our detailed expatriation/repatriation @ 9 months later. 

 

We did spend a good amount of time detailing our plans and discussing/consulting with our attorneys. 

 

The expatriation/repatriation is/was successful. We sold our USA house. Packed and shipped our household goods. Rented an apartment for a year while we house hunted and then purchased our Thai house. Our nest egg is managed by a New York Brokerage firm that transferred USD $3k/mo. to my Solo Bangkok Bank account – which I then transfer to uor Joint Bangkok Bank account. 

 

We have full/complete legal documents/packages in both countries; LW&T, Medical Directives, POA, and a Usufruct (Thai only).

 

The key to a successful expatriation is planning. You need to consult with both Thai and American Attorneys in how best to protect yourself. 

 

Good Luck.

[mejomini]

7 hours ago, NCC1701A said:

I am an American and i'm not married but after reading the horror stories of all the documentation you need for a marriage visa I would just put 800,000 baht into Bangkok Bank for a retirement extension of stay and leave the money there all year long.  It makes your experience at immigration so much more easier. 

 

Unlike the USA the real estate market here has tanked. You are building a house in a market that has a glut of houses and condos and rents are incredibly low now. So it maybe fun to build your retirement dream home it will very difficult to get your money out if you need to sell. 

 

Look into Aetna Insurance Thailand as a starting point for researching health insurance. 

 

good luck.

I agree with all the above. I am happily retired and married in Thailand. We built a house on her land and yes selling would be very difficult, but we live in it and enjoy the village life and the house will be hers when I go meet my ancestors. 

Check out Pacific Cross, they are accepted by Immigration for the yearly extension and they are cheaper than the international expat companies I dealt with before.

Don't put all your eggs in one basket and keep some assets in the US for an exit plan should things go south. One never knows, relationships can go sour, and one is at the  mercy of whatever conditions Immigration can place on you. As a retired person, one cannot at this time acquire permanent residence, unfortunately.

At this time, I believe that if you have a non-O visa, you can extend it yearly on the base of marriage or retirement without having to provide proof of insurance, although some form of insurance is highly recommended.

Good luck

[sanuk711]

OP ... it would help you get better advice if you mentioned the area you are thinking of moving / building to in Thailand, & maybe the area you live USA.

 

 

If you come from The Bronx is and want to build in Nakon nowhere....you may find the adjustment a tad difficult....

 

 

 

Edited September 5, 2020 by sanuk711

[mejomini]

Before leaving the US, investigate getting an account with a big box bank (such as CITI bank, and possibly HSBC) which has a presence in Thailand. Upon arrival, open an account in Thailand at the same bank, and then your international transfers will be done by ACH, which are free, but have a daily limit. The bank manager in the US was able to arrange introductions with his counterpart in Bangkok, which simplified things greatly. Wire transfers can easily be done to either your bank account in Thailand (usually with no additional fees if same bank as US). For regulatory scrutiny reasons, try to keep individual transfers below 50K US, they'll clear faster. Then open an account with a local bank that's convenient to you and transfer the 400 or 800 THB for the visa extension, plus any additional needed for expenses. Domestic transfers are easily done between Thai banks.

[moe666]

Do your research but you will not be coming anytime soon as the borders are closed and only repatriation flights allowed.

[LukKrueng]

11 hours ago, typeatme said:

Does it make sense to "form a company" and build on the property through the Company(Jointly owned by wife 51%/me 49%)?

A limited company needs 3 shareholders. 2 partners can only form partnership or limited partnership (which only protect 1 partner of liability).

 

Although the "company method" is done regularly and often suggested by lawyers, it is not really legal, and if for any reason the authorities decide to "dig" into your company that exists for the sole purpose of owning a plot of land / house you might be in troubles. Also - you'll have to pay company taxes, keep accounting and all in all have many expenses.

 

Since you are already married, you can't lease the property from your wife, however she can will it to you in the event of her death before you. If the property was bought while you were married, although she will be registered as the sole owner (foreigners can't own land), in case of a divorce you are entitled to 50% of the property value, and a court can force your wife to sell and split the money with you or suggest she buys you out.

 

You already got many replies with warnings and horror stories of how a marriage to a Thai wife can go extremely bad. Ignore them. None of the posters here know you, your wife or your personal situation, so what might have happened to them not necessarily will happen to you. And that's beside the point that farang/farang marriages often go sideways in horrible way just the same. 

[yankyoakum]

The 24th of September will be one years since we arrived in country. My wife bought land north of Chiangmai in her home town. We have dreamed for 40+ years of retiring there. This property is on a hillside bordering her mothers place below, (mother in law long gone) and there was nothing back there 25 years ago... Had not been back there since 2012, what we found now is the property next to her's has an Ice House/Thai Bar and they play karaoke and Thai rap music every night. We were staying at mother in laws, about 300 yards downhill, the base from the amplifiers could be heard at 0100 hrs... in our bedroom with cement walls....The small road in front of Grandmas place is now a 4 lane divided highway, they took 30 feet of grandma's front yard, so now that driveway is 20 feet long and if not careful you'll get clocked pulling out. The small Soi back where we would have had our front yard, now looks like the poor folks in San Leon Texas, crappy houses, junk cars everywhere. We drove back there an I told her no way in heck am I building here. 

Otherwise the air quality is beyond bad, the temps 9 months a year are Houston Summer +++, there was little if any rain in 4 months, actually 2 times for 20 minutes. Forest fires were common. Did not speak to another English speaking person the whole time..My dreams of retiring there went up in smoke. After hard feelings and regret we moved to Rayong and rented a place, and just last month bought a house in Sattahip, a very nice gated Moo Baan, house is 6 years old. Well built. Learned these things in the process, very large living rooms bad idea, if you into hot and sweaty its OK, but if your 66 yr old wife who enjoyed AC for 45 years in USA is very unhappy being hot and sweaty, smaller living rooms/kitchen dining areas that can be closed off and cooled are worth thinking about. Climate change is very real, what used to be lush mountain foliage was sort of brown crispy even down at the coast. Lot of issues with water supply, lot of lakes have dried up. But where we are is quite nice, air quality is pretty decent, breeze from Gulf of Siam (2 miles away) seems to be active most of the time. Temps are quite a bit lower around these parts and more than a few X-Pat retirees, decent grocery stores, good hospitals. Up north we were there 3 days and wife fell, she's an invalid, only has one working arm and hand and managed to break her middle finger on only working hand...and hospital was over an hour away.. Have retirement visa, not marriage. Got my BKK Bank account with the 800K  baht. Have sent about 180K USD to wifes BKK bank account, Bank call and ask why we moving large sums, we buying a car, Oh OK, We buying a house..same same. Anyhow good luck to you, but if you read a lot of posts, you will hear don't build next to kinfolks, what I saw that was a good recommendation, even neighbors of kinfolks seemed to appear and walk in without warning. Got double and triple charged for work on Thai Moms house from friends of neighbors. One great AC dude who was competent and fair but the rest were not so cool...., Down here have managed to find some good contractors, people up country and some very nice and quite helpful, a lot not so great... Down here we are new, will adjust. I have an added issue as my bride has expressive aphasia, communication from her to locals can be difficult. My advice is some of what you have heard here is quite valid and wise. If you insist on building, look at Cool Thai House, great web site with a lot of knowledge. Thaivisa as well as great forums with additional info. I was here back in 73-74-75, lot has changed, mostly for the better. Polish up your Thai speaking, mine was quite rusty and needed massive brain WD-40....still lost most of the time..

Party on 

yank

[DJ54]

OP also depends on where you living and different cultures etc. I live in NE Village which is quite different from BNgkok.

[CanadaSam]

In my opinion, the easiest way to get a visa is the retirement method, put 800k in the bank and forget it.

 

Regarding home, my personal preference would be a condo in your own name, but if you are set on a house, there are ways to protect yourself (long lease, etc.) even if it is in the wife's name.

 

Good luck, and wish you happiness in Thailand.

[khunPer]

15 hours ago, typeatme said:

Does it make sense to "form a company" and build on the property through the Company(Jointly owned by wife 51%/me 49%)?
 

Is there a "best way" to bring in so much money into the Kingdom, and have it recognized by Immigration as an asset/investment?

Looking for Ideas....

I agree with @NCC1701A's advice in post #7. I also use the retirement extension and keep 800k baht permanently in a 12-month fixed bank account, it's easy if you are prepared when applying for extension of stay, and you can use the retirement-method weather married or single, I'm also not married.

 

You have no benefit of a company limited for a house build on your wife's land. There is hardly any legal method to protect your "investment" other than what @BritManToo suggests in post #2, by taking out a mortgage.

 

Building house on wife's land when married need to a question of trust, or the old saying: "Never invest more in Thailand, than you can afford to loose".

 

You can protect your rights by a usufruct servitude, and you can own a house by a superficies servitude, but you cannot own the land under the house. But even you might protect your rights for lifetime, you might not wish to live on someone else's land if a marriage goes south. I'm sad to say it, but it's worth to take into consideration that "in Thailand you shall always be worth more alive than dead". In other words, be happy if you can get half your investment back in case of a divorce. You can read more here about "Protection And Ownership Thai Spouse".

 

It would be important to consider a last will for both of you, for example in case your wife dies before you.

 

The so-called "company limited-method" can be used where a company owns the land. The house can be owned by either a company, or a foreigner by using a superficies; the last might have benefits for lower property taxation when the house is a private home. In both cases the user shall pay lease to the company, and the company will have some running expenses for accountant and audit. Furthermore the method is in principle illegal, if the only purpose with the company limited is to be a shell for foreign land ownership. In my view: if the property is not of a certain relative high value, the costs of running a company limited might be too high compared to the risk of loosing the property.

 

If you are transferring a large amount of foreign money into Thailand, you should transfer it to your own Thai bank account, and ask the bank for a registration by Bank of Thailand. It normally takes a week, and you will receive a copy, which you shall keep, as you will be eligible to transfer similar amount out of Thailand. There is a minimum limit of an equivalent to US$, I think it has been raised to equivalent to $50,000; perhaps some other poster can confirm the present amount.

 

Wish you hood luck with the plans...????

[CANSIAM]

17 hours ago, ubonjoe said:

Since you are married to a Thai you can get single or multiple entry non-o visa at the Thai embassy in Washington DC or one of the 3 official consulates. The visa allows a 90 day entry.

To stay long term you will need to get a one year extension of stay at immigration.

To apply based upon marriage you will need 400k baht in a Thai bank in your name only or proof of 40k baht income. 

To apply for one based upon retirement you will need 800k baht in a Thai bank for 2 months or proof of 65k baht.

No investment you do an can help with staying in the country unless you invest 10 million baht that can be the purchase of a condo or money in a Thai bank or government bonds or a combination of the 3 totaling 10 million baht.

If you were to have 10 million baht in a bank in Thailand, could you enter with 'investment visa' and obtain a COE ? Currently I'm abroad with a valid Non O retirement. 

[brianthainess]

20 hours ago, fishtank said:

Don't listen to those that say marriage Visa/Extensions are difficult to do because they are not.

Pretty straight forward actually.

And you can spend your money not leave 400,000 in the bank till you die. Yes a lot more paper work but when you have done it once, then it is pretty easy to do the same every year.

[ubonjoe]

7 hours ago, CANSIAM said:

If you were to have 10 million baht in a bank in Thailand, could you enter with 'investment visa' and obtain a COE ? Currently I'm abroad with a valid Non O retirement. 

Investment is not on the list of those allowed to get a certificate of entry at this time. Only those with non-b visa and work permits are on it.

[RocketDog]

18 hours ago, Andyfez said:

I realize you're coming over here with your wife of probably many years, but please consider your own personal needs as you go into your final years.

It's all very well building a house on land you already own, but is it REALLY in the right location for you? Yes it will be great for your wife, but what about your needs?

The house can be splendid - but isolation may set in later if you get it wrong.

Are there plenty of foreigners within reasonable distance so you have someone to meet up with, and start new friendships with.

Are there places where foreigners can hang out without having to sit on a noisy street corner or the back of a rice field?

It will probably be quite important to find friends who are of the same nationality too, as this can be more of a stumbling block than you initially realize.

Hospitals: are there good ones that meet your possible need as you get older? You don't want to be travelling 200 kilometers every time..... 

90 day reporting - how far away is that going to be?

Just a few comments, and I wish you well. But please realize there are more lonely old foreigners relying heavily on their Thai wives personal support than they wish to admit to!

Setting up companies for the sake of a house is in my humble opinion a complicated way to do things. If it was me I'd just ensure you have the 30 year lease to give you as a foreigner a right to live there.

As long as you have a Thai bank account, just transfer it from your overseas bank to your Thai bank. Either the sender or the receiver (or both) should be in your sole name-no joint accounts. You need to specify in the instructions that it is for (your mame) to purchase property at (name of property) and any further details you can fit in. For small amounts under US$50,000 the Thai bank will give you a letter confirming the transaction. Above this amount you get an FET (Foreign Exchange Transfer). As this money must be transferred through official channels you can't save money by using companies like TransferWise. 

This is mainly for purchasing a condo or whatever.

If you are building your own house it's just a matter of getting the money here, and spending it as you go......

Once you're settled in your house you may want to get a Yellow Book for yourself at your property, but to be quite honest it's often not worth the trouble.

Please also note that if you have the money, it is often much easier to get a normal retirement type visa rather than a marriage visa. The marriage visa means you need to show less income, but there are more hoops you need to jump through.  

 

 

Best post in this thread. Much underappreciated wisdom here OP. 

Ponder these things until you fully appreciate the subtle implications of Andy's advice. 

The other technical visa, house, land questions you asked are easily answered.