TAT latest: Elite card holders who buy a condo can stay "long term" and get work permit - but there's a catch

[jwbrit]

Hell of a condo for $1 mill.

[Boomer6969]

6 minutes ago, jwbrit said:

Hell of a condo for $1 mill.

Yep, obviously they target digital nomads.. 

 

Hence the BG stunt.

 

[ronaldo0]

So buy a elite visa for 1 million bht or get a similar visa and a work permit for 31 million bht ! ???????????? Oh I dunno which one to get ????

[madmen]

7 hours ago, BritManToo said:

Doubt anyone with $1M to play with would want to live in Thailand, or even holiday here more than once.

I certainly wouldn't.

 

I'd like to ask TAT ...... why do you think rich foreigners would want to live in Thailand? (or even holiday here?)

That's because you live in a rice paddy surrounded by mountains on all side. Which you freely admit so Not being silly but your chances of associating with wealth are zero. 

 

That goes for most expats who are stretching a pension. Plenty of Million dollar plus condos in Bangkok. Don't get much for that in Monaco, Hong Kong or Singapore etc so it's totally pheasable that Bangkok, Phuket would be an alternative. 

[Cattleman]

With condo values expected to decline 20-30% in the near future ,what a fantastic investment lol

[smew]

more wishful thinking... nothing will come out of it ...like plans to: control children killing soi dogs, clean up beaches and road.. improve driving and stricter driver license regulation ...etc..etc..etc..    

[Owiee]

How can more public holidays assist the economy when surely there must be a flow on impact to small and medium business? Who l assume are also suffering at the moment. 

[Bangkok Barry]

Rich people would have no interest in Thailand as they want first class facilities, first class infrastructure, a safe and secure environment, a stable political and business situation (ie their business won't be commandeered by the locals if it becomes too successful), impeccable service, a safe and secure legal system. All too often Thailand provides none of these things. Rich people who want sunshine and clean beaches already have their havens around the world, and Thailand has missed that boat by at least 50 years.

[tomauasia]

Another wet dream. He must think we are all stupid 

[NoComment]

The rich Chinese will buy all of the bars and restaurants.

Goodbye to Western backpackers and tourists.

The Kingdom has relied on Western tourists, Aussies and the USA for a long time but they will all begin to seek other Asian countries.

It is beyond my comprehension why those in power are allowing the Chinese to eventually run China.

The Germans will cease to come which should be the biggest wake up for those at the top of the tree........??

Or is it just me that understands this??

[Dialemco]

Many contries grant Nationality for less. 

[bipper]

One way is to invest $1M in the condo market??? ????????

No thanks.

[Eibot]

4 hours ago, donnacha said:

If you are a remote worker, or run an online business, you can get paid into a non-resident bank account in any country. You then, quite legally, transfer the money to your Thai account.

If you home domicile is Thailand, than you are taxable under the Thai law. You can transfer the money legally, but you are obligate to pay tax. You probably could get away with not paying it if it's a small amount but this is not quite legal. That would be tax evasion. 

 

It would be nice though if we could just sent all our un-taxed money to our Thai account, and never pay a penny over it. This is especially true if the country where you have your business has a mutual tax agreement (for example the UK). 

I choose to pay tax in Thailand, because the rates are a lot lower than where I operate my business. Nobody ever asked me for my WP in regards to tax. 

[CrunchWrapSupreme]

7 hours ago, Henryford said:

You can buy a condo but are not allowed into the country to use it. Great idea.

Seems that's exactly what they want. Just send them the money. As to where you go... You know the answer.

 

When I took my first stroll down Sukhumvit years ago, I was intrigued by all the ads for multi million baht, luxury condos, all in English. I thought to myself, wow, must be quite a few wealthy foreigners and vacation homes. Then as I talked to more people, I heard about Thai immigration's wonderful reputation. Then I was like, why would you want these condos, and can't even stay here? I guess their plan's been exactly that.

 

Thus, now we have a vast selection of quite luxurious, and quite vacant condos, with the sunshining every morning upon their lonely spaces, through their naked windows.

[GooEng]

this is yet another example of how inept and out of touch with reality the TAT people are .....  you'd think given the importance of tourism to the thai economy, they'd appoint people to positions of importance in organisation based on experience, knowledge and merit, but apparently not.

[Grumpy John]

When I retired I had assets worth a bit over a million....and then I came to Thailand to live. ????

[madmen]

38 minutes ago, Bangkok Barry said:

Rich people would have no interest in Thailand as they want first class facilities, first class infrastructure, a safe and secure environment, a stable political and business situation (ie their business won't be commandeered by the locals if it becomes too successful), impeccable service, a safe and secure legal system. All too often Thailand provides none of these things. Rich people who want sunshine and clean beaches already have their havens around the world, and Thailand has missed that boat by at least 50 years.

You are in lala land if you think your gonna buy a million dollar condo  bigger than 50sqm in your 1st class uetopias. You missed that boat by 20 years. 

Amazing how out of touch with reality some people are. A million is not much these days when it comes to home ownership 

[paulikens]

if ya got a million dollars you dont need to work unless you're greedy of course

[0815]

If i have 1 Million USD to invest, I have a few better ideas where. ????

[Bangkok Barry]

22 minutes ago, madmen said:

You are in lala land if you think your gonna buy a million dollar condo  bigger than 50sqm in your 1st class uetopias. You missed that boat by 20 years. 

Amazing how out of touch with reality some people are. A million is not much these days when it comes to home ownership 

Rich people have more than a million dollars and know where to spend it.

[0815]

8 hours ago, JonnyF said:

A million dollar work permit? Sounds great.

 

There must be loads of multi-millionaires out there who dream of getting a job in Thailand.????

Maybe Donny will apply for Thie-Land's president next year ? ????

[bwpage3]

7 hours ago, GeorgeCross said:

there is no way i would invest $1M in a tin pot dictatorship with a penchant for overthrowing democratically elected governments and changing the rules on a whim to suit themselves nevermind the way they treat those they consider "not on their team"

 

looking at offshore havens the Caribbean is far more stable, has better taxes, lifestyle and connections. plus for that kind of money they'd throw in a passport and one can invest the cash in land and villa not a box in the sky

 

just my 2c

 

Since moving back in 2014, we spend about 4 trips a year in Aruba.

 

Quite a wonderful place and lifestyle.

[PingRoundTheWorld]

I don't get it - why would a millionaire care about having a work permit? No one with such net worth is seeking employment in Thailand, lol!

 

If they said "invest X in Thailand and get a complimentary Elite visa" that's understandable and makes a lot of sense - but if you have to pay for the visa AND invest $1mil to get the work permit, why would anyone bother?

[TERMINATOR3AB]

For that  money  there  are  hundreds of better places  to  visit  long term  on this planet 

As for beaches  Mate Australia  in the  north of Queensland  on the Barrier  Reef  have the most beautiful  pristein untouched by

over tourism  beaches and little islands  to visit and stay  in the world by far  year  around   beaches  here  in the north  too 

Visa  3,6  or  12   months   only 1 %  of what the  Thai talk about in this  article

Never  crouded  usually  only you and  friend  or family  on beaches  for miles  and I meam miles 

100  miles  beaches  very common 

So please Mr  TAT  do  not talk giberish  cos  only  an idiot will take up your offer

I live  central  coast  Qld  I  own a  nice  villa  with a  great  pool  close to  nice beaches  Paid  $65,000  So could you  mate  

Not  the  north   3 months  of year  water  cold  but temp  days average  still 24  deg  .... I  have an interest  in Thailand  cos I have a wife  there  just so you  know  ..if I didnt have a  wife  there  Mate  Thailand  would be last place on earth I would visit  I hate  crouds  and  traffic  AND  Thailand  is over crowded  and has  way way too  many  motor  vehicles  and pollution....So  see  yes I an anti Thailand  was great once  but  slowly  over the last  20 years  has been totally destoyed  and will never  be able to return how it once was  ...PERFECT 

Good  Luck Thailand 

[stigar]

Everything they suggest is about suck the money from foreigners..,

[bwpage3]

3 hours ago, donnacha said:

I would not generally choose to invest in Thailand but it is somewhat unfair to characterize an investment as throwing the money away or, as some here are saying, buying a work permit.

My understanding is that, unlike the similar schemes in the past, you are not restricted to, say, buying a brand new condo from specific, overpriced developers. You are free to invest your 31 million baht into any combination of property and/or business. You can start a business, you can buy an existing business. You can spend some of it on a condo and the rest on a restaurant. You can buy a small block of condos to rent out while you keep the top floor for yourself etc.

If the economy is as screwed as I suspect it is, and if there are business owners currently hanging on in the belief that they are going to have a high season, it means that there will be a lot of fire-sales next year. It is conceivable that your million could pick up some relative bargains.

Certainly, buying at what is likely to be a low-point means that you will probably end up eventually cashing out your investment for more than you paid.
 

Consider that we could see taxes rising to 60 or 70% in some EU countries. That means a massive chunk coming out of the wage packet high-earners who may now be working remotely anyway. That is going to feel deeply unfair. It would mean even more being taken from the owners of online businesses.

A million dollars sounds like a lot but it really isn't. I thought I would feel elated when I made my first million but I actually felt broke. Many of my friends felt the same sense of disappointment, because you realize just how far you have to go before you can feel that you have made it. In Europe, a million is just an okay house in a good area.

So, yeah, I think a lot of people are going to go for this. It could be a very good deal if you are in that not-quite-rich category. Although I seem to be the only one here to think so, the Thai government are really onto something. It is a lot smarter and more subtle than I would ever have expected from them.

 

Business is certainly no guarantee in Thailand.

 

Buy a small block of condo's and rent out?

 

Do you ever read about the glut of empty places for rent?

 

Smoke and mirrors. Not a word of truth.

 

 

 

 

 

[Blumpie]

I would never put a million dollars in a thai bank account.  

NOT A CHANCE.  

[patman30]

38 minutes ago, Grumpy John said:

When I retired I had assets worth a bit over a million....and then I came to Thailand to live. ????

but.....
did you sell ALL those assets to invest in property here ?

and usually these types of investments are limited to certain properties or investments
just like many CIP's in other countries
except here
you will only be able to get a work permit and a visa you must keep paying to renew
instead of a 2nd passport
you can get a 2nd PP for $100k in places like Antigua or Dominica (afaicr)

[moe666]

8 hours ago, Neeranam said:

Investing half of that, $500,000, I could get a retirement visa in the USA. Not sure about a WP.

I think you would get a green card that allows you to live and work in the US.

[TERMINATOR3AB]

Donnacha   said ......was not happy  when he made his first  Million  

Ohh  what a thing to  say to all the  battlers  who  read this forum  you  are  a little  over the  top  Mate  

Love to  know your Nationally where  does  such  lack of  tact  come from

Seems  you are perfect to live in Thailand 

Maybe run for a ministerial  Position with the other  useless millionairs 

Not impressed  with your  post  at all