Extending A 3 Million Baht Investment Visa

[Oswulf]

I currently have a Non-Im B visa based upon my having deposited 3 million Baht with Krung Thai bank in a 3 year fixed account. The deposit matures next month. What do I need to do to with my money to ensure that I don't lose my eligibility for this visa?

The bank tells me that when my deposit matures that the money will automatically be transferred to my savings account, in which case I presume I'd have to open a new fixed term account the day the original deposit matures.

However, Thai friends tell me that the money will remain in my fixed term deposit account, but can be withdrawn at any time without penalty. In which case, the account would appear not to meet Immigration's requirements.

Anyone got any experience of this?

Thanks.

[gzu88bv]

I currently have a Non-Im B visa based upon my having deposited 3 million Baht with Krung Thai bank in a 3 year fixed account. The deposit matures next month. What do I need to do to with my money to ensure that I don't lose my eligibility for this visa?

The bank tells me that when my deposit matures that the money will automatically be transferred to my savings account, in which case I presume I'd have to open a new fixed term account the day the original deposit matures.

However, Thai friends tell me that the money will remain in my fixed term deposit account, but can be withdrawn at any time without penalty. In which case, the account would appear not to meet Immigration's requirements.

Anyone got any experience of this?

Thanks.

1. Talk it over with your bank what will happend upon maturity.

2. Whatever they tell you, just make sure that you have 800K sitting in your Thai account for fully 3 months prior extending your visa.

3. Who told you on reading your last paragraph that you would not qualify. You have done so far and, there are reports where people got their

extension with a savings as well as with a fixed account.

with a savaing as well with a fixed account.

[Oswulf]

1. Talk it over with your bank what will happend upon maturity.

2. Whatever they tell you, just make sure that you have 800K sitting in your Thai account for fully 3 months prior extending your visa.

3. Who told you on reading your last paragraph that you would not qualify. You have done so far and, there are reports where people got their

extension with a savings as well as with a fixed account.

with a savaing as well with a fixed account.

1. What my bank is saying is at odds with what my friends are telling me about what happens at maturity, so I'm not sure I can believe my bank.

2. This doesn't apply to the 3 million Baht visa, as far as I know. That is for a retirement visa.

3. For the 3 million Baht visa the term deposit must be continuous, otherwise the visa is cancelled. And because this kind of visa is no longer available, I'd have a serious problem.

Any other opinions or experiences, please?

[monty]

No experience with the fixed deposit, but the 3 million has to be present in you account at all times.

Best would be to persuade the bank to keep the money in the same account (with same acc. nr.).

Otherwise it might create problems at immigration who would love to trip over this small detail, just because they know it would completely take away this option for when they refuse the extension!

BAsically any movement of the money has to be pre-approved by immigration or you risk losing your investment status.

Get the approvement in writing though, friend of mine got only a verbal go ahead, and when extension time was there, suddenly nobody remembered it! Extra 20,000 tea money was required to rectify this little hick-up...

[jimmym40]

I guess you learn something every day. This 3 million baht investment visa? Never heard of it before. And all you have to do is have a CD with 3mil baht?

Wonder how come this visa isn't listed in the brochure that they hand out at immigration.

Is there anywhere I can read upon this more thoroughly?

[Oswulf]

I guess you learn something every day. This 3 million baht investment visa? Never heard of it before. And all you have to do is have a CD with 3mil baht?

Wonder how come this visa isn't listed in the brochure that they hand out at immigration.

Is there anywhere I can read upon this more thoroughly?

This visa type is no longer available, but has been grandfathered for existing holders. This is probably why it's not publicised (though to be honest, even when it was available it was poorly publicised). The gist of it is that you either deposited 3 million Baht for at least one year with a government bank, or you bought a new condo for the same amount. It was introduced at the time of the Asian financial crisis to encourage inward investment. Now that Thailand's finances are in better shape the visa type has been withdrawn.

[paquito]

I'd like to know too. I know there was a 3 million condo investment visa, but I thought that was cancelled. 3 m in the bank would suit me even better, so please let me know how it works.

[asiaworld]

all u need to do , is to request your bank to automatically renew the principal, for'ever" thus , you'll never have to worry about funds being recredited to ur savings account ! Continuation of FD... If ur bank tells u it is impossible, which would be weird!>than u have to visit them on the maturity day, to recredit & renew ur FD,, nobody will notice, because the way thai passbook works>they "pay out & than pay back in" principal on the maturity day ! btw, u can renew ur investor vis upto 1 month before it expires !>done on the same day!

[Firefan]

Yeah, ensuring that we do not mess up our grandfathered investment visa extensions are very important now that new visas are not issued!

(Paquito; that applies whether condo or cash btw).

The bank should be able to simply roll it over into new CD (unfortunately now at lower interest than your last i am sure).

Your friends are actually right that in most case one can take out money from a 1 year CD at any time without any penalties as we often see elsewhere, besides maybe some lost interest. That said; you should naturally NOT do so as the 3M baht has to remain invested in order to retain the right for extensions.

On a side note; even if one does not plan to travel, I run straight from the extension counter to the (multiple) re-entry counter - as should I forget to buy later, or have to leave in an emergency, the visa (extension) will ALSO be gone forever....

Cheers!