Purchase Condo In Foreign Name Or Setup Limited Company?

[Investorno]

Hey all

I've been reading this great forum for a while and decided to join today as there are many knowledgable and interesting people present here. I'm looking forward to discussing ideas and thoughts with you all.

Now to my dilemma.

The exchange rate from my native country Denmark and Thailand is now extremly favourable despite the recent surge of the Thai Baht in the past 24 months. However with a tighter monetary policy from the Thai central bank ahead I believe the Baht may appreciate further in the coming year. In Denmark however a looser monetary policy is imminent (to counter a downturn or possible recession) and this means now is the time to transfer the money I have saved up for a condo in BKK.

The past 3 years I've been on a student VISA but that has now expired and I am living on a tourist visa right now.

I've been looking at condos, the last one being Noble Solo in Thong Lor. They gave me the following options when purchasing a condo with them;

1. Put it in my name, no problem they said.

2. Setting up a company and putting it in that company's name.

If I choose option one will it be possible to obtain an investor's visa or something similar so I can live in Thailand?

A friend of mine recommended option two as with the formation of a company he said I would also get a work permit. However I have no plans to work in Thailand. I will only continue managing my investment portfolio online from here. Will there then be a problem with a company and a work permit since I will not be working?

I hope someone can give me some advice on this. I have other questions to but this is allready getting to long.

In advance thanks for your help.

Best regards,

Investoro

[geoffphuket]

As far as I'm aware the Thai government put a stop to foreigners registering a company just for the benefit of getting around the Thai ownership law. This was common practice up until a couple of years ago....of course others will post here that they've done it more recently, but I'd be wary of over keen salesmen telling you it's no problem. Since you don't need/want a work permit then buy a condo in a block that allows freehold foreign ownership.

geoffphuket

[Investorno]

Hey geoffphuket,

thanks for your input. So if I understand you correctly not all condo projects allow up to 49% foreign ownership?

I have also heard that the limited company option was now abolished but some people still go on about it. It may well be over eager salesmen as you put it.

Also do you know if it is possible to obtain a VISA of some kind for permanent stay in Thailand after having purchased a condo and put it in my name?

Don't know what's common practice in this board but I do know that my questions may well suit another section of the forum but I'll keep it in here for the time being.

[nitram]

I would also suggest that you put it in your own name. If you put it in a company name (not recommended as per previous advice by geoffphuket) then you would also have to pay yearly tax and lawyer fees.

As for the 49% ruling, as far as I know, it is a rule for all condo ownership for farangs.

[Jingthing]

Short answer. You get no visa for owning a condo, in your name or in a shell company. There is no longer an investment visa. Your only hope appears to be to buy the 1.5 million baht Thailand elite card. This gives you a 5 year visa. Otherwise, forget it. You can qualify for a retirement visa in the Philippines though by bringing in a set amount of money, and use the money to buy a condo there. Thailand is not for you unless you are willing to buy the elite card. You might also look at Ecuador where I believe even a small real estate investment will lead to a residence visa.

Cheers.

Edited January 16, 2008 by Jingthing

[Investorno]

Hey Nitram,

I am leaning towards the option you also advocate.

However since I read that sunbelt have discontinued the practice of 1 year investment VISA if you invest more than 3 Million Baht I am just a bit worried I will own a condo but not a VISA so I can live in it.

Another problem is that I am only 24 and can for obvious reasons not apply for a retirement VISA. I also do not want to run a business so tha toption is out of the question. I will make a post about this in the VISA forum.

[Jingthing]

I already answered your visa question. You need an elite card. You qualify for no other visa based on the info you gave.

[Investorno]

I already answered your visa question. You need an elite card. You qualify for no other visa based on the info you gave.

You're right. It may be time to utilise my Masters in International Politics and look for a job and apply for a work permit.

Looks like working is the only option (as I do not like the elite card) for me to keep living here.

[torrenova]

Can't you invest Bt40,000,000 and get some sort of visa as well as being able to own 1 rai of land ?

[PattayaParent]

You're being a bit harsh on him Jingthing, there's plenty of people living here with visas and no Thailand Elite Card, if it was the ONLY option they'd have sold a lot more than 2,000 I'm sure.

In UK one of the reasons you can use to ask for an O visa is that you have a condo. Not sure if it's a regulation but they certainly give them out, also just by producing a letter from a guarantor. So maybe he needs to check out the Thai Embassy / Consulate in Denmark?

Don't buy a condo in a company name put the condo in your own name.

[Jingthing]

Not harsh. PP, your suggestions would be very insecure, even if he could even get the first visa that way (owning a cond0). The second way you are suggesting sounds like making up a lie about researching a business he has no intention of starting. Great idea. How many years would that work? You don't buy real estate to live in on such flimsy foundations.

[PattayaParent]

Not harsh. PP, your suggestions would be very insecure, even if he could even get the first visa that way (owning a cond0). The second way you are suggesting sounds like making up a lie about researching a business he has no intention of starting. Great idea. How many years would that work? You don't buy real estate to live in on such flimsy foundations.

Yes the visa on the grounds of owning a condo may be discretionary, and therefore insecure, but in UK they were certainly issuing them on that basis.

The second way is nothing to do with a lie, or researching a business, but a legitimate method that was stated on the Consulate website.

[frenchFARANGbkk]

Hey all

I've been reading this great forum for a while and decided to join today as there are many knowledgable and interesting people present here. I'm looking forward to discussing ideas and thoughts with you all.

Now to my dilemma.

The exchange rate from my native country Denmark and Thailand is now extremly favourable despite the recent surge of the Thai Baht in the past 24 months. However with a tighter monetary policy from the Thai central bank ahead I believe the Baht may appreciate further in the coming year. In Denmark however a looser monetary policy is imminent (to counter a downturn or possible recession) and this means now is the time to transfer the money I have saved up for a condo in BKK.

The past 3 years I've been on a student VISA but that has now expired and I am living on a tourist visa right now.

I've been looking at condos, the last one being Noble Solo in Thong Lor. They gave me the following options when purchasing a condo with them;

1. Put it in my name, no problem they said.

2. Setting up a company and putting it in that company's name.

If I choose option one will it be possible to obtain an investor's visa or something similar so I can live in Thailand?

A friend of mine recommended option two as with the formation of a company he said I would also get a work permit. However I have no plans to work in Thailand. I will only continue managing my investment portfolio online from here. Will there then be a problem with a company and a work permit since I will not be working?

I hope someone can give me some advice on this. I have other questions to but this is allready getting to long.

In advance thanks for your help.

Best regards,

Investoro

So, what option did you choose? Mary a Thai national? Yes, it seems the easiest and the cheapest way to get a visa !

[JSixpack]

So, what option did you choose? Mary a Thai national? Yes, it seems the easiest and the cheapest way to get a visa !

Easier, but in the end possibly the most expensive of all.

[harrry]

Maybe he should buy the condo freehold in his name. He could maybe then also set up a company get a work visa, after all he needs one to manage investments on line and live in his condo.

Much cheaper than marrying....slightly less upkeep and he doesnt lose 50% at least when things go bottom up.....Not wuite sure that is the right expression though:)