800k Baht In Bank

[spider34756]

I know that there are requirements for having a certain amount of Baht in place when coming in to live. Coming from US. 60 yrs old. Probably to retire.

Does that amount have to remain in the bank? For how long?What if I marry and want to buy property, etc? any other rules for it?

Thanks in advance.

Edited January 26, 2005 by spider34756

[lopburi3]

The 800k is living money for the year extension of stay that you request for retirement in Thailand and can be used for your living expense during the year and money added before the next renewal to bring it back up to 800k (or combind with verified pension each month to equal that amount per year). You bankbook may be reviewed to insure the 800k is not there today and gone tomorrow but for normal use, even large withdrawals, would not be a problem. But if the account is empty 360 days a year you can expect to asked to explain how you manage to live.

Single you can only purchase selected condo type housing. Married does not change that but your wife can buy in her own name whatever any Thai can buy but you must acknowledge that you have no claim on it and the money used to buy it is hers.

Edited January 27, 2005 by lopburi3

[astral]

After you show the money to Immigration, to get your visa extension, the assumption is that you will spend it.

Then top up the amount the next year.

Getting married means you need less money...............

Now there is a contradiction, but it is what immigration thinks.

800K retired, 400K married.

As a foreigner you cannot by land.

[spider34756]

The 800k is living money for the year extension of stay that you request for retirement in Thailand and can be used for your living expense during the year and money added before the next renewal to bring it back up to 800k (or combind with verified pension each month to equal that amount per year).  You bankbook may be reviewed to insure the 800k is not there today and gone tomorrow but for normal use, even large withdrawals, would not be a problem.  But if the account is empty 360 days a year you can expect to asked to explain how you manage to live.

Single you can only purchase selected condo type housing.  Married does not change that but your wife can buy in her own name whatever any Thai can buy but you must acknowledge that you have no claim on it and the money used to buy it is hers.

<{POST_SNAPBACK}>

So, basically I'm in good shape if, at the end of each extension year, I show 800k Baht in the account. Or if i marry, 400k Baht

[biggles45]

While you cannot own land as a foreigner, many foreigners form a thai company (majority thai ownership) and purchase a house in the company name. This is not without some risk and there are annual accountancy fees etc to pay on the company. If you have a preference for a house, rather than a condo, you would need sound legal advice to follow this track but it is probably a safer option than having a house in your thai wifes name.

[lopburi3]

If you marry and want to use the lower 400k for support of Thai wife it is another procedure (where the wife must attend and some added material must be presented).

I would not recommend the company land ownership if done to avoid the foreign land ownership laws of Thailand as that would likely be illegal IMHO. And if illegal not safe.

[hotshot]

Single you can only purchase selected condo type housing. Married does not change that but your wife can buy in her own name whatever any Thai can buy but you must acknowledge that you have no claim on it and the money used to buy it is hers.

<{POST_SNAPBACK}>

If you marry a Thai you can share the house with your wife 50/50. In case of a divorse you will at least get 50% of the house!

[lopburi3]

Single you can only purchase selected condo type housing.  Married does not change that but your wife can buy in her own name whatever any Thai can buy but you must acknowledge that you have no claim on it and the money used to buy it is hers.

<{POST_SNAPBACK}>

If you marry a Thai you can share the house with your wife 50/50. In case of a divorse you will at least get 50% of the house! 

<{POST_SNAPBACK}>

I don't think so. That is the reason you have to sign paperwork - that you understand the "property" is not marriage goods and subject to the joint property laws. You do have the lease options and such but a normal land buy would seem to leave you out in the cold if the marriage ends. But that is just my guess and could be wrong. But if I am; expect the family shotgun approach might make it irrelevant anyhow.

Edited January 29, 2005 by lopburi3

[ZZZ]

I heard about someone buying a house, with land, in the wife/girlfriends name. He then leased the property from his wife/girlfriend over 99 years (or whatever maximum is) for a few bath.

Anyone know if this is a valid safe way of doing things?

[chico]

I heard about someone buying a house, with land, in the wife/girlfriends name. He then leased the property from his wife/girlfriend over 99 years (or whatever maximum is) for a few bath.

Anyone know if this is a valid safe way of doing things?

<{POST_SNAPBACK}>

to my knowledge it is a relatively safe way, but :

this possibility only exists if the title for the land is "chanot", anything less than that (4 possibilities) can - by law - not by sold and bought, which does not mean, that thais are not doing it since 50 years or more.

the lease can be for max 30 years, with the possibility of another 30 years later, should be done by a lawyer and ideally include rental fees for the lease and interest payments for the money lent equaling each other.

securities against the shotgun-approach are not so easy and most of times not efficient