10m Baht Investment Visa

[torrenova]

I know basically I would have to put it into a government bond or fixed savings etc. but I don't really want to tie it up. I don't want a 10m condo or 10 x 1m baht condos.

Do you think, as with assets backed credit cards, you could put it in a fixed deposit and a bank would let you have a mirror overdraft at nil cost (or very near nil) so you could actually use the money ?

Or anything remotely similar.

[LivinLOS]

Does the 10m baht visa even exist anymore ??

I thought that went the way of the dodo when the 3m one was in effect. I know someone who got long stay visa rights, maybe even rubber stamped PR with a 40m investment process but that was a decade plus back.

[Mario2008]

It was 3 million baht, than it disappeared with being grandfathered for old cases and currently old cases are stil being grandfathered and now it is back again, but new cases (after 25th of Nov 2008) must invest 10 million bath.

[thaiphoon]

From Police Order 777/2551:

2.5 In the case of an investment:

Permission will be granted for a period of not more than 1 year at a time.

B. In case of an investment of not less than 10 million baht.

(1) The alien has obtained a temporary visa (NON-IM)

(2) Proof of money transfer to Thailand of not less than 10 million baht.

(3) Proof of investment to purchase or rent for a period not less than 3 years of unit in a condominium from an agency or government agency concerned at a price of not less than 10 million baht.

(4) Proof of investment in the form of a fixed deposit of not less than 10 million baht with a bank registered in Thailand with Thai shareholders comprising more than 50% of its shareholders.

(5) Proof of investment to purchase government or state enterprise bonds with a value of not less than 10 million baht or

(6) Proof of combined investments as set out in clauses (3),(4) Or (5) having a total value of not less than 10 million baht.

[torrenova]

I wonder if I bought the missus a condo for say 1m and then "rented" it from her for 3.34m a year for 3 years (and she had a loan out to me for 10m over 3 years) whether that would qualify or do they mean a 3 year lease on a condo which was sold for 10m or more ?

[Mario2008]

The rules say from an agency or government agency, so not from a private person.

[torrenova]

The rules say from an agency or government agency, so not from a private person.

ok, so she is a one man band agency. I know it is pedantic but I'm so narked I missed out on the 3m one which I would have happily put in a condo but I'm not happy at all with the 10m bath options. Other visa options I know and for me, the child maintenance one is easy but I think some could use a work around loophole.

Even use an established agency who don't get commission but merely a Bt10,000 finders fee.

[Mario2008]

Don't forget the tax implications. Your wife would have an income from renting the place to you, if ever immirgation will alow such a construction to circumvent their rules.

[jazzbo]

From Police order 777/2551 translation courtesy Isaan Lawyers:

2.5 In the case of an investment: Permission will be granted for a period of not more than 1 year at a time.

B. In case of an investment of not less than 10 million baht.

(2) Proof of money transfer TO Thailand of not less than 10 million baht.

[alyx]

It was 3 million baht, than it disappeared with being grandfathered for old cases and currently old cases are stil being grandfathered and now it is back again, but new cases (after 25th of Nov 2008) must invest 10 million bath.

Hey Mario

Do I understand that clearly?

I bought a condo in 97, another in 07 and the last one before November 08: not a lot of money invested there but clearly for a combined total above 3,000,000

Does this mean that I could apply for the investmant visa (grandfathered??)? or does this mean that the one who had been granted for an investment visa prior to 2008 still get their extension?

Thanks

Mind you, reading your post again it seems to me that I should have bought them from a Government, shouldn't I?

[lopburi3]

That had to be original purchase from builder and the grandfather refers to those who have had extensions of stay for the condo reason without break - not for new applicants.

[torrenova]

It was 3 million baht, than it disappeared with being grandfathered for old cases and currently old cases are stil being grandfathered and now it is back again, but new cases (after 25th of Nov 2008) must invest 10 million bath.

Hey Mario

Do I understand that clearly?

I bought a condo in 97, another in 07 and the last one before November 08: not a lot of money invested there but clearly for a combined total above 3,000,000

Does this mean that I could apply for the investmant visa (grandfathered??)? or does this mean that the one who had been granted for an investment visa prior to 2008 still get their extension?

Thanks

Mind you, reading your post again it seems to me that I should have bought them from a Government, shouldn't I?

You missed the boat, just like me !

[alyx]

Most likely (but I have taken another boat which is sinking...I guess it will be done with it in a couple of months or so)

Mind you I am looking at a couple of options including the Non OA (for over 50) and Non O which seems to be convenient to people under 50

[DegenFarang]

Some questions on this:

1. If the money comes into Thailand slowly over a period of six months or a year and sits in a Thai bank, will that count as money coming from overseas into Thailand, or must you bring it all in at once in a lump sum, immediately prior to applying for the visa?

2. With regard to the condo investments, I do not understand where the 'three years' comes into play. Is that only for renting or does that apply to ownership too? So do you have to first own the condo(s) for three years and then apply? Or can you invest the 10mm into the condo(s) and immediately apply?

3. Can you put the 10mm into multiple condo's or must it be one purchase for 10mm?

4. If the answer to number 3 is multiple condo's, can you buy them over time? Say I bought one now for 4mm and then another one in six months for 3mm and then finally a third six months later for 3mm - could I then go and apply as I had by then invested 10mm? Or must it all be done in a specified time frame?

5. Can the 10mm be split up among condo's and fixed deposits and bonds? Say a 4mm condo and 4mm fixed deposit and 2mm bonds? And could they all be purchased at different times (as much as 6+ months apart), with the application being done once the full 10mm has been brought into the country and invested?

Thanks a million if somebody can answer all of those.

[torrenova]

Some questions on this:

1. If the money comes into Thailand slowly over a period of six months or a year and sits in a Thai bank, will that count as money coming from overseas into Thailand, or must you bring it all in at once in a lump sum, immediately prior to applying for the visa?

I think one of the issues is the FET paperwork (Tor Tor 3 as it was - or is ?) to prove it came from abroad. I cannot remember what the charge is for that paperwork, or even if there is one, but you would need the full 10m backed by foreign currency deposits from outside Thailand.

2. With regard to the condo investments, I do not understand where the 'three years' comes into play. Is that only for renting or does that apply to ownership too? So do you have to first own the condo(s) for three years and then apply? Or can you invest the 10mm into the condo(s) and immediately apply?

The three years comes into play because leases over 3 years have to be registered. Fees are payable and the government than knows that the recipients are getting XYZ amount for at least 3 years.

3. Can you put the 10mm into multiple condo's or must it be one purchase for 10mm?

As I understand it, it can be for any number of condos. The 10m would be on the registered price though, not necessarily the sale price.

4. If the answer to number 3 is multiple condo's, can you buy them over time? Say I bought one now for 4mm and then another one in six months for 3mm and then finally a third six months later for 3mm - could I then go and apply as I had by then invested 10mm? Or must it all be done in a specified time frame?

Perhaps, I don't see why not.

5. Can the 10mm be split up among condo's and fixed deposits and bonds? Say a 4mm condo and 4mm fixed deposit and 2mm bonds? And could they all be purchased at different times (as much as 6+ months apart), with the application being done once the full 10mm has been brought into the country and invested?

The way I read it, yes. It is the long term investment which I think they are interested in. I presume that each year you have to take all the relevant paperwork. Quite what happens during the year, if you wish to deal with the assets I do not know. Perhaps they have to have been held for 2 or 3 months like cash of the retirement extensions ?

Thanks a million if somebody can answer all of those.

I really don't want 10m in what are effectively non performing assets but 3m would be fine.

[lopburi3]

I would not do anything on that without contact with Immigration. Believe new investment is totally under there control now and the rules will be what they say.

[DegenFarang]

I would not do anything on that without contact with Immigration. Believe new investment is totally under there control now and the rules will be what they say.

They have not published any rules or requirements?

[DegenFarang]

Thanks a lot torrenova - if anybody else knows the answers to those I would appreciate your feedback as well, torrenova seemed not 100% certain about some of them.

[Phatcharanan]

Do the rules allow for a foreigner to have multiple condo's? As a private individual that is........not a company.

[Lite Beer]

This probably does not answer the above questions. Here is a list of documents required. Look at 2.5B http://www.thaivisa.com/forum/post-a77473-...05-2551-d.html/

[DegenFarang]

This probably does not answer the above questions. Here is a list of documents required. Look at 2.5B http://www.thaivisa.com/forum/post-a77473-...05-2551-d.html/

This shows two options for the investment visa, 3 million minimum and 10 million minimum. The requirements for each appear to be identical as do the benefits (maximum one year). What am I missing here? Are those 3mm people grandfathered in and all new people must pay 10mm?

[beechguy]

The 3 Million Baht is for people who qualified before October 1, 2006, and have remained qualified. I think this link gives a bit more information, reference section 2.5. http://www.thaivisa.com/forum/post-a70477-.html

[moe666]

Grandfathered 3mil. covered earlier in post.

[guillaumimoso]

Grandfathered 3mil. covered earlier in post.

Hi all!

This is my first post about the 10m bath investment. I read the above, and I have a few more questions.

I take it for granted that you can split this 10m into several condos. The logical thing to think about would be to rent out one or several of the other condos, thus having a revenue to live forever in Thailand, but somehow, I'm sure it is too ideal to be true.

For example:

You buy one condo for, say, 4m bahts and live in it. Then, you buy another one for 6m bahts and rent it out. Would that work?

Another question: Do you need to have the 10m bahts as your own money, or can it be done through a loan from an overseas bank (to fulfill the requirement of money coming from outside Thailand)? Of course, what is needed is to convince an overseas bank to grant you this loan, but for the Thai authorities, would that be possible?

Thanks!

[Mario2008]

That it is a loan shouldn't be a problem, as long as you bring 10 million into the country.

It also shoudn't be a problem to have several condo's, it is still an investent of at least 10 million. Renting out the condo's would also not be a problem, but you will have to do so through an agency. Otherwise you would be working. In case of multiple condo's you might need to establish a Thai company, since you would do it on a professional basis (to generate income).

[lopburi3]

I would not take anything for granted as being acceptable - this is tightly run by Immigration in my understanding and we do not have enough information to really say much other than it is listed as an option on Police Order 777/2551. I would not start the process without serious talking with the Immigration office involved.