Residency And Real Estate

[Andreas84]

I am sure these matters have been discussed here many times, but I’d like to post anyway, in case anyone should have some feedback related specifically to my situation:

I am a 25 year old Norwegian citizen, considering to stay in Chiang Mai for at least a few years (arriving sometime next summer), and to buy myself a home there, most likely a condo. I would say I will at least stay there two or three years, but also probably more than five years in a row.

I then realized that to buy real estate, I believe I would need to have a permanent residency, and in order to get that I would perhaps need three consecutive years of approved one year NON-immigrant visas. Right?

I am not looking for work in Thailand, but will do some work for magazines etc in Norway (but it will not give me a basis for a press visa). I figured out that the most relevant category of non-immigrant visa, would be an “O”, meaning I am married to a Thai citizen. I have a girlfriend in Chiang Mai, which is the most important reason for me to get back there, so I guess we could marry if that would make the practicalities easier. (as the other categories do not really fit, as I am not looking for work there, etc) I guess that should I want to buy a condo, before having a permanent residency, the condo could be bought in my girlfriend’s name. I am also uncertain if it is ok to invest in real estate, own it for a few years, then sell it and take the money out of the country, again. Or if there are regulations regarding this….

Any feedback is highly appreciated

Edited December 28, 2009 by Andreas84

[lopburi3]

You are not likely to be able to obtain PR under the situation you have outlined (no paid work in Thailand). Your other questions are best answered in the real estate forum so will move there.

[oldgeezer]

You are not likely to be able to obtain PR under the situation you have outlined (no paid work in Thailand). Your other questions are best answered in the real estate forum so will move there.

Where did you get the idea you need PR to buy a condo? Permanent residency is not a requirement for most condos. Are you talking about a visa extension?

Edited December 28, 2009 by oldgeezer

[Andreas84]

Where did you get the idea you need PR to buy a condo? Permanent residency is not a requirement for most condos. Are you talking about a visa extension?

Heh, good question. I am not talking about a visa extension. Under Residence permit, here on Thaivisa, it said that "A permanent resident can have his/her name included on a house registration document." I think that is where I got this idea from.

So, beeing married to a Thai National is itself not good enough reason to get Permanent Residency?

[aussiebebe]

So, beeing married to a Thai National is itself not good enough reason to get Permanent Residency?

Hi there!, not that I've got it myself, but there is a bit more to it than that! You can read the requirements for yourself at www.immigration.go.th.

For your current situation, as far as you outlined it in your original post, you simply;

1) find a condo you want to buy

2) approach the owner/developer/sales office and possibly enlist the services of a Thai laywer to help with the purchase which will involve documenting the transfer into Thailand of all the money to buy the condo.

3) as long as the whole condo devlopment (all the units) isn't more than 49% foreign-owned, the condo will be under soley your ownership - no residency required.

4) there are no regulations regarding sales of condos, or remitting the funds outside of Thailand, just simple SWIFT transfers - Bangkok Bank is quite good. Whether or not buying and selling a condo is an investment over the four-year time frame that you stipulated is another matter. Depending on where and when you buy and when you sell, this may be a lengthy process, and difficulties may lead to you enlisting the help of an agent, who will charge a commission. There are other far more liquid investments with better returns, as you probably know.

[PattayaParent]

You can buy a condo on a tourist visa.

[Andreas84]

So, beeing married to a Thai National is itself not good enough reason to get Permanent Residency?

Hi there!, not that I've got it myself, but there is a bit more to it than that! You can read the requirements for yourself at www.immigration.go.th.

For your current situation, as far as you outlined it in your original post, you simply;

1) find a condo you want to buy

2) approach the owner/developer/sales office and possibly enlist the services of a Thai laywer to help with the purchase which will involve documenting the transfer into Thailand of all the money to buy the condo.

3) as long as the whole condo devlopment (all the units) isn't more than 49% foreign-owned, the condo will be under soley your ownership - no residency required.

4) there are no regulations regarding sales of condos, or remitting the funds outside of Thailand, just simple SWIFT transfers - Bangkok Bank is quite good. Whether or not buying and selling a condo is an investment over the four-year time frame that you stipulated is another matter. Depending on where and when you buy and when you sell, this may be a lengthy process, and difficulties may lead to you enlisting the help of an agent, who will charge a commission. There are other far more liquid investments with better returns, as you probably know.

Thanks for informative reply! Yeah, sure it can be a lengthy process of selling and buying a Condo, and it might not even be called an investment in such a short timescale. But my intention was not to buy a condo as an investment, bu to buy the condo for myself to live in it, and thus save money compared with the alternative of renting a condo for a few years..

But if I am not going to have any paid work in Thailand during those few years, is it possible to live there for that much time, more or less continuously, and what kind of visa would be recommended? I might get a NON-immigrant visa type O (Have a girlfriend there whom I could marry to make it easier, and her income should meet the requirement of 40.000 baht a month, whereas I will not have a regular income)

[stgrhe]

I might get a NON-immigrant visa type O (Have a girlfriend there whom I could marry to make it easier, and her income should meet the requirement of 40.000 baht a month, whereas I will not have a regular income)

As said in another post, buying a condo is not a problem as this can be done also while being here in Thailand on 30 days visa exempt but you wouldn't get a one year non-immigrant visa type O if you do not have your own proven source of income. Your wife's, i.e. after you have married your girl friend, income doesn't count.

What you can get is 90 days maximum permission to stay upon each entry and this means you will have to do visa runs every 90 days.