Permanent Residence

[micky]

Hi,

Is is true that a foreigner who buys a condominium in Thailand costing Baht Ten Million could apply

for Permanent Residence.

My uncle and his wife (both are retirees) plan to do just that and they want to be a PR there.

Is there any ideal one bedroom condo for sale in Sukhumvit area or other good locations.

Your advice is much appreciated.

Thanking you in advance.

[micky]

Hi,

Corrections:

It should read as "Is it true that a foreigner who buys a condominium in Thailand costing

Baht Ten million could apply for Permanent Residence in Thailand?.

Sorry for the typing error.

Thank you once again.

[lopburi3]

They might be able to apply for one year extensions of stay from Immigration. PR is a totally different ball game but first criteria is three years on one year extensions of stay. Those here on retirement extensions of stay are not accepted and there have not been any number of approvals for years now - this year no applications were even accepted. It would be much better for them to consider retirement extensions of stay I suspect and avoid unknowns.

[Lite Beer]

Yes.

A 12 month extension based on investment requires an investment of 10M Baht.

You have to re apply every year.

A 12 month extension based on retirement needs 800,000 Baht in a Thai bank. OR 65,000 Baht monthly income. OR a combination of the two.

Again you re apply every year.

[micky]

Dear lopburi3 & Lite Beer,

Thank you for your kind advice.

Much appreciated.

[RickSee]

Just a clarification on the Baht 10 mn investment question. Does this option only exist for the extension of stay for someone already with a non-O/OA? For example, can someone less than 50 years of age apply for extended stay based on investment criteria?

thanks, RS

[lopburi3]

There is no age requirement for investment extension of stay - but it is up to immigration.

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.

[gamini]

As a PR you have to declare your income and pay tax!!

[Mario2008]

Not sure. I have to say that I need to do some more research on getting residency in this way. The rules do indeed allow one to get permanent residency if you invest 10 million baht. This is the only case in which you get resident visa, instead of a non-resident visa.

But it seems to be a whole different procedure (prior approval needed) and I have never heard of someone going through this process. So if it is an option in reality remains the question and the O-A visa with extensions of stay will be a lot easier, although it doesn't lead to permanent residency.

As said, I'm not sure about the procedure and if it is a real option.

[Mario2008]

OK. I did some research.

The Alien Immigration act does indeed allow a residence permit to be issued prior to taking up residency in Thailand if one invests 10 million baht. Sections 41 and following.

http://www.thaivisa.com/forum/post-a84562-Immigration-Act-EN.pdf.html

The application seems to go through the Bank of Investment. However, the latest BOI regulation regarding this is from January 2001 and states that an application must be submitted no later than 13 May 2003...................... Since then the Bank of Investment has not issued a new regulation regarding PR, effectively closing this road until they issue a directive opening it again.

http://www.boi.go.th/english/download/law_regulations/50/Por1_2544.pdf

[bubba1]

OK. I did some research.

The Alien Immigration act does indeed allow a residence permit to be issued prior to taking up residency in Thailand if one invests 10 million baht. Sections 41 and following.

http://www.thaivisa....Act-EN.pdf.html

The application seems to go through the Bank of Investment. However, the latest BOI regulation regarding this is from January 2001 and states that an application must be submitted no later than 13 May 2003...................... Since then the Bank of Investment has not issued a new regulation regarding PR, effectively closing this road until they issue a directive opening it again.

http://www.boi.go.th...0/Por1_2544.pdf

i believe BOI is the Board of investment, not the Bank of Investment.

[Mario2008]

OK. I did some research.

The Alien Immigration act does indeed allow a residence permit to be issued prior to taking up residency in Thailand if one invests 10 million baht. Sections 41 and following.

http://www.thaivisa....Act-EN.pdf.html

The application seems to go through the Bank of Investment. However, the latest BOI regulation regarding this is from January 2001 and states that an application must be submitted no later than 13 May 2003...................... Since then the Bank of Investment has not issued a new regulation regarding PR, effectively closing this road until they issue a directive opening it again.

http://www.boi.go.th...0/Por1_2544.pdf

i believe BOI is the Board of investment, not the Bank of Investment.

You're absolutely right. Thanks for correcting me.

[KamnanT]

As a PR you have to declare your income and pay tax!!

I think you'll find that all persons with Thailand-source income (e.g. wages earned in Thailand, rent from a Thai property) need to declare their income and pay tax, regardless of whether they are permanent residents, temporary residents or even illegal aliens. "Residency" for tax purposes is separate from and different to "residency" for immigration purposes.

[fox]

What is the procedure for a foreigner to buy a condominium in Bangkok ?

Things like, do you need a lawyer, or go direct to the developer, or through a agent and so on.

Any other problems ? And most important, are foreigners allowed to buy one ?

Your kind advice is much appreciated.

[InterestedObserver]

What is the procedure for a foreigner to buy a condominium in Bangkok ?

Things like, do you need a lawyer, or go direct to the developer, or through a agent and so on.

Any other problems ? And most important, are foreigners allowed to buy one ?

Your kind advice is much appreciated.

Foreigners are allowed to own condominiums in Thailand if they bring in foreign currency to cover the purchase price. You need a Foreign Exchange Transaction Form from your Thai bank to prove the source of your foreign funds for the Land Department. You would need to locate a condo available for foreign ownership and approach the developer/owner to negotiate a contract. The lawyer part helps.

[fox]

Thank you, InterestedObserver. Much appreciated. Khap Phom.

[hotfrog]

Must the 10 million baht investment be in one unit or can it be combined as say 2 condos at 5 million each?

Thanks

[Lite Beer]

This is the rule.

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.

[hotfrog]

This is the rule.

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.

Thanks a lot

[asiawatcher]

Hey Lopburi & Mario - a quick question please - if you have two companies here at 10M Baht paid up capital, does that qualify a person for PR? Also if we bring in more than Baht 100M a year and leave it in Thailand in business, does that count for anything? Similarly we employ more than 100 Thai's throughout the year? Does any of these count - especially after being here for 10 years on Non Imm B (apart from having the mandatory Thai wife, two sprockets of our own) ? Appreciate the assistance - I can't seem to see it anywhere other than they want 'cash'.

Edited January 16, 2011 by asiawatcher

[Arkady]

I went to the BoI to investigate their scheme for permanent residence in the 90s and they told me frankly that they had not been able to get anyone approved because the regulations at the time called for investment in special Bank of Thailand bonds and the BoT refused to issue the bonds on the grounds that it didn't want the money. So it was a classic case of government departments not co-operating with each other. They told me to apply to Immigration which I did. I don't know if the BoI ever solved this problem with later schemes but I have never heard of anyone getting PR through them and I suspect it remains a mirage. At any rate the BoI PR schemes have always been like special promotions that lasted for two or three years at a time. Immigration has a category based on investment for PR but I think it is intended for entrepreneurs who invest and work in a business. I am not sure, if there is a category for passive investors like the BoI schemes. At any rate, even when the PR process was still functioning normally, Immigration used to make clear that they were not very interested in applications from the special categories, such as being in Thailand in order to support dependents who are Thai nationals. I believe this is because they knew from experience that anyone who was not applying on the basis of working in Thailand for at least three complete tax years had a very low probability of being approved by the Committee for Residence. Therefore why bother putting them through the process?

To get to the point, while the OP's relatives have virtually nil chance of ever getting PR, they have every chance of getting annual extensions stay indefinitely based either on retirement or investment. Probably the latter is easier. Using the investment category makes more sense for those under 50 or those who want the option of getting a work permit which is possible on an investment extension but not on a retirement one.

[Arkady]

Must the 10 million baht investment be in one unit or can it be combined as say 2 condos at 5 million each?

Thanks

Two condos are fine. It doesn't even need to an investment in a condo but most people prefer this type of investment to government bonds etc. Look at the relevant police regulation for the approved investments. I think even deposits in state owned banks like Krung Thai Bank qualify.

[lopburi3]

As said the freebie was BOI promotion but that ended long ago and system is run by Immigration now only as a service for one year extensions of stay AFAIK.

[Mario2008]

As Arkady pointed out, PR is still open based on investment but you have to pay tax etc, and it is for entrepenuers who invest and work in a business. One would not get it based on simply owning a condominium worth more than 10 million.

Regarding PR working and paying taxes are the key words.

[HAL9000]

Regarding PR working and paying taxes are the key words.

So what about PR based on Thai wife without working and taxes?

Is this another hypothetical category that they just list and don't really approve?

I had been waiting the 3 years hoping to apply last month, but I didn't have the money to pay for it.

I didn't feel so bad when I found out they didn't take any apps this year.

[lopburi3]

Expect the best guess is the chance is slim. If you are so high in standing in one area deficits in others can be overcome but for most people it is not likely to happen.

[HAL9000]

Thanks Lopburi

[swerver]

Hi,

Corrections:

It should read as "Is it true that a foreigner who buys a condominium in Thailand costing

Baht Ten million could apply for Permanent Residence in Thailand?.

Sorry for the typing error.

Thank you once again.

My suggestion:

From an expat many years residing in Thailand.

Your uncle and aunt should start off by renting with option to buy.

If interested I can show 1-bedroom 87-Square meter apartment fully furnished Western style. I mean fully furnished. Unpack the suitcase and start living.

[Mario2008]

Regarding PR working and paying taxes are the key words.

So what about PR based on Thai wife without working and taxes?

Is this another hypothetical category that they just list and don't really approve?

I had been waiting the 3 years hoping to apply last month, but I didn't have the money to pay for it.

I didn't feel so bad when I found out they didn't take any apps this year.

The major question is if you are deemed a benefit to Thai society, for which they look for a large part to your work and taxes you pay. I very much doubt only having Thai wife will be enough.

But if you have a Thai wife, I would considering skipping PR and going straight for Thai nationality.

[HAL9000]

But if you have a Thai wife, I would considering skipping PR and going straight for Thai nationality.

Wow, Mario! I didn't know that was an option. I always thought PR was a mandatory step on the way.

Do you have a ThaiVisa or government link where I can read more about this?

Any idea on the cost?

Thanks.