Visa Status For Buying A Condo

[cm boy]

Please can you advise me what is the minimum visa status needed to buy/own a condo. I am 60 y.o and currently a 'walker'. (That's spelt with a 'l' not a 'n') Also can you point me in the right direction for legal requirements + pros & cons re buying a condo.

Many thanks,

CM Boy

[george]

Non-Immigrant Visa is a minimum. Walkers and tourist visa holders can not register fro condominium pruchase. In your case a retirement visa NON-OA, would be appropriate.

[dr_Pat_Pong]

Please can you advise me what is the minimum visa status needed to buy/own a condo. I am 60 y.o and currently a 'walker'. (That's spelt with a 'l' not a 'n')

I like that CM Boy...hehehehe

[TRIPxCORE]

Non-Immigrant Visa is a minimum. Walkers and tourist visa holders can not register fro condominium pruchase. In your case a retirement visa NON-OA, would be appropriate.

I hate to disagree with the authority on this board, namely you George, but I have to differ concerning your advice. I just purchased my condo last month in BKK and I was in possesion of nothing more than a 30-day tourist stamp. As a matter of fact, from the bank to the land office, none of them even checked my visa.

Now I dont want dispense the wrong advice to this gentleman, because maybe the official rule requires a Non-Imm visa, but I didnt need one nor have to show one. Maybe I was just lucky.

[jaidee]

Agree with previous entry. I have simular experience, purchasing condo's while on a 30 day tourist stay.

[piet pompies]

There are no requirements visa wise for condo. You can buy in your own name or in the name of an overseas company, eg UK or other. The current requirement seems to stand that only 49% of building can be foreign owned. A foreign company has difficulty getting a mortgage. A foreign company makes inheritance easier. If you as an individual die there is arequirement for your estate to sell the condo after a period( 1-2yrs??) Check with big law firm, the above info came from one.

Also The Elite card visa is a special tourist visa you cannot work. But for a million baht you can effectively stay in Thailand for a 5 year period, no visa runs.The card is fully transferable and saleable, ie the value may increase. A non immigrant visa needs 800 k in the bank. Difference is 200k, and the company

( Elite) will allow you to hold land through them, rather than the 2 company stucture, 39% and 49% to do it by yourself. The managment and payment for nominees in the companies become expensive annually if your property is not high priced.

The company could technically go bankrupt, but then the Baht could devalue, ++. They may change the rules, but apparently not the base rules which was agreed on when you sign on.

[lopburi3]

A non immigrant visa needs 800 k in the bank. Difference is 200k,

Difference is 1 million baht to most of us; as the 800k can be used.

the company

( Elite) will allow you to hold land through them, rather than the 2 company stucture, 39% and 49% to do it by yourself. The managment and payment for nominees in the companies become expensive annually if your property is not high priced.

If, as it appears, you must build a 20 million baht home on this land I would not consider it inexpensive. There are very few plots of land with home that sell for that kind of money.

[geoff_uk]

What is an Elite card? How do you apply? What are the requirements etc?

[Axel]

A non immigrant visa needs 800 k in the bank. Difference is 200k,

Difference is 1 million baht to most of us; as the 800k can be used.

Now this is an interesting idea. Instead of showing your money year by year for

a retirement-visa buy the Elite-card, pay once 1 million Baht and stay as long as you wish, at least for the next 5 years and an extension every 90 days, if you do not leave the country.

[piet pompies]

According to Elite card directly, emphatically stated, the 20m baht as posted on their website somewhere is no longer valid. You can buy through them) any land and any value house. No minimum, no maximum, also again said if you sign up the requirements ( no minimum, no maximum ) will be honoured indefinitely. A phone # is 2652 8299. Somewhere on this site is some info posted by DION, who seems to work for the Elite card.

[KenUdon]

Also The Elite card visa is a special tourist visa you cannot work. But for a million baht you can effectively stay in Thailand for a 5 year period, no visa runs.The card is fully transferable and saleable, ie the value may increase

And just how can the value "increase" Seeing as there is no limit on the numbers of cards to be issued, why would they be worth more than face value?

With regard to the cards being honoured "indefinately".....err...This is Thailand!!

[dr_Pat_Pong]

I'd be a bit worried about land ownership if that is what you want. They are already backing away from that aspect of the benefits.

[Guest IT Manager]

I have just talked to the Elite People.

They are prepared to host a seminar in CM to discuss this and field questions. They want at least 20 people to make it worth their while. I will negotitate hotel rates on members behalf if 20 people say they are genuinely interested in doing this. It would be a proper seminar not a free for all booze up.

If you are interested PM me with contact details. I also need 20 people to get a good room rate, for anyone needing to come from far away. maybe tie it in with a forum dinner or something somewhere nearby, so anyone wanting to meet but not interested in the card can come as well.

Feed back chasps.

[sabaijai]

Before I could buy my condo, the bank which owned the complex at the time showed me Bank of Thailand regulations saying I had to possess a work permit and non-B visa in order to complete the purchase legally and take title. They made and kept copies of both (very much like buying and registering a new auto in Thailand, same requirement).

In addition to the visa/work permit requirement, I had to show evidence that the money used to buy the condo had been transferred from overseas for that purpose.

These are the regulations. I'm sure they are unevenly applied but in my case, and in the case of the other farang in my building, they were strictly adhered to.

I suppose that as long as you receive your title with the red garuda seal, etc, then you're probably in the clear. But I would be wary of any seller who said there was no visa/work permit requirement -- until you have that piece of paper in hand, with your name on it.

[dr_Pat_Pong]

One cannot even buy a car ( or get a driver's License ) without a Non-Immigrant visa. Is that why the walkers walk ?

[jbaldwin]

I am buying a newly built condo and transfer is expected next month. I now have a Non-Im O but when a signed the purchase agreement I only had a tourist. Both the condo company and the agents said that this was OK and they took a copy of my visa.

[dr_Pat_Pong]

Sometimes the rules are that there are no rules. T i T

[Axel]

I tried to find some info on the net, not yet.

Before 97 there was a lot of action, e.g. in Hong kong by real estate companies to buy into Thailand condominiums. Believe the visa-question was never raised, just mentioned max. how many foreigners per each condominium building and no single houses alllowed. I recall one offer that busted. Single houses in a compound and the contractor tried to sell as condominium, as 'all houses are connected by water and utility pipes'

In 92' I bought a small apmt. (wish I would not have, as at that time I paid US$ 1 per 25 Baht) Non-imm B was enough.

We should also consider, the money must come from outside of Thailand. So if the gvmnt want to see a work permit, it does not make sense to me. You earn money in Thailand but admit you have other (may be previous?!) income abroad, which you probably do not report for income-tax.