Extension Of Non-em B Visa Based On Invest

[Firefan]

I have been under the impression that in order to get the above 1 year extension via a condo purchase, I would need to have bought the condo directly from developer (I.e. as new rather than second-hand).

Reading: http://img233.exs.cx/my.php?loc=img233&image=immig27oc.jpg

As well as http://www.imm.police.go.th/nov2004/en/bas...p?page=service# (click visa-extension and "Invest minimum 3M Baht in the Kingdom" if does not show) I suddenly realize that there is nothing stipulated about the condo having to be new/from developer.

I now wonder whether I have misunderstood something and that all is fine with a second-hand purchase for the extension (as long value as recorded at land office buy seller/buyer is more than 3M Baht).

My current lawyer is convinced that there should not be a problem (we failed first application due to me having a tourist visa and not a non-em B at that time) and that all is fine but she said that last time also...

Not having to do any visa runs would certainly be a gift from heaven - even though might still have to take that bus to the casinos!

Cheers!

[Chopper]

I have been under the impression that in order to get the above 1 year extension via a condo purchase, I would need to have bought the condo directly from developer (I.e. as new rather than second-hand).

Reading: http://img233.exs.cx/my.php?loc=img233ℑ=immig27oc.jpg

As well as http://www.imm.police.go.th/nov2004/en/bas...p?page=service# (click visa-extension and "Invest minimum 3M Baht in the Kingdom" if does not show) I suddenly realize that there is nothing stipulated about the condo having to be new/from developer.

I now wonder whether I have misunderstood something and that all is fine with a second-hand purchase for the extension (as long value as recorded at land office buy seller/buyer is more than 3M Baht).

My current lawyer is convinced that there should not be a problem (we failed first application due to me having a tourist visa and not a non-em B at that time) and that all is fine but she said that last time also...

Not having to do any visa runs would certainly be a gift from heaven - even though might still have to take that bus to the casinos! 

Cheers!

<{POST_SNAPBACK}>

Interesting post. My mate got this visa himself directly through the Pattaya Immigration Office through sheer bloody persistence. They claimed he had to deposit 3m in a Government bank and that the method of obtaining a visa by way of investing 3m in a condo was unheard of. Anyway this bloke stood his ground mate and told them to phone Bangkok Immigration which they actually did and lo and behold they were told he could obtain a visa this way though the Chenod had to show his name as the first purchaser.

It took a month for them to process. The documents had to be sent to Bangkok where they were approved and his visa was issued.

This was in January of this year by the way.

[LivinLOS]

I enquired and thought seriously about this visa.. I repeatedly went and quizzed my local immigration (who I have to say seem friendlier and more willing to try to help rather than try to oppose than many I read of here)..

They told me all they wanted to see was a bank book in my name with 3 mil in it.. I asked if they had to see the 3 mil come in from outside of Thailand and they said no but were a little non commital but I got the impression it was not something they would have baulked at, it was only my asking that raised the issue. They were happy with any bank and did not require governement bonds, condo purchase or even a gov bank.

I also checked if the guys who gave me this information were the ones to issue the visa as I didnt want to get one set of info and then get bumped to a more senior to be denied.. They were 100% sure it would work (!?!?!) and told me it could all go ahead but that a proper visa (not on arrival) needed to be in my passport first..

So it seems they dont really know how this should be applied properly and it may or may not help you.. I would go and ry to speak nicely with your local office and get it all hammered out first.

[Firefan]

Thanks for some interesting input guys!

I presume that the reason for this visa (or more correctly: extension of stay) is due to the government wanting to promote foreign investment in the country. Therefore I find it a bit silly to make a rule saying it has to be bought from developer/1st buy. More money coming into the country must be the main intention.

In my case the condo was only cement and glass as the previous owner went bankrupt without ever decorating/making floors/walls/installations Etc. so I literately build the condo myself - but the bankrupt owner name was put in the title deed.

If it can be done with "just" 3M in the bank it would certainly make things easier for many not wanting to tie their money up too much.

I will keep you posted on how things develop.

Cheers!

[monty]

Firefan,

According to the law, the condominium does indeed need to be bought "firsthand".

Main reason is, like you assume in your post, to promote inbound investment.

If you buy firsthand, your imported money goes to the developer, normally a Thai company, so Thailand gains in this deal.

If you buy secondhand from e.g. a foreigner, then this foreigner is allowed to bring your money straight out of Thailand again, so Thailand would gain nothing in the deal!

(if he kept his original TT3's of course)

Now if you buy secondhand from a Thai national, Thailand would still gain, so it's possible immigration might grant you the extension of stay, eventhough you did not buy firsthand!

They would then possibly class you under "Any kind of investment deemed beneficial to the country by the Immigration Bureau"

And yes, the extension will get granted when you just put 3 million in the bank, but only certain banks are accepted. Khrung Thai would probably be the most convenient...

As we all know, immigration laws are in practice only guidelines, since the ultimate decission is "at the discretion of the immigration official"

As an important side note, if you want do anything with these investments, you'll have to inform immigration immediately, and they might cancel your extension of stay!

[Firefan]

Thanks Monty for a very informative post!

My understanding is the same.

In my case I bought from Tisco bank who had taken the condo back from previous Thai owner(first owner) when they went bankrupt so I might have an edge there. I am also the first and only person in the Tabien Bahn as nobody has ever (as not been able to with no walls!) lived in the condo before.

So you have a good point that they might put me in the "any investment" category.

As for putting the 3M in the bank - that means that all the comments about "being in bonds for 10 years/locked" might not be true to your understanding? I.e. one could use 1M for living costs and then fill up to 3M at next extension again?

If one anyway had to put 3M here one might anyway want to pursue best possible return - any good bonds out there that others suggest to use?

I will keep you posted on the development..

Cheers!

[monty]

The "locked for 10 years" is certainly not true, but the funds have to be there the whole year until your next extension of stay is up...

On the immigration website they describe this the following way:

The foreign national must permanently possess the investment. If he wishes to change the kind of investment, he first has to ask for permission to change the kind of investment and may tghen change to a new permanent kind of investment.

So you can't just live of the 3 million, and replenish at the end of the extension, unlike with extensions based on retirement...

You can however take out the money from the account at anytime, as it is just a regular fixed account!

Handy in case of emergencies, and with a bit of luck the immigration officials will grant you a bit leeway for replenishing the account as fast as possible, without cancelling your extension! Just inform them immediately...

Major drawback is that indeed the money is completely non performing in the bank! I don't know much about Thai bonds, but seem to recall that returns of around 4% are not unrealistic. That way your hard earned cash has at least a chance to keep up with inflation!

Also, any combination of the allowed investments is possible, so if they are not 100% comfortable with granting the extension only on the condominium, they might ask to complement this with a certain amount in the bank.

They did this with a friend of mine, he had 3 consecutive years his extension approved, based on a 2.25 million condo plus 800.000 Baht at Khrung Thai, when they suddenly decided to raise the cash amount to 1 million! Go figure...

[alesypalsy]

Could do with some more info on this, Like do you still have to leave the counrty to obtain the business visa? and how long is the exstension 12 months I guess?

I am looking for an easy way of not having to return to the UK unless really needed, To costly!

[lopburi3]

No you would not have to leave the country and yes it would be for 12 months. But you need to talk with immigration as the program seems to be run by them now and subject to there rules so you want to get that right before you jump.

[alesypalsy]

No you would not have to leave the country and yes it would be for 12 months.  But you need to talk with immigration as the program seems to be run by them now and subject to there rules so you want to get that right before you jump.

<{POST_SNAPBACK}>

Lopburi you have got to be the most helpfull poster on this site, I hope when I relocate you will let me take you for a drink,

Best regards to you

[Sunbelt Asia]

If you have a tourist visa you can change it to a investment visa without leaving the Kingdom.

As of this past Friday, Immigration is asking for an appraisal of the Condo from the Land Dept. It is not only just the sales purchase agreement and the title deed required.

Also on that day and that officer, a second hand condo was ok for the visa.

Also please remember if the condo is appraised/purchase less than 3 million... a bank account or government bonds combined with the condo for a sum of 3 million is acceptable.

Any client who invests in a condo ( valued at 3 million or qualifies with $ in the bank along with the condo) using our property department will obtain our FREE services to obtain a investment visa from the Thai government including the government fees( paid by us) for the first year.

Looking at our property site...

This condo in Bangkok looks nice!

http://www.property.th.com/propertydetails...prid=665&show=1

This looks good in Jomthien..

http://www.property.th.com/propertydetails...?prid=67&show=1

www.property.th.com

www.lawyer.th.com

[alesypalsy]

If you have a tourist visa you can change it to a investment visa without leaving the Kingdom.

As of  this past Friday, Immigration is asking for an appraisal of the Condo from the Land Dept.  It is not only just the sales purchase agreement and the title deed required.

Also on that day and that officer, a second hand condo was ok for the visa.

Also please remember if the condo is appraised/purchase less than 3 million... a bank account or government bonds combined with the condo for a sum of 3 million is acceptable.

Any client who invests in a condo ( valued at 3 million or qualifies with $ in the bank along with the condo)  using our property department will obtain our  FREE services to obtain a  investment visa from the Thai government  including the government fees( paid by us) for the first year.

Looking at our property site...

This condo in Bangkok looks nice!

http://www.property.th.com/propertydetails...prid=665&show=1

This looks good in Jomthien..

http://www.property.th.com/propertydetails...?prid=67&show=1

www.property.th.com

www.lawyer.th.com

<{POST_SNAPBACK}>

Would be handy if your firm ever answered its emails sunbelt. Makes good business sense.

[Sunbelt Asia]

Would be handy if your firm ever answered its emails sunbelt. Makes good business sense.

Thank you for your post. Sorry to hear you are having problems with receiving our response. Our firm certainly values every e-mail and is why we have four fulltime dedicated people with their sole responsibility to answer only e-mails. Their job is not finished Monday to Friday until every e-mail is answered that day.

Please check your spam filter box. We have pointed this out in the past and have found in a number of cases that our response was found in the client’s folder.

I have pm you as well to follow up on this. Thank you again for your post.

www.property.th.com

www.lawyer.th.com

www.sunbeltasia.com

[daveb1]

Does all this also apply if you have purchased a house via your own thai company

as many people do can you get a b visa then?

[Sunbelt Asia]

Does all this also apply if you have purchased a house via your own thai company

as many people do can you get a b visa then?

Sorry....No it does not apply.

www.lawyer.th.com

[alesypalsy]

If you have a tourist visa you can change it to a investment visa without leaving the Kingdom.

As of  this past Friday, Immigration is asking for an appraisal of the Condo from the Land Dept.  It is not only just the sales purchase agreement and the title deed required.

Also on that day and that officer, a second hand condo was ok for the visa.

Also please remember if the condo is appraised/purchase less than 3 million... a bank account or government bonds combined with the condo for a sum of 3 million is acceptable.

Any client who invests in a condo ( valued at 3 million or qualifies with $ in the bank along with the condo)  using our property department will obtain our  FREE services to obtain a  investment visa from the Thai government  including the government fees( paid by us) for the first year.

Looking at our property site...

This condo in Bangkok looks nice!

http://www.property.th.com/propertydetails...prid=665&show=1

This looks good in Jomthien..

http://www.property.th.com/propertydetails...?prid=67&show=1

www.property.th.com

www.lawyer.th.com

<{POST_SNAPBACK}>

Please can I make sure I have got this, So for instance I come over to Thailand and purchase 2 condo's, 1 at 1,5 mil, the other at 2 mil so over 3 mil is invested, I am already on a year multiple entry business visa only been running a month,

So my visa has 4 weeks left and about to expire, I can now goto the immigration and show my paper work to prove I invested in property (would a new pick up 4x4 count also?) so now am I entitled to a multiple entry business visa without leaving the country as this is what it sounds like to me. Also if I was to buy a business or start a company over 2 mil invested do I still have to leave the country every 90 days?

[Sunbelt Asia]

So my visa has 4 weeks left and about to expire, I can now goto the immigration and show my paper work to prove I invested in property (would a new pick up 4x4 count also?) so now am I entitled to a multiple entry business visa without leaving the country as this is what it sounds like to me.

A 4 x 4 pickup does not count. Only the condos which you can get a one year visa with the option to apply for a re-entry permit ( either a single or multiple)

Also if I was to buy a business or start a company over 2 mil invested do I still have to leave the country every 90 days?

Yes unless you apply for an extension of stay permit based on business. Those two criteria for the extension of stay permit based on business are

1. 4 Thais employed per work permit at least at a salary of 5,250 Baht per month.

2. Minimum salary for your nationality which is 60K per month for an American.

These two criteria are not required for a work permit.

www.lawyer.th.com

www.sunbeltasia.com

[simon43]

Greg, do I even have to purchase a condo in order to qulaify for this visa? I'm coming near to the end of my third multi-non-imm B visa, (ie, for the past 3 years I have been issued with consecutive visas from the UK consulate).

During each year, I typically bring about 10 million baht total into my Bangkok Bank account from the UK. Does that sort of level of funds offer other visa options to me? (Of course, the balance in my bank goes down and up each month...)

cheers - Simon

[Sunbelt Asia]

Hi Simon,

It can be cash of 3 million Baht as well deposited in a Thai State Bank( Krung Thai Bank, Government Savings Bank, Bank for Agriculture and Cooperative, Ratanasin Bank, Srinakhorn Bank, Nakhornluang Thai Bank, Housing Bank)

Or you can buy bonds issued by a state agency or government enterprise.

You must permanently possess the investment. If you wish to change the kind of investment, you first must ask for permission to change the kind of investment and may then change to a new permanent kind of investment.

www.lawyer.th.com

[Firefan]

Sunbelt; thanks for the info - I will use your services should my current lawyer still have trouble getting this through.

Also; how does one go about getting a valuation doc from the land dept.?

Cheers!

[Sunbelt Asia]

Also; how does one go about getting a valuation doc from the land dept.?

Its the amount the transfer tax was paid on. The Land Dept will go off that valuation to determine the taxes owed.

www.lawyer.th.com

[Firefan]

Slightly confused. I already have the copy of paper/receipt of taxes paid (and no taxes owed!) so that might be enuff to prove the value (above 3M Baht)?

Or do I need to bring that receipt to the land dept. in order to obtain a new/seprate letter/valuation as indicated in your previous post?

Good news that 2nd hand apt. seems OK!

Cheers!

[Tompa]

Thanks for all the useful info. I have one small question though. I currently hold a Non B as well as a work permit through the company I work for. Right now I’m looking at buying a condo (over 3 million). If I would leave the company in say 1 year, would I qualify for the investment visa even though I have already owned the condo for a year?

Tompa,

[Sunbelt Asia]

Slightly confused. I already have the copy of paper/receipt of taxes paid (and no taxes owed!) so that might be enuff to prove the value (above 3M Baht)?

Or do I need to bring that receipt to the land dept. in order to obtain a new/seprate letter/valuation as indicated in your previous post?

What you are loking for is what the amount ( valuation) the transfer fees were based on.

www.lawyer.th.com

[Sunbelt Asia]

If I would leave the company in say 1 year, would I qualify for the investment visa even though I have already owned the condo for a year?

Yes as long as you still own it.

www.lawyer.th.com

www.property.th.com

[Firefan]

An update - went to emigration yesterday and handed in the application for extension based on the condo. Gave them everything but the kitchen sink: PP/buy-sell contract/title deed/tax receipt/yellow book/TT3 and will update you on results in about a months time.

Cheers!

[alesypalsy]

An update - went to emigration yesterday and handed in the application for extension based on the condo. Gave them everything but the kitchen sink: PP/buy-sell contract/title deed/tax receipt/yellow book/TT3 and will update you on results in about a months time.

Cheers!

<{POST_SNAPBACK}>

Please keep us updated firefan, as i think this will be my way of long term stay,

thanks

[Firefan]

Will do!

A couple of observations:

The emigration office (Suan Plu) looked more organised than I have seen it before. Surely as a part of the new boss in charge. To my sadness they have removed the little coffee shop when you enter so next time you go, expect to get your coffee somewhere else...

I asked my lawyer what changes she has seen with the new boss and she replied with "very slow".

A document before discussed here in relation to the investor extension had to be read and signed by me. It is the one confirming that if anything changes in relation to my investment (typically if selling) I will have to inform them right away, and my visa extension can be cancelled.

Cheers!