Investment Visa Based On Condo Ownership

[Thaiquila]

There have been some posts about this recently, but I am still confused.

1. Can you use an existing condo that you own, one in which you are NOT the original owner, and purchased from a foreigner not a Thai, to qualify for this visa?

2. If so, can this be processed in Pattaya for Chonburi residents?

3. If not, can a Chonburi resident process through Bangkok?

4. Is Bangkok issuing these visas based on owners of "not the original owner" condos as a matter of policy now, or is it a crap shoot based on the specific officer?

5. If you need additional funds to top off the investment to 3 million to put in approved bank or bonds, does there need to proof the funds were transferred from outside Thailand?

5. Didn't a business here mention that they assist with these applications, I can't find the specific post about that, so asking again. Was it Sunbelt Legal Advisors?

Edited November 21, 2005 by Thaiquila

[Sunbelt Asia]

Must you be Original Owner?

No

Can you use an existing condo that you own, one in which you are NOT the original owner, and purchased from a foreigner not a Thai, to qualify for this visa?

Sorry but the answer is no. The key is it was a foreign seller.

2. If so, can this be processed in Pattaya for Chonburi residents?

yes

3. If not, can a Chonburi resident process through Bangkok?

yes

4. Is Bangkok issuing these visas based on owners of "not the original owner" condos as a matter of policy now, or is it a crap shoot based on the specific officer?

The key is who the original owner was... Thai or Foreign.

5. If you need additional funds to top off the investment to 3 million to put in approved bank or bonds, does there need to proof the funds were transferred from outside Thailand?

Yes

5. Didn't a business here mention that they assist with these applications, I can't find the specific post about that, so asking again. Was it Sunbelt Legal Advisors?

Yes. Our professional fee is 7,200 Baht plus 1,900 Baht government fees.

www.lawyer.th.com

[Firefan]

Hi Sunbelt - glad to see that you seem even more certain that 2nd hand (as long as bought from Thai) is acceptable as that is my case.

Did something change since your last post on this subject since you now are so certain?

I am currently on the first 40 day "under consideration" stamp (BKK) and will go end of this month to get the verdict, be it ANOTHER "under consideration" stamp (which I understand is the norm) or the actual extension based on condo ownership.

Cheers!

[Sunbelt Asia]

Did something change since your last post on this subject since you now are so certain?

Laws or the interpretation of those laws by the officials are always changing. We have had several cases where the investment visa was approved with Thai sellers and the condos were second hand. One case the foreigner had owned the condo for over a year and he was on a tourist visa. Did the change to a "B" visa and the extension of stay based on investment.

One thing is for certain if the seller is a foreigner, than its a no go.

Also if the seller is a Thai company whose main objective is anything but " development," its no good. In other words a Thai company who was the seller and has a objective of ' food and beverage" will not get you approved for a investment visa.

www.lawyer.th.com

[Firefan]

My case will be interesting then as the seller Tisco (Thailand) took the condo back from Thai owner (first owner) when he went bankrupt.

Tisco is a bank and I presume not directly a developer (even though believe they have many activities)...

Further I had the condo already for 3 years but only applying now due to previously based elsewhere.

Will keep you posted.

Cheers!

[Thaiquila]

Thank you very much, Sunbelt Asia, for your well informed reply.

Bad news for me, but hopefully, can help other people use this visa category or wisely not try it, depending.

[jjp]

Hi Sunbelt,

Is it possible to have 2 condos (1.1 and 1.9 million) with a combined value of 3 million to get the investment visa. They were bought from Thai owners.

Cheers

JJP

[Firefan]

Jjp; until Sunbelt answers, I have previously seen Sunbelt confirm that same is possible. In fact if one only holds a 2M Baht condo the rules even allow for another 1M Baht(not to be touched) in a bank account only to obtain the extension. Cheers!

[jjp]

Jjp; until Sunbelt answers, I have previously seen Sunbelt confirm that same is possible. In fact if one only holds a 2M Baht condo the rules even allow for another 1M Baht(not to be touched) in a bank account only to obtain the extension. Cheers!

<{POST_SNAPBACK}>

Cheers Firefan,

Does the money ( 1 million) still have to be deposited from your home country (like condo money) or is it possible to have it in Thai bank account + condo to obtain the visa.

Cheers

JJP

[Firefan]

Gotta come from abroad(in foreign currency) as far as I understand the rules as it is basically a program to get more foreign investment/money into Thailand. TiT so who knows in real life?

Cheers!

[Sunbelt Asia]

Tisco is a bank and I presume not directly a developer (even though believe they have many activities)...

Our lawyers all feel you'll get approved. Tisco is not a foreigner involved behind a Thai company.

Does the money ( 1 million) still have to be deposited from your home country (like condo money) or is it possible to have it in Thai bank account + condo to obtain the visa.

It must come from abroad and you must have a foreign exchange cert. ( Do not send Thai Baht) A minimum of $20,000 is require to obtain a foreign exchange cert.

Is it possible to have 2 condos (1.1 and 1.9 million) with a combined value of 3 million to get the investment visa. They were bought from Thai owners.

Yes

www.lawyer.th.com

[mbkudu]

Tisco is a bank and I presume not directly a developer (even though believe they have many activities)...

Our lawyers all feel you'll get approved. Tisco is not a foreigner involved behind a Thai company.

Does the money ( 1 million) still have to be deposited from your home country (like condo money) or is it possible to have it in Thai bank account + condo to obtain the visa.

It must come from abroad and you must have a foreign exchange cert. ( Do not send Thai Baht) A minimum of $20,000 is require to obtain a foreign exchange cert.

Is it possible to have 2 condos (1.1 and 1.9 million) with a combined value of 3 million to get the investment visa. They were bought from Thai owners.

Yes

www.lawyer.th.com

I've been researching this visa for over a year and never knew that the condo had to be purchased from a Thai national . Luckily I did purchase mine from a Thai, but that's pretty ****** for those that bought theirs from a foreign seller. The value of mine is 2.5 million; 500,000 short of the 3 million, so planned on sending the remaining 500,000 into a government bank. The problem looks like I will have to remit 800,000 instead because of the minimum amount for a foreign exchange certificate. There's always something else, isn't there.

[Sunbelt Asia]

The value of mine is 2.5 million; 500,000 short of the 3 million, so planned on sending the remaining 500,000 into a government bank.

That’s the other item to be aware of; they go off the appraised value that you paid the transfer fee on. Not the purchase price of the condo.

www.lawyer.th.com

[mbkudu]

The value of mine is 2.5 million; 500,000 short of the 3 million, so planned on sending the remaining 500,000 into a government bank.

That’s the other item to be aware of; they go off the appraised value that you paid the transfer fee on. Not the purchase price of the condo.

www.lawyer.th.com

I know what you're saying, but what I meant was a little different. 2.5 is what is stated on the paperwork in the land office (even though the true value may be more). What I was getting at is that I am 500,000 baht short of the visa, but this amount is not equivalent to $US20,000, the minimum for an FEC; it's more like 800,000 baht.

[Sunbelt Asia]

I understand. Thought you may know it already but wanted to be sure other readers understood this fact as well. Thanks.

www.lawyer.th.com

[mbkudu]

I understand. Thought you may know it already but wanted to be sure other readers understood this fact as well. Thanks.

www.lawyer.th.com

Thanks SBA. Your input here is always helpful.

[Firefan]

One thing that has surprised me pleasently is that there is no silly rule that says you have to apply for the visa within a give time period of purchasing the condo. I have had my condo 3 years.

I was a bit annoyed that my first application got denied as I was here on double entry tourist visa - and my lawyer had said that it was fine and that it could be converted to non-em b here.

The denial was APPARENTLY based on the condo having been bought 2nd hand, which I am now told here does not matter (anymore)... They+lawyer suggested I tried again with a non-em b visa.

I left and came back with a multiple entry 3 months non-em b visa from Hanoi (not an easy place to get it before a bunch of you start asking - had some embassy connections help).

Will update you in less than a week when I go to emmigration to hear the results of my 2nd application.

Cheers!

[mbkudu]

One thing that has surprised me pleasently is that there is no silly rule that says you have to apply for the visa within a give time period of purchasing the condo. I have had my condo 3 years.

I was a bit annoyed that my first application got denied as I was here on double entry tourist visa - and my lawyer had said that it was fine and that it could be converted to non-em b here.

The denial was APPARENTLY based on the condo having been bought 2nd hand, which I am now told here does not matter (anymore)... They+lawyer suggested I tried again with a non-em b visa.

I left and came back with a multiple entry 3 months non-em b visa from Hanoi (not an easy place to get it before a bunch of you start asking - had some embassy connections help).

Will update you in less than a week when I go to emmigration to hear the results of my 2nd application.

Cheers!

Firefan, it would be good to know your results. Mine as well I bought from a previous owner (Thai), and not from a development company.

[Firefan]

I got it today! Hurray! 2 hours of sitting around waiting though. Cheers!

[lopburi3]

You have nine minutes to buy some Champagne. Have a happy one.

[Firefan]

Thanks Lop! Will pop a Red Horse beer on the balcony instead!

Cheers!

[sabaijai]

Question: Can this visa be renewed annually indefinitely based on the one-time purchase of a 3-mil baht condo? Or is it good only for the year in which you bought the condo? I assume the lattter; hard to believe the one-time purchase would entitle one to indefinite extensions.

[lopburi3]

As long as you own it and the laws don't change you should obtain an extension of stay.

[Firefan]

Yeah Lop is right! If they later on should increase the amount one would think they would "grand father" people with 3M baht condos already receiving the extension - on the other hand; maybe they will not! Time to sell then I guess...

In my case the value (of which transfer tax paid) is well above the 3M baht wherefore I hope I can handle any changes in the amount needed invested. Naturally OTHER laws can change - but that time that worry!

Cheers!

[sabaijai]

Very interesting, thanks for the info.

[mbkudu]

Yeah Lop is right! If they later on should increase the amount one would think they would "grand father" people with 3M baht condos already receiving the extension - on the other hand; maybe they will not! Time to sell then I guess...

In my case the value (of which transfer tax paid) is well above the 3M baht wherefore I hope I can handle any changes in the amount needed invested. Naturally OTHER laws can change - but that time that worry!

Cheers!

Fireafan, that's good news. Would you use the title deed as proof that you still owned it for future extensions? What was the total cost for the process? Thanks, Mbk

[Firefan]

Hi Mbk,

I would need to use the same docs as I used for the first extension:

passport (w. non-em B as I bought 2nd hand from Thai)

Title deed

Buy/sell contract

Receipt(copy) of transfer taxes paid

I added a copy of my yellow book/Tabien bahn(farang) but that is not needed I believe. They did keep the copies though.

Extension costs are the usual 1900 Baht. Multiple entry stamp for the year another 3800 Baht. On top of that I had lawyer fees which can be done cheaper than my about 10.000 Baht. Sunbelt advertises it for around 7000 Baht I believe.

Next extension I might want to try to handle myself if I have the time - now that I know the docs are in order it really is only a couple of application forms and a lot of signatures.

Cheers!

[Sunbelt Asia]

Sunbelt advertises it for around 7000 Baht I believe.

On the renewal, most firms charge the same as the original application. Very proud to say we do give a discount to our clients on the renewal, then were only 3,900 Baht. (That’s for everbody, not just to the Captain of the Sunbelt football team )

www.lawyer.th.com

[Firefan]

He,he! Based on THAT price I might not even bother doing it myself! + vat I presume.

Cheers! "Cappy"

[Sunbelt Asia]

Dear Cappy,

+VAT

Have fun with some Good luck this weekend!

Regards

Sunbelt