Investment Visa Based On Condo Ownership

[mbkudu]

Multiple entry stamp for the year another 3800 Baht.

'Multiple entry stamp' I guess this means you're still having to leave the country every three months, 4 times during the year? So it's not like a real one year uninterupted stay of a year, like say a work permit would give you?

[Firefan]

I can stay a full year (just 90 day reporting as everybody else) - but like the freedom to come and go without having to purchase single re-entry permit every time I travel . Cheers!

[torrenova]

A couple of questions:

If you already have a business worth more than 3m can that be used ?

If not, can you "manufacture" the purchase. Either way, what paperwork would be required ?

If you bring in 3m you can extend easy ?

[lopburi3]

A couple of questions:

If you already have a business worth more than 3m can that be used ?

If not, can you "manufacture" the purchase. Either way, what paperwork would be required ?

If you bring in 3m you can extend easy ?

<{POST_SNAPBACK}>

A business is a business - not an investment (very specific rules for that). But yes you can get one year extensions of stay for business reasons but that in another story (book) and you will find a lot of postings from both Sunbelt and Indo-Siam giving a very good outline of the details.

[LOS NICK]

firefan---I have been following your saga as I also have a condo that I purchased from a Thai national.

I went down to pattaya immigration and was shocked to see how little most workers down there knew about this type of visa.

Finally after speaking with quite a few people down there I spoke to someone who seemed to know a bit about this visa.He told me I had to be the original owner and when I tried to explain to him about my purchase from a thai which I had proof in my hand to show him he still said, have to be original owner.

Not only was this annoying to say the least but a non imm b visa is required to get the condo visa..I dont qualify for a non imm b visa...I dont get the whole thing.

I can put 3 mill in the bank and not need a non imm b but if I purchase a condo valued at the land office for 3 mill I need a non imm b. to get this visa.

Futhermore if I have to leave the country and get a non imm b which I would have to pay a lawyer to arrange paperwork for me and then pay lawyer addtional fees to get the condo visa I really want, wouldnt it be cheaper just to get a triple tourist visa or a double for way less money and hassle.Its not a one year visa but way less out lay and less headache..I can do the whole process myself.

Can someone explain why a non imm b visa is required.

Also If I do infact get a non imm b visa how long is that good for.Cant I just use that visa to stay here instead of converting it.

Still scratching my head?????????????????

[Firefan]

Yeah it can be a bit frustrating at first and I was also told that my tourist visa (double entry) could not be converted to non-em B due to me not buying directly from developer.

The non-em B I then had to get at Thai embassy/consulate abroad. That can be tricky too but depending on country you can get it with a sponsor letter from "potential business partner" or similar. The closer to Thailand - the more paper work(company reg/directors names/foreign employees Etc.) needed as a rule of thumb.

Reason why I decided to go for the hassle anyway is that the 1 year extension based on investments of 3M+ does not require visa runs and also ensures I am in the country completely legally. Further I can apply for work/obtain work permit based on this visa and my stay in the country is NOT connected with me remaining in any job. Finally; when one has decided to OWN a condo in Thailand - I want to have as much flexibility/long visa as possible as this is now my HOME.

I will probably even pursue residency after I obtain my 3rd consecutive extension. Financially (and hassle wise!) it makes little sense - but again; my HOME is now here so I will try to pursue that too.

Finally you seem to mix up visa and extension in your comments about putting 3M+ in cash (I did that too originally). Visa is for entry (and purpose of entry) which then can be extended (based on job/Thai married/investment or whatever) after that.

I am sure lop/Sunbelt will have some more help and comments! Cheers!

[Firefan]

Forgot; if you obtain a non-em B visa abroad based on sponsor letter it require visa run every 3 months and is valid 12 months - with well timed last visa run it can cover 15 months. Cheers!

[Sunbelt Asia]

Finally after speaking with quite a few people down there I spoke to someone who seemed to know a bit about this visa.He told me I had to be the original owner and when I tried to explain to him about my purchase from a thai which I had proof in my hand to show him he still said, have to be original owner.

Just depend on the officer and his interpretation. We have clients that have gotten it when they bought from a third party that was Thai.

Not only was this annoying to say the least but a non imm b visa is required to get the condo visa..I dont qualify for a non imm b visa...I dont get the whole thing.

Another interpretation that is different than other officers. You can apply with a 'B" or a "O" visa. This is changed to an "IM" visa and then the extension of stay is granted off that.

If you want to get this done in Bangkok with no hassles( including the sponsor letter), you can use our firm and our fee is 7,200 Baht plus Vat. Government fees would be 1,900 Baht. Single re-entry is 1,000 Baht ( optional) Multiple Rentry permit ( Optional) is 3,800 Baht. Traveling fees of 300 Baht.

Also If I do infact get a non imm b visa how long is that good for.Cant I just use that visa to stay here instead of converting it.

This would be for 90 days.

www.lawyer.th.com

[jjp]

QUOTE LOS Nick

Finally after speaking with quite a few people down there I spoke to someone who seemed to know a bit about this visa.He told me I had to be the original owner and when I tried to explain to him about my purchase from a thai which I had proof in my hand to show him he still said, have to be original owner.

QUOTE SUNBELT

Just depend on the officer and his interpretation. We have clients that have gotten it when they bought from a third party that was Thai.

Sunbelt,

If i am reading the above thread correctly does it mean that if my condo had 2 previous Thai owners before me is it not possible to obtain the investment visa or as you quoted, it depends on the officer in charge.

Sunbelt,

I take it when you obtained the visa for your cilents the immigration office you got it from was Bangkok

Cheers

JJP

[Sunbelt Asia]

If i am reading the above thread correctly does it mean that if my condo had 2 previous Thai owners before me is it not possible to obtain the investment visa or as you quoted, it depends on the officer in charge.

Does not matter how many previous owners as long as the last seller was a Thai national or a Thai company with the main objective of " development"

I take it when you obtained the visa for your cilents the immigration office you got it from was Bangkok

Yes

www.lawyer.th.com

[LOS NICK]

Yeah it can be a bit frustrating at first and I was also told that my tourist visa (double entry) could not be converted to non-em B due to me not buying directly from developer.

I am curious as to who told you that your tourist visa could not be converted to a non em b visa.

I think sunbelt said that it could be converted.

Before they run me around all over the place to get this visa I want to be certain about things.

I am assuming that I need lawyer representation to get the condo investment visa because it is not recognised down at immigration in pattaya when it comes to not being the original owner and buying from a thai.

Also I need non imm b visa which I dont qualify for.

Those are two major problems that only can be solved by representation.

I prefer to do things on my own but I think I have no choice in the matter.

This really ticks me off because fees will be substantial.

Everytime I read the requirements to obtain a non imm b visa it seems I cannot comply with what they are asking for.

Am I wrong about this or can I infact get a non imm b on my own.

The only thing I have is proof of purchase of a condo .

Any help or suggestions would be great.........cheers

[Firefan]

I was told on 1st floor of Suan Plu emmigration in BKK by emmigration officer which was questioned by my (Thai) lawyer also present. As Sunbelt have pointed out it VARIES.

I believe Sunbelt has had best experience with the conversion (not talking the extension) from tourist to non-em B when the condo was purchased directly from developer.

If bought 2nd hand, I was told, that extension can be granted BUT the conversion could not.

Now you can certainly do it by yourself but depending on your nationality you WILL probably need at least an invitation/sponsor letter from a company here in Thailand. It could stipulate that you might work FOR or WITH them or that you are pursuing investments through them. You might know somebody willing to do that for free if you have any friends in business here.

Depending on the country you are from and the country you apply in - you can then apply there for the non-em B. They might only grant you 3 months - but that is not important.

Then you go to emmigration (I would go to BKK if you want to try yourself - 110 Baht with the bus;) ) - here and fill out the docs/pics Etc.

Besides the obvious(PP/title deed/buy-sell contract/pics) you need at least a COPY of the tax recept/taxes paid during the transaction (and THAT value being the taxable amount has to be above 3M Baht).

Cheers!

[Sunbelt Asia]

Very bad news. The goalposts have changed!

This morning we had a client rejected when he went to apply for the investment visa. He owns two condos and was well over the 3 million Baht requirement but they were NOT acquired from a developer and were acquired second hand. In the past few months, this did not matter as long as the condos were acquired from a Thai national. Even yesterday it was ok!

I don't know if attention has been brought to Thaivisa.com posts or Pattaya was asking for clarification and they research in Bangkok yesterday.

But the bottom line, the window is NOW closed in Bangkok as of today. We went ALL the way to the Chief. The ruling is NOW only investment visas granted on ....

1. condos purchased from a Thai company who has the objective as developer and the foreigner is the first owner of the condo

2. Fixed deposit in a State Bank.

3. Government bonds

We have another meeting on Tuesday afternoon. Anything changes, will let the Thaivisa readers know. But the odds are not high for a new ruling.

Congrats Firefan and our clients that made the window when it was open, for the others, we are trying to see if they'll open the window back up.

www.lawyer.th.com

[haltes]

That is worrying

I bought a condo for more than 3 million baht from a Thai national and I got the investment visa 3 years ago.

Now I have been offered a good job with a work permit. Can I keep my investment visa or do I need to change to a non-b from the company employing me?

I really don't want to give up the investment visa if I can't get it back.....

[Tufty]

If i am reading the above thread correctly does it mean that if my condo had 2 previous Thai owners before me is it not possible to obtain the investment visa or as you quoted, it depends on the officer in charge.

Does not matter how many previous owners as long as the last seller was a Thai national or a Thai company with the main objective of " development"

What happens if the condo block is already 50% foreigner owned, would the condo have to be bought in a company name, and as I can only own half of the company would my investment have to be 6m

Edited December 9, 2005 by Tufty

[Sunbelt Asia]

Now I have been offered a good job with a work permit. Can I keep my investment visa or do I need to change to a non-b from the company employing me?

You can get a work permit on ANY non immigrant visa except for retirement.

What happens if the condo block is already 50% foreigner owned, would the condo have to be bought in a company name,

Yes it would need to be put in a companies name.

and as I can only own half of the company would my investment have to be 6m

The company could even be registered capital of 1 million Baht.

www.lawyer.th.com

[Firefan]

Just to clarify Sunbelts comments; you can not get the investor 1 year extension based on a company (even at 6M Baht). You would have to go the work permit route (via your company) for that then.

Bad news about the 2nd hand purchase problem now. I hope that I will continue to get my extension next year too. TiT....

Cheers!

[LOS NICK]

firefan-- I hope for your sake you are able to renew the visa next year..It is only worth the hassle and expense if this investment visa can be renewed.

When first researching this investment visa using a condo purchase I did not find any info that stated that the you had t be the original owner and be puchased from thai developer.

It was only when I was informed down at pattaya immigration that I learned of this.

I went back and checked the info I was reading about the investment visa using a condo purchase and I did not mis read it.I didnt say original owner and purchase from a thai developer. Maybe this was old documentation but thats the info I found on the net.

IF the condo is purchased from a thai developer or thai national what is the difference.The investment money is brought in from foreign country and remains in thailand regardless.Is this investment visa only good if it helps promote new construction.

It seems that investing foreign money into the economy is just not good enough. They want the money in a developers hands.

Thanks Sunbelt for the alert.I would of been at wits end if I was givin the run around and wasted my time.

[lopburi3]

firefan-- I hope for your sake you are able to renew the visa next year..It is only worth the hassle and expense if this investment visa can be renewed.

When first researching this investment visa using a condo purchase I did not find any info that stated that the you had t be the original owner and be puchased from thai developer.

It was only when I was informed down at pattaya immigration that I learned of this.

I went back and checked the info I was reading about the investment visa using a condo purchase and I did not mis read it.I didnt say original owner and purchase from a thai developer. Maybe this was old documentation but thats the info I found on the net.

IF the condo is purchased from a thai developer or thai national what is the difference.The investment money is brought in from foreign country and remains in thailand regardless.Is this investment visa only good if it helps promote new construction.

It seems that investing foreign money into the economy is just not good enough.  They want the money in a developers hands.

Thanks Sunbelt for the alert.I would of been at wits end if I was givin the run around and wasted my time.

<{POST_SNAPBACK}>

Perhaps this is a good time to caution that just because you see something on the internet does not make it real. You have to pay close attention to the source of that information and the first thing to look for is an official government or trusted site (not that they will always be right but at least it should be more than hearsay). In the case of the 3 million baht investment extension of stay now run by immigration I do not believe anything has been officially published outlining policy.

As for the new or old argument above the new construction provides construction/employment/good sales/plus. The resale only provides the sale tax. The idea is to help the economy rather than an individual.

[haltes]

I just came back from immigration today.

I had a 3 million baht investement visa from a condo bought from a Thai national.

As of right now:

You cannot get this visa anymore if you bought the condo second hand.

You can't even extend the visa you already had for another year if you bought it second hand.

You can:

Sell your condo and buy a new one from the developer

or

Sell your condo and put three million in a Thai bank

I did not push it too hard as I have a job with a work permit and I don't need the investment visa right now, I might need it in the future however

I hope no one else is affected.

Edited March 8, 2006 by haltes