Investing 10 Million Baht In A Condominium?

[FINEEGG]

Hello everyone,

I met a lawyer in bangkok today. Below please see the question I'd like your thoughts on. Much appreciated! Thank you.

A person can invest 10 million baht and above in a condominium in thailand. Once you have purchased the condominium, please wait for 2 years of ownership, after which one can apply to thai immigration and they will give you 1 year visa extensions till the time you are the clear owner of the condominium. The thai immigration is able to extend the 1 year visa for as long as you are the owner of the condominium. There is no timeline expiry as long you show the ownership.

Thank you so much in advance for your inputs.

Best Regards.

[PoorSucker]

From Police order 777/2551

2.5 In the case of an investment:

Permission will be granted for a period of not more than 1 year at a time.

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.

[lopburi3]

Have no idea what "please wait for 2 years of ownership, after which one can apply to thai immigration and they will give you 1 year visa extensions till the time you are the clear owner of the condominium" means as it does not make sense. Suspect something, at lot, was lost in translation.

As this program is run by Immigration and subject to there rules you should directly contact them to be sure you fit what they will allow. Be aware this program could end or be modified at any time (although expect those in it would be grandfathered). Below is the general requirement as listed in immigration document 305/2551

B. Investment of no less than Baht 10 million:

1. Application form

2. Copy of applicant’s passport

3. Copy of evidence showing a transfer of funds from a foreign country to a bank in Thailand

4. Copy of a condominium purchase agreement and a copy of the ownership registration of said

condominium issued by the government or relevant agency (in the case of purchase of a

condominium) or a copy of a long-term lease agreement; or

5. Funds deposit certificate issued by a bank and a copy of evidence of the funds deposit (only in

the case of investment in funds deposit); or

6. Copies of bond certificates (only in the case of investment in a purchase of government or state

enterprise bonds)

[Gone]

Why anyone would invest 10 million baht into a condo is just mind boggling however if they have that kind of money to invest into something you will never really own just for the purpose of getting a yearly visa, I would say you have MUCH better alternatives.

Yes foreigners can own the title of a condo but let's not forget that things can change here in Thailand on any given day and if you ever found yourself in a situation where you were being deported for one reason or another, you don't have the option os "taking care of your affairs" before they deport you. In other words you would be gone, possibly never allowed back and how would you sell your 10 million baht investment then?

There could come a day (and possibly quite soon) where the laws and regulations here in LOS could change very fast and us foreigners have no idea how this will effect us as in any country really.

1, 2, 3 or even 4 million baht for a condo seems fairly reasonable to invest however unless you can afford to loose it then 10 million is quite a lot. Especially if you are only doing it for visa purposes? You would be better off investing that much into a Business and getting a "B" visa and work permit.

That said, if you pay for a condo with cash, that means you own it and there is no as you say "waiting for 2 years until ownership comes through."

[chiang mai]

The difference paying either 1 to 4 or 10 miilion for a condo. is down to individual standards and the amount of money that person has, nothing more. I live in a building where the 120 units cost between 4 and 7 million and half of them are owned by foriegners and nobody is concerned about the costs or the potential risk you allude to.

[ThaidDown]

As said if it's fully paid for no need to wait 2 years. The only situation that I can see that might fit the ' wait 2 years' is if the construction of the condo has not been completed (or even started) yet. So there would be nothing to own at this time, therefore no 1 year stay.

Edit to add... making no comments on spending 10 mill on a condo. It's not my money.

Edited August 9, 2012 by ThaidDown

[linguini]

I have also been trying to dig out the details of this 10mil visa (non BOI) lately. Just let you know that I have been to the immigration at chaengwattana last week and asked the officer there (information desk), they didn't seem to know this visa and tell me to check with the consulate in my home country...

[lopburi3]

It is not a visa but a one year extension of stay under provision 2.5(B of police order 777/2551 and visa entry requirement is only non immigrant.

Consulates can issue visas for investment under:

- to invest with the concurrence of the Thai Ministries and Government Departments concerned (Category "IM")

- to invest or perform other activities relating to investment, subject to the provision of the established laws on investment promotion (Category "IB")

[FINEEGG]

Hello Everyone!

Once again thanks to the the moderators and all members for providing such valuable information. Much appreciated!

Best Regards.