Retirement Extension With Fixed Deposit + Investment Visa?

[MeaMaximaCulpa]

Two questions to the gurus:

1. Can you use a fixed deposit account for the 800,000 required for retirement extension of stay in Pattaya?

2. Does the 10 million Baht investment visa still exist, and what are the conditions, i.e. how does the money have to be invested?

That investing anything at all in Thailand might not be the best idea, is another question for another day.

Thanks for any help, but please only solid info, no guessing or rumors, please!

[lopburi3]

1. Normally FD cash deposits are accepted - but not fund type accounts.

2. Yes and the criteria will be as immigration advise they will accept so you need to check with them for specifics but in general are as listed in Immigration Order 303/2551 below

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)

[MeaMaximaCulpa]

Great, thanks Lopburi for swift and to the point response.

First step would be to use FD cash account, and longer term I might want to get an apartment in BKK, good to know that it can be used for extension of stay renewals as well.

[djlest]

Where can the application form and current requirements be found on their website?

Also, am i right in assuming if you purchase a condo off plan (new) but its not completed yet - but you have brought the money into the country. You can still apply?
or do you need the land office ownership before applying?

Lastly what about money tied up in Thai Funds, like ING or Aberdeen?
Is this allowed?

And finally, Bank of ayuthaya, is that a gov bank?

[ubonjoe]

You could probably get the first extension by showing the 10 million in a government bank along with proof it was from outside the country.

Clause 2.5 of police order 777/2551 gives a breakdown of investments allowed.

Screenshot

[ubonjoe]

Krung Thai and Government Savings Bank are government banks. Money in government bank is needed for Condo purchase but not investment.

Only form is TM7 used for all extensions and supporting documents are needed.

[djlest]

Unless i am mistaken a 2mil investment extension of stay does still exist? or the website is wrong?
http://www.mfa.go.th/main/en/services/123/15388-Non-Immigrant-Visa-%22B%22-%28for-Business-and.html

4. One Stop Service Centre for Visas and Work Permits

4.1 The One Stop Service Centre for Visas and Work Permits was established on 1 July 1997 by authority of the Regulations of the Office of Prime Minister promulgated on 30 June 1997. The objective of this centre is to simplify visa extension and permit issuance procedures to create a good investment environment. It aims to facilitate applications of visa extension and work permits (e.g., stay permission, re-entry permit, work permit). The Centre is located on Chamchuree Square Building, Floor 18, Phatumwan, Bangkok.

4.2 Foreigners who are eligible to apply for visa extension and work permits at the One Stop Service Centre are:
(1) Foreigner who is an executive or expert with privileges accorded to them by the following laws:
- Investment Promotion Act B.E. 2520 (1977)
- Petroleum Act B.E. 2514 (1971)
- Industrial Estate Authority of Thailand Act B.E. 2522 (1979)
(2) Foreigner who is an investor.
- If investing not less than 2 million Baht, he or she will be granted a 1 year permit.
- If investing not less than 10 million Baht, he or she will be granted a 2 year permit.
(3) Foreigner who is an executive or expert.
- Foreigner’s associated company should be registered with
capital or possess asset of not less than 30 million Baht.
(4) Foreigner who is member of the foreign press must present a letter from the Ministry of Foreign Affairs and a copy of an ID Press Card issued by the Department of Public Relations.
(5) Foreigner who is a researcher or developer on science and technology.
(6) Foreigner who is employed in a branch office of an overseas bank, foreign banking office of an overseas bank, provincial foreign banking office of an overseas bank or a representative office of foreign bank in which all offices are certified by the Bank of Thailand.
(7) Foreigner who works on the necessary and urgent basis for a period of no longer than 15 days.
(8) Foreigner who is an official of the representative office for foreign juristic persons concerning the International Trading Business and Regional Office of Transnational Corporation in accordance to the Foreign Business Act B.E. 2542 (1999).
(9) Foreigner who is an expert on information technology.
(10) Foreigner who works at regional operating headquarters.

[djlest]

Thanks ubon Joe

What if you are a majority shareholder 49% in Thai companes? would that also go towards the 10 mil?

[ubonjoe]

The info on MFA website is outdated and does not apply to 10 million investment extensions done by immigration not the BOI.

What you have done already would not count.

Clause 2.5 of 777/2551 is the best source for what is accepted.