Oswulf Posted February 14, 2006 Share Posted February 14, 2006 Apparently, one can simply deposit 3M Baht with Krung Thai bank and get a one year visa. I'm currently on a non-Imm B visa, and am thinking of giving up work and getting one of these. It seems too easy. Are there any drawbacks? And has anyone actually done this? Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted February 14, 2006 Share Posted February 14, 2006 Apparently, one can simply deposit 3M Baht with Krung Thai bank and get a one year visa. I'm currently on a non-Imm B visa, and am thinking of giving up work and getting one of these. It seems too easy. Are there any drawbacks?And has anyone actually done this? We have done a number of this extension of stay permits for our clients. You’ll find you can't spend the cash if you are looking to renew the annual permit. It stays in your bank account. But that could be a positive as well! www.lawyer.th.com Link to comment Share on other sites More sharing options...
Firefan Posted February 14, 2006 Share Posted February 14, 2006 Sunbelt; I presume that since the money are "locked"(for visa renewal purposes at least) one could put them in a time-deposit form of account and get a more decent interest (say 3-4%) on the money "parked"? Also; I have heard many places that while the official rules says something along the lines of "goverment bank" others have gotten the visa based on "normal" banks like Bangkok bank/Siam Commercial Etc. deposits? Cheers! Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted February 14, 2006 Share Posted February 14, 2006 Sunbelt; I presume that since the money are "locked"(for visa renewal purposes at least) one could put them in a time-deposit form of account and get a more decent interest (say 3-4%) on the money "parked"?Also; I have heard many places that while the official rules says something along the lines of "goverment bank" others have gotten the visa based on "normal" banks like Bangkok bank/Siam Commercial Etc. deposits? Cheers! The law states "Deposit the money in a fixed account” hence you do get the better rate. As for normal banks, it as always is up to the committee if it is ok. The officer always states "Krung Thai Bank" www.lawyer.th.com Link to comment Share on other sites More sharing options...
Maestro Posted February 14, 2006 Share Posted February 14, 2006 The law states "Deposit the money in a fixed account” hence you do get the better rate.As for normal banks, it as always is up to the committee if it is ok. The officer always states "Krung Thai Bank" The following is from the Immigration Bureau’s web site:Application for extension of stay of persons investing a minimum of 3 million Baht in the KingdomRequired Documents 1. Evidence of transfer of at least 3 million Baht from abroad into Thailand. The applicant must be either the sender abroad or the recipient in Thailand of the investment. 2. Evidence of investing the transferred money after the transfer is completed in one or several of the following cases: o Deposit the money in a fixed account of a state bank (Krung Thai Bank, Government Savings Bank, Bank for Agriculture and Cooperative, Ratanasin Bank, Srinakhorn Bank, Nakhornluang Thai Bank, Housing Bank) o Buy bonds issued by a state agency or government enterprise. The bonds must be purchased directly from a state agency or government enterprise or an authorised dealer. o Buy an apartment or condominium at the price set and registered by the Land Department. o Any kind of investment deemed beneficial to the country by the Immigration Bureau. Conditions for permission 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 then change to a new permanent kind of investment. Note For more information, please call 0-2213-2556 ---------------Maestro Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted February 14, 2006 Share Posted February 14, 2006 The law states "Deposit the money in a fixed account” hence you do get the better rate.As for normal banks, it as always is up to the committee if it is ok. The officer always states "Krung Thai Bank" The following is from the Immigration Bureau’s web site:Application for extension of stay of persons investing a minimum of 3 million Baht in the KingdomRequired Documents 1. Evidence of transfer of at least 3 million Baht from abroad into Thailand. The applicant must be either the sender abroad or the recipient in Thailand of the investment. 2. Evidence of investing the transferred money after the transfer is completed in one or several of the following cases: o Deposit the money in a fixed account of a state bank (Krung Thai Bank, Government Savings Bank, Bank for Agriculture and Cooperative, Ratanasin Bank, Srinakhorn Bank, Nakhornluang Thai Bank, Housing Bank) o Buy bonds issued by a state agency or government enterprise. The bonds must be purchased directly from a state agency or government enterprise or an authorised dealer. o Buy an apartment or condominium at the price set and registered by the Land Department. o Any kind of investment deemed beneficial to the country by the Immigration Bureau. Conditions for permission 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 then change to a new permanent kind of investment. Note For more information, please call 0-2213-2556 ---------------Maestro The reason they state Krung Thai bank, is because this is the most popular state bank. You can deposit in Government Savings Bank, Bank for Agriculture and Cooperative, Ratanasin Bank, Srinakhorn Bank, Nakhornluang Thai Bank, Housing Bank as well. As for Siam Commercial, Bangkok Bank you take your chances on getting the extension of stay approved. www.lawyer.th.com Link to comment Share on other sites More sharing options...
sfokevin Posted February 14, 2006 Share Posted February 14, 2006 (edited) If there is no interest given in Thailand forget the visa plan... I'd keep the 3 million baht in your home country... at a conservative 5% you would have 15,000 baht in interest income - That's enough for a weekend trip to Hong Kong or Bali every 3 months Edited February 14, 2006 by sfokevin Link to comment Share on other sites More sharing options...
Kryogen Posted February 15, 2006 Share Posted February 15, 2006 If there is no interest given in Thailand forget the visa plan... I'd keep the 3 million baht in your home country... at a conservative 5% you would have 15,000 baht in interest income - That's enough for a weekend trip to Hong Kong or Bali every 3 months 5% of 3,000,000 is 150,000 Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted February 15, 2006 Share Posted February 15, 2006 If there is no interest given in Thailand forget the visa plan... I'd keep the 3 million baht in your home country... at a conservative 5% you would have 15,000 baht in interest income - That's enough for a weekend trip to Hong Kong or Bali every 3 months 5% of 3,000,000 is 150,000 1 year fixed term at Krung Thai Bank is 3% interest. 2 year is 3.75% 3 years is 4% www.lawyer.th.com Link to comment Share on other sites More sharing options...
Firefan Posted February 15, 2006 Share Posted February 15, 2006 (edited) Sunbelt; presume under "Any kind of investment deemed beneficial to the country by the Immigration Bureau" one could in theory also invest the 3M in Thai mutual funds (investing in Thai stocks/bonds) subject to the officers mood that day? Have you had any clients doing that? 120.000 in interest/year (at 4%) is 10.000/mth. Not a bad addition to the play money! Sunbelt; how much is the withholding tax on that interest? Good thing is that the interest can be taken out and used as long as the 3M stays intact. A decent solution for people wanting to stay longer term and not ready/willing to buy a condo. Avoiding the dreaded visa runs saves both time and money (24.000/year or so depending on solution chosen - gov cost of yearly investor extension about 6000 Baht and multiple re-entry permit if needed about 4k) so 14k more there on top of the 120k. Cheers! This is my POST NO 1000! I should get a life! Ps. some will argue that there is also a currency RISK to consider - and I agree; but it could also be a currency UPSIDE! Edited February 15, 2006 by Firefan Link to comment Share on other sites More sharing options...
Sunbelt Asia Posted February 15, 2006 Share Posted February 15, 2006 Sunbelt; presume under "Any kind of investment deemed beneficial to the country by the Immigration Bureau" one could in theory also invest the 3M in Thai mutual funds (investing in Thai stocks/bonds) subject to the officers mood that day?Have you had any clients doing that? No client and they won't accept the application on that basis ( at least they say they won't) When asked what is "Any kind of investment deemed beneficial to the country by the Immigration Bureau" The reply is " Cash in a government bank" 120.000 in interest/year (at 4%) is 10.000/mth. Not a bad addition to the play money! Sunbelt; how much is the withholding tax on that interest? Good thing is that the interest can be taken out and used as long as the 3M stays intact. Withholding tax is 15% or 18,000 Baht on 120,000 Baht. Cheers! This is my POST NO 1000! I should get a life! Congrats! You have a life. Leading Sunbelt's Thai Visa football team to victory Captain! www.lawyer.th.com Link to comment Share on other sites More sharing options...
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