I'm a US citizen in my early 30's without a Thai spouse looking to relocate to Chiang Mai and get involved in condo/property investing. I've been researching some long term visa options and it seems that starting my own Amity or limited Thai corp or BOI and providing myself with a work visa would be the best solution.

I would prefer to go do a Thai limited corp since that would allow me to purchase a wider range of properties aside from condos but it seems that the 4 employees and 51% Thai ownership requirements make this option quite expensive and risky. A couple questions I have regarding the limited Thai corp are:

1) It seems to be common practice that the law firm setting up the corporation assign 2 nominee shareholders with foreigner having 'preference shares', in effect giving the foreigner total control. Is this practice still feasible because I've heard that there has been a recent crackdown on this practice?

2) Are you actually required to have 4 full time Thai employees per each work visa issued or is there any work around regarding this requirement?

It's my understanding that by forming a BOI, I wouldn't be subjected to the above mentioned requirements, but its seems that BOI's are generally involved in industrial and agricultural activities which I would not qualify for. Am I correct in assuming this?

My final option would be to start a Amity corp in which case I would not be required to have Thai nominee shareholders, but would I still be required to have 4 full time Thai employees in order to issue myself a work visa? I'm also aware that I would not be able to own land and would be limited to Condo ownership.

I've also considered learning Thai which I'd be interested in anyway to obtain an Education visa, but that seems like a short term solution that has a 3 year restriction.

Any advice or feedback would be greatly appreciated. Thanks in advance.

Another option that I just read about states the following in section 2.5 of the Police Order 277-2551: http://www.pattayacityexpatsclub.com/expats/docs/Police%20Order%20777-2551%20for%20Visa%20Extension%202008.pdf

2.5. Permission will be granted for a period of not more than 1 year at a time. In the case of an A. In case of an investment of not less than 3 million baht investment:

(1) The alien has obtained a temporary visa (NON-IM)

(2) The alien entered Thailand before October 1, 2006 and has been continuously allowed to remain in the Kingdom of not less than 3 million baht.

(3) Proof of money transfer to Thailand of not less than 3 million baht

(4) Proof of investment to purchase a unit in a condominium from an agency or government agency concerned at a price of not less than 3 million baht

(5) Proof of investment in the form of a fixed deposit of not less than 3 million baht with a bank registered in Thailand with Thai shareholders comprising of more than 50% of its shareholders or;

(6) Proof of investment to purchase government or state enterprise bonds with a value of not less than 3 million baht or

(7) Proof of combined investments as set out in clauses (4),(5), or (6) having a total value of not less than 3 million baht.

My question regarding this is whether:

1. The investment of 3 Million baht needs to be for 1 condo or can I fulfill that requirement by purchasing multiple condos totaling a value of 3 million baht?
2. Is the one year visa that is granted by fulfilling this requirement renewable year-after-year and what are the requirements for renewing this 1 year visa?

Edited April 1, 201313 yr by LDubya

NB: (2) The alien entered Thailand before October 1, 2006 and has

been continuously allowed to remain in the Kingdom of not less than 3
million

So unless you have been living here since the above date on that provision, the requirement is 10 million baht for any visa as per 777/2551 2.5'B'

NB: (2) The alien entered Thailand before October 1, 2006 and has

been continuously allowed to remain in the Kingdom of not less than 3

million

So unless you have been living here since the above date on that provision, the requirement is 10 million baht for any visa as per 777/2551 2.5'B'

Thanks for pointing that out. I definitely don't have 10M so I guess this option is out of reach for me.

Start with the Ed. visa and learn Thai first. There should be no limit to the number of years you can study. It will make your stay more pleasurable when you can talk to Thai people.

If you are married to a Thai national than you are only required to have 2 Thai employees for you to have a work permit. Also, as an American you have different laws than the rest of us when it comes to opening up a business and buying land, Best to consult a lawyer about this or even the Thai Embassy in the US.

Start with the Ed. visa and learn Thai first. There should be no limit to the number of years you can study. It will make your stay more pleasurable when you can talk to Thai people.

I intend to take Thai language courses regardless of the ED visa. I've heard that language schools can provide up to either 3 or 5 year visa after which I would need to leave Thailand and then come back and apply for another ED visa. Is this true and if so, is there a minimum amount of time I need to be outside of Thailand before being permitted to enter again?

The course a school offers is certified, and the certification determines how long you can study at that school. Some courses are good for 3 years, others for 5 years or longer.

But you can always change your study or go to another school. Often you don't have to leave the coutnry for that, if you prepare the transition. If you do need to leave the country there is no minimum time required you must be outside of Thailand.

But school does not provide any visa - you do that with paperwork and entry would be for 90 days at a time unless extended and for extension most locations only allow 90 days each time for part time study.

"I would prefer to go do a Thai limited corp since that would allow me to purchase a wider range of properties aside aside from condos"

one assumes you are talking about properites which have land and I thought is was illegal to form a company to circumnavigate land ownership laws ?

If only buying condo's one wouldnt need a company, as you can own these out right..

NB: (2) The alien entered Thailand before October 1, 2006 and has

been continuously allowed to remain in the Kingdom of not less than 3

million

So unless you have been living here since the above date on that provision, the requirement is 10 million baht for any visa as per 777/2551 2.5'B'

Thanks for pointing that out. I definitely don't have 10M so I guess this option is out of reach for me.

Without at least 10 M TB you will stand little chance of earning any kind of living in property in Thailand. Land flipping is for the Thai big boys and condo rentals rarely give a reasonable return on investment unless one has many many.

NB: (2) The alien entered Thailand before October 1, 2006 and has

been continuously allowed to remain in the Kingdom of not less than 3

million

So unless you have been living here since the above date on that provision, the requirement is 10 million baht for any visa as per 777/2551 2.5'B'

Thanks for pointing that out. I definitely don't have 10M so I guess this option is out of reach for me.

Without at least 10 M TB you will stand little chance of earning any kind of living in property in Thailand. Land flipping is for the Thai big boys and condo rentals rarely give a reasonable return on investment unless one has many many.

Yes, I was thinking more along the lines of purchasing 3-5 condo studios and then renting them out on a short term basis (a few days to a couple weeks at a time). Is this common practice and a reasonable way to make a living in Chiang Mai?

Another option I was considering was renting condos and then subletting them out on a short term basis. Does anyone happen to know if I would need to receive permission from the condo owner to do this or would they not mind for the most part as long as the place is taken care of and I'm paying rent on time? I'm assuming that each lease contract would stipulate whether subletting would be permitted or not.

Chiang Mai is a very popular city for foreigners and condos go for anywhere from 1.5 million to 10 million TB so with 10 million TB to spend, you may find something. Try the TV Real Estate forum.

Believe he said he did not have 10 million to spend.

Thanks for pointing that out. I definitely don't have 10M so I guess this option is out of reach for me.