Sophon Posted July 13, 2013 Share Posted July 13, 2013 "He can hire a management company to do all the work for him, that would make it all legal." I am sure that is true ! However given the low rental yeald the proposed venture is unlikely to produce much "profit" once the "Thai management" cost is factored in ! Hence my warning to him to take it slow and really think long and hard about this before investing in the Thai property market. If you are able to find properties at the right price (think fire-sale) then it's still possible to make a decent return, but it's definitely not easy. Sophon Link to comment Share on other sites More sharing options...
jrtmedic Posted July 13, 2013 Share Posted July 13, 2013 +1! Link to comment Share on other sites More sharing options...
moe666 Posted July 13, 2013 Share Posted July 13, 2013 Be very careful about the buying condos to rent, know a man here in Chiang Mai who did the same but got sideways of the condo owner and had immigration knocking on his door. It can be done but in the end is considered work and is illegal. If you do not have enough income or money in the bank to meet immigration requirements then you are starting off with 2 strikes against you and it will only get more difficult to maintain a retirement here Link to comment Share on other sites More sharing options...
serdar Posted July 13, 2013 Author Share Posted July 13, 2013 First let me say I am no expert in these matters! However renting out a number of condo's involves "work" (marketing, maintenance, etc.) which, generally speaking, is not permitted whist enjoying a retirement "visa" . Have you really thought this through ? Others here will be able to give a more informed opinion, He can hire a management company to do all the work for him, that would make it all legal. To the OP: How much experience do you have with living in Thailand. Unless you are absolutely certain that you want to live here the rest of your life, I would hold off on any investment into Thai property until you have been here for a while. Investing in property here may not necessarily be the right thing for you to do: As mentioned you cannot own land, so forget about investing in houses. Creating a Thai company with Thai nominee shareholders is illegal, and buying in a Thai name is both risky and (if using a nominee) illegal. Rental yields on property (both houses and condos) are very low in Thailand, so in order for it to make sense you will have to look carefully to find properties going cheap. This is in itself quite difficult (but not impossible), as many properties are not financed and property taxes low to non-existent so little incentive for owners to sell until someone will give them the price they imagine their property is worth. Selling property (should you have to) can be very difficult as the used property market is very illiquid. People here prefer to buy new over used, so in order to sell you may have sell at a loss. Adding to that risk is the fact that many low to mid level condo building (I don't know what price range you are looking for) are not that well maintained, so there is a risk that the building may fall into disrepair after a number of years. Should you one day have/want to return back home, and assuming you have been able to sell your property portfolio, repatriating your funds may turn out to be a challenge (but should not be impossible). I am not saying don't invest in the property market here, just urging you to wait until you have been here a while and have a firmer grasp of how things work here. And don't invest more than you can afford to, it's not wise to put all your eggs in one basket (especially this particular basket). And if there is any doubt in your mind about as to whether you are going to stay here for the long run, then find a more liquid way to invest your money. Sophon Thanks for spending your time for helping me. I would like to mention few things first, I have been in Thailand many times and I made my mind to live there. That is why I sold my business and i have saved all funds in a bank. Now i am ready to take my money to buy some cheap condos in Thailand for rent them out for my income in thailand. But i don't know really do I need a working permit for that ( I can't employed with any company, should be my own business) or retirement visa for rest of my life in Thailand? Only problems is retirement visa will allow me get rent income in Thailand? This is really my main consideration, Best regards and thanks again. Link to comment Share on other sites More sharing options...
jrtmedic Posted July 13, 2013 Share Posted July 13, 2013 Others will know more than me but as I understand Thai law you can not "own" a business without a Thai partner. The Thai partner will own 51% of the business ! You must do your homework with care ! Link to comment Share on other sites More sharing options...
AnotherOneAmerican Posted July 13, 2013 Share Posted July 13, 2013 (edited) Just to point out everything you want to do is easier in Ecuador. With $5000 in the bank and an intention to open a business (property rental), you can get permanent residency immediately, and the right to work in whatever job you like. Thailand is getting difficult for retirees, that would like to earn a bit of money on the side. Edited July 13, 2013 by AnotherOneAmerican Link to comment Share on other sites More sharing options...
jrtmedic Posted July 13, 2013 Share Posted July 13, 2013 LOL ----------but who wants to go to Ecuador they speak Spanish ! Link to comment Share on other sites More sharing options...
AnotherOneAmerican Posted July 13, 2013 Share Posted July 13, 2013 LOL ----------but who wants to go to Ecuador they speak Spanish ! And Spanish is so much easier to learn than Thai. Link to comment Share on other sites More sharing options...
Sophon Posted July 13, 2013 Share Posted July 13, 2013 Thanks for spending your time for helping me. I would like to mention few things first, I have been in Thailand many times and I made my mind to live there. That is why I sold my business and i have saved all funds in a bank. Now i am ready to take my money to buy some cheap condos in Thailand for rent them out for my income in thailand. But i don't know really do I need a working permit for that ( I can't employed with any company, should be my own business) or retirement visa for rest of my life in Thailand? Only problems is retirement visa will allow me get rent income in Thailand? This is really my main consideration, Best regards and thanks again. Consider that living in Thailand and coming on holiday (no matter how many times) are two very different things. Many people have moved here after falling in love with the place on holidays, just to find out that the day to day reality of living here is not what they were expecting. Just don't go rushing into anything. Yes, you can receive rental income while on a retirement extension. But (as mentioned by jrtmedic) as soon as you are personally involved in showing properties to prospective clients, marketing activities and even signing rental agreements, you are in risk of violating labour laws and your visa conditions. The more properties you have the greater I believe the risk will be that the authorities will consider what you do to be work. With that I mean that if you only own two properties and live in one and rent the other one out, then you will probably be OK, but if you rent out 10 properties it's a different situation. Just do your research before investing (in anything), and take your time enjoying your retirement before making any decisions. Sophon Link to comment Share on other sites More sharing options...
jpinx Posted July 13, 2013 Share Posted July 13, 2013 Thanks for spending your time for helping me. I would like to mention few things first, I have been in Thailand many times and I made my mind to live there. That is why I sold my business and i have saved all funds in a bank. Now i am ready to take my money to buy some cheap condos in Thailand for rent them out for my income in thailand. But i don't know really do I need a working permit for that ( I can't employed with any company, should be my own business) or retirement visa for rest of my life in Thailand? Only problems is retirement visa will allow me get rent income in Thailand? This is really my main consideration, Best regards and thanks again. Being in Thailand on holiday gives one a very skewed view of the place -- as with most holiday destinations. Take off your sunglasses and start googling seriously about company and property ownership in Thailand. It is a MINEFIELD! As to "owning" (probably only 49% of) a business and on a retirement visa .. you are in a mess before you start. A weeks solid research will pay huge dividends now -- but be prepared for the bad news. Link to comment Share on other sites More sharing options...
sometime Posted July 13, 2013 Share Posted July 13, 2013 Why not buy property to let in the UK, a lot more secure , and a good letting agent will make it easy for you. a lot less hastle, and no sleepless nights. 1 Link to comment Share on other sites More sharing options...
sometime Posted July 13, 2013 Share Posted July 13, 2013 Why not buy property to let in the UK, a lot more secure , and a good letting agent will make it easy for you. a lot less hastle, and no sleepless nights. Sorry I forgot to add, if you have property in Thailand in your own name you cannot leave it in your last will & testement to someone who is not resident in Thailand. So think twice. Anyone who has more info on this please add you comment. Link to comment Share on other sites More sharing options...
diyer Posted July 13, 2013 Share Posted July 13, 2013 (edited) It appears the easiest option is to just deposit 800,000 baht in a bank account and use that as proof of income. Edited July 14, 2013 by lopburi3 fix font Link to comment Share on other sites More sharing options...
diyer Posted July 13, 2013 Share Posted July 13, 2013 Why not buy property to let in the UK, a lot more secure , and a good letting agent will make it easy for you. a lot less hastle, and no sleepless nights. Good advice. You retain 100% ownership and control. Rental income from property in the UK will surpass that of Thailand. Link to comment Share on other sites More sharing options...
UbonOz Posted July 13, 2013 Share Posted July 13, 2013 (edited) Why not buy property to let in the UK, a lot more secure , and a good letting agent will make it easy for you. a lot less hastle, and no sleepless nights. Good advice. You retain 100% ownership and control. Rental income from property in the UK will surpass that of Thailand. The UK is by far the best option for investing your funds. Thailand is an extremely difficult place to invest successfully. If you do not have command of the language you are behind the eight ball before you even start, just so many issues trying to part you and your hard earned cash. Enjoy your retirement for a couple of years and rent, it is cheap, and assess the whole picture. Edited July 13, 2013 by UbonOz Link to comment Share on other sites More sharing options...
phutoie2 Posted July 13, 2013 Share Posted July 13, 2013 Some good advice on here. Hope the OP knows the old chestnut about " how do you make a small fortune in LOS, come here with a big one". Sent from my i-mobile IQ 2 using Thaivisa Connect Thailand mobile app Link to comment Share on other sites More sharing options...
Tony59329 Posted July 13, 2013 Share Posted July 13, 2013 I am a UK citizen living in the USA. I found it very easy to get a 12 month long stay visa from the Thai Consulate. I am sure you can do the same in the UK Once that is in place you are free to go to Thai and hire any legal professional you wish to help you. Link to comment Share on other sites More sharing options...
IBoldnewguy Posted July 14, 2013 Share Posted July 14, 2013 (edited) I've just read two pages of this post: So far you've been told what the holes in your plan are. If the advice given to this point is over your head or not what you expected to hear then proceed at your own risk. The way your original question was asked it seems that you haven't researched nor understood that there are multiple (visa) requirements (and possibilities) for a long term stay. And if you haven't researched and understood those, how would you understand the complicated, convoluted rules for buying and renting? If you are 51 and making a living in your home country, why would you give that up? And if you are already retired; is it an adequate monthly pension which will support you? All good plans involve step by step action and adjustment; plus a fallback plan. Keep the money in the bank as a fallback - unless you can afford to lose what it would take to implement your idea - once again - proceed at your own risk. Edited July 14, 2013 by IBoldnewguy Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now