10mil investor visa

[LivinLOS]

You do not have to invest in anything. You can leave it in Thai bank accounts

You can just leave it in the bank ?? I thought you had to purchase bonds or an approved asset (condos etc).

[ubonjoe]

Go back and read post #2 (http://www.thaivisa.com/forum/topic/664429-10mil-investor-visa/#entry6769467).

It can be a mixture of condo, money in the bank or bonds,

[LivinLOS]

Thats easier than I thought.. Does it have to be fixed term deposit for the full duration of the year of the visa or can it be shorter term ?? Like just a 3 month lockup ??

Merely money in the bank is quite simple, I always thought bonds off putting (and theres no way I want a condo) because of the rate fluctuation exposure and bond valuation issues if desiring to liquidate. Memories of 97 baht changes etc.

[ubonjoe]

You can do anything you want with the money as long as the total does not drop below 10 million during the previous year when you apply for the extension (it is not a visa).

For the first extension or doing a conversion to a non immigrant visa it just has to be there. For an extension after a conversion it would have to be there from the date of the conversion.

[LivinLOS]

OK so it can never drop below 10 mil in the course of a year, its not like the non imm classes where it has to simply season for a couple of months (depending on office and type of visa) before each extension.

Thanks for clearing that up.. Not too shabby a solution as you still have easy access to your funds should you wish to leave.

[AyG]

You can do anything you want with the money as long as the total does not drop below 10 million during the previous year when you apply for the extension (it is not a visa).

For the first extension or doing a conversion to a non immigrant visa it just has to be there. For an extension after a conversion it would have to be there from the date of the conversion.

This is rather different from what I was told (albeit about 10 years ago) by a lawyer when I initially applied. I was told then that the money had to be in a fixed deposit account with a maturity of one year or more, and that it had to be a government bank. (In practice that means Krung Thai.)

As I've reported previously, my extension of stay was denied earlier this year when a fixed deposit matured and the money was automatically moved by the bank to a savings account. The denial may or may not have been a mistake by immigration.

[sandyf]

You can do anything you want with the money as long as the total does not drop below 10 million during the previous year when you apply for the extension (it is not a visa).

For the first extension or doing a conversion to a non immigrant visa it just has to be there. For an extension after a conversion it would have to be there from the date of the conversion.

This is rather different from what I was told (albeit about 10 years ago) by a lawyer when I initially applied. I was told then that the money had to be in a fixed deposit account with a maturity of one year or more, and that it had to be a government bank. (In practice that means Krung Thai.)

As I've reported previously, my extension of stay was denied earlier this year when a fixed deposit matured and the money was automatically moved by the bank to a savings account. The denial may or may not have been a mistake by immigration.

From a web article by an estate agent.

"The downturn has had a definite upside for anyone planning to relocate in Thailand. To woo foreign investors, the government has revived the investment visa, which was first introduced in the aftermath of the catastrophic Asian Crisis of 1997.

In common with many countries around the world, Thailand is keen to attract well-off retired and semi-retired foreigners who can appreciate its phenomenal quality of life and, in return, give the economy a boost.

In November last year Thailand made its killer move in the global scramble for high-quality residents by introducing an attractive new visa - albeit one with a price tag of 10 million baht.

The investment visa offers the right to live in Thailand to anyone bringing 10 million baht into the country and putting it into property, government bonds or an account in a Thai bank - or any combination of those three that hits eight digits in baht.

Holders are prohibited from earning a wage in Thailand, but should get an unlimited right to stay here - as long as they remember to renew their visa annually.

Expats who took up the earlier version of the investment visa - which required an investment of only 3 million baht - still have the right to live in Thailand even after their visa was abolished in 2006.

Another attraction is that the investment visa has no age restriction. The retirement visa - which requires a monthly income of 65,000 baht or an 800,000-baht bank deposit - is only open to foreigners who are at least 50 years old."

[ubonjoe]

Parts of it must be very old the 10 million investment option has been around many years not since November. That may of been November of 2006 or so when they done away with 3 million investment extension.

Nothing new in there it is more or less what the police order says..

[AyG]

From a web article by an estate agent.

"The downturn has had a definite upside for anyone planning to relocate in Thailand. To woo foreign investors, the government has revived the investment visa, which was first introduced in the aftermath of the catastrophic Asian Crisis of 1997.

In common with many countries around the world, Thailand is keen to attract well-off retired and semi-retired foreigners who can appreciate its phenomenal quality of life and, in return, give the economy a boost.

In November last year Thailand made its killer move in the global scramble for high-quality residents by introducing an attractive new visa - albeit one with a price tag of 10 million baht.

The investment visa offers the right to live in Thailand to anyone bringing 10 million baht into the country and putting it into property, government bonds or an account in a Thai bank - or any combination of those three that hits eight digits in baht.

Holders are prohibited from earning a wage in Thailand, but should get an unlimited right to stay here - as long as they remember to renew their visa annually.

Expats who took up the earlier version of the investment visa - which required an investment of only 3 million baht - still have the right to live in Thailand even after their visa was abolished in 2006.

Another attraction is that the investment visa has no age restriction. The retirement visa - which requires a monthly income of 65,000 baht or an 800,000-baht bank deposit - is only open to foreigners who are at least 50 years old."

That article is far from authoritative:

(1) The 10 million visa has been around for many years. I'm pretty sure it predated the 3 million visa.

(2) There is no prohibition on working with such a visa.

(3) As previously stated, my legal advice was that it wasn't simply any old bank account that was acceptable.

I'm not really sure why anyone should trust a puff piece for selling expensive condos on the subject of immigration law.

Correction: I now see the article was apparently written by lawyer Rene Philippe Dubout. Let's just say that I once tried to use his services and wasn't satisfied.

Edited May 21, 2014 by AyG

[rickthailand]

does anyone know if they will accept the 10 million baht if it is deposited in a euro account

?

thanx rick

Edited May 29, 2014 by rickthailand

[Arkady]

From a web article by an estate agent.

"The downturn has had a definite upside for anyone planning to relocate in Thailand. To woo foreign investors, the government has revived the investment visa, which was first introduced in the aftermath of the catastrophic Asian Crisis of 1997.

In common with many countries around the world, Thailand is keen to attract well-off retired and semi-retired foreigners who can appreciate its phenomenal quality of life and, in return, give the economy a boost.

In November last year Thailand made its killer move in the global scramble for high-quality residents by introducing an attractive new visa - albeit one with a price tag of 10 million baht.

The investment visa offers the right to live in Thailand to anyone bringing 10 million baht into the country and putting it into property, government bonds or an account in a Thai bank - or any combination of those three that hits eight digits in baht.

Holders are prohibited from earning a wage in Thailand, but should get an unlimited right to stay here - as long as they remember to renew their visa annually.

Expats who took up the earlier version of the investment visa - which required an investment of only 3 million baht - still have the right to live in Thailand even after their visa was abolished in 2006.

Another attraction is that the investment visa has no age restriction. The retirement visa - which requires a monthly income of 65,000 baht or an 800,000-baht bank deposit - is only open to foreigners who are at least 50 years old."

That article is far from authoritative:

(1) The 10 million visa has been around for many years. I'm pretty sure it predated the 3 million visa.

(2) There is no prohibition on working with such a visa.

(3) As previously stated, my legal advice was that it wasn't simply any old bank account that was acceptable.

I'm not really sure why anyone should trust a puff piece for selling expensive condos on the subject of immigration law.

Correction: I now see the article was apparently written by lawyer Rene Philippe Dubout. Let's just say that I once tried to use his services and wasn't satisfied.

Correct. It has been around for many years (early 90s) without upward adjustment for inflation. After the 1997 economic crisis the B10m was reduced to B3m as a temporary waiver to boost condo investment by foreigners that lasted for several years. Then it reverted B10m.

[ubonjoe]

does anyone know if they will accept the 10 million baht if it is deposited in a euro account

?

thanx rick

I don't think they would. Money put in a foreign currency account would not be considered an investment here.

You could check with immigration.

[rickthailand]

does anyone know if they will accept the 10 million baht if it is deposited in a euro account

?

thanx rick

I don't think they would. Money put in a foreign currency account would not be considered an investment here.

You could check with immigration.

thanks

Edited May 29, 2014 by ubonjoe
moved reply from quoted text

[Frank78]

Hello. I have a question: if you buy a 10 000000 million condo within the extension rules for investors, do you have to apply for this kind of visa within the 3 years? Providing the 10 million thing remains the same, could you apply for it, let's say, 5 years after you've bought it?

[ubonjoe]

Hello. I have a question: if you buy a 10 000000 million condo within the extension rules for investors, do you have to apply for this kind of visa within the 3 years? Providing the 10 million thing remains the same, could you apply for it, let's say, 5 years after you've bought it?

The problem you might have is meeting the first requirement shown in the clause of the police order for the extension (it is not a visa).

"(2) Must have evidence of transferring funds into Thailand of no less than Baht 10 million"

If you can come up with that proof from when you bought the condo you probably could do it.

[Frank78]

Oh actually I haven't bought it yet. So it should be quite easy to do it now by the rules no?

[ubonjoe]

You could do it now if you have the 10 million baht in the bank. That is all that is needed to start with. Then buy a condo of any value as long you maintain the total minimum investment of 10 million.