3 Million Baht Visa Account

[thaiknot]

i've decided to place 3 million baht into a thai bank to qualify for the 1 year investment visa.does it work that as long as i keep a minimum of 3 million baht in the same account year after year that i can keep renewing the 1 year visa every year?also how about interest accumulation and can i take out any amount over 3 million as long as 3 million stay in the account?also if some emergency comes up and i need the money can i withdraw it anytime but also lose out on the 1 year visa right away or until the year is up?

[SunbeltAsia]

i've decided to place 3 million baht into a thai bank to qualify for the 1 year investment visa.does it work that as long as i keep a minimum of 3 million baht in the same account year after year that i can keep renewing the 1 year visa every year?

yes

also how about interest accumulation and can i take out any amount over 3 million as long as 3 million stay in the account?

You can take out anything over 3 million Baht

also if some emergency comes up and i need the money can i withdraw it anytime

yes

[sfokevin]

Once the 1 year visa is issued can the balance fall below 3 million - say to use for monthly expenses and topped back up to 3 million before you need to renew the 1 yr visa?

[thaiknot]

thanks again sunbelt.and while i think the full 3 million baht is the minimum that must always be in the account i am not 100% sure.was also wondering if some emergency came up where i needed the money,would the withdrawal of all or some of the 3 million automatically negate the 1 year visa at the time of withdrawal,or would the visa be good until the year ran out?

[SunbeltAsia]

thanks again sunbelt.and while i think the full 3 million baht is the minimum that must always be in the account i am not 100% sure.was also wondering if some emergency came up where i needed the money,would the withdrawal of all or some of the 3 million automatically negate the 1 year visa at the time of withdrawal,or would the visa be good until the year ran out?

Immigration states the extension of stay terminates when the funds are below 3 million Baht. However we have never had any client that did have the balance fall underneath the level so cannot confirm does the bank report to Immigration or is it a tactic as they don't want you withdrawing the money, because that’s how you got a one year extension of stay based on investment in the first place.

On the renewal they would be aware of this of course. They could say this was fraud if you withdrawn the funds early ( false pretenses) so if it was a emergency and you needed to use the funds , best to point it out to Immigration and let them decide..

Once the 1 year visa is issued can the balance fall below 3 million - say to use for monthly expenses and topped back up to 3 million before you need to renew the 1 yr visa?

Unlike the extension of stay based on retirement or support of a Thai national, you are not suppose to touch this money.

[Brit Warrior]

What kind of interest can a foreigner get when they keep their money in a Thai bank?

[Oswulf]

i've decided to place 3 million baht into a thai bank to qualify for the 1 year investment visa.does it work that as long as i keep a minimum of 3 million baht in the same account year after year that i can keep renewing the 1 year visa every year?also how about interest accumulation and can i take out any amount over 3 million as long as 3 million stay in the account?also if some emergency comes up and i need the money can i withdraw it anytime but also lose out on the 1 year visa right away or until the year is up?

The 3 million Baht needs to be in a fixed term deposit account. The interest, however, will be paid into your savings account with the same bank (at least, that's the situation with Krung Thai Bank).

Whilst you can withdraw money from the fixed term deposit account, you may have problems. For example, with 24 and 36 month fixed term deposit accounts from Krung Thai Bank, the T&Cs specifically state that you can't make partial withdrawals - it's all or nothing. See KTB Terms & Conditions for details.

[Maestro]

What kind of interest can a foreigner get when they keep their money in a Thai bank?

Interest rates are the same for foreigners and Thais.

The rate of 4.5% for fixed deposit accounts has been mentioned in recent posts, for example here.

---------------

Maestro

[SunbeltAsia]

Whilst you can withdraw money from the fixed term deposit account, you may have problems. For example, with 24 and 36 month fixed term deposit accounts from Krung Thai Bank, the T&Cs specifically state that you can't make partial withdrawals - it's all or nothing. See KTB Terms & Conditions for details.

I have found most clients are going with the 12 month fixed term deposit as it pays the same interest rate of 4.5% as the the 48 month term.

[daveb1]

a quick question on this kind of visa do you still need to leave THAILAND every 90 days to get re stamped or can you stayfor a whole year also do you need any other proof of income to stay

cheers

[Oswulf]

a quick question on this kind of visa do you still need to leave THAILAND every 90 days to get re stamped or can you stayfor a whole year also do you need any other proof of income to stay

cheers

No need to leave Thailand - though you do need to report to Immigration every 90 days. (However, this can be done by post.)

No official need for any other proof of income - though they might like to see your savings pass book.

[gogreen]

I have read the past posts regarding the 3 Million Baht investor visa as well as the most recent ones and I am still not sure what the answer to these questions are.

Situation

You buy a used condo for 2.5 Million and furniture for that condo for 100,000 Baht. The condo is not a new development but it is registered (likely) with the land department. You transfer the money (legally) from a bank in your home country to a Thai bank (Kasikorn Bank), let it sit in your account for a few days, and then use it to purchase your condo. The condo then legally belongs to you. You can prove that you have bought furniture with the 100,000 Baht from receipts. You are currently on a tourist visa and would like to get the 3 Million Baht investor visa.

Questions

Is it possible to use the 2.6 Million Baht you used for your condo purchase towards applying for the 3 Million Baht investor visa at later date (when you decide to transfer the remaining 400,000 Baht)? If it is possible, is there a deadline when you must bring in the additional 400,000 Baht? What are you allowed to do with that 400,000 Baht? Would Thai immigration universally accept this way of obtaining the visa in question (asking a bit much on this one)?

Any definitive answers (if possible) on these questions would be much appreciated.

Edited June 17, 2006 by gogreen

[SunbeltAsia]

Situation

You buy a used condo for 2.5 Million and furniture for that condo for 100,000 Baht. The condo is not a new development but it is registered (likely) with the land department. You transfer the money (legally) from a bank in your home country to a Thai bank (Kasikorn Bank), let it sit in your account for a few days, and then use it to purchase your condo. The condo then legally belongs to you. You can prove that you have bought furniture with the 100,000 Baht from receipts. You are currently on a tourist visa and would like to get the 3 Million Baht investor visa.

Questions

The goal post have changed. It used to be that you could buy a used condo to qualify. NOW it can only be a new condo from a developer. You are not allowed the furniture receipts as credit towards the 3 million Baht. They go off the amount the condo was appraised for on the 3 million Baht criteria.

Is it possible to use the 2.6 Million Baht you used for your condo purchase towards applying for the 3 Million Baht investor visa at later date (when you decide to transfer the remaining 400,000 Baht)?

yes

If it is possible, is there a deadline when you must bring in the additional 400,000 Baht?

no. But you should bring in 800,000 baht as you need to show the Foreign Exchange Certificate. Which in most cases you can only get if you transfer over 800,000 Baht in currency( must be sent in Euros, dollars, not Baht)

One bank I begged for this for a client as he sent only $10,000. They issued it when paying 200 Baht bank fee but this was an exception.

What are you allowed to do with that 400,000 Baht?

Put it in a fix deposit in a Thai state Bank.

Would Thai immigration universally accept this way of obtaining the visa in question (asking a bit much on this one)?

In Bangkok, yes. In other areas of Thailand, it depends.

[Hans Brix]

I have been reading this forum for close to 3 years and have followed the 3 mill baht visa threads closely as I have considered it. The strange thing is that I have never read a post from anyone who has actually captured one of these visas on his own. Hopefully someone will step forward at some point and state their personal experience on it. Sunbelt is a wonderful sponsor and all but it would be great to hear from a horses mouth who did it all by his lonesome

[SunbeltAsia]

I have been reading this forum for close to 3 years and have followed the 3 mill baht visa threads closely as I have considered it. The strange thing is that I have never read a post from anyone who has actually captured one of these visas on his own. Hopefully someone will step forward at some point and state their personal experience on it. Sunbelt is a wonderful sponsor and all but it would be great to hear from a horses mouth who did it all by his lonesome

I know the Captain of the Sunbelt ThaiVisa Football team ( Firefan), used another legal firm ( before he started playing for us) and post about it. He was lucky as it he got in, even though the condo was secondhand. The regulation was changed shortly after he was approved.

Investment visa

[thaiknot]

I have been reading this forum for close to 3 years and have followed the 3 mill baht visa threads closely as I have considered it. The strange thing is that I have never read a post from anyone who has actually captured one of these visas on his own. Hopefully someone will step forward at some point and state their personal experience on it. Sunbelt is a wonderful sponsor and all but it would be great to hear from a horses mouth who did it all by his lonesome

i am also surprised that anyone under 50 wouldn't go with this visa route.3 million baht isn't that much money and besides it being a good idea to have cash earning interest in a bank,the expense and hassles of visa runs every 90 days are gone.in 3 years i could qualify for the retirement visa so would be able to put just 800,000 baht into an account to avoid visa runs,but would have to move the extra 2.2 million baht into another safe and secure interest-bearing account anyway.so depending on how much less paperwork and legal hassles involved in getting a retirement visa,may just stick with my investment visa.

Edited June 17, 2006 by thaiknot

[SunbeltAsia]

I have been reading this forum for close to 3 years and have followed the 3 mill baht visa threads closely as I have considered it. The strange thing is that I have never read a post from anyone who has actually captured one of these visas on his own. Hopefully someone will step forward at some point and state their personal experience on it. Sunbelt is a wonderful sponsor and all but it would be great to hear from a horses mouth who did it all by his lonesome

i am also surprised that anyone under 50 wouldn't go with this visa route.3 million baht isn't that much money and besides it being a good idea to have cash earning interest in a bank,the expense and hassles of visa runs every 90 days are gone.in 3 years i could qualify for the retirement visa so would be able to put just 800,000 baht into an account to avoid visa runs,but would have to move the extra 2.2 million baht into another safe and secure interest-bearing account anyway.so depending on how much less paperwork and legal hassles involved in getting a retirement visa,may just stick with my investment visa.

We have a number of clients that are over 50 years and choose the investment visa route. The reason why is the difference between the two visas. On the retirement visa, Immigration would like that you spend the 800K in a year and top it back up for the renewal. On the investment visa, you are not suppose to touch the money, the investment visa makes more sense if you have the financial wherewithal. In 5 years you may have spent 4 million Baht and with the investment visa you have the same 3 million Baht with 4.5% interest each year or owning a condo( of course you still would have your daily expenses)

[WNOVAK]

We have a number of clients that are over 50 years and choose the investment visa route.

Can you assist?

I have an O-A Retirement visa which I have taken out twice here in Australia. The most recent one was done in Sydney because I was not able to be in Thailand on the renewal date. I am semi-retired and just couldn't be there.

The time, cost and frustration of redoing it is huge.

The question being is if I have an "investment visa" ( 3 million baht bond) what happens if I was not there on the renewal date? Can I come back in the country on a visitors visa and look to extend the investment visa? or can I renew the investment visa from here in Australia?

I am looking for a simple way to keep my visa open until I will be able to spend all my time in Thailand

regards

Edited June 18, 2006 by WNOVAK

[SunbeltAsia]

We have a number of clients that are over 50 years and choose the investment visa route.

Can you assist?

Yes we would be happy to.

have an O-A Retirement visa which I have taken out twice here in Australia. The most recent one was done in Sydney because I was not able to be in Thailand on the renewal date. I am semi-retired and just couldn't be there.

The time, cost and frustration of redoing it is huge.

The question being is if I have an "investment visa" ( 3 million baht bond) what happens if I was not there on the renewal date?

Can I come back in the country on a visitors visa and look to extend the investment visa? or can I renew the investment visa from here in Australia?

I am looking for a simple way to keep my visa open until I will be able to spend all my time in Thailand

regards

You can only extend it from Thailand but what we would do, if you were not going to be in the country when the extension of stay when it would expired, is extend it earlier, meaning while you are still in Thailand. With our lawyers showing Immigration your plane ticket and some soothing words, Immigration will extend it earlier than normal.

This will take care of this frustration so your visa will always be valid.

www.lawyer.th.com

[Padre Burgos]

Hi Sunbelt

I currently have a Non Imm B . Since getting that I have bought a condo for 3 mio which, when the developer finally does the land transfer, will be in my name. If I understand correctly this entitles me to an investment visa. I have 3 questions.

Where do I apply, in Thailand or my home country?

As I said the developer still hasn't done the land transfer but I do have a contract for purchase. If this is is still the case when my Non Imm expires will this be enough evidence?

During the 1 year can I come and go from Thailand as I please or do I need exit stamps from Immigration ?

Thanks.

[animatic]

I know the Captain of the Sunbelt ThaiVisa Football team ( Firefan), used another legal firm ( before he started playing for us) and post about it. He was lucky as it he got in, even though the condo was secondhand. The regulation was changed shortly after he was approved.

I am building a home and work place, it will cost more the 5 million baht easily.

I am the main shareholder of the company, 49% as legally required.

It owns the land, and I am doing the building throught the company,

with transfers from my personal account here.

But it is not a condo, does this come under the investment visa clauses?

I consider I am investing in property in Thailand,

and have brought all funds by wire over 950,000 baht each time.

I can make the company a 2 million baht company and give myself a work permit,

I have one with my job anyway, but a non-visa run visa would be nice.

I like to see Asia, so the visa runs aren't just;

go Malaysia and return in a moving refrigerator all day, each time.

So what's the scoop in this situation?

Edited June 18, 2006 by animatic

[simcity]

We have a number of clients that are over 50 years and choose the investment visa route. The reason why is the difference between the two visas. On the retirement visa, Immigration would like that you spend the 800K in a year and top it back up for the renewal. On the investment visa, you are not suppose to touch the money, the investment visa makes more sense if you have the financial wherewithal. In 5 years you may have spent 4 million Baht and with the investment visa you have the same 3 million Baht with 4.5% interest each year or owning a condo( of course you still would have your daily expenses)

Sunbetlasia

Definition on the ' would like ' , what is happening if the retiree like to use his visa to purchase / dine / travel in Thailand .

how strict is the ' would like ' from the immigration ?

thank you

My second questions Sunbeltasia

Said you decide to go on the route of the condo purchases!

You need to buy the condo finish and new, with a guaranty you will be one of the 49 % farang owner !

No possibilities to buy on the plan then.

Edited June 18, 2006 by simcity

[SunbeltAsia]

Hi Padre,

Where do I apply, in Thailand or my home country? In Thailand, If you have a tourist visa or transit visa, we can change it to a non immigrant visa and do the extension of stay based on investment.

You need to go to the Thai Consulate/ embassy in your own country and explain you need a non immgrant visa as you will be getting a extension of stay based on investment. If they won’t give you the 90 day non immigrant visa, get the tourist or transit visa.

If you feel it will take longer than 90 days to get the condo register, ask for a one year multi entry non immigrant visa at the Thai. consulate/ Embassy. Your requirement will be, you must leave the Country every 90 days till you get the extension of stay ( once your condo has been registered)

One other option is we can sponsor you for this type of visa as you are looking to buy a condo.( Most Embassies/ Consulates will want documentation from a Thai company and almost every one of the Embassies/ Consulates in the World have worked with us.)

As I said the developer still hasn't done the land transfer but I do have a contract for purchase. If this is still the case when my Non Imm expires will this be enough evidence?

Sorry, it has to be when the condo is in your name and is registered at the Land Dept.

During the 1 year can I come and go from Thailand as I please or do I need exit stamps from Immigration ?

You need to get a multiple reentry pemit and then you can come and go as you like. If you don't have this, your visa expires and you start all over. Note. This is on the extension of stay based on investment, you must get the reentry permit.

If you have a single 90 day non immigrant visa, you need to get a reentry stamp.

if you have a multi entry non immigrant visa, then no need for a reentry permit. Once you apply for the extension of stay based on investment... it is off of the last 90 day entry stamp. Hence the need for the reentry permit.

www.lawyer.th.com

[SunbeltAsia]

I am building a home and work place, it will cost more the 5 million baht easily.

I am the main shareholder of the company, 49% as legally required.

It owns the land, and I am doing the building throught the company,

with transfers from my personal account here.

But it is not a condo, does this come under the investment visa clauses?

I consider I am investing in property in Thailand,

and have brought all funds by wire over 950,000 baht each time.

I can make the company a 2 million baht company and give myself a work permit,

I have one with my job anyway, but a non-visa run visa would be nice.

I like to see Asia, so the visa runs aren't just;

go Malaysia and return in a moving refrigerator all day, each time.

So what's the scoop in this situation?

Sorry, even though you can register the house in your own name. it is only a condo that is eligible for a extension of stay based on investment. As well the condo must not be second hand.

www.lawyer.th.com

[SunbeltAsia]

We have a number of clients that are over 50 years and choose the investment visa route. The reason why is the difference between the two visas. On the retirement visa, Immigration would like that you spend the 800K in a year and top it back up for the renewal. On the investment visa, you are not suppose to touch the money, the investment visa makes more sense if you have the financial wherewithal. In 5 years you may have spent 4 million Baht and with the investment visa you have the same 3 million Baht with 4.5% interest each year or owning a condo( of course you still would have your daily expenses)

Definition on the ' would like ' , what is happening if the retiree like to use his visa to purchase / dine / travel in Thailand .

how strict is the ' would like ' from the immigration ?

thank you

That is what they would like you do, spend money and bring it in from your own country. What they don't want, is that you are a teacher getting money under the table and have a extension of stay based on retirement. They want to see you are spending money from the 800K. Otherwise, they may surmise it is money you are obtaining from illegal work here. Every officer is different in how much they will question this on the renewal.

My second questions Sunbeltasia

Said you decide to go on the route of the condo purchases!

You need to buy the condo finish and new, with a guaranty you will be one of the 49 % farang owner !

No possibilities to buy on the plan then.

Correct, as the company that you are a shareholder in would own the condo, not you by yourself. A company does not qualify for a extension of stay based on investment.

Hope this helps.

www.lawyer.th.com

[Padre Burgos]

Thanks for your advice Sunbelt As my Non Imm expires in August I will go home and apply for a Non Imm B multi again and then change over to Investment in Thailand sometime before the new visa expires.

[Firefan]

Sunbelt; that makes me wonder whether I should expect trouble at renewal in August?

My condo was bought "2nd hand" from Thai - but in actuality from Tisco (Thai bank/investment group) as owner went bankrupt before decorating/building inside and loan financing bank took it. The condo was only cement & glass - no floor/cielings/walls Etc. Anyway; technically from emmigrations point of view, still 2nd hand.

Hans; read the above link on my story and let me know if you have further questions.

Cheers!

[sabaijai]

Sunbelt; that makes me wonder whether I should expect trouble at renewal in August?

My condo was bought "2nd hand" from Thai - but in actuality from Tisco (Thai bank/investment group) as owner went bankrupt before decorating/building inside and loan financing bank took it. The condo was only cement & glass - no floor/cielings/walls Etc. Anyway; technically from emmigrations point of view, still 2nd hand.

Hans; read the above link on my story and let me know if you have further questions.

Cheers!

Did Tisco seize the whole building before your unit was sold? If so I don't think you would call that 'second-hand', if you were the first owner of the condo unit.

I have a similar situation. Bought a condo in a building that was repossessed by the financing bank following the 97 crisis. Original price was 5 mil, I bought it for 3.2 mil but there was no owner before me so I've always assumed I bought it 'new'.

Reminds me, can a foreigner obtain the investment visa for a 3mil condo he purchased several years ago or must it be purchased in the year in which he applies?

[Firefan]

Sabaijai; no, only a few of the condos in the building was reposessed by Tisco. If I get trouble at renewal I will anturally try to use the argument that it WAS in fact "new" (have some documentation for it) but doubt emmigration will understand it as such. Your case might be different.

You can apply as long as you own the condo - does not matter when you bought. I applied a couple of years after purchase.

Sunbelt; you think I will get trouble at visa renewal?

Cheers!

[SunbeltAsia]

Sabaijai; no, only a few of the condos in the building was reposessed by Tisco. If I get trouble at renewal I will anturally try to use the argument that it WAS in fact "new" (have some documentation for it) but doubt emmigration will understand it as such. Your case might be different.

You can apply as long as you own the condo - does not matter when you bought. I applied a couple of years after purchase.

Sunbelt; you think I will get trouble at visa renewal?

Cheers!

No you won't have problems as long as you still own the condo. On the renewal, they won't be looking if it was new, etc. Just that you still have the condo, that you were approved for before.