Investment Visa Technical Question

[Thaiquila]

Let's say you bought a 3 million baht condo and have the papers showing you imported the money. Let's say you later sell it for 5 million baht, and you now want to put 3 million of those 5 million baht into a fixed Thai baht account in order to qualify for the long stay investment visa.

Would it be possible to just take that 3 million baht which would be already in Thailand and put it into the Thai fixed account, or would immigration make you IMPORT another 3 million fresh baht to qualify for the visa? In other words, will the old transfer proving document make that money forever seen as legimately imported?

If this is not allowed, it could be kind of a problem. I guess you could export the 3 million baht and then import a back, but what a hassle!

OK, I am not doing this yet, but I really might someday and wonder about the mechanics of it. Others might want to do this now.

Edited June 17, 2006 by Thaiquila

[monty]

Next is a personal experience, at the Pattaya (Jomtien) immigration, and as with every immigration issue this is no guarantee it will be the same at other offices or for other persons (although the investment visa has to be approved in Bangkok anyways)...

My partner has had extensions of stay for 5 years in a row, based on a 2.6 million Baht condo, supplemented by another 405.000 Baht in a Fixed account at Khrung Thai bank...

The last time he went for his yearly extension they were suddenly baulking at accepting the condo part, and advised my partner to just put up the full 3 million in cash in the bank account to make things go "smooth"...

Since the cash at that moment was availble, to smoothen things he just did this (no new incoming transfers, just moved cash from 1 Thai bank to another).

His application was accepted, sent of to Bangkok and after the second 1 month "under consideration" stamp everything was approved!

If requested, the necesery TT3 forms to prove the money came from abroad were available, but never asked for....

Date of application of extension was februari this year...

Hope this helps,

Cheers,

Monty

[SunbeltAsia]

Let's say you bought a 3 million baht condo and have the papers showing you imported the money. Let's say you later sell it for 5 million baht, and you now want to put 3 million of those 5 million baht into a fixed Thai baht account in order to qualify for the long stay investment visa.

Would it be possible to just take that 3 million baht which would be already in Thailand and put it into the Thai fixed account, or would immigration make you IMPORT another 3 million fresh baht to qualify for the visa? In other words, will the old transfer proving document make that money forever seen as legimately imported?

If this is not allowed, it could be kind of a problem. I guess you could export the 3 million baht and then import a back, but what a hassle!

OK, I am not doing this yet, but I really might someday and wonder about the mechanics of it. Others might want to do this now.

You simply inform the Immigration that you would like to sell the condo and ask for permission to change the category investment extension, that when you do sell, you will have 3 million Baht in the bank instead of a condo. As long as you got this approval before you sell, its not a problem.

Just like in the old school days, asking the teacher if you can go to the toilet without getting up and go and without them aware, you wanted to go to the toilet. Just need to ask first and they will say "ok".

[Thaiquila]

Let's say you bought a 3 million baht condo and have the papers showing you imported the money. Let's say you later sell it for 5 million baht, and you now want to put 3 million of those 5 million baht into a fixed Thai baht account in order to qualify for the long stay investment visa.

Would it be possible to just take that 3 million baht which would be already in Thailand and put it into the Thai fixed account, or would immigration make you IMPORT another 3 million fresh baht to qualify for the visa? In other words, will the old transfer proving document make that money forever seen as legimately imported?

If this is not allowed, it could be kind of a problem. I guess you could export the 3 million baht and then import a back, but what a hassle!

OK, I am not doing this yet, but I really might someday and wonder about the mechanics of it. Others might want to do this now.

You simply inform the Immigration that you would like to sell the condo and ask for permission to change the category investment extension, that when you do sell, you will have 3 million Baht in the bank instead of a condo. As long as you got this approval before you sell, its not a problem.

Just like in the old school days, asking the teacher if you can go to the toilet without getting up and go and without them aware, you wanted to go to the toilet. Just need to ask first and they will say "ok".

Thanks for the response SB, and that is a great response IF the condo was ORIGINALLY used to qualify for an investment visa.

The question I had was what if the condo was NOT ever used for an investment visa (as you know, not all condos qualify).

So again,

1. farang buys condo (not used for investment visa

2. farang has document of funds coming into Thailand to buy condo

3. years later, farang sells condo, and wants to use the ORIGINAL amount of the money transfered into Thailand to buy condo to purchase a Thai fixed deposit account to be used to qualify for investment visa

4. will Thai immigration still see these funds as eligible to qualify for investment visa, even though they were transfered in years before?

Edited June 20, 2006 by Thaiquila

[SunbeltAsia]

The question I had was what if the condo was NOT ever used for an investment visa (as you know, not all condos qualify).

So again,

1. farang buys condo (not used for investment visa

2. farang has document of funds coming into Thailand to buy condo

3. years later, farang sells condo, and wants to use the ORIGINAL amount of the money transfered into Thailand to buy condo to purchase a Thai fixed deposit account to be used to qualify for investment visa

4. will Thai immigration still see these funds as eligible to qualify for investment visa, even though they were transfered in years before?

Something like this that is not the standard, is never black and white like the Western World as it is always up to the discretion of the officer. I would reco to try and if it the application was not accepted. Simply transfer the funds outside Thailand and wire them back. The downside you would lose the foreign exchange conversion.