Free hold condo ownership, any visa advantages?

[BngkkB]

Does owning a free hold condo give you any advantages for obtaining long term visa? If over 50 years old I would think it doesn't matter as you can apply for retirement visa, but what if the buyer is under 50?



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[Loptr]

Nope...

[theguyfromanotherforum]

Maybe..... if it's worth 10 million baht.

[BngkkB]

If it is worth 10 million? Is that a cutoff point? Any and all benefits would be appreciated, thanks you. Also is there difference for different passport holders, US, UK, Chinese?

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[theguyfromanotherforum]

Also is there difference for different passport holders, US, UK, Chinese?
 

 

no

[B1ade]

If it is worth 10 million? Is that a cutoff point? Any and all benefits would be appreciated, thanks you. Also is there difference for different passport holders, US, UK, Chinese?

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That would be for the investment visa, so if you bought the condo for 10+ million you are entitled to that visa, if you bought it for 5 and now its worth 10 it doesnt count. You have to pump the full 10 in

[WhizBang]

Maybe..... if it's worth 10 million baht.

 

Nope, not any more.  I was denied a non O visa years ago, because 'The rules had changed'.  

[SoFarAndNear]

Just an Idea. Can he try to sell it for 10 mio THB and then buy another 10mio THB property or investement?

[Pattaya46]

Just an Idea. Can he try to sell it for 10 mio THB
and then buy another 10mio THB property or investement?

When you buy for an Investment Visa, money must come from abroad.

[SoFarAndNear]

 

Just an Idea. Can he try to sell it for 10 mio THB
and then buy another 10mio THB property or investement?

When you buy for an Investment Visa, money must come from abroad.

 

 

So if he sells. The money has to be at least transferred out of Thailand? 

[david555]

Just an Idea. Can he try to sell it for 10 mio THB and then buy another 10mio THB property or investement?

He probably should be taxed on the surplus money !

[david555]

 

 

Just an Idea. Can he try to sell it for 10 mio THB
and then buy another 10mio THB property or investement?

When you buy for an Investment Visa, money must come from abroad.

 

 

So if he sells. The money has to be at least transferred out of Thailand? 

 

it is also allowed to deposit it in a foreign account (after exchanging it to ) an after witdrawing it for the new buying (and ofcourse exchange again )

On condition ofcourse that the first condo money came officially from abroad !

Edited July 31, 2014 by david555

[mahjongguy]

If you buy a condo for 5 mil, sell it for 10 mil, you owe 30% capital gains tax on 5 mil. That's 1.5 mil, leaving you with 8.5 mil. Not enough for the investment visa. 

[djhotsox]

And if I am not mistaken, the 10 million baht investment would be good for a one year visa.   That's kind of an expensive way to go about a getting a visa?!

 

[Pattaya46]

[it is also allowed to deposit it in a foreign account (after exchanging it to )
and after witdrawing it for the new buying (and ofcourse exchange again )
On condition ofcourse that the first condo money came officially from abroad !

What do you mean by "foreign account"? a foreign currency account in Thailand? Not all banks (if any) would accept this way, for sure.

And if I am not mistaken, the 10 million baht investment would be good for a one year visa.  
That's kind of an expensive way to go about a getting a visa?!

No. I think you need 10 MB to get the first extension but then you can renew it every year from this first investment. No need to bring 10 MB every year !

[Globalist]

To the OP: Yes, if you buy one or more freehold condos for totally 10MB or more, directly from the developer (i.e. pre-deeds-transfer), with the money transferred from abroad, you qualify for a 3 month non-B visa, on which you are then eligible to get an extension of stay for 12 months. Repeat the extension every 12 months, provided that you still fulfil those requirements.

Edited July 31, 2014 by Globalist

[david555]

 

[it is also allowed to deposit it in a foreign account (after exchanging it to )
and after witdrawing it for the new buying (and ofcourse exchange again )
On condition ofcourse that the first condo money came officially from abroad !

What do you mean by "foreign account"? a foreign currency account in Thailand? Not all banks (if any) would accept this way, for sure.

And if I am not mistaken, the 10 million baht investment would be good for a one year visa.  
That's kind of an expensive way to go about a getting a visa?!

No. I think you need 10 MB to get the first extension but then you can renew it every year from this first investment. No need to bring 10 MB every year !

 

Extraction from Real Estate info;

 

No FET-form because I sold my old condo?
When a foreigner sells his condo apartment and he wants to buy a new one he can use the proceeds from the sale to buy
a new condo aparmtent in Thailand, however he must again comply with the condominium act section 19. When this is
under section 19/5 he can transfer the money out of Thailand and back into Thailand in foreign currency, or he can
exchange the Thai baht received into foreign currency inside Thailand and tranfer it into a foreign currency account and
withdraw the money from this account and use it for the purchase of the new foreign owned apartment unit.

 

 

 

Kasikorn  & Bangkok bank have for sure foreign currancy accounts , Kasikorn start from 10 000 usd , if you doubt check their website , ofcourse the same story ..... need a good visa and depending from branche to branche  T.I.T  you know ?

Edited July 31, 2014 by david555

[ace]

I'm pretty sure you can't transfer more than the original purchase price out of Thailand if you sell a condo ie, buy for 2m sell for 3m (lol) u can only xfer 2m out.
As to the op buying freehold property here conveys 0 rights. Nada.

[Pattaya46]

Kasikorn  & Bangkok bank have for sure foreign currancy accounts , Kasikorn start from 10 000 usd , if you doubt check their website , ofcourse the same story ..... need a good visa and depending from branche to branche  T.I.T  you know ?

Hi David. I don't doubt about the possibility to have a foreign currency accounts (I have a USD account at Kasikorn ), but about the fact it's enough to make this in-out transfer to qualify for a investment visa. Seems too easy . I will make some research on this point...

[david555]

 

Kasikorn  & Bangkok bank have for sure foreign currancy accounts , Kasikorn start from 10 000 usd , if you doubt check their website , ofcourse the same story ..... need a good visa and depending from branche to branche  T.I.T  you know ?

Hi David. I don't doubt about the possibility to have a foreign currency accounts (I have a USD account at Kasikorn ), but about the fact it's enough to make this in-out transfer to qualify for a investment visa. Seems too easy . I will make some research on this point...

 

Second possibility is  fly out Thailand with declaring the same amount you brought officially in before , and by coming back declaring the amount coming in at customs (and receiving the doc.)......with the purpose for buying condo ,deposit at bank with customs doc. and  repeating that by the remaining   cash amount .

 

 Also transfer is possible but a lot of hassle if over 50 000 usd value  (explaining why and for what  ) again depending your branche and person  ......out Thailand with cash is  not so much a problem , but coming in or leaving Europe must declaring it starting from 10 000 euro  SNIFFING DOGS TRAINED FOR MONEY  at Schiphol Amsterdam  !!

 

If it should not be possible there should not beeing sold condos anymore ....

 

Repatriating Funds to a Foreign Country
The banks in Thailand have to follow strict regulations. As a result, it can be quite difficult to repatriate funds if you do
not have the correct paperwork. To repatriate the sale proceeds of the sale of a condo the bank will ask for a copy of
the land office sale agreement and land office tax receipt, a copy of the title deed of the condominium unit, passport
copy and a copy of the FET-form (or the previously used Thor Tor 3 form) which the foreigner obtained when they
remitted money into Thailand to buy the condominium. If these documents are supplied the bank will allow transfer of
the money out of Thailand without additional deductions. When selling the condominium personal income withholding
tax is taken as part of the transfer taxes. The land office will issue a tax receipt for payment. Withholding tax is
calculated based on the years of ownership - read more condominium transfer tax and fees...
In case of transferring money out of the country, the tax-free amount is determined by the initial amount transferred into
Thailand.
Related:
 Sample FET-form
 Currency exchange regulation (information for the general public)
 Bank of Thailand (external)
---------------

 

Edited July 31, 2014 by david555

[HerbalEd]

Typical tv.com posts here. Many opposite answers ... and many coming from barstool experts who speak with authority about something they really know nothing about.

[paz]

Typical tv.com posts here. Many opposite answers ... and many coming from barstool experts who speak with authority about something they really know nothing about.

 

You may not see it but the simple answer is well known and has been given already here:

 

Unless you buy (with with money new to Thailand) a condo for 10M Bt or more, no visa advantage whatsoever.

 

Sorry if that doesn't meet your expectations.

Edited August 1, 2014 by paz