Investment visa: does old condo qualify ?

[plus7]

Hi everyone,

I'm on the way to the "right visa".

My friend called immigration in Bkk and they told that _only new_ condos can be a part of 10 mio baht for investment visa.

Can you confirm or we've got the wrong person to ask ?

[OMGImInPattaya]

The purpose of the "investment" visa is to promote growth and "investment" in the Thai economy...why would they give you such a visa for buying an old re-sale condo? If buying a condo to obtain this visa I believe the condo price must be at least 10M AND it must be a new condo (first sale).

[ubonjoe]

There is nothing in the rules that says it has to be a new condo.

Do you mean a recently purchased old condo or one you have had for some time?

For one you have had for a while the problem could be proving the 10 million was brought into the country.

Also the 10 million does not have to be all for a condo you can have money in the bank or government bonds also.

[plus7]

Ubonjoe,

I've read the document as well and there is nothing about NEW condo, but that's what we've been told.

I have a couple of old condos that I bought within 12 months. I was hoping it will count as a part of investment :-(

[ubonjoe]

Just a phone call is not enough to confirm anything at immigration. You never know for sure who you are talking to.

I am not sure about owning more than one to use for the investment extension. it says a condominium purchase. Does that mean one.

[MillionairePlayboy]

Let's try this again, with reference to a particular nationality removed.

--

Yes, I believe it is only specifically approved new-built condos. If I was cynical I'd suggest that it is a way for foreigners to launder dirty money on badly priced condos and get a visa as a bonus.

[PattayaPhom]

The purpose of the "investment" visa is to promote growth and "investment" in the Thai economy...why would they give you such a visa for buying an old re-sale condo? If buying a condo to obtain this visa I believe the condo price must be at least 10M AND it must be a new condo (first sale).

Because the seller would then spend/invest that money in the economy:)

[Mario2008]

1 offensive post removed.

[OMGImInPattaya]

The purpose of the "investment" visa is to promote growth and "investment" in the Thai economy...why would they give you such a visa for buying an old re-sale condo? If buying a condo to obtain this visa I believe the condo price must be at least 10M AND it must be a new condo (first sale).

Because the seller would then spend/invest that money in the economy:)

Doesn't promote much economic growth...new constriction is all new materials for building and fitting out the unit...all new spending; buying a resale is just shuffling money around the economy but nothing new produced.

And I know people who bought old resale condos specifically hoping to qualify for an investment visa and were turned down by immigration because it was not new construction.

[Frank78]

The purpose of the "investment" visa is to promote growth and "investment" in the Thai economy...why would they give you such a visa for buying an old re-sale condo? If buying a condo to obtain this visa I believe the condo price must be at least 10M AND it must be a new condo (first sale).

Because the seller would then spend/invest that money in the economy:)

Doesn't promote much economic growth...new constriction is all new materials for building and fitting out the unit...all new spending; buying a resale is just shuffling money around the economy but nothing new produced.

And I know people who bought old resale condos specifically hoping to qualify for an investment visa and were turned down by immigration because it was not new construction.

I believe it may be among the old set of laws where you could invest in BOI products, how long ago did it happened? And have you seen any rules talking about construction ? What I's seen is something telling you must provide a proof of an investment during 3 years, but the way it is written is really misleading. Don't means that at all...

Only somebody fluent in thai and in english could tells us for sure.

[Frank78]

"...........(1) Must already have been granted a non-immigrant visa (Non Immigrant)

(2) Provide proof (Tor Tor 3 from the bank) of transferring funds into Thailand of no less than Baht 10 million;

(3) Show proof of the purchase or rental of a condominium unit for a period of no less than 3 years issued by a relevant agency or government, at a purchase or rental price of no less than Baht 10 million;

(4) Provide proof of investing in the form of a fixed deposit of no less than Baht 10 million with a Thai bank which is registered in Thailand:

(5) Alternatively, investing in the purchase of government or state enterprise bonds of no less than Baht 10 million; or

(6) A combined investment in state bonds and property purchase, with a total value of not less than Baht 10 million.

Note: This promotion only applies to foreign investors that have invested after the 25 November 2008. Foreigners who bought in their property prior to 2008 cannot use existing assets to qualify. ...."

Look at the paragraph just above: may be your friends were stuck in between the old and new investor extension requirements.