No More 3mil Investment Visas In Thailand

[Thaiquila]

For those of us under 50 and retired but not married what are the options now? FWIW, I bit the bullet and put 3 mill in a bank account a few months ago so that I would feel safer with my status here. So, now I have to make plans to leave in 8 months or do the Penang thing again (if it will even be allowed!)

Looks like I will be exploring prenup agreements soon

I can say this- at least when I leave I will be taking my 3 million baht with me. I truly feel bad for those who bought an expensive condo and will be asked to leave it behind when they are shown the door!!

Dude! you gonna trust a prenup entered into in Thailand with all this crap going on? Don't do it man. Also, the people talking about grandfathering in Thailand; come on dudes, that's a western concept that's probablt never been done here and not legal

They have been grandfathering retirement visa asset levels. A high wai for that one, Thai authorities. So the idea of fairness, ethics, compassion for yes, even foreigners, and grandfathering is certainly not an unknown concept in Thailand.

Grandfathering really seems due to the condo investers ...

Those with bonds can just sell their bonds. Condos aren't all that liquid, and just became rather less so.

Edited September 12, 2006 by Thaiquila

[Beer-diow, khao-neow, mai-an!]

Sunbelt - if you have already got a Bt4m+ new condo does that count towards the 400K you need to show for a marriage visa in any way?

[Barcode]

Sorry for most people here on visa extention basis, but do you think you can stay in US, Canada, Germany or any other "civilized" contry for more than 90 days? I do not think so. Shame to layers telling everyone "yes you can", knowing that they break the law.

[LivinLOS]

Sorry for most people here on visa extention basis, but do you think you can stay in US, Canada, Germany or any other "civilized" contry for more than 90 days? I do not think so. Shame to layers telling everyone "yes you can", knowing that they break the law.

Yes I can.. All over the world long stay visas are made available eaiser than I can get them here..

I applied for a visa to explore the USA and they gave me a 10 year one when I asked for a 1 year.. NZ / OZ all pretty simple with clearly laid out laws which dont change on a whim. Europe I just arrive..

[KronbergTH]

We have just called Immigration and they told us that renewal still will be possible?

[marquess]

If this place wasn't Banana Republic before! Then is it certainly looking like one now, or is it a bad cartoon, with a number of stupid and dubious characters trying to out do each other in stupidity! I repeat do not invest your money here, it is like a gold coin, dropped into the desert sand, the more you try to retrieve it the further it will sink! So what is going to happen to these people when their visa's run, and they have to do boarder runs, "sorry mate you can't come back? It seems like the end of the Condo market, perhaps even more devestatingly so than in 97. Of course we should wait for the official confirmation and clarification.

[CTM]

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

Low how? B400,000 per year is maybe top 5% of wage earners in the country. Again, how is that low? It is like setting the min salary at $150,000 a year in the US for non-citizens.

The only place in Thailand one can't live a decent middle class life style on B400,000 a year is central Bangkok.

[Foggy Bottom]

Any indication of why this option will be cancelled?

Lack of interest (ours, not theirs)?

Too much attempted rule bending?

Too difficult to administer?

Beause they are trying their best to rid Thailand of Foreigners , no other reason .

Bkk Post - uoting Purachai Piumsomboon (then Interior Minister, Thai Rak Thai) in 2002 - "too many foreigners in Thailand on one-year visas"

Bkk Post - Quoting Thaksin 2004 - "All the unrest in the south is due to foreign funded NGO's" (paraphrased but original meaning)

Bkk Post - Quoting Deputy Interior Minister Vatana Asavahame (Democrats) 11 Dec 97 - "Not many Thais live in condos. They are places for mosquitoes" - stated referring to the ammendment of the condominium Bill to increase foreign unit holdings to 49%

Backlash against easier work permits (text from Phuket Gazette, sep 2002)

PHUKET: Just when foreigners in Thailand were basking in a relaxation in the rules on work permits, a Member of Parliament has once again clouded the skies by suggesting a monstrous rise in the fees for an initial work permit, from the current 300 baht to as much as 300,000 baht. The astonishing announcement was made today at a packed meeting convened by the Phuket Chamber of Commerce.

Khon Kaen MP Premsak Pearyura, Chairman of the Parliamentary Committee on Labor, said that 300 baht was a very small amount for a foreigner to pay, especially if converted into US dollars or Euros. “The government should charge more than this to stop foreigners grabbing jobs from Thais. “The [initial] work permit fee should bring in more revenue for Thailand. It should be 30,000 or 300,000 baht.”

He also criticized the new qualification that allows a company to get one work permit for every 2 million baht of paid-up capital. “Two million baht is a small amount. The government should consult the public about whether the figure should be raised, and by how much. “Most of the foreigners are small investors who take work from Thais. We should have big investors who don’t negatively affect Thais,” said MP Premsak.

His views were met with overwhelming support from the 150 people at the meeting, drawn from membership of the Chamber of Commerce; the Phuket Tourism Association; the Thai Hotels Association, Southern Chapter; the Phuket Guide Association and the Phuket Chapter of the Federation of Thai Industries. A press release swiftly released by the Chamber after the meeting also stated opposition by the “Phuket private sector” to the qualification that allows foreigners to get work permits on the strength of having paid 18,000 baht in income tax in the previous year.

“This is too low. It does not add value to the economy,” the release stated. It also criticized the new rule that work permits must be issued within seven days to foreigners who qualify. “This is not long enough to check the foreigner comprehensively. The result of this is that it is easier for foreigners who damage Thai culture, and who want to grab profit and build a power base, to get work permits.” MP Premsak said, “We will see Thai unemployment soaring, like in Argentina. “I don’t want to see this happen to Thai people,” he added, turning to Department of Employment Deputy Director-General Songsak Tantayothin sitting next to him on the podium.

“Don’t open Thailand too wide for foreign workers; that would mean the end of Thailand.” K. Songsak replied that he was grateful for this opportunity to hear people’s opinions, which he would relay to the Ministry. “If there are problems we can make adjustments. “Not all foreigners are evil. There are many who support us and do good things. We should accept these good things from them.”

It's not a new thing - it's part of an ongoing campaign by the ultra-nationalist xenephobes who buy their way into power (and the Uni Degrees to qualify for being there).

Gaz

[sadako]

" Yes, and remember, that alot of these are bought off the plan and don't even exist yet! Frankly, not grandfathering the people who are already on this visa type, especially non liquid assets like condos, really bites!

I guess the old hands who always say "never bring into Thailand what you can't afford to leave in Thailand" win even more brownie points! "

Sad but true , fact is its a fact , and everyone with common sense here long term knows it . Its a fact that Thailand will always be changing law wise and otherwise , problem is we all know that deep inside we may always have to leave one day .

Thats the risk , and its part of the reason why Im here , cos things are done differently , keeps you on your toes . No security , no boredom ? Well partially . Thing is once you have been here a while , you kind of search for that bit of security that you are so used to in the west .

Sad to say , worlds far from perfect . Same old story , we cant change Thailand , thats just the way it is .

Have to accept and get on with the best plan .

Im thinking too of selling up in due course , moving somewhere more tolerant , depends on what the score is with the other visas ......

I can see thaivisa headlines tommorrow ...........

As of Oct 1 , all foreigners have to leave , unless they can pay 4 million baht to stay ................hahaha what a howl ............even then the law might change the next day .......

[Firefan]

Kronberg; now THAT would be great! And very fair as mentioned before - as people bought based on the old rules. Do you have some more details? Cheers!

We have just called Immigration and they told us that renewal still will be possible?

[Cheeky Farang]

So the answer is to get the "ThaiEliteCard" with all the benefits it brings

Link

SPECIAL VISA PRIVILEGE

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90 day stay privilege will be extended to your immediate family members

Upon arrival, your immediate family travelling together with you (lawful husband or wife) will get 30 day** stay visa. An extension stay for 90 days may be processed later on. A marriage certificate or a certification letter from your embassy or consulate office is required.

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[bendix]

With all due respect to the OP, it might have helped to get more substance or a source for this new development.

Has any official announcement been made? Has a press statement been issued? Is this in the media already??

[Firefan]

No. Condo vaue does not count. Cash please. Cheers!

Sunbelt - if you have already got a Bt4m+ new condo does that count towards the 400K you need to show for a marriage visa in any way?

Edited September 12, 2006 by Firefan

[tjrd12]

I do not think this change will stick. At the moment you have a "caretaker" gov and beauracratic institutions have very little oversight...not allowing visas for investment will have a HUGE impact on an already waning property market that is straining from oversupply at the top end and has more units coming on line monthy...

Perhaps Thailand will head towards a program like Malaysia My Second Home which allows people of ALL ages to make an investment (around 3 mill baht) in exchange for a visa and other "perks."

[Paulv]

I predict a huge increase in WP's. Can a person get a WP.....say to teach.....but then not really pursue work; just use it as a way to stay in country legally?

no you cant you have to have a job sorted to get a work permit and when u stop your permit expires. to get ateaching job a degree is amust

[Phil Conners]

Whoops, there goes another chunk off the property prices. Cheers!

[yankeechief]

TOO HARD! I say we leave Bangkok, just like Sherman left Atlanta or the British left Washington. Burn't to the ground!

[Arkady]

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

Probably a fair guess that they have drawn up a complete new set of visa regulations to be released in dribs and drabs. I would imagine that you are right that the financial requirement will be tightened up for marriage and retirement visas. Maybe salary requirements will also be raised for work permits along with paid up capital requirements for their employers for good measure. Foreigners are clearly a target of this caretaker administration which is lashing out vindictively all around and gets most satisfaction attacking those who can't fight back. This can be presented to the electorate as a measure to control foreign terrorists, gangsters, paedophiles and people who fantasize that they committed famous murders etc. With the investment visa gone and a crack down on farang controlled companies in process the nose is tightening. The idea is that you are supposed to a well paid expat working for a large firm or an Elite card holder or not be living here. Since Toxin doesn't care about the effect on foreign investment of his sale to Temasek's nominees or his antics in clinging to power, don't imagine for a moment they will care about the loss of "tourism" revenues or loss of support for Thai dependents, if a couple of thousand long term stayers have to up stakes. Pity the Thais didn't have these rules in place when the ancestors of the TRT leading lights flooded in from China.

[Soju]

I do not think this change will stick. At the moment you have a "caretaker" gov and beauracratic institutions have very little oversight...not allowing visas for investment will have a HUGE impact on an already waning property market that is straining from oversupply at the top end and has more units coming on line monthy...

Perhaps Thailand will head towards a program like Malaysia My Second Home which allows people of ALL ages to make an investment (around 3 mill baht) in exchange for a visa and other "perks."

For many it doesn't really matter if the change sticks or not. As long as it's implemented even for a short time it will do tremendous damage to Thailand's reputation as a friendly place for foreigners to live and visit and could very likely do serious damage to the condo market. I pity those who've recently bought an expensive condo as I think this is likely the straw that will have broken the camel's back. For your sakes I hope I'm wrong. I could just have easily been among you but decided to hold off on making a purchase and am really glad right now I did.

BTW, just noticed 539 users reading this topic right now. That's by far the most I've ever seen.

Edited September 12, 2006 by Soju

[paulmw]

If this place wasn't Banana Republic before! Then is it certainly looking like one now, or is it a bad cartoon, with a number of stupid and dubious characters trying to out do each other in stupidity! I repeat do not invest your money here, it is like a gold coin, dropped into the desert sand, the more you try to retrieve it the further it will sink! So what is going to happen to these people when their visa's run, and they have to do boarder runs, "sorry mate you can't come back? It seems like the end of the Condo market, perhaps even more devestatingly so than in 97. Of course we should wait for the official confirmation and clarification.

Maybe thats what it needs is another meltdown the same as 97.

Brought them down a bit then, when they needed all the investment they could get there hands on never be welcomed so warmly then.

9 yrs on how ideas change we are the worst in the world get rid off the falangs.

Mai pen rai

[sadako]

If this place wasn't Banana Republic before! Then is it certainly looking like one now, or is it a bad cartoon, with a number of stupid and dubious characters trying to out do each other in stupidity! I repeat do not invest your money here, it is like a gold coin, dropped into the desert sand, the more you try to retrieve it the further it will sink! So what is going to happen to these people when their visa's run, and they have to do boarder runs, "sorry mate you can't come back? It seems like the end of the Condo market, perhaps even more devestatingly so than in 97. Of course we should wait for the official confirmation and clarification.

Maybe thats what it needs is another meltdown the same as 97.

Brought them down a bit then, when they needed all the investment they could get there hands on never be welcomed so warmly then.

9 yrs on how ideas change we are the worst in the world get rid off the falangs.

Mai pen rai

ching ching ching ching

[J3nny82]

Sorry for most people here on visa extention basis, but do you think you can stay in US, Canada, Germany or any other "civilized" contry for more than 90 days? I do not think so. Shame to layers telling everyone "yes you can", knowing that they break the law.

Yes I can.. All over the world long stay visas are made available eaiser than I can get them here..

I applied for a visa to explore the USA and they gave me a 10 year one when I asked for a 1 year.. NZ / OZ all pretty simple with clearly laid out laws which dont change on a whim. Europe I just arrive..

Yalor, my coleage just visit customer purpose, also get 10 year visa of U.S.

[cclub75]

Maybe thats what it needs is another meltdown the same as 97.

Brought them down a bit then, when they needed all the investment they could get there hands on never be welcomed so warmly then.

This is a very likely scenario.

The next world wide recession, that USA are currently "cooking" at home on a huge scale, is going to inflict a lot of pain to Thailand (USA is a big export customer for Thailand).

And of course, I don't speak about the current (and numerous) imbalances that the Thai economy already have.

But... but... at the end of the road, i've another "reading" about all this.

China is going to take over, eventually. Thailand, by its elite, is already a dominion of China.

What Thailand may loose from the West, it will take it back X times from Asian countries (Japan, China).

[Paulv]

I do not think this change will stick. At the moment you have a "caretaker" gov and beauracratic institutions have very little oversight...not allowing visas for investment will have a HUGE impact on an already waning property market that is straining from oversupply at the top end and has more units coming on line monthy...

Perhaps Thailand will head towards a program like Malaysia My Second Home which allows people of ALL ages to make an investment (around 3 mill baht) in exchange for a visa and other "perks."

pls get the point they just dun want you here and its not going to make much difference to the thai economy without you pack ur bags gogogo

[my friend you]

I got a 1 year multi entry visa (non immigrant 0) recently and several times before by just showing bankletter from my Thai bank stating i have 800 000 Baht deposit. far less costly than 3 mil and haven't heard (yet!) they are going to cancel this option. or have i missed out on something?

anyway the whole thing looks like toxin and co. want to divert public investigation into THEIR activities by blaming evil foreigners (none of whom has ever taken billions of baht profit out of the country and even taxfree).

[dippy]

As of October 1, 2006 the 3 million baht investment visa will no longer be available

It has been brought to the attention of Sunbelt Asia that as of October 1, 2006 the 3 million baht investment visa will no longer be available.

This includes bank investments, condominium investments, and bond investments.

Not only will it NOT be issued, but you CANNOT renew your current investment visa on this basis.

The official statement from Thai immigration is expected this week.

www.sunbeltasiagroup.com

What does this mean for people who are here on a Non Imm B Visa? Does it apply and if so what does it mean to our quartly visa run?

[Bleeder]

It's a little bit like ethnic cleansing.

Am gonna stay indoors all month in case the government send out death squads. I can just see it now, my condo becoming a gift from a general to his mia-noi, while my corpse is thrown on the dead-farang-bonfire at Victory Monument.

It's only a matter of time.

[Rinrada]

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

Low how? B400,000 per year is maybe top 5% of wage earners in the country. Again, how is that low? It is like setting the min salary at $150,000 a year in the US for non-citizens.

The only place in Thailand one can't live a decent middle class life style on B400,000 a year is central Bangkok.

Must remember that Foreign money and local earnings are 2 completely different things..

The dosh that you bring in to the country in Thai eyes aint real money ..its more of a fantasy figure that they will never aspire to and to use that old expression..quite simply "You have money Toooo much"anyway......they just cant work out how you got it??...legally......

Can you imagine a beer in F land costing £50 quid a touch .....Thai Nat min wage 20bt /hour

Also its their country so..YA Boo...and if you wanna stay...PAY

Government dictates can make them/the masses feel good-important-free but the bubble will burst eventually ..its only a matter of time and when it happens it could make "97 seem like a Paupers picknick....but lifes 2 short to worry...

So ..if they put up the marriage visa Non Immi Extention deposit requirements amount up to say 1 million Bt and and the single EX Pat resident to 2 mill....wot next...Free Elite card with every application...

[phil2]

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

A friend of mine just got married and was told last week Friday to show 400000 before he could even apply for the visa.

On Monday,which was yesterday,he did,but was told that the money's been doubled to 800000.

[KronbergTH]

Kronberg; now THAT would be great! And very fair as mentioned before - as people bought based on the old rules. Do you have some more details? Cheers!

We have just called Immigration and they told us that renewal still will be possible?

No, I do not have, but they told my staff so - and it seems reasonable? For now I think we should keep the breath and see what happen.

Anyway, thanks to Sunbelt for bringing this matter into our attention.