Pay and stay, through the Investment Visa

[Lite Beer]

Phuket Law: Pay and stay, through the Investment Visa
Olaf Duensing

The Investment Visa offers an alternative to the other forms of visas, and the rights to stay they provide.

Before the summer of 2014, many foreigners in Thailand who did not qualify for a long-term visa would achieve the same by entering, exiting, and re-entering Thailand on a short-term tourist visa. Thailand’s 2014 post-coup military government ended this practice.

However, the good news is that there are other options,one of which is the “Investment Visa”. The Investment Visa provides a way for eligible foreigners to stay in Thailand without the need to leave on a regular basis and stay in Thailand on a long-term basis.

This option might also provide an alternative that does not involve the annual proof of funds required to renew a “retirement visa” for retirees over the age of 50 who meet the other requirements for that visa.

The relevant regulations for obtaining an Investment Visa under the Immigration Act are:

A) Royal Thai Police Bureau Order No. 327/2557 Regarding Criteria and Conditions for Consideration of Alien’s Application for Temporary Stay in Thailand, dated 30 June 2014, effective 29 August 2014 (the “Police Order”); and


B. Immigration Bureau Order No. 138/2557, dated 7 July 2014, and effective from 29 August 2014, issued under the Police Order.

Pursuant to the Police Order, a foreigner is eligible for a renewable Investment Visa if such a foreigner has invested in Thailand and:


1) holds a non-immigrant visa (in other words, not a tourist visa); and


2) has evidence of transferring at least B10 million into Thailand; and


3(a) has evidence – obtained from a relevant authority – showing investment in a legally defined condominium unit (either freehold or a three-year or more leasehold) at a purchase price or a rent of at least B10 million; or


3.b. has at least B10 million in a fixed-deposit account at a Thai bank whose share capital is majority Thai owned; or


3© has purchased and owns Thai government or Thai state enterprise bonds worth at least B10 million.

Interestingly the different investment options outlined above can be combined. Therefore it is, for example, possible to qualify for the Investment Visa by purchasing a condominium unit for less than B10 million and in addition deposit the balance of B10 million to a fixed-deposit account at a
qualified Thai bank. The main criterion to be eligible for an Investment Visa is that the total combined investment is at least B10 million.

Once all the criteria for the Investment Visa are satisfied, it can be renewed annually as long as a qualifying B10 million investment is maintained.

Another significant benefit to note is that it provides longterm stay in Thailand not only for the investing party, but also for family members of the investor, such as parents, spouse, child(ren), adopted child(ren), spouse’s child(ren). Such family members of the Investment Visa holder must:


1) be granted a Non-Immigrant visa;


2) have proof of the family relationship;


3) in case of a spouse, the spouses must be both legally married and co-habitating; and


4) in case of a child, an adopted child, or a spouse’s child, he or she must not be married, must live with the Investment Visa holder as family, and must not be older than 20 years of age unless
he or she is ill or disabled and cannot live without the support of a father or mother.

It should be noted that an Investment Visa does not absolve its holder nor family member of visa holders of the same 90-day reporting rule applicable to most other long-term Thai visas.

And, very importantly,the Investment Visa alone does not entitle the holder or his or her family work in Thailand – they still must obtain a work permit in addition to the visa.

It should be noted that the definition of “working” is very broad. It is defined as “engaging in work by exerting energy or using knowledge whether or not in consideration of wages or other benefit”.

– Olaf Duensing, Tax & Law Expert,

Duensing Kippen

Source: http://www.thephuketnews.com/phuket-law-pay-and-stay-through-the-investment-visa-54173.php

-- Phuket News 2015-09-20

[AJBangkok]

How long is the extension of stay granted and can you just extend at local immigration rather than leaving the country

[Lite Beer]

12 months and you apply again at Immigration in Thailand.

[Gulfsailor]

When was the last time an extension or visa based on 10m investment was granted?

[Lite Beer]

When was the last time an extension or visa based on 10m investment was granted?

Never seen a report of one here.

[ubonjoe]

I suspect they are granted on a regular basis but we just don't hear about all of them on this forum. I can recall posts by people that have gotten them.

[jpinx]

surely the elite card is a cheaper option?

[Soutpeel]

Dont see why the headline, nothing new here unless i have missed something.....this visa type has been availble for a long time, phuket law appear to be suggesting its something new.....its not

[Soutpeel]

surely the elite card is a cheaper option?

Not really as for TE you put your 2.0 million or 500k in and the money is gone, but a 10million investement visa has resulted in some " assets" which in theory at least should increase in value...at very worst in theory....you get all your money back

[jpinx]

surely the elite card is a cheaper option?

Not really as for TE you put your 2.0 million or 500k in and the money is gone, but a 10million investement visa has resulted in some " assets" which in theory at least should increase in value...at very worst in theory....you get all your money back

You seriously think it is wise to invest 10million? ... and invest it in what reasonably safe project? At least the Elite card only costs 500k for 5 years - afaik. 10 million in a western term deposit would just about make enough to pay the Elite card, and virtually no risk on the original nest egg

You stll have to renew annually and do 90 day reports and apply for re-entry permits.

Edited September 20, 2015 by jpinx

[ubonjoe]

surely the elite card is a cheaper option?

Not really as for TE you put your 2.0 million or 500k in and the money is gone, but a 10million investement visa has resulted in some " assets" which in theory at least should increase in value...at very worst in theory....you get all your money back

You seriously think it is wise to invest 10million? ... and invest it in what reasonably safe project? At least the Elite card only costs 500k for 5 years - afaik. 10 million in a western term deposit would just about make enough to pay the Elite card, and virtually no risk on the original nest egg

You stll have to renew annually and do 90 day reports and apply for re-entry permits.

You don't invest in any project. Go back and read the OP.

It is 10 million baht total in the bank,and/or government bonds and/or a condo.

[jpinx]

surely the elite card is a cheaper option?

Not really as for TE you put your 2.0 million or 500k in and the money is gone, but a 10million investement visa has resulted in some " assets" which in theory at least should increase in value...at very worst in theory....you get all your money back

You seriously think it is wise to invest 10million? ... and invest it in what reasonably safe project? At least the Elite card only costs 500k for 5 years - afaik. 10 million in a western term deposit would just about make enough to pay the Elite card, and virtually no risk on the original nest egg

You stll have to renew annually and do 90 day reports and apply for re-entry permits.

You don't invest in any project. Go back and read the OP.

It is 10 million baht total in the bank,and/or government bonds and/or a condo.

"project" is a term used to describe any collection of "financial projects" which may include anything.

10 million for no security of residence is just too much to risk when there are better options giving the same lack of security, but not so financially demanding.

[elviajero]

"Thailand’s 2014 post-coup military government ended this practice."
No it didn't.

"However, the good news is that there are other options,one of which is the “Investment Visa”."

It's hardly a realistic alternative to people staying here long term on TR's!

[glbv]

I have an elite visa that I paid 500k for. After doing the math on visa runs and my time included it was very clear that it was a good deal.

Investmenthe visas don't offer any of the perks that an elite visa does to my know lage and also are slower to process.

[mimi9000]

Who would do such a ridiculous thing?

[Stray]

While not a new Thai visa option, bringing it back into the spotlight may be a reaction to Malaysia's current attempt at coaxing retirees to settle in Malaysia.

According to the recent article in the Australian press, "The Malaysian government has admitted the long-term visa program is an attempt to get foreign money flowing into the country.

"With this program there is a lot of money coming from overseas," tourism minister Mohamed Nazri Abdul Aziz told the ABC during an interview in the country's Parliament House.

"The money is big. Each person I can say is bringing in 1 million Malaysian ringgit at least."

Also in the article, "To qualify for the (10 year) MM2H visa, applicants over the age of 50 are required to supply 100,000 ringgit (AUD32,700) for a long-term fixed deposit and purchase a property that costs 1 million ringgit (AUD327,000)."

I could be wrong but it seems that the Thai investment visa option is a better (and cheaper) option than the Malaysian offer. (I am only basing this on the 'glossies' I have read and not any in-depth research.)

Edited September 20, 2015 by Stray

[catinthehat]

Our business here owns a home worth about 10 MTB. With othere fixed term deposits, insurance annuities, land etc, etc.

Can the house and property figure into the equation?

And what about land that my wife and I have invested in?

All together about 30 MTB worth of assets.

[ubonjoe]

Our business here owns a home worth about 10 MTB. With othere fixed term deposits, insurance annuities, land etc, etc.

Can the house and property figure into the equation?

And what about land that my wife and I have invested in?

All together about 30 MTB worth of assets.

It has to be a condo in your name. No house or property can be used.

A fixed term deposit can be used but it has to be proved the money came from abroad.

See clause 2.5 of Police Order 327/2557 basis for extension of stay which states what can be used.

[HerbalEd]

surely the elite card is a cheaper option?

Not really as for TE you put your 2.0 million or 500k in and the money is gone, but a 10million investement visa has resulted in some " assets" which in theory at least should increase in value...at very worst in theory....you get all your money back

You seriously think it is wise to invest 10million? ... and invest it in what reasonably safe project? At least the Elite card only costs 500k for 5 years - afaik. 10 million in a western term deposit would just about make enough to pay the Elite card, and virtually no risk on the original nest egg

You stll have to renew annually and do 90 day reports and apply for re-entry permits.

Are you absolutely sure you have to apply for re-entry permits with this investment visa? You do not need to with the Thai Elite Visa.

[DeeMak9]

Are chanotes in my name enough proof the money came from overseas?

[ubonjoe]

Are you absolutely sure you have to apply for re-entry permits with this investment visa? You do not need to with the Thai Elite Visa.

It is an extension of stay based upon investment so it requires a re-entry permit if you want to travel..

The PE visa from the Thai Elite program is a multiple entry visa that allows unlimited 1 one year entries for 5 years.

[Cpkt8]

Is that 10 million investment tax reclaimable? Currently one must have proof of stay in Thailand for at least 180 days in order to be able to get tax refund.

[ubonjoe]

Is that 10 million investment tax reclaimable? Currently one must have proof of stay in Thailand for at least 180 days in order to be able to get tax refund.

How would you claim a refund for something that is not taxed. If you left it in a bank account and had tax deducted for interest earned you could claim a refund.

The 180 days is only for tax liability for certain income that is taxable not to get a refund.

[totally thaied up]

I can easily get this money, I am well under 50 (46 now) and would this also mean, if my parents wanted to retire here as well, they could do so under this scheme with me?

I just did my sums and this is cheaper then a 20 year Thai Elite Visa for the same amount of time.

So I just transfer money from overseas into a Thai Bank account (10 Million), put this into a Terms and then how do I change my Tourist Visa to a Non O?

Can someone explain if the above is correct?

[ubonjoe]

I can easily get this money, I am well under 50 (46 now) and would this also mean, if my parents wanted to retire here as well, they could do so under this scheme with me?

I just did my sums and this is cheaper then a 20 year Thai Elite Visa for the same amount of time.

So I just transfer money from overseas into a Thai Bank account (10 Million), put this into a Terms and then how do I change my Tourist Visa to a Non O?

Can someone explain if the above is correct?

If your parents are 50 or over they could get an extension of stay as your dependents under clause 2.20 of the police order. I know your parents are over 50 but just quoting the rule. Once you have the extension they would be able to get non-o visas from an embassy or consulate to apply for the extension.

After you have the money transferred in you could apply for a change of visa status to get a 90 day non immigrant visa entry at Bangkok immigration. It would probabley take two trips to immigration 15 days apart to get the visa/entry stamps.

Then during the last 30 days of the 90 day entry from the visa you would apply for an extension of stay based upon investment.

[Sviss Geez]

When was the last time an extension or visa based on 10m investment was granted?

Never seen a report of one here.

Hardly a surprise.

[Suradit69]

Not really as for TE you put your 2.0 million or 500k in and the money is gone, but a 10million investement visa has resulted in some " assets" which in theory at least should increase in value...at very worst in theory....you get all your money back

You seriously think it is wise to invest 10million? ... and invest it in what reasonably safe project? At least the Elite card only costs 500k for 5 years - afaik. 10 million in a western term deposit would just about make enough to pay the Elite card, and virtually no risk on the original nest egg

You stll have to renew annually and do 90 day reports and apply for re-entry permits.

You don't invest in any project. Go back and read the OP.

It is 10 million baht total in the bank,and/or government bonds and/or a condo.

"project" is a term used to describe any collection of "financial projects" which may include anything.

10 million for no security of residence is just too much to risk when there are better options giving the same lack of security, but not so financially demanding.

""project" is a term used to describe any collection of "financial projects" which may include anything. "

Thanks for the laugh. "which may include anything"

Buying a condo or putting money in a Thai bank or government bonds would hardly be called a project.

Based on recent history, Baht 10 million in a Thai bank would be a lot safer than keeping a similar amount in some US or European banks that went belly up or whose governments denied free access to money on deposit and holding that amount in a western savings account or money market account these days would generate income that wouldn't keep up with the rate of inflation as benign as it may still be.

Besides which, the cyclical currency exchange rate may add foreign currency value to the deposit when the baht comes off its lows.

Edited September 20, 2015 by Suradit69

[bazza40]

It all sounds too complicated to me. I'll stick to my self-imposed rule - 20% of funds in Thailand, 80% in country of origin. Retirement visa.

I sometimes wonder if the Thais don't enjoy watching falangs thai themselves up in knots over the various visas available.

[Pattaya46]

Who would do such a ridiculous thing?

How is that ridiculous ?

You buy your condo to live in and this allow you to stay full time.

Doesn't seem a bad option for a not-married, not-working, not over-50, (not etc.), person.

[jspill]

"Thailand’s 2014 post-coup military government ended this practice."

No it didn't.

The article probably means 30 day visa waivers, the media always seems to call those tourist visas