Pay and stay, through the Investment Visa

[faranglaowai]

Unfortunately the Thai consulate in Vientiane has told me that they require an instruction from the Board of Investment in Thailand to issue a Non-O visa if the reason for extension will be investment of 10m baht.

The only visa they will issue to me now is Tourist.

[ubonjoe]

Unfortunately the Thai consulate in Vientiane has told me that they require an instruction from the Board of Investment in Thailand to issue a Non-O visa if the reason for extension will be investment of 10m baht.

The only visa they will issue to me now is Tourist.

That would be to get a Non-IB visa. You need a non-b visa not a non-o.

You can change from the tourist visa to a non immigrant visa based upon qualifying for a investment extension at Bangkok immigration. You will need to have your proof of investment whey you apply. You can do it at any time during the 60 day entry from the tourist visa up to the last 15 days.

[gk10002000]

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.

If you do the 500 k Elite visa, you get 5 years but after that, your 500 k is gone. With the 10M you get "forever" and at any point in time you get your money back, barring timed deposit interest payments if you put the money in something like that and did an early withdrawal. Now assuming you wanted to buy a decent little place or condo, 1-3 M or more if you wish is needed. So that leaves 7M. If you put that in a bank you might get 1 or 2 per cent. Poor but better than nothing.

The investment visa costs 20 x what the Elite Visa does. So depending on your age, the Elite Visa could be a fair deal if you are on the elder side of things and don't want to tie up a lot of cash. I am likely to live about 20 more years. That would be 4 Elite visas or 2M, or less if I choose. Yes I qualify for extension on retirement but for ease and convenience the elite visa has some appeal, especially some of the reporting requirements that are coming out of some of the border crossings and immigration offices. The investment visa is possibly a good deal if one is on the younger side of things, has the cash, and maybe really did want to get involved in a business or buy a place to live. If one has to put a few M into a condo, might as well get credit for it as partially satisfying the Investment visa. So don't count out the investment visa.

[jpinx]

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.

If you do the 500 k Elite visa, you get 5 years but after that, your 500 k is gone. With the 10M you get "forever" and at any point in time you get your money back, barring timed deposit interest payments if you put the money in something like that and did an early withdrawal. Now assuming you wanted to buy a decent little place or condo, 1-3 M or more if you wish is needed. So that leaves 7M. If you put that in a bank you might get 1 or 2 per cent. Poor but better than nothing.

The investment visa costs 20 x what the Elite Visa does. So depending on your age, the Elite Visa could be a fair deal if you are on the elder side of things and don't want to tie up a lot of cash. I am likely to live about 20 more years. That would be 4 Elite visas or 2M, or less if I choose. Yes I qualify for extension on retirement but for ease and convenience the elite visa has some appeal, especially some of the reporting requirements that are coming out of some of the border crossings and immigration offices. The investment visa is possibly a good deal if one is on the younger side of things, has the cash, and maybe really did want to get involved in a business or buy a place to live. If one has to put a few M into a condo, might as well get credit for it as partially satisfying the Investment visa. So don't count out the investment visa.

Given that the retirement extension option is so easy to do, and can cost virtually nothing - I still fail to see why an over-50 who can afford the elite or investment options would even consider them. Get the retirement extension system working for you, with an agent if you're lazy. Based on income it ties up none of your money and the fees are small change.....

[lust]

Oh great, and only 10 million baht? I'll take 2.

[faranglaowai]

Unfortunately the Thai consulate in Vientiane has told me that they require an instruction from the Board of Investment in Thailand to issue a Non-O visa if the reason for extension will be investment of 10m baht.

The only visa they will issue to me now is Tourist.

That would be to get a Non-IB visa. You need a non-b visa not a non-o.

You can change from the tourist visa to a non immigrant visa based upon qualifying for a investment extension at Bangkok immigration. You will need to have your proof of investment whey you apply. You can do it at any time during the 60 day entry from the tourist visa up to the last 15 days.

Went to immigration at Chaengwattana and spoke to the officer at the front counter who said that the rules/law had changed and that I could no longer change my TR visa to Non-x in Bangkok but rather had to do it at the Immigration office closest to where I live. She checked the documents though and said that all looked OK.

Then I went to Immigration in Jomtien with all the same information and was told that they will not send it to "head office" because it will likely be rejected and if it is rejected then they will have a black mark on their name because they were not doing their job correctly in vetting the applications.

They said it would be rejected because neither the condo nor the fixed account is 10m. Said it was not acceptable to have say 5m condo + 5m in fixed account.

Since they are not willing to even send my application I am stuck.

The officer that does the extensions of stay had previously confirmed that all my documents were in order and that all I needed was a Non-Immigrant visa. She consulted 2 other officers to confirm that all was OK at the time (before heading to Laos for a visa)

The officer that changes the visa types is not willing to process the application. She did consult another person in the same office who agreed that it would not be accepted.

Thoughts are that I try again in Bangkok telling them that I live in Bangkok but that could be fraught with issues ... unless I actually rent a condo in Bangkok for the duration of the process.

They are starting to wear me down ...

Thoughts? Ideas?

[ubonjoe]

Bangkok should of done it for you. A bit of confusion perhaps on what class of visa you were applying for.

Jomtien was also wrong. The rule clearly state it can be a combination totaling 10 million baht..Perhaps go back and ask to talk to a supervisor.

[paz]

The officer that changes the visa types is not willing to process the application. She did consult another person in the same office who agreed that it would not be accepted.

Thoughts are that I try again in Bangkok telling them that I live in Bangkok but that could be fraught with issues ... unless I actually rent a condo in Bangkok for the duration of the process.

They are starting to wear me down ...

Thoughts? Ideas?

As mentioned before. From multiple reports, Immigration is not granting this type of extensions. You can try submitting it with a legal firm and all the money that goes together with that.

[oncearugge]

The officer that changes the visa types is not willing to process the application. She did consult another person in the same office who agreed that it would not be accepted.

Thoughts are that I try again in Bangkok telling them that I live in Bangkok but that could be fraught with issues ... unless I actually rent a condo in Bangkok for the duration of the process.

They are starting to wear me down ...

Thoughts? Ideas?

As mentioned before. From multiple reports, Immigration is not granting this type of extensions. You can try submitting it with a legal firm and all the money that goes together with that.

" From multiple reports, Immigration is not granting this type of extensions",

How many reports ?

Links please.

[ubonjoe]

The officer that changes the visa types is not willing to process the application. She did consult another person in the same office who agreed that it would not be accepted.

Thoughts are that I try again in Bangkok telling them that I live in Bangkok but that could be fraught with issues ... unless I actually rent a condo in Bangkok for the duration of the process.

They are starting to wear me down ...

Thoughts? Ideas?

As mentioned before. From multiple reports, Immigration is not granting this type of extensions. You can try submitting it with a legal firm and all the money that goes together with that.

" From multiple reports, Immigration is not granting this type of extensions",

How many reports ?

Links please.

I don't recall any such reports. Perhaps if a person did not meet the requirements.

[JB300]

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.)

The requirements listed on the MM2H site (http://www.mm2h.com/mm2h-requirements-terms-and-conditions.php) are...

i) MM2H Applicants aged below 50 years old:

Must place a Fixed Deposit in a bank account in Malaysia of RM300,000 (little less than 2.5Million THB )

Can withdraw up to RM150,000 for the purchase of house, medical insurance or children’s education expenses after the deposit has been placed for one year

Applicants can use their car purchase grant to withdraw part of their Fixed Deposit after two years.

Must maintain a minimum balance of RM150,000 from second year onwards and throughout stay in Malaysia under this programme.

ii) MM2H Applicants aged 50 years and above:

Must place a Fixed Deposit in a bank account in Malaysia of RM150,000 (little less than 1.25Million THB )

Can withdraw up to RM50,000 of the fixed deposit after one year to purchase of house, medical insurance or children’s education expenses.

Applicants can use their car purchase grant to withdraw part of their Fixed Deposit after two years.

Must maintain a minimum balance of RM100,000 throughout their stay in Malaysia under this programme.

0f course the Philippines SRRV is cheaper still at $20,000USD (approx 720,000 THB and available to anybody 35years & older).

[paz]

I don't recall any such reports. Perhaps if a person did not meet the requirements.

I didn't kept a list, but a search would reveal them. Do you have any reports of someone obtaining the extension? I did search and none came up.

[Cpkt8]

Anyone has successfully obtained an Investment visa? Any update?

[Globalist]

Bangkok should of done it for you. A bit of confusion perhaps on what class of visa you were applying for.

Jomtien was also wrong. The rule clearly state it can be a combination totaling 10 million baht..Perhaps go back and ask to talk to a supervisor.

Yes, but please note that there are a couple of "rules" that immigration officers use for the 10M extension:

- You have to apply in the province where your condo is located.

- In case you use 2 or more condos to make up the 10M, then all the condos have to be in the same province.

These "rules" are not found in the police order, but are now standard practice in Thailand.

Also, someone had a question about the bank for the bond option. In principle, the shareholding should be >50% Thai (whatever that means for a SET listed company). Unfortunately, some immigration officers are adamant that only a 100% owned bank may be used. They are wrong, but it can be hard to argue.

I think very few 10M applicants go down the bond route at all, since one or more condos in top notch locations is likely to be a more attractive investment.

[faranglaowai]

I am very pleased to say that after months of back-and-forth, I have received my 1 year extension of stay (based on investment of not less than 10M baht). To say that it was a mission would be an understatement but certainly, for me, worth persisting and even pestering the immigration officers on a daily basis.

As @Globalist says, there are a number of things that appear to be in force that are not written anywhere. I can confirm that if you have a condo involved, you have to process the request in the same province.

Many of the additional requests for supporting documents were attempts to "not lose face" and were completely unreasonable but once I decided to give them everything they asked for and made sure they knew I was not going away, things got easier.

Thanks very much for those that provided support, especially @ubonjoe, without which I may have given up.

If this is a route that you wish to follow, I strongly suggest applying for the visa when you have the money in the bank ... and making the request in Bangkok

-FL

[Bernard Flint]

So if i go ahead and buy this condo, valued 12 million baht, i will not need extension for retirement this year??? Very interesting news

[johnatong]

So if i go ahead and buy this condo, valued 12 million baht, i will not need extension for retirement this year??? Very interesting news

But you will need an extension based on investment.

[uptheos]

surely the elite card is a cheaper option?

The Elite card 500,000 for five years isn't a bad deal.

I thought I read somewhere that they were doing away with them...........anyone else?

[johnatong]

surely the elite card is a cheaper option?

The Elite card 500,000 for five years isn't a bad deal.

I thought I read somewhere that they were doing away with them...........anyone else?

NO ! I have not heard that rumour.

Which bar stool did that one originate from ?

[lkn]

On 3/30/2016 at 10:56 AM, faranglaowai said:

I am very pleased to say that after months of back-and-forth, I have received my 1 year extension of stay (based on investment of not less than 10M baht).

 

This is good to hear. One of the requirements is a non-immigrant visa. I am curious as to how you obtained this, and which category?

[siplanbahtvisa]

Dear UbonJoe, 

 

We have the money in the fixed deposit for over 3 years now. However, how can we proof that the money came from abroad. 

We brought the money over in cash on the plane in increment like 30K and 15 times like that. Because the country where we came from won't allow transfer money outside country unless you have reasons like: medical treatment, going to school, permanent moving. 

but paperworks are long and difficult if not impossible. Therefore, one has to travel by plane many many times and each time bring some in order to bring your money out. 

[gk10002000]

On ‎3‎/‎30‎/‎2016 at 2:24 AM, uptheos said:

The Elite card 500,000 for five years isn't a bad deal.

I thought I read somewhere that they were doing away with them...........anyone else?

And they recently made a new offer of I think 700k or 800k baht for 10 years. So now you get a bit of a discounted price for 10 years.

[ubonjoe]

9 hours ago, lkn said:

 

This is good to hear. One of the requirements is a non-immigrant visa. I am curious as to how you obtained this, and which category?

He probably  like many others did a change from a tourist or visa exempt entry to a 90 day non immigrant visa entry at immigration in Bangkok by showing the 10 million baht had been transferred into the country.

[ubonjoe]

12 minutes ago, siplanbahtvisa said:

Dear UbonJoe, 

 

We have the money in the fixed deposit for over 3 years now. However, how can we proof that the money came from abroad. 

We brought the money over in cash on the plane in increment like 30K and 15 times like that. Because the country where we came from won't allow transfer money outside country unless you have reasons like: medical treatment, going to school, permanent moving. 

but paperworks are long and difficult if not impossible. Therefore, one has to travel by plane many many times and each time bring some in order to bring your money out. 

There is no acceptable way you could prove the funds cane from abroad. The rules clearly stat it has to be transferred into a Thai bank

A workaround might be to open a bank account in a 3rd country and transfer the funds to it and then back into a bank here.

[siplanbahtvisa]

Dear UbonJoe, 

 

can i solve the problem of proofing the money transfer over by 

1) go thru the middlemen (like a friend of a friend or like a lawyer firm) for a fee and everyone is happy?? 

 

or do i need to fly to like australia and open an account there and then transfer from thailand and back to thailand. If i am doing this way 

a) does thailand allow to transfer money out of country to australia? 

[Ronuk]

8 minutes ago, siplanbahtvisa said:

Dear UbonJoe, 

 

can i solve the problem of proofing the money transfer over by 

1) go thru the middlemen (like a friend of a friend or like a lawyer firm) for a fee and everyone is happy?? 

 

or do i need to fly to like australia and open an account there and then transfer from thailand and back to thailand. If i am doing this way 

a) does thailand allow to transfer money out of country to australia? 

You have the same problem. You need to prove the money you have in Thailand came from a foreign source before you can transfer it out.

[siplanbahtvisa]

Hi Ronuk, 

 

Can i show the withdrawal slip from a bank abroad where i'd withdrawn my money and brought over in cash? would this be enough

[Ronuk]

3 minutes ago, siplanbahtvisa said:

Hi Ronuk, 

 

Can i show the withdrawal slip from a bank abroad where i'd withdrawn my money and brought over in cash? would this be enough

Not sure that would work. There are limits on the amount of cash you could bring from your country and limits on the amount of cash you can bring in to another country such as Thailand without declaring at the the time the amount above the set amounts to customs.

Personally, I consider you need to seek legal advice to be sure of not being in a whole lot of trouble.

Be careful because you could end up with the whole lot being confiscated. I know what happens here in this type of situation ?

[siplanbahtvisa]

Hi Ronuk, 

if one doesn't go over the limit allowed per person per travel and if one has a family go together and multiply that by how many times one has in the passport. Over time, it does add up

[Ronuk]

7 minutes ago, siplanbahtvisa said:

Hi Ronuk, 

if one doesn't go over the limit allowed per person per travel and if one has a family go together and multiply that by how many times one has in the passport. Over time, it does add up

Hi, as I said, I think best you seek legal advice. I am not sure a forum is the best place to discuss, under the circumstances, what you are trying to achieve