Questions about the Investment Visa via Condo (application etc)

[bart1000]

Sorry, if this has been covered, I have looked but not found exactly the answers I want.

I have a condo purchase at 10m 2 years ago so I quality for the investment visa as I understand it.

0. I won't actually move to Thailand full time for 2 years but I am thinking it is worth applying NOW, in case they change the policy. Sensible?

1. Is it necessary to hire a laywer to help with the application or can one do it oneself (no I don't have a thai wife, gf etc) but have a few contacts that could help with language.

2. Are there any downsides / pitfalls to this kind of visa?

3. Anyone have laywer recommendations that would help wiht this at reasonable fee ? (I have had bad experiences with lawyers in Bangkok viz incompetence)

4. The purchase was a resale i.e NOT bought from the developer. I have not seen anything official that says the condo must have been purchased directly from the developer but I just saw a poster saying that this is the case. Could anyone give definitive answer on this and post a source?

Here is a link to Tileke and Gibbons (no mention of the purchase having to be direct from the developer)

http://www.tilleke.com/resources/one-year-visas-foreign-condominium-owners

Many thanks in advance

Bart

Edited December 5, 2015 by bart1000

[expatbrit]

You may find this thread informative/helpful.

http://www.thaivisa.com/forum/topic/857148-pay-and-stay-through-the-investment-visa/

[bart1000]

Thanks Expat Brit, but I can't see anything there that pertains directly to my questions.

I think the key question now is question no 4.

Apart from one poster, I can't see any requirement that this condo purchase must be direct from a developer (and not a re-sale)

Other investment schemes (e. g Hong Kong) do not require such a thing.

Thanks, in advance

[expatbrit]

Thanks Expat Brit, but I can't see anything there that pertains directly to my questions.

I think the key question now is question no 4.

Apart from one poster, I can't see any requirement that this condo purchase must be direct from a developer (and not a re-sale)

Other investment schemes (e. g Hong Kong) do not require such a thing.

Thanks, in advance

I believe that unless your property was purchased directly from the developer ( ie. as new) you will not qualify for an "investment visa"

You should wait............... there may be more responses to your questions.

[bart1000]

Hello Expat Brit

Thanks. Just wondering. On what basis do you think this? I cannot find anything at all that says this. If you have , can you forward me in this direction?

Thanks

[expatbrit]

Hello Expat Brit

Thanks. Just wondering. On what basis do you think this? I cannot find anything at all that says this. If you have , can you forward me in this direction?

Thanks

My thinking is based on something I recall reading.

If I can remember exactly where I saw this I will forward a link

[bart1000]

Hi Expat Brit

Thanks, appreciate that. I did see a poster saying this, but this poster offered no substance to the assertion, therefore it isn't of any value as it was written.

If it IS true (and there is definitive evidence of this stipulation, then the other questions I posed become moot, so it's important).

[Cpkt8]

Hi,

I too am thinking of applying for investment visa. However there is no report on anyone successfully getting one.

I did read from the forum that the condo purchase has to be directly from developer. Not able to confirm this though.

[bart1000]

Hi CPKt8

Thanks.

Is there someplace that 'reports' on successful applications?

I really do hope we are not going to get a string of replies from people saying that that they "think they heard or read" of this or that or the other.

Let's see.

What I would like to see is a link to an official source that says this is so. If so, not problem. I have found several offical sources that stipulate only that one must have "purchased a condo at 10m or more" and have a valid contract to say so.

[Cpkt8]

Hi Bart1000,

If you're entering Thailand on tourist visa, upon expiring of visa:

You need to apply for an extension of stay based upon investment.

To get the extension will be a 2 step process. Once you have the proof of the 10 million baht investment you would apply for a change of visa status to obtain a 90 day non immigrant visa entry. The Change can only be done at Bangkok immigration.

Then during the last 30 days of the 90 day entry you would apply for the one year extension of stay based on investment at Chiang Mai immigration.

(This advice is given by UbonJoe, very helpful and knowledgable guy)

[bart1000]

Hi Bart1000,

If you're entering Thailand on tourist visa, upon expiring of visa:

You need to apply for an extension of stay based upon investment.

To get the extension will be a 2 step process. Once you have the proof of the 10 million baht investment you would apply for a change of visa status to obtain a 90 day non immigrant visa entry. The Change can only be done at Bangkok immigration.

Then during the last 30 days of the 90 day entry you would apply for the one year extension of stay based on investment at Chiang Mai immigration.

(This advice is given by UbonJoe, very helpful and knowledgable guy)

[Cpkt8]

(As advised by UbonJoe)

Getting the investment extension is not that difficult if you meet the requirements.

Have you looked at clause 2.5 ( of Police Order 327/2557 basis for extension of stay.

You have to have a total 10 million bath invested in a Condo and/or in a Thai bank.

[bart1000]

Hi CpKt8

Thanks. I think we are getting a bit sidetracked here. Maybe I need to change the thread title.

I want definitive answer to the whether the 10m condo purchase must be from a developer OR NOT

There is no suggestion on ANY official docs I have seen that this is the case (i.e that it MUST be from a developer).

Let's see if anyone knows.

Of course, I can start ringing laywers just thought that maybe ThaiVisa posters might have evidence/ experience before I do so

[WhizBang]

My experience:

Around 2002 I bought my condo (resale) for 10 Million + baht. At the time I was told I could get a non O based on investment. I was able to get the non O visa for about 5 or 6 years, then one year my visa was denied. The reason given was 'the rules had changed'.

Your mileage my vary. Good luck.

[falang07]

I am 100% sure it must be a NEW condo because the only reason of this visa is to support the selling of new units (they do not care about units that were sold already, they need to sell new units to help the developers/employment, not to help the sellers of second hand units).

It is much better to just transfer 10M Baht and apply for this visa using a fixed deposit in a bank since this way they would risk losing your investment if they did not give you the investment visa. If you bought the condo already, the fish is already caught and they are happy already.

[theguyfromanotherforum]

It is only a new unit from developer that qualifies.

It can not be a "second hand" unit.

I know this for a fact as a friend of mine bought one for this purpose only.

This is what he has been told.

[bart1000]

Thanks Falang 07 While there is logic to what you say the new rules apply to condo purchased after 2008, so even those holding condos for 7 years would qualify despite also being caught fish. I am not bothered either way since i wont live there for quite a few years but I will certainly check it with some laywers in case.

[Cpkt8]

Thanks Falang 07 While there is logic to what you say the new rules apply to condo purchased after 2008, so even those holding condos for 7 years would qualify despite also being caught fish. I am not bothered either way since i wont live there for quite a few years but I will certainly check it with some laywers in case.

Would appreciate if you could post here whatever info you have got after checking with lawyers.

Thanks!

[bart1000]

HI Cpkt8

I will, sure. Also, if you happen to come across any lawyers by phone it would be go to cross reference. Most firms are happy to answer these questions on the phone (in the hope that they will get the business of overseeing the application). But from my personal experience of lawyers in Bangkok, misinformation is common so multiple source confirmation either way would be very valuable

[expatbrit]

HI Cpkt8

I will, sure. Also, if you happen to come across any lawyers by phone it would be go to cross reference. Most firms are happy to answer these questions on the phone (in the hope that they will get the business of overseeing the application). But from my personal experience of lawyers in Bangkok, misinformation is common so multiple source confirmation either way would be very valuable

Before attempting to obtain information from "lawyers" may I suggest you PM "ubonjoe" (one of the forum moderators" with your query.

ubonjoe is knowledgeable and will, I am sure, provide good advice linked, if possible, to an authoritative reference.

[bart1000]

Good Idea Expat Brit

Calling lawyers, though (seeing as it's free) would be quite a useful source though, I would have thought

[expatbrit]

Good Idea Expat Brit

Calling lawyers, though (seeing as it's free) would be quite a useful source though, I would have thought

I would never trust advice given "free" by a lawyer !

If you check the websites of those who offer "free" advice you will discover they are littered with error.

[bart1000]

Hi Exbat Brit

I couldn't agree more. As I said I have had bad advice even when paying for it. But these people will only be paid on "successful" application of visa, so if they care to dish out bogus/uninformed advice, "they" will end up paying for it. It is therefore not really in their interest to be deceitful. However, 'incompetence' is certainly not out of the question.

I suspect that even given Thailand's Micky Mouse characteristics, there is "somewhere" in Thai, the minutia of the law pertaining to visa applications by condo. Perhaps if 4 or 5 Thai lawyers read this and confirm one way or another, it might be of some value.

[Globalist]

Hi CpKt8

Thanks. I think we are getting a bit sidetracked here. Maybe I need to change the thread title.

I want definitive answer to the whether the 10m condo purchase must be from a developer OR NOT

There is no suggestion on ANY official docs I have seen that this is the case (i.e that it MUST be from a developer).

Let's see if anyone knows.

Of course, I can start ringing laywers just thought that maybe ThaiVisa posters might have evidence/ experience before I do so

It needs to be purchased directly from developer (i.e. off-plan or pre-deeds-transfer re-sale).

OP see my PM.

[condobrit001]

I tried this route ten years ago for a condo which cost me 17 million. Immigration at Bangkok were adamant that to qualify you must purchase the condo from the original landowner. Developers purchase the land for their projects from the original landowner or landowners, so even a new build or off plan purchase will not qualify. Second hand purchases definitely do not qualify.

[Globalist]

I tried this route ten years ago for a condo which cost me 17 million. Immigration at Bangkok were adamant that to qualify you must purchase the condo from the original landowner. Developers purchase the land for their projects from the original landowner or landowners, so even a new build or off plan purchase will not qualify. Second hand purchases definitely do not qualify.

That may possibly have been the case ten years ago, but it is absolutely not the case today.

The present tense phrasing "will not qualify" is therefore, at best, unhelpful.

[aronp1]

Buying a condo doesn't constitute as an investment.

[expatbrit]

Buying a condo doesn't constitute as an investment.

That comment is as unhelpful as it is untrue.

Read the thread.

[Paul888]

Contact Immigration direct and ask them.

If they say it has to be a new unit, sell the condo you have and buy a new one that would qualify. You say you have two years to do this.

[RubberBroke]

Back in 2013 when I went to get my ED extension I asked the Officer who signed my passport stamp about the 10 Million investment visa. I was told that I had to own the resale condo for a minimum of 3 years before I could apply for a visa.

I strongly suggest you ask immigration directly so as to be absolutely clear.