Condos and Visas - can you legally live in a condo?

[jgd1004]

Can someone explain how the condo buying works for farangs please. If someone was to buy a condo can we actually live in it legally forever or do we have to get a visa and do border runs? Also how does everyone else Get around staying in thailand if your not married to a thai and don't own a property? Does everyone leave the country every so often? Thanks ?

[ubonjoe]

Buying a condo does not give you a right to stay in the country. You still need a visa or an extension of stay.

If the purchase price is 10 million baht or more or if less you can put money in a Thai bank to reach a total of 10 million baht you could apply for an extension of stay based upon investment. Then if you have a family they can get extension based upon yours.

If you cannot qualify for an extension of some kind you have to leave the country to get a new visa.

There is the option of the Thai Elite program that allows one year entries from a visa valid for 5 years. See: http://www.thailandelite.com/glimpse.php

[phantomfiddler]

One important question, how old are you ? If you are over 50 (I think) the easiest and cheapest way is to get a retirement visa, which you can renew every year without leaving the country. Only costs 1,900 Bht !  Should you wish to buy a condo all you have to provide is proof that you brought the money in from abroad to buy it. Your bank manager will give you the required letter to give to the Land Department. Best place to get good and free advice is hit any well established bar and ask the legurals ! 

[Mrjlh]

6 minutes ago, phantomfiddler said:

One important question, how old are you ? If you are over 50 (I think) the easiest and cheapest way is to get a retirement visa, which you can renew every year without leaving the country. Only costs 1,900 Bht !  Should you wish to buy a condo all you have to provide is proof that you brought the money in from abroad to buy it. Your bank manager will give you the required letter to give to the Land Department. Best place to get good and free advice is hit any well established bar and ask the legurals ! 

Yep...just run down to the local bar get drunk and ask for advice.  Best way to live life!! NOT!  Follow Ubonjoe's advice.

[Mousehound]

Er....  just in case the OP doesn't get it, Mrjilh is being sarcastic.  Ubonjoe is one of the few on TV you can rely on to be correct.  There are many threads on visas and Condo ownership etc.  It is a long task wading through them but you will see there are not so many people that really know there stuff - in particular about visas - Ubonjoe, in my opinion, is the most informative and accurate poster.  There are a few others that know their stuff, and a lot of posters that spread confusion and misinformation.  My advice is research all you can and then just clarify anything you are unsure of.

 

[1FinickyOne]

Those are two separate subjects... yes, you can buy a condo.... but be very careful as it might not be easy to re-sell if you want to move - but there are many furnished condos for rent and leases can be short term... 

 

For a visa to stay here, you need to meet the qualifications... 

[jgd1004]

Thanks for the replies. I'm 34 years old and would love to live in thailand at some point, it's obvious possible because lots of westerners are doing so already but for me at the moment it's not possible due to commitments in the UK so my thoughts were to buy a condo and be out there on a regular basis. But I didn't know what the deal was if later on I decide I want to live in Los full time in the condo I would buy. Thanks

[Deepinthailand]

I have seen adverts up on billboards and other places saying buy a condo and we guarantee a 5/10 year visa how does this work???

[HampiK]

5 minutes ago, Deepinthailand said:

I have seen adverts up on billboards and other places saying buy a condo and we guarantee a 5/10 year visa how does this work???

 

I would think, if you are talking about expensive condos, then in the price could be included a PE Visa (5/10/20) years.

If you pay 40 million baht for a condo.. they could spend like 500K for a PE visa.

 

But with such a condo it's also possible for a investement visa.. Maybe they help with the paperwork. I never saw such a billboard...

[Deepinthailand]

10 minutes ago, HampiK said:

 

I would think, if you are talking about expensive condos, then in the price could be included a PE Visa (5/10/20) years.

If you pay 40 million baht for a condo.. they could spend like 500K for a PE visa.

 

But with such a condo it's also possible for a investement visa.. Maybe they help with the paperwork. I never saw such a billboard...

Was on motorway just before entering pattaya. just google it it's a 5 year vip visa thing extended 4 times to get 20 years included in the price of the condo.

http://www.propertyguru.com.sg/property-management-news/2015/6/97726/a-first-for-thailand-buying-property-with-a-20-yea

Edited November 1, 2016 by Deepinthailand

[HampiK]

As it is wrotten in the text you gave the link to....

 

Quote

 

The visa will come as part of the purchase of a unit at Southpoint ans the owner can sell the unit and the visa together, if he or she so wishes.

 

 

So you have to pay the price for the ThaiElite Visa. It would be interesting to know if you have discounts for buying an Elite Visa :)

[NancyL]

You could just fork over 500,000 baht for a Thai Elite visa and save yourself the headache of being locked into ownership of the condo that came with it.  Condo ownership is way over-rated here, in my opinion, esp. for people who don't have Thai family members.  It's always best for a newbie to rent for a few years to figure out how and where he wants to spend him time in Thailand before getting stuck with a condo that is difficult to sell.

 

If you're under age 50, just get a Thai Elite visa -- seems like a good deal to me.

[texanaust]

19 hours ago, ubonjoe said:

Buying a condo does not give you a right to stay in the country. You still need a visa or an extension of stay.

If the purchase price is 10 million baht or more or if less you can put money in a Thai bank to reach a total of 10 million baht you could apply for an extension of stay based upon investment. Then if you have a family they can get extension based upon yours.

If you cannot qualify for an extension of some kind you have to leave the country to get a new visa.

There is the option of the Thai Elite program that allows one year entries from a visa valid for 5 years. See: http://www.thailandelite.com/glimpse.php

 

Ubonjoe,

Do you need a specific visa to apply for an extension of stay based upon investment?  I assume you are talking about an extension of stay applied for in Thailand.  We are currently getting the runaround with Washington DC re. our visas and are looking for a different option.  Our condo was purchased for close to 10 million, so we could add money to our bank account if necessary.  Thank you in advance for any advice.

[elgenon]

Ubon Joe. What kind of a bank account would be needed?

Thanks

 

Does the entire 10,000,000 have to be brought in for that purpose or only the money for the condo?

Edited November 1, 2016 by elgenon

[ubonjoe]

50 minutes ago, texanaust said:

 

Ubonjoe,

Do you need a specific visa to apply for an extension of stay based upon investment?  I assume you are talking about an extension of stay applied for in Thailand.  We are currently getting the runaround with Washington DC re. our visas and are looking for a different option.  Our condo was purchased for close to 10 million, so we could add money to our bank account if necessary.  Thank you in advance for any advice.

There is no visa that you can get for investment at an embassy or consulate for investment unless it done through the BOI.

You could enter on a tourist visa and do a change of visa status to get a non immigrant visa entry (category B ) at immigration then apply for the extension of stay. Then after you have your extension your family members could get non-o visas and extensions as your dependents.

You will need proof the funds came from abroad that you put in the bank to reach the 10 million number.

 

[ubonjoe]

46 minutes ago, elgenon said:

Ubon Joe. What kind of a bank account would be needed?

Thanks

 

Does the entire 10,000,000 have to be brought in for that purpose or only the money for the condo?

It can be in a savings or a fixed term account. The money to reach 10 million can be in government bonds as well.

You could transfer the funds in for the condo purchase and the money to reach the 10 million number at different times but all the funds have to of come from abroad.

[texanaust]

10 minutes ago, ubonjoe said:

There is no visa that you can get for investment at an embassy or consulate for investment unless it done through the BOI.

You could enter on a tourist visa and do a change of visa status to get a non immigrant visa entry (category B ) at immigration then apply for the extension of stay. Then after you have your extension your family members could get non-o visas and extensions as your dependents.

You will need proof the funds came from abroad that you put in the bank to reach the 10 million number.

 

 

Thank you for the clarification.  For the last two years we have been getting Non-O multi's based on investment-apparently in error and the Washington DC embassy has now said they were "illegal."  Even though Washington approved the visas at the time...go figure.  We will now try and do a change of status as you suggested at the local immigration office.  Thank you again for your advice.

[JackThompson]

On 11/2/2016 at 0:39 AM, NancyL said:

You could just fork over 500,000 baht for a Thai Elite visa and save yourself the headache of being locked into ownership of the condo that came with it.  Condo ownership is way over-rated here, in my opinion, esp. for people who don't have Thai family members.  It's always best for a newbie to rent for a few years to figure out how and where he wants to spend him time in Thailand before getting stuck with a condo that is difficult to sell.

 

If you're under age 50, just get a Thai Elite visa -- seems like a good deal to me.

 

It is indeed possible to buy and sell a condo and loose 500K - if it is an expensive condo, and not purchased with a good handle on market-prices.  But that would also be an "investment loss" that might at least be helpful tax-wise.  It might be more difficult to find a tax-deduction for spending money on an "extended tourist visa" that cannot be used in any way connected to business.

 

But as the OP notes ...

 

On 11/1/2016 at 8:05 PM, jgd1004 said:

Thanks for the replies. I'm 34 years old and would love to live in thailand at some point, it's obvious possible because lots of westerners are doing so already but for me at the moment it's not possible due to commitments in the UK so my thoughts were to buy a condo and be out there on a regular basis. But I didn't know what the deal was if later on I decide I want to live in Los full time in the condo I would buy. Thanks

 

In the meantime, while he is just spending bits of time here, SETVs would be the wiser use of funds.  I do agree that renting would be wiser while checking out where he might want to live in Thailand, and to get a better feel for the market.