Under 50? Got a bit of cash? Here's your visa solution

[MM 6,562]

From http://www.pattayamail.com/moneymatters/thai-investment-visa-could-be-key-to-long-stay-43971

 

 

Thai Investment Visa could be key to long stay
Friday, 02 January 2015From Issue Vol. XXIII No. 1[/size]By Paul Gambles Co-founder of MBMG Group

Amidst all the brouhaha surrounding the proposed changes to the Foreign Business Act (FBA), and before that the changes to short-term tourist visa rules, one important development could easily be overlooked: the long-term investment visa.

Despite the Prime Minister and his deputy’s assurances that the FBA would not be changed, it is not to say that it won’t be at some point in the future, however distant.
That’s because preferential shares exploit a loophole within the letter, though outside the spirit, of the current law: the wording of the FBA does not expressly prohibit the use of preferential shares to allow foreigners to effectively control Thai-based businesses.
Similarly, the short-term visa - involving visa runs daytrips across a border in order to get a new stamp - was never likely to be a sustainable solution to receiving permission to stay in Thailand.

Invest and stay
Around the time the short-term visa restrictions were announced one important anomaly was corrected. In an attempt to attract wealthy retired and semi-retired foreigners to retire in Thailand, the government announced the reintroduction of the investment visa.
In Thailand, a foreigner is allowed to buy a condominium unit outright - subject to certain conditions, including not owning more the 49% of the total floor space of the complex. However, having bought a unit he/she was still normally limited to a 30, 60 or 90-day visa. Thus, you bought a place to live but you couldn’t necessarily stay there.
In August, the government relaxed the rules for obtaining an investment visa, allowing foreigners a one-year visa if they invest in Thailand. This is of course subject to certain conditions: holding a legitimate visa in the first place and having invested the minimum amount.
To become eligible for the investment visa you must hold a non-immigrant (tourist) visa. You also have to be able to show evidence of having invested at least THB 10 million in Thailand. Furthermore, investment visa holders are not allowed to earn a wage in Thailand.

Definition of investment
In fact, Investment in this case does not only mean buying property: it also includes depositing money in a bank account in the country or buying state bonds.
The three definitions of investment to qualify for visa eligibility are as follows:
* Putting the money into a condominium unit at a purchase price or rent of at least THB 10 million (either freehold or a leasehold of 3 years or more);
* Holding at least THB 10 million in a fixed deposit account at a Thai bank whose share capital is majority Thai owned;
* Having bought or owns Thai government or Thai state enterprise bonds worth at least THB 10 million.
If the condominium unit you buy costs less than THB 10 million, you can still be eligible for an investment visa by adding one of the other types of investment listed above to reach the 10 million baht mark.
Investment visa eligibility only applies to foreign investors that have invested after 25th November 2008. People who invested between 1st October 2006 and 25th November 2008 do not qualify for the visa.

Possibility of renewal
This is not the first time Thailand has implemented an investment visa rule: a similar regime had been implemented in the aftermath of the 1997 Asian financial crisis. The required investment then was just THB 3 million; however new applications were no longer accepted after 1st October 2006.
All this means that it is now possible to obtain a one-year visa through investing in Thailand. Plus, the one-year investment visa is renewable, so it’s possible to stay in Thailand for the long term, provided you renew your visa annually. Unlike a retirement visa, which is for those 50 or over, the investment visa has no age limitations.
However, before transferring funds into the country, it is important to ensure that you are likely to qualify. Given the list of criteria to fulfill, as well as the documentation and evidence you’ll have to provide, it’s advisable to get an immigration lawyer to help you. A lawyer can assess the likelihood of the visa being granted and help you submit your application to the Immigration Bureau.

[misteregg 709]

Okay Martin, now I know your definition of a bit of cash is 10 million baht. :)

 

I shall remember that when I'm on my next 4K short time

Edited February 3, 2015 by misteregg

[Parkwahn 61]

A few months ago at immigration Soi 5 a Russian chap was rowing with the staff there stating he had invested 15 million ?

 

He was saying investment visa ?

[Idefix 2,275]

Hi. I don't know which changes this article is talking about ?

The "10 million investment visa" exists since 2006 when they stopped the "3 million investment visa"

This visa often appears on forums in topics about "Which visa options for young guys?"

[MM 6,562]

Hi. I don't know which changes this article is talking about ?

The "10 million investment visa" exists since 2006 when they stopped the "3 million investment visa"

This visa often appears on forums in topics about "Which visa options for young guys?"

That's true, but I don't recall it being mentioned in discussion of visa options here after they cracked down on visa runs.

 

Possibly all of our expat members are impoverished, and this is not an option, but with all the 10M+ condos out here, maybe some LDOP will find this useful.

 

I suppose this really should be in the EXPAT section rather than here, since it does deal with a long stay visa.

[jacko 8,813]

You can bring it in, but can you send it back out?

 

 

For most, with our devaluing currencies, this option is moving away.

It will be easier to get old than to dig up £200,000 +

[Grandpollo 366]

If someone has the dosh and trust Thai banks, a term deposit is not the end of the world to stash $300,000 and make some interest. Probably less risky than a condo, especially at that price.

 

If $300,000 (or so) is too much there is the renewed Thai Elite program - THB2,000,000 for a 5 year multi entry visa with no need to leave to reset annually.

 

Strangely it is a 5 year visa granted but the program is for 20 years (elsewhere like the Thai consulate in Vancouver says it is for life), so after 5 years you have the privileges and no visa. OK

 

Also free golf and free VIP at the airport, etc. Still $60,000 is a lot of scratch for a bit of fancy pants treatment.

 

http://www.thailandelite.com/support.php

 

INDIVIDUAL MEMBERSHIP
Thailand Elite Individual Membership

Privileges of Membership
- Renewable 5-year multiple entry visa with extendable 1-year length of stay per each entry
- VIP greeting and escort on arrival and departure by Elite Personal Assistants
- Expedited immigration formalities and passport control processing
- Complimentary limousine transfer from airport - residence or hotel - airport on international ights (within Bangkok, Chiangmai, Phuket and Samui)
- Golf : Complimentary green fee with 24 usages per calendar year
- Spa : Complimentary spa treatment with 24 usages per calendar year
- Hospital : Complimentary annual health check up
- Business Networking, Immigration Service, Facilitation in Driver's licence and Work Permit Processing
- King Power Duty Free benets and Special Discounts at hotels, dining establishments, shopping malls
- English 24-hour service
- Korean, Mandarin, Japanese 6.00 am- 9.00 pm* *Bangkok standard time (GMT +7)

Membership Validity 20 years
Membership Fee Baht 2 Million
Transfer Fee 20% of prevailing rate
Annual Fee Baht 20,000

[Idefix 2,275]

If $300,000 (or so) is too much there is the renewed Thai Elite program - THB2,000,000 for a 5 year multi entry visa with no need to leave to reset annually.

You don't need to pay so much just for the Elite visa! There is a "easy access package" (see http://www.thai-elite.com/) that will cost you 500'000 baht "only" for 5 years.

 

When you see that with recent changes the ED visa may cost 60'000 baht/year (school, extension, visarun,...), with a lot of hassle, you can think that maybe the Elite option that allows you to stay hassle-free for 100'000 B/year is not such a bad option.

[Odense 492]

Or decide to live in Cambodia or the Phililippines instead

Edited February 5, 2015 by Odense

[MM 6,562]

Or decide to live in Cambodia or the Phililippines instead

Or stay home, but that's not relevant to this topic either, is it?