INVESTMENT OF THB 10 MILLION
According to Royal Thai Police Bureau Order No.327/2557, dated June 30, 2014 and effective Aug 29, foreign owners of condominium units in Thailand are eligible to extend their stay in the country for a period of one year, renewable each year, through means of a one-year visa. The one-year visa is granted by reason of necessity for the purpose of investing at least THB 10 million in Thailand.
In order to be granted a renewable one-year stay under a one-year visa, foreign owners of condominium units in the country must demonstrate:
- possession of a non-immigrant visa, granted to them by a Thai embassy or consulate;
- evidence of remitting at least THB 10 million in funds from abroad into Thailand by presenting a copy of such proof, issued by a commercial bank in Thailand; and
- evidence of investing in the purchase of a condominium unit at a purchase price of not less than THB 10 million by showing a copy of the official sale agreement and condominium unit title deed, registered with the relevant land office.
There are several other categories of investment through which foreigners can apply for a one-year visa. These are available to foreigners who:
- rent a condominium unit for a period of at least three years, providing a copy of the lease agreement registered with the relevant land office;
- deposited money in a fixed-deposit bank account with a majority-owned Thai bank and present a certificate issued by the bank confirming the fixed-deposit amount and a copy of the deposit slip; and
- purchased government or state enterprise bonds and show a copy of the bond certificates.
In order to qualify for the one-year visa, foreigners can invest in more than one of the aforementioned categories, provided that the total investment is at least THB 10 million.
ADVICE FOR FOREIGNERS
Bearing in mind all of the above, foreign owners of condominium units seeking to obtain a one-year visa are advised to contact and engage an immigration lawyer to get an opinion on their eligibility for the extended stay, review their qualifications and supporting documents, ensure the documents to be submitted to the Immigration Bureau are in order, and prepare an application for submission to the Immigration Bureau.
This way, foreign condominium owners will be more likely to secure a renewable one-year visa and stay in Thailand for much longer periods than those granted by a tourist visa.
RETIREMENT IN THAILAND
Thailand offers foreigners many benefits including beautiful beaches, tasty food, friendly people, world class health care and inexpensive property. Many foreigners come here to retire, others for vacation to enjoy what Thailand has to offer. For those to desire to stay long in Thailand, the ability to acquire property, like Grand Marina Club & Residences, and visa is an important issue. The below requirement would be the first step to take.
REQUIREMENT TO OBTAIN A ONE-YEAR RETIREMENT VISA
Must be 50 years old and above
- Passport (signed copies of each page)
- Non-Immigrant Visa
- Departure Card TM.6
- Proof of meeting Financial Requirements
- Thai Bank Book (original)
- Letter from your Thai Bank
- Three (3) 4×5 cm photos, with full face taken
MEETING THE FINANCIAL REQUIREMENTS FOR A RETIREMENT VISA:
Financial Requirements are as follows:
- Bank Account showing THB 800,000
- Monthly income of at least THB 65,000
- Combination (Bank Account + Income x 12 = THB 800,000)
SIGN-UP FOR THAI RETIREMENT VISA
Your first and only appearance for the retirement visa will be at the Immigration office upon its approval. You must appear in person with your passport and sign the visa paperwork in the presence of the Immigration staff. The Immigrant staff puts a stamp in the passport at the time of approval.
RESTRICTIONS ON RETIREMENT VISA
The retirement once approved allows you to stay in Thailand for one year. You are not allowed to have employment while on this type of visa. Also you must report to Immigration every 90 days to verify your current address.