No More 3mil Investment Visas In Thailand

[The Coder]

W O W ! Thank you Sunbelt for your informative posts as always. This is huge news and really shakes me to the core. I had always kept this one in my back pocket that I would one day exercise out of convenience or necessity. Visa run elimination was always a possibility and everyone knew that. This one seemed to come out of nowhere. With two options gone in a matter of days with almost no warning, it makes my status uncomfortable; <50, not married, not working.

I sympathize with those who are on this visa already. But at least it happened at a time that the baht has been strengthening and real estate market going up otherwise one can only imagine the kinds of sinister conclusions that would have been drawn.

[Beer-diow, khao-neow, mai-an!]

Fingers crossed some sense emerges from the present chaos in the near future

[v9designbuild]

There is a slight irony here: whilst we are being hounded home, the Caretaker is in the process of transferring all of his assets to London. Does that mean he'll be pleased to see us when we get there?

[fruittbatt]

At this rate the retirees will be the only farangs left here...but only until they all die from 2nd rate medical care, shooting, mugging, etc which occurs where inequality of wealth is blatantly obvious and where the elderly are an exposed target....as they will be when everyone else goes home.

[lingyai]

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

Low how? B400,000 per year is maybe top 5% of wage earners in the country. Again, how is that low? It is like setting the min salary at $150,000 a year in the US for non-citizens.

The only place in Thailand one can't live a decent middle class life style on B400,000 a year is central Bangkok.

There is way more than 5% of the country that earns more than B400,000 a year. This isn't Cambodia!

On the other hand there are a lot of people earning 100,000 baht a year, so yes with 400,000 you could live a decent life and support a small family with out working.

[appleman_thai]

Yesterday I went to mmigration to apply for the investment visa. That was my third visit in 1 month. Each visit I was sent from one person to another and each time they came up with an excuse.

Let me explain my situation.

I worked as an expat for almost 5 years with BOI approval and full work permit. I resigned from my job end of April.

I own 2 condos - worth 15 million baht. 1 in Bangkok and 1 in Cha-am.

I have a mortgage of approx 4 million on the Bangkok condo as people told me I couldnt get one.... so I tried and tried and I did get one.

But that was a year ago. The whole climate has changed now.

Yesterday, as I discussed my case with the immigration officer, he took one of the Chanotes and said that my name was NOT on the back. Instead it said the name of a company. Therefore, I was not entitled to the investment visa (they had previously come up with other excuses like my name was missing an L, the land office had entered a figure in the wrong box etc etc).

Anyway, this time I caught him out because I can read thai. And I certainly know how to read my own name in Thai!!!!!!

Of course, he lost face and there was no way I was getting my visa then.

BUt thats not the point. THe point is that they are clamping down on all foreigners here.... whether they have money or not!!!

His suggestion to me was to bring in more money and then come back!!! Yeah right!.

I think Toxin is making a concerted effort to crash the Thai economy. He will then buy up as much as he can at discount rates. Then the economy will start to come back, maybe with more foreign investment - he will sell and double his money.

I think all the pessimists who have been predicting all this gloom for a long time may actually have got what they predicted!!!....

Now my visa expires on 11th October and I dont even know if I can stay any longer.......

This is not good news at all!

[simcity]

Hum very bad new indeed !

Perhaps the next one will be a retirement visa can only be issue with a huge increase of fund and increase age !

As many have stats here, money in Thailand need to be considered a lost.

For the one who need to call it this way , hope they have good friends to bequeath the assets !

[PeaceBlondie]

Excuse me for being late to this party (I just had to cancel high tea with Tony Blair), but I might have to sell the yellow Rolls, or the white Ferrari, if Thailand gets any more xenophobic.

Seriously, 3 million baht is lotsa bahts! Let's just say it's much more than I ever would have "invested" in Thailand, after my villa on the Riviera needed new carpets last year.

Let's see: get rid of all the farang backpackers, the farang teachers, the farang who own less than 200 rai of beachfront in Phuket. Oh, excuse me; ask the downstairs butler to fetch us some more caviar and champagne, okay?

[cclub75]

Thanks Appleman for your story.

It shows cleary than even the people who have very nice and square situation (WP with BOI company, large income, etc.) are on the list.

I'm in the same situation (but not have yet resigned)... I'm going to put myself on "scan mode" to set up some "exit emergency plans".....

Anyway : the key remains within the political situation. If Thaksin win the next elections...

Yesterday I went to mmigration to apply for the investment visa. That was my third visit in 1 month. Each visit I was sent from one person to another and each time they came up with an excuse.

Let me explain my situation.

I worked as an expat for almost 5 years with BOI approval and full work permit. I resigned from my job end of April.

I own 2 condos - worth 15 million baht. 1 in Bangkok and 1 in Cha-am.

I have a mortgage of approx 4 million on the Bangkok condo as people told me I couldnt get one.... so I tried and tried and I did get one.

But that was a year ago. The whole climate has changed now.

Yesterday, as I discussed my case with the immigration officer, he took one of the Chanotes and said that my name was NOT on the back. Instead it said the name of a company. Therefore, I was not entitled to the investment visa (they had previously come up with other excuses like my name was missing an L, the land office had entered a figure in the wrong box etc etc).

Anyway, this time I caught him out because I can read thai. And I certainly know how to read my own name in Thai!!!!!!

Of course, he lost face and there was no way I was getting my visa then.

BUt thats not the point. THe point is that they are clamping down on all foreigners here.... whether they have money or not!!!

His suggestion to me was to bring in more money and then come back!!! Yeah right!.

I think Toxin is making a concerted effort to crash the Thai economy. He will then buy up as much as he can at discount rates. Then the economy will start to come back, maybe with more foreign investment - he will sell and double his money.

I think all the pessimists who have been predicting all this gloom for a long time may actually have got what they predicted!!!....

Now my visa expires on 11th October and I dont even know if I can stay any longer.......

This is not good news at all!

[john b good]

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

"very low" how much is it exactly ??

[snoophound]

My question would be ,what is the amount you have to invest now?

3m baht is about the price of a car in the UK where most "investors"seem to come from.

Try and get into other developed countries with such limited funds?

Is there a real plan to raise the stakes?or is it just another crackdown for the sake of a crackdown?

W

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

"very low" how much is it exactly ??

[Chua]

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

Yes you now have to marry 2 Thai ladies.

But you can only see each one for 30 days at a time.

But seriously, the financial requirement for a marriage visa is only half that for a retirement visa. Doesn't make much sense that taking care of two people should cost half as much as taking care of yourself, does it?

I see their logic, which is, they want Thai ladies to be taken care of, thus keeping the figure low ensures there is a bigger pool of farrang available.

By the way, the original report doesn't say anything about business visas, so that option (at least for now) remains open.

[snakestick]

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

Low how? B400,000 per year is maybe top 5% of wage earners in the country. Again, how is that low? It is like setting the min salary at $150,000 a year in the US for non-citizens.

The only place in Thailand one can't live a decent middle class life style on B400,000 a year is central Bangkok.

There is way more than 5% of the country that earns more than B400,000 a year. This isn't Cambodia!

On the other hand there are a lot of people earning 100,000 baht a year, so yes with 400,000 you could live a decent life and support a small family with out working.

No need to guess and wonder about it, it's easy enough to find out. Thailand's per capita income in 2005 was $2750 usd or 103K baht. thus the 400K figure above is 4X. Thailand is a lower middle income country. per capita income usa is 808K THB.

http://www.doingbusiness.org/ExploreEconomies/?economyid=186

Edited September 12, 2006 by snakestick

[tim77]

I

If a person aged 42 bought a condo last year for 3.5 million baht; does this mean that now he can't live there full time?

Worse if you bought a house using a company . . .with the new attidude about making sure it is Thai shareholders, . . .now you might have a tougher time trying to find a possible buyer . . .so not only could younot live in your newly bought home, you might not be able to sell it.

[snakestick]

My question would be ,what is the amount you have to invest now?

3m baht is about the price of a car in the UK where most "investors"seem to come from.

Try and get into other developed countries with such limited funds?

Is there a real plan to raise the stakes?or is it just another crackdown for the sake of a crackdown?

W

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

"very low" how much is it exactly ??

3 million baht is limited funds is it? It's 30 times the per capita income of a Thai and only 3.75 times a USA citizen. I really hate when people compare apples to watermelons. moronic really

[jbaldwin]

I have a question for Sunbelt.

You say that the new rules will come in on 1 October. I have 3 million in a fixed deposit and was planning to apply for an investment visa. I last entered Thailand on 6 Aug 2006 on a multi-entry non-immigrant visa so I can stay until 3 Nov. I understand that I cannot apply for an extension on investment grounds until the last 30 days of my current stay. ie not until after 1 Oct.

My question is if a leave now re-enter on a 30 day stamp, can I convert that to a non-immigrant visa and apply for a one year extention before the rules change. This would at least give me a year to think about options.

[robint]

hi all

i agree with most of the pessimistic predictions and have felt for some time that my days are numbered and the quality of my life here is diminishing drastically. the next 18 months are going to be hel_l with the government in turmoil - maybe a military coup? or civil uprisings

MY QUESTION

does anyone know anywhere else warm and reasonably cheap to live? Malaysia??????

[animatic]

I think several things are at play ;

1) John Mark Karr hangover,

2) Having to prosecuit Thai nationals for killing farangs

over disputed Thai girls, no doubt is wearing thin.

3) Samui-gate, biker scapegoats for land purchases,

where farangs were making more money than Thais..

And making it look like they are taking over.

4) Tamsek nominee rules imbroglio

Which goes to the heart of ALL extra-nationals investments here.

5) Jingoism resurgent in it's natural cycle.

6) And equaly important in this fiasco of an election year.

Most all farangs are seeing through the BS in the air,

and talking to Thais, and the Thais are getting the point.

No farangs around, less non-kow towing voices to rebutt.

[jbsears]

hi all

i agree with most of the pessimistic predictions and have felt for some time that my days are numbered and the quality of my life here is diminishing drastically. the next 18 months are going to be hel_l with the government in turmoil - maybe a military coup? or civil uprisings

MY QUESTION

does anyone know anywhere else warm and reasonably cheap to live? Malaysia??????

PHILIPPINES, same same but different

[Pattaya46]

I got a 1 year multi entry visa (non immigrant 0) recently and several times before by just showing bankletter from my Thai bank stating i have 800 000 Baht deposit. far less costly than 3 mil and haven't heard (yet!) they are going to cancel this option. or have i missed out on something?

Hi "my friend you",

You just forgot that not everybody here is over 50yo like you...

New regulations are mainly a problem for "young" guys

Pattaya46

[lingyai]

There is one little bit of good out of this new development.

It will screw some of the hateful zealots that posted in the border run crack down thread. All those who showed no understanding and called those who could not get visa lowlifes because they didn’t have 3 million baht to invest are getting a well deserved kick in the teeth.

How does it feel?

If anyone wants to repost the comments of those posters who had investment visa and who were telling others to get out of Thailand that would make my day.

[Slated]

I have a 2 week old (moved here 2 weeks ago) 'Non Im B'. How will this effect me?

[Arkady]

As of October 1, 2006 the 3 million baht investment visa will no longer be available

It has been brought to the attention of Sunbelt Asia that as of October 1, 2006 the 3 million baht investment visa will no longer be available.

This includes bank investments, condominium investments, and bond investments.

Not only will it NOT be issued, but you CANNOT renew your current investment visa on this basis.

The official statement from Thai immigration is expected this week.

www.sunbeltasiagroup.com

What does this mean for people who are here on a Non Imm B Visa? Does it apply and if so what does it mean to our quartly visa run?

Non-immigrant B visas are intended for people who have a job. They are entitled to reject renewal applications for non-imm B holders without work permits. You can argue that the first three months wasn't enough for the company to get the work permit but after that it gets tougher and I thought it had already become difficult to keep on renewing these without work permits on quarterly visa runs. No change of regulations is required for this. However, I don't understand the category of people I have heard of who do have work permits but still have to do quarterly visa runs because their company doesn't have enough capital or something for them to get a 12 month non-imm B visa. If this category still exists, I expect it might be eliminated, if the employer companies can't qualify.

[Pattaya46]

Hi,

We have just called Immigration and they told us that renewal still will be possible?

From Jomtien Immigration Office (Pattaya) about 2 hour ago :

"The 3 million baht investment visa will no longer be available in October...

... but a 10 million baht investment visa will substitute it."

"The renewal will be possible by investing 7 million baht more..."

"Most visa financial requirement will be "updated" before the end of 2006"

"The 2 border runs limitation will not concern people arriving in thailand by plane"

There was an "unofficial meeting" this afternoon at the Immigration Office

with several people of the "Pattaya Expat Club".

I suppose they will make soon a complete report on their web site.

Wait & see...

Pataya46

[moonoi]

My question would be ,what is the amount you have to invest now?

3m baht is about the price of a car in the UK where most "investors"seem to come from.

Try and get into other developed countries with such limited funds?

Is there a real plan to raise the stakes?or is it just another crackdown for the sake of a crackdown?

W

I suspect that the marriage visa financial requirement will be doubled shortly as it is very low

"very low" how much is it exactly ??

What the hel_l kind of car are you buying at 45000 GBP

Your having a laugh aren't you? 3 mill is a serious some of money for a small investor. Personally I can only dream of having that kind of money free to invest.

[rcav8r]

This is getting crazier by the minute, isn't it? I think my priority now is to sell up everything and go to Malaysia or so.

I understand your feelings BUT hold on there ! I've just sent Malaysian friends of 30 years (who were here to "take a look") back home from Chiangmai - which they loved - to Singapore where they now live because they think Malaysia is too crime ridden and overly favourable to the indigenous bumis.

So, maybe you should think again about that ! MalcolmL

Edited September 12, 2006 by rcav8r

[Jim Abbott]

There is one little bit of good out of this new development.

It will screw some of the hateful zealots that posted in the border run crack down thread. All those who showed no understanding and called those who could not get visa lowlifes because they didn’t have 3 million baht to invest are getting a well deserved kick in the teeth.

How does it feel?

If anyone wants to repost the comments of those posters who had investment visa and who were telling others to get out of Thailand that would make my day.

No I disagree with you that anything good will come out of this. Also, I read through the thread you mentioned and not a single person said he had the 3 mil baht investor visa.

[Jim Abbott]

Hi,

We have just called Immigration and they told us that renewal still will be possible?

From Jomtien Immigration Office (Pattaya) about 2 hour ago :

"The 3 million baht investment visa will no longer be available in October...

... but a 10 million baht investment visa will substitute it."

"The renewal will be possible by investing 7 million baht more..."

"Most visa financial requirement will be "updated" before the end of 2006"

"The 2 border runs limitation will not concern people arriving in thailand by plane"

There was an "unofficial meeting" this afternoon at the Immigration Office

with several people of the "Pattaya Expat Club".

I suppose they will make soon a complete report on their web site.

Wait & see...

Pataya46

Sounds like more bad news coming. This time for retirement and marriage visas. This stuff really stinks for all.

[Arkady]

Hi,

We have just called Immigration and they told us that renewal still will be possible?

From Jomtien Immigration Office (Pattaya) about 2 hour ago :

"The 3 million baht investment visa will no longer be available in October...

... but a 10 million baht investment visa will substitute it."

"The renewal will be possible by investing 7 million baht more..."

"Most visa financial requirement will be "updated" before the end of 2006"

"The 2 border runs limitation will not concern people arriving in thailand by plane"

There was an "unofficial meeting" this afternoon at the Immigration Office

with several people of the "Pattaya Expat Club".

I suppose they will make soon a complete report on their web site.

Wait & see...

Pataya46

I suppose the B40 million investment in low interest bonds or deposits required for foreigners to buy one rai of land to build a house on will be increased to B100 million. LOL. Never heard of anyone doing that. Has anyone else?

[Fire]

This is getting crazier by the minute, isn't it? I think my priority now is to sell up everything and go to Malaysia or so.

I have friends who saw the writing on the wall a year ago and have been liquidating assets in Thailand and moving the money to other countries.