Thailand visa granted to foreign condominium owners
Thai law permits foreigners both foreign common and juristic persons who meet certain criteria to buy and own condominium units in Thailand. This qualification is, nonetheless, subject to the general orders of the Condominium Act, which stipulates two unflinching lawful requirements:
- Foreign ownership in a condominium project should not surpass 49% of the total floor territory of all units combined (51% of the total floor region of all units must be owned by Thais), as determined in Section 19 of the Act; and each foreign individual acquiring a condominium unit must fit the bill for foreign ownership, as prescribed in Section 19 of the Act.
- Foreigners who lack a permanent residence permit to dwell in Thailand under the laws representing investment advancement should also bring foreign money into Thailand or withdraw cash from a non-resident bank account or foreign-currency bank account to buy and own a condominium unit in Thailand.
After their purchase, foreigners are usually confronted with one issue to solve: their Thailand visa is ordinarily constrained to a period of 30, 60 or 90 days — the periods for the most part allowed under a tourist Thailand visa — after which they must leave the nation.
Investment of 10 million baht: According to Royal Thai Police Bureau Order No.327/2557, dated June 30, 2014 and compelling Aug 29, foreign owners of condominium units in Thailand are qualified to extend their Thailand visa for a period of one year, renewable every year. The one-year visa is allowed by reason of need with the end goal of investing no less than 10 million baht in Thailand. To be allowed a renewable one-year stay under a one-year visa scheme, foreign owners of condominium units in the nation must exhibit:
- ownership of a non-immigrant Thailand visa, granted to them by a Thai government office or department; proof of dispatching no less than 10 million baht from abroad into Thailand by presenting a duplicate of such verification , issued by a commercial bank in Thailand; and
- proof of investing in the purchase of a condominium unit at a price tag of at least 10 million baht by demonstrating a duplicate of the official contract of sale and condominium unit title deed, enlisted.
There are a few different classifications of investment through which foreigners can request a one-year visa. These are accessible to foreigners who:
- rent a condominium unit for a period of no less than three years, giving a duplicate of the lease understanding enlisted with the important area 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.
Keeping in mind the end goal to fit the bill for the one-year visa, foreigners can invest in more than one of the previously stated classes, gave that the total investment is no less than 10 million baht.
Investment of 3 million baht: Foreigners who entered Thailand before Oct 1, 2006 and have been consecutively permitted to stay in Thailand with an investment of no less than 3 million baht can keep on renewing their one-year Thailand visa under the investment class if the measure of their investment is no less than 3 million baht.
Tips for foreigners:
With all of the above in mind, foreign owners of condominium units trying to get a one-year Thailand visa are encouraged to contact an immigration legal advisor to get an list on the compliance for the Thai visa, audit their capabilities and supporting documents, make sure all to be submitted to the Immigration Bureau are in place and prepare an application for residence to the Immigration Bureau.