If you are investing or considering investing in real estate in Thailand , you may be planning long-term stays in the country. Being a resident means, among other things, being able to manage your investments directly and avoid intermediaries, who typically take 10% of rental income!
It also means, and most importantly, being subject to Thai income tax if you can prove an annual presence of more than 180 days. However, most tourist visas only offer a maximum validity of 60 days, which can be extended by an additional 30 days.
So what are the procedures to follow to obtain an investor visa in Thailand? That's what we'll try to answer.
The investor visa in Thailand: significant advantages
The Thai visa system is relatively complicated, especially if you are under 50 and not retired. The eligibility requirements can be quite restrictive and vary depending on the country's economic situation. Indeed, owning property in Thailand does not automatically qualify you for a permanent residency visa. However, real estate investors can apply for two types of visas: the investor visa and the Thailand Elite Flexible One (TEFO) program.
The investor visa…
The investor visa in Thailand was relaunched in 2014 and allows for a one-year stay . Unlike the "SMART VISA I" system created in 2018, it is a variant of the " Non-Immigrant Visa B. " Therefore, it is necessary to first obtain the latter and then apply for its extension. This is an uncommon type of visa, and the Thai immigration office may encounter some difficulties in assisting you with the process.
That is why it is strongly recommended to seek the advice of a specialist lawyer.
… to be obtained following the “non-immigrant type B” visa
The " non-immigrant type B " visa is relatively accessible, since it is open to anyone who can prove ownership of a condominium, a deposit in a Thai bank or an investment in government bonds worth a minimum of 3 million baht (approximately 80.000 euros).
However, it only allows a single entry into the country and is limited to 90 days . The extension, on the other hand, allows its holder to obtain a renewable one-year residence permit and authorizes family reunification for the spouse and children. It does not, however, allow the holder to work in Thailand.
While more advantageous than a traditional visa, its granting conditions are also much more restrictive.
Restrictive eligibility requirements
After obtaining your " non-immigrant type B " visa from the consular services, the extension application must be submitted to the immigration office nearest to your place of residence. To obtain the extension, you must demonstrate a minimum investment of 10 million baht (approximately €260.000) in a condominium, government bonds, and/or by depositing the sum in a Thai escrow account . It is perfectly acceptable to allocate your investment between these three categories.
However, you cannot invest in just any condominium. It must be in a new real estate project, approved by a government organization, and maintained for a minimum of three years. Furthermore, the value of your investment will be determined at the discretion of the Department of Lands , regardless of the actual amount paid.
It is therefore strongly advised to consult the relevant authorities before taking any action and to request a tax receipt.
The investor visa in Thailand, an extension of the regime
On a more confidential note, the Thailand Elite Flexible One (TEFO) program, due to its particularly restrictive conditions, is reserved for wealthy investors . The Tourism Authority of Thailand offers the possibility of obtaining a 5-year multiple-entry visa for individuals who have invested 10 million baht (approximately 250.000 euros) in development programs and pay annual fees of 500.000 baht (approximately 13.000 euros).
Directly competing with the TEFO program by expanding the possibility of very long stays, the government expressed its intention in the fall of 2021 to extend the investor visa. This will allow individuals wishing to invest in real estate in Thailand to obtain a 10-year visa.
To this end, applicants must be able to demonstrate, among other things, an investment of at least USD 500.000, a minimum income of USD 80.000 over the past two years, and assets of USD 1 million. This visa will allow the holder to acquire land and buildings, work 20 hours per week, and benefit from tax exemption on foreign income.
The Kingdom is thus demonstrating once again its willingness to attract foreign capital, particularly in times of crisis.
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