So what is this new 3-million-baht Investment Visa?

It is an extension of stay granted one year at a time and is renewable annually. As this is an extension of stay based on investment, it is designed strictly for the holder to reside in Thailand. It does not grant the holder the right to cork or conduct commercial activities in Thailand.

What law provides for this visa?

Two statutes/ orders provide for this visa. Namely:

a. the Immigration Bureau Order No. 237/2568; and

b. the Immigration Bureau Order No. 238/2568.

The latter order provides for the 12-month extension and lays out the eligibility criteria, the required 3-million-baht investment threshold and the document requirements.

When did this visa start?

The immigration orders came into force on 1 October 2025.

Are there any ambiguities?

To date, the freehold condominium purchase route is well understood and in force. However, as of the time of writing, the authorities are still clarifying the requirements for leasehold and rental pathways for the visa.

Do you need an agent to apply for this visa?

No. You do not need an agent to apply for this visa. There are many companies online who tout their services as “agents” for the visa. However, anyone is permitted to apply for this on their own. The possible benefit of engaging such an “agent” would be that they would be more familiar with the process and perhaps some documents may be better understood in Thai. Hence if you do not understand Thai, you may benefit from such a service.

The market is currently flooded with “agents” charging high “membership” or “service” fees. These fees may come with some additional perks like airport pickups. However, there is no requirement to use an agency to apply for this visa. The process primarily requires you to obtain a Certification Letter verifying your investment, which is administered through Thailand Longstay Service Co., Ltd. under the Ministry of Tourism and Sports. Once you have this Certification Letter, together with the relevant bank and property documents (like the Foreign Exchange Transaction (FET) Form showing funds came from overseas, and the property title deed in your name), you can process the paperwork independently.

Some Thai property agencies or developers may assist their buyers in applying for the 3-million-baht Investment Visa. If you are buying or bought a property through a Thai property agency or Thai developer, you may check with your sales agent if they do provide such a service.

A word of caution when you see “agents” promising guaranteed immediate results or trying to sell you fast track packages using loopholes. These are not advised and to date, I cannot find any “agent” who can fast track the application process. The fastest way to apply would be to have all documents ready and respond promptly when the authorities reach out to you for clarification. There are also “agents” who can claim to be able to obtain an FET Form without the need for funds to come from overseas. This is not legal. Moreover, you would not want to jeopardise your application by submitting something an untruth.

The application procedure

Please note that there may be some changes in the future. This is accurate as of the day of posting. The application is

Step 1: Property purchase and Thai ownership compliance

Finalise the purchase of your freehold condominium worth at least THB 3,000,000. The funds must be transferred from overseas. You will also need to verify that your ownership of the property is compliant (i.e. within the foreign quota limits).

Step 2: Obtain Certification Letter from Ministry of Tourism and Sports

This is done by submitting the property documents, bank forms and a copy of your passport to Thailand Longstay Service Co., Ltd (TLS). There is a one-time membership fee of THB 4,000 and an annual service fee of THB 27,000. They will obtain the Certification Letter from the Ministry of Tourism and Sports on your behalf.

Step 3: Obtain the 90-day visa

With the Certification Letter, you can obtain an initial 90-day Non-Immigrant ‘B’ (Investment) permit from the designated immigration office.

Step 4: Obtain the 12-month extension

Before the expiry of the 90-day permit, you will need to return to immigration to file for the full 12-month extension (this will be facilitated by TLS). This extension is renewable as long as the property is maintained under your name.

Documents required

Personal Documents:

Completed TLS operator application and visa support forms.

Full passport scan (every single page, including blanks). The passport must have at least 6 months of validity remaining.

Passport-format photos.

If applying for dependents later: Marriage and/or birth certificates (must be translated into Thai and legalised or certified by the Ministry of Foreign Affairs or your embassy).

Property and Financial Documents:

Foreign Exchange Transaction Form (FET Form): Issued by a Thai bank, proving the THB 3,000,000 was transferred from a foreign source in a foreign currency specifically for purchasing real estate.

Sale and Purchase Agreement

Chanote Title Deed: Must be registered in your name at the Land Office. (For Bangkok properties, the transfer must have been registered on or after October 1, 2020).

House Registration (Tabien Baan): The yellow or blue residency book for the property.

Land Office Transfer Receipt: The official government receipt showing property transfer fees were paid.

Occupancy Verification Photos: Three specific photos of you at the property:

Standing in front of the building façade (with the building name clearly visible).

Standing at the unit entrance (with the room number legible).

Standing inside the living area of the unit.

Seller’s Documents:

If buying from a Thai individual: A copy of their Thai ID card and their house registration.

If buying from a developer or company: Current company registration documents and the shareholder list (BOJ5 form) proving the company is majority Thai-owned (over 50%).

Timelines to take note of:

TLS Verification Processing (Step 2): Takes approximately 7 to 10 business days.

The “15-21 Day Rule”: When you go to Immigration for your initial 90-day permit (Step 3), you must have at least 15 to 21 days of permitted stay remaining on your current tourist visa or visa exemption. If you have less than that, Immigration will likely reject the application and force you to do a border run to get a fresh entry stamp.

When to Start the Process: Because TLS takes up to two weeks to issue the Ministry Certification, applicants should initiate the TLS submission at least 30 to 45 days before their current Thai visa expires.

Visa Issuance: The 90-day permit is usually issued on the same day as your Immigration appointment. The 12-month extension processing time varies by the specific immigration office but is finalised within the initial 90-day window.

Summary of the 3-million-baht Investment Visa

The target audience is foreigners looking for a long-term, renewable residency option by purchasing a condominium worth at least THB 3,000,000. The condominium must be a freehold condominium and the money must be transferred from overseas in a foreign currency. The Thai bank must issue a FET Form. The condominium must be completed as only when a condominium is completed, will you obtain a title deed with your name on it. Before a condominium is completed in Thailand, the buyer will only have a beneficial interest in the future unit. There is no title deed with the buyer’s name on it. As this is one of the documents required for the application of this visa, the condominium you are using for the application needs to be a completed condominium.

The advanced option would be…

The Long Term Resident Visa under the Wealthy Global Individual option. Please see my previous article for details.

In a nutshell, to qualify as a Wealthy Global Individual, you must:

• Have assets of at least USD 1 million
• Have an annual income of at least USD 80,000 for the past 2 years
• Make an investment of at least USD 500,000 in Thai government bonds or Thai property or a combination of both

The main benefits of this Long Term Resident Visa over the 3-million-baht Investment Visa are:

1. 10 year validity
2. Reduced reporting (annual reporting vs 90-day reporting)
3. Tax benefits in the form of exemption on foreign-sourced income

Please note that these procedures and guidelines may change. It is important to check with the relevant authorities at the point of application for the latest procedures and guidelines.

Yours sincerely,

Daryl

The post Thailand’s new 3-million-baht Investment Visa appeared first on Daryl Lum's Blog.

1. Inherent risk

   I have always spoken about investment risk. This earthquake brings to mind the risk of a property facing natural disasters. I am Singaporean and in Singapore, we are not faced with the prospect of frequent earthquakes. In fact, the cause of the tremors was an earthquake in Myanmar. The particular fault line was the Sagaing Fault which stretches from Mandalay to Yangon. This is relatively far from Thailand and definitely far from Bangkok. Yet due to the low frequency tremors, it affected taller buildings. Bangkok being an extremely built up area in Thailand with so many tall buildings, the people in these tall buildings experienced the full force of the tremors.

   However, no building other than that skyscraper under construction fell. There were similarly many other buildings under construction. There were also similarly many other buildings taller than that skyscraper. The Mahanakhon, has 79 floors and is 320 meters tall to tip. The Baiyoke Sky Tower has 88 floors and is 328 meters tall to tip. Both these buildings are the tallest in Bangkok and both are unscathed from the tremors. It is arguable that if that skyscraper under construction did not topple, the tremors would be closer to a non-event then the current state of emergency.

   There are many risks. There is also the risk of war. In Singapore, we are worried about rising sea levels. In the event that sea levels rise past a certain point, it is arguable that large parts of Singapore will be underwater despite its best efforts to mitigate this risk. All investments come with risk. Properties are relatively illiquid as compared to equities. If you cannot stomach such risk, you should not be investing because once you are in and want to sell the property when something happens, the illiquid nature of properties will become extremely apparent to you.

2. Comfort level

   It should not be up to me to tell you whether you can still buy Bangkok properties. This is a very subjective decision. You should be comfortable with your investment and understand the various risk. You should not listen to someone without forming a constructive and structured reasoning as to why you decide to do things in a certain manner. If you listen to me when I tell you to invest just because I tell you to then you did not form a constructive and structured reason. Similarly, if you think that all buildings in Bangkok are damaged and you are worried that this will be an issue in the future, then you should not buy a property in Bangkok. This especially when most reputable developers have conducted checks on their buildings are found them to be safe. If you are still not reassured and believe that the developer may he hiding something or that the developer will be faced with future issues that are not manifesting currently, then you should not be buying Bangkok properties.

   In everything we do, we have to undertake some degree of risk. If there is no risk, then there is no to little reward. This risk premium is something that you should determine on your own.

3. Reputation of developer

   I have been reiterating the point that we should always buy from the large, reputable developers that are listed on the Stock Exchange of Thailand. Such developers are always keen in maintaining their business in Thailand. While investigations are still ongoing, the truth of the matter is that if the skyscraper did not collapse, there will be no state of emergency in Bangkok. Bangkok will not be a disaster zone. I am sure that the earthquake would have affected other parts of Thailand. However, there was no collapse of any building elsewhere and hence there is no state of emergency outside of Bangkok.

   If you want to know what most, if not all large Thai developers are doing, here it is.

   MQDC is one of Thailand’s largest developer. It is the developer in charge of Icon Siam. Here is what they put out on their social media platforms and in their communications with clients who purchased their properties. Buildings come with warranty on their structure. It is a norm to have such warranty. However, the warranty is only valid if the party warrantying the building is around in the event something happens. This is why I have always reiterated that the profile of the developer is extremely important. I had spoken extensively about a certain Chinese developer that was in debt building in Bangkok. I highlighted this fact to the general public on many occasions. You can see this short post I did from back in 2023.

   I am confident that there is a high probability that MQDC will be around to deal with any matters should there be a need to make a claim on the warranty.

   

   

   Noble Development, like MQDC, is listed on the Stock Exchange of Thailand. It is one of the largest developers in Thailand. Its major shareholders include the BTS group which runs a large proportion of the metro lines in Bangkok.

   

   Developers like Noble will undergo the process of checking the structural integrity of all its developments. This includes buildings that were built long ago. This is the list of buildings that were checked.

   

   Similarly, here are other large Thai developers that have done similar work.

   
   

So can you still buy Bangkok properties? I cannot answer that question for you. Nor can I guarantee that everything will be safe. No one can do so for any property in any part of the world. Even in Singapore, from where I come from. Bangkok has not experienced anything like this for as long as recordings have started. For Burma, the earthquake toppled structures that had been around for more than a century. Which meant that the earthquake to just about everyone in the country was unprecedented.

If you are a client of a large Thai developer. You most likely should have received a message from your developer or your juristic (management) office. You should follow the steps provided as to what to do in the event you find damage to your property. People who do not live in Bangkok but have properties in Bangkok should engage a property management company to assist them with the checks and rectification process with the developer.

Yours sincerely,

Daryl

The post Can we still buy Bangkok properties? appeared first on Daryl Lum's Blog.

When I speak of Thonglor, I mean the main Thonglor road which is Sukhumvit Soi 55. You get off the BTS at Thonglor BTS Station and you can see this very wide road. A lot wider than the typical narrow sois that are perpendicular to the main Sukhumvit Road. If you travel along Sukhumvit Soi 55, you will realise that this is a major artery that leads from the main Sukhumvit Road to Phetchaburi Road.

Sukhumvit Soi 55 links the main Sukhumvit Road to Phetchaburi Road

This is a straight road linking both major roads. This is very rare as most sois are short and narrow. Because of this, there is a lot of activity along Sukhumvit Soi 55. Much more than your typical soi in the area.

Five years ago, I made a video where I walked along Sukhumvit Soi 55 on a Friday night.

Therefore, when a property claims to be a property located in Thong Lor, you need to be careful as to whether it is merely near Sukhumvit Soi 55 or is it actually along Sukhumvit Soi 55. There are many projects that label their developments with the word Thonglor, or any other popular location for that matter, without the development actually being in that area. If they are near Sukhumvit Soi 55, I still think it is alright. If you want the strong rental demand, then it should be along or very near Sukhumvit Soi 55.

As you can see from my video above, Thonglor is a very modern and hip neighbourhood. There are many bars and restaurants in the area. It gives you an idea that people living in this area probably are from the upper echelons of Thai society. There are many landed houses in the area. These houses can only be bought by Thai nationals. The prices of these properties are very high. In some cases, there are houses going for over THB100,000,000. That is in excess of USD$3 million for a house in Thonglor.

Details about the development

Noble Form Thonglor is a freehold condominium by Noble Development Public Company Limited (Noble). Noble is listed on the Stock Exchange of Thailand. The development sits on a land size of 2-2-56.7 rai which is approximately one acre (1 acre is about 4,046.86 square meters). The development consists of 1 residential building that is 46 storeys tall. There will be 546 units. The parking will be automatic tower parking.

The unit mix is as such.

1 bedroom: 31 to 36 square meters
1 bedroom plus: 52 square meters
2 bedrooms: 63 to 73 square meters

Within the 46 floors, the facilities are located on the ground level, levels 37 to 38 and 45 to 46.

On the ground level, or what they call level G, there is a mail room and smart lockers. On the factsheet they also state that there is an urban oasis and art deco lobby. These are just fancy terms for the lobby. On the 37th and 38th level there is, according to the factsheet, a Noble Social Club, The Lounge & The Library, a Multipurpose Space, a Recreation Room, a Sky Auditorium and a Moon Bar. It is common for there to be these communal spaces in new developments in Bangkok. Co-working spaces are very common as the digital nomad lifestyle is very prevalent in Bangkok. On the 45th floor lies the Sky Lagoon Swimming Pool (essentially it is a pool on a very high floor), the kids pool, semi outdoor shower, semi outdoor jacuzzi, water curtain (whatever that is. likely a water feature), a pool bar, a steam room, digital lockers and the gym. The 46th level houses the Sky Garden which includes a yoga yard, party space, BBQ space and a sky observation seating.

The interesting part about the newer developments in Bangkok is that they are increasingly integrating technology into their developments. Noble Form Thonglor is no exception. There is a “ME PASS” that all residents will set up to access the development. You can go past the entrance gate and into your unit as a resident via bluetooth. Entrance into the lift lobby is via facial recognition.

Where is the development located?

Noble Form Thonglor is located along Sukhumvit Soi 55. It is located across the road from the very popular Noble Form Thonglor. Around this area are high end restaurants, community malls and bars. If you notice, there is very limited area for residential properties to be built. I have consistently highlighted the case of Park Origin Thonglor where the developer had to buy out all the commercial spaces to convert it into that condominium.

Location of Noble Form Thonglor

You will need to walk 1.5 kilometres to reach Thong Lor BTS Station. The walk will take 21 minutes. It is definitely not near the BTS Station. While I have always advocated buying close to the BTS stations, Thong Lor is unique. It is perhaps one of the very few locations where I would be ok with recommending that is not close to the BTS Station. Based on past experience, the rental demand for properties in the middle of Sukhumvit Soi 55 is very high. Tenants demand for properties in this location because of the large concentration of amenities in the area. Also, this is a very good neighbourhood to live in. It consists of well to do locals and foreigners. The houses that are within this area are one of the priciest in central Bangkok. Therefore, the neighbourhood is little with very wealthy Thais.

Walk from Noble Form Thonglor to Thong Lor BTS

There is a very small silver or perhaps grey lining. There is slated to be a BTS station, titled “Thonglor 10” on the yet to be confirmed Grey BTS Line. The BTS network has expanded very extensively and is continuing to expand. The grey line links northern Bangkok to the south and is slated to past through Thonglor with a station along Thong Lor Soi 10 (judging from the proposed name of the station). Thong Lor Soi 10 is a very short street that is perpendicular to Sukhumvit Soi 55. The end of which, if you are walking from Noble Form Thonglor, will be DONKI Mall Thong Lor.

The distance to walk to DONKI Mall Thong Lor is 850 meters and will take about 11 minutes. This is the end of the soi. If the proposed train station is anywhere else along Thong Lor Soi 10, then the walk will be shorter.

Walk from Noble Form Thonglor to Donki Mall Thong Lor

My thoughts about the development (selling points and investment potential)

You can get a 1 bedroom at about THB 7 million. There might still be units that are less than THB 7 million. This works out to a per square meter price of about THB220,000. Of course units with better facing and on higher levels would command a higher price and price per square meter.

Considering that there is another development along the same street going for way higher… perhaps Noble Form Thonglor is attractively priced.

Of course The Monument Thonglor is a very high end development with very premium finishes. The cost of building that property itself would be significantly higher than Noble Form Thonglor. If you want to purchase to rent, then Noble Form Thonglor would provide you with decent yield.

As a benchmark, let us use Park Origin Thonglor. For one, the distance to Thong Lor BTS Station is similar. It is also located around the middle of Sukhumvit Soi 55, albeit an arterial road that is Thonglor Soi 10. The size of their one bedroom units are also similar to those at Noble Form Thonglor.

In this area, with this level of furnishing, a one bedroom condominium would be able to command a rent of about THB45,000 to THB55,000. Let us take THB45,000 to be the expected rent for a one bedroom unit at Noble Form Thonglor.

Let us also assume a purchase price of THB8 million. I believe you can still find a small one bedroom at Noble Form Thonglor at about THB7 million but that would be for the smaller units, i.e., the ones that are 31 square meters in size. Instead, we will assume the larger of the one bedrooms. Those that are 36.61 square meters in size. Such a unit costs slightly above THB8 million. With a purchase price of THB8.2 million, the gross rental yield works out to be as such:

THB45,000 x 12 / THB8.2 mill = 6.6%

This is relatively healthy as the typical gross rental yield in Bangkok is about 5%. Moreover, the profile of tenants who will be renting properties in Thonglor is very good. They are usually families or well paid professionals. They can be both local or foreigners.

Investment potential wise, owning a property in the Thonglor neighbourhood is akin to holding a blue chip stock. If I were to choose one neighbourhood that will not go weak on demand over time, I would choose Thonglor. Location and environment wise you cannot do much better. Is there still room to rise in terms of capital appreciation? I believe so. However, if you are looking for property prices in Thonglor to increase in multiples, then this will definitely not be the case. Especially if you are looking to own the property for a period of about a decade. Instead, what you should be considering is whether the property in Thonglor can yield healthy returns through rent. In this aspect, I believe rental prices should increase over time. After a holding period of five years, individual investors should consider selling the property as they would have already side stepped the specific business tax that is levied on individual owners who sell within 5 years of ownership.

Of course, the ideal situation would be for the Grey BTS Line to be confirmed. That would definitely cause an increase in demand for properties in this area. Not that there is a need to encourage further demand. However, property investors should consider this as a potential upside as well.

Noble Form Thonglor

Noble Form Thonglor

Pricing 5/5

To me, most attractively priced development in the last two years. You can take a look at my explanation above.

Location 4.5/5

This is not near Thonglor BTS Station. However, it does not need to be. This area is highly sought after. Perhaps this fact actually adds to the exclusivity of the development. If it were close to Thonglor BTS then this would be the ideal condominium. However, the prices of properties very close to Thonglor BTS will not be this affordable. I guess it is a trade off. This is a trade off which I personally would gladly make.

Yours sincerely,

Daryl

The post My review of Noble Form Thonglor by Noble Development appeared first on Daryl Lum's Blog.

A 1 bedroom unit at Hasu Haus is going for about THB 22,000 a month. This is the asking price. I believe it could go down to about THB 18,000 a month. This is the going rate for properties in Hasu Haus.

Hasu Haus is located about 1.5 kilometres away from On Nut BTS Station. It will take approximately 22 minutes to get there by walking. It is located in the T77 community area. This is an area that is built and managed by Sansiri.

Here is a write up about the T77 community. Colloquially known as Sansiri Town.

https://investbangkokproperty.com/introduction-t77-also-known-sansiri-town-sukhumvit-77/

I had previously walked to Habito Mall, a mall within the T77 community, from On Nut BTS Station. Here is the video.

While this review is not about the T77 community, it would be useful to have some context as to the area which we will be discussing. Origin Residences Sukhumvit is located in the On Nut area. An area that is growing increasingly popular with the expatriate community.

Details about the development

Origin Residences Sukhumvit is a freehold condominium by Origin Property Public Company Limited (“Origin Property”). Origin Property is listed on the Stock Exchange of Thailand. The land area is approximately 2 Rai. 1 rai is 1600 square meters. Therefore the site that Origin Residences Sukhumvit sits on is 3200 square meters. The development consists of 1 building that is 31 storeys tall. There will be 470 units with 3 commercial shops. There will be 235 parking lots. This is rather generous with the number car parking lots being 50 per cent of the total number of units of the development. In most cases, this ratio is usually around 40%.

The unit mix is as such.

1 bedroom: 30 square meters
1 bedroom plus: 37 to 43 square meters
2 bedroom: 46 to 50 square meters
Penthouse 60 to 62 square meters

Certain levels of Origin Residences Sukhumvit are designated as pet-friendly areas. Pets are not allowed in most condominiums in Bangkok. Therefore, pet friendly developments are rare. Usually such developments will command a higher selling price and rent.

The start of construction of Origin Residences Sukhumvit is set for the 2nd quarter of 2026. The completion of the development is slated for the second quarter of 2028.

The facilities include a lobby lounge, concierge counter, pet lounge, pet yard, champagne pool, gym, steam and sauna, a sky lounge and a sky bar.

Here is a breakdown of the overall building layout of Origin Residences Sukhumvit.

This is the foreign quota allocation. i.e. the units that can be sold to foreigners.

Although 49% of the aggregate floor space can be sold to foreigners, developers usually end up selling less than that to foreigners. Most units are bought by local buyers. Large developers demarcate certain units to foreigners. This means that if a certain unit is not part of the foreign quota, it cannot be bought by a foreigner even though there is available aggregate floor space to be sold to foreigners. The large developers do this so that they will never be in a situation where they sell a unit to a foreigner which causes the total aggregate floor space owned by foreigners to cross 49%. Anyway most of the demand for well located Bangkok properties are from local Thais. When I use the term “well located” I mean close to the city centre, close to a train station and in general a place where locals know is a good location. I had previously spoken about developments which were sold in places like Hong Kong and Taiwan which were not in a good location. There was one particular development which was located in Rama 9, which is very central, however the development was located deep into the small sois (streets in Thai). Many who bought the development never visited the actual site. They were sold the development at property fairs in their countries.

Moral of the story, buyers must know where the development they are purchasing is located exactly. It is not enough to say that the development is located in a general area. You need to be able to decipher whether the development is walking distance to the nearest train station.

Where is the development located?

Origin Residences Sukhumvit is located along the main Sukhumvit line. It is located slightly after Phra Khanong BTS Station, before On Nut BTS Station.

Location of Origin Residences Sukhumvit

You will need to walk about 650 meters or about 9 minutes from Phra Khanong BTS Station to get to Origin Residences Sukhumvit. You will need to go past the junction that leads to Rama IV Road. Rama IV Road leads to the Sathorn Financial District.

Walk from Phra Khanong BTS Station to Origin Residences Sukhumvit

Phra Khanong is one BTS station after Ekkamai BTS Station and two from Thong Lor BTS. Asok BTS Station, which is the interchange between the light green BTS line and the Blue MRT line is four stations away.

My thoughts about the development (selling points and investment potential)

This is NOT a location that is in the middle of a business district. As a point of reference, I would say that the two areas with a significant amount of commercial activities to constitute a business district are the Sathorn/ Silom area and Rama 9.

However, if you have lived in Bangkok, you will know that these areas are perpetually congested. This is why areas in Ekkamai and Thonglor are so popular with the expatriate community. They are less congested (I did not say that they are not congested) and have a huge slew of amenities that make living in these areas very desirable. However, these areas have become very expensive over the last decade. Expatriates have started looking at places like On Nut and Phra Khanong, which are on the fringes of Ekkamai and Thonglor, where rents are slightly lower. If you have ever tried to look for places to rent in On Nut, you will realise that the turnover of units is very high. Take up rates are high because of the affordability of rents in the area coupled with the large number of amenities in the area. There are local markets, community malls, a cinema, Tesco Lotus and Big C located all within walking distance from On Nut. Phra Khanong has been under the radar for many years. It does not have as many community malls and amenities in the area but I put that down to the lack of new condominium developments. Increasingly, new condominiums have been sprouting up in Phra Khanong. These are developed by large Thai developers which are listed on the Stock Exchange of Thailand.

Location wise, I would still favour a property in Ekkamai over one in Phra Khanong. I believe I would have to fork out just a bit more, perhaps 20 to 30% more for a comparable unit in Ekkamai. While I may find such a price difference palatable, some buyers may be more price sensitive and may only be willing to fork out a certain amount for a condominium in the area. Then a development like Origin Residences Sukhumvit makes sense. The price of a 1 bedroom unit is approximately THB 6.5 million +/- depending on facing and level. A 2 bedroom is north of THB 10 million. This works out to prices just above THB210,000 per square meter.

Origin Residences Sukhumvit

Pricing 3.5/5

Prices start just above THB 210,000 per square meter. You can actually find properties in Ekkamai which are going for this kind of pricing. Although that property in Ekkamai may not be along the main Sukhumvit Road. In terms of yield, I would believe that a property like Origin Residences Sukhumvit should be able to . The estimated rent should be about THB 30,000 for a 1-bedroom unit. This works out to about 5.5% gross yield based on an estimated purchase price of THB 6.5 million. The net yield after deducting maintenance, taxes and other related costs like agent commissions would be about 4-5% per annum.

Location 4.5/5

While Phra Khanong is not located in any of the central business districts, it is located in the middle of two very desirable areas. Ekkamai and On Nut. I rate this location very highly for a few reasons. The first being that it is along the main Sukhumvit Road. It is an advantage to be on the main road. Demand is usually higher as prospective tenants and buyers will be able to see the property as they travel along Sukhumvit Road. Usually via BTS. Yes this is one of the ways in which a property gains popularity. Another is the fact that Phra Khanong is what I would consider the ideal location in terms of connectivity to the Sathorn and Silom area and the rest of the popular areas along the main BTS line. Getting to Silom via private hire transportation is very straightforward as the start of Rama IV Road is located very close to Origin Residences Sukhumvit. Phra Khanong is not as congested as Ekkamai and less hectic than On Nut but retains easy access to both these very popular areas.

Quality 4/5

Origin Property is a very reputable developer. Their landmark development, in my personal opinion, is Park Origin Thonglor. That is a major development located along Thonglor Soi 10. Here is how Park Origin Thonglor looks like.

I do not think quality is an issue which buyers of Origin Residences Sukhumvit have to deal with.

p.s.I own and run a real estate company that specialises in dealing with Bangkok properties. Origin Property is a developer whose developments are being marketed by my real estate company. I also maintain a web portal InvestBangkokProperty.com where we list the various new project launches in Bangkok. The purpose of this review is to provide my thoughts and insights for buyers looking to invest in these developments.

Other useful articles:

The good locations for property investment in Bangkok (2023 update)

How has COVID-19 affected the Bangkok property market

Thailand’s new Land and Building Tax Act. Details and potential impact on the market.

An overview of the long stay visas for foreigners in Thailand

My views on the Singapore and Bangkok property markets

My 2018 Bangkok Property Market Review

Thailand Property Market Outlook for 2019

Where are the up and coming property investment locations in Bangkok?

The good locations for property investment in Bangkok

A compelling case to invest in Bangkok

Guide to buying a property in Thailand

Thailand Property: Legal and Tax Issues

Recognising the different property title deeds in Thailand

Can a foreigner take a property loan in Thailand?

Buying property in Bangkok: Payment procedures

A guide to the top property developers in Thailand

Thailand Property Market Outlook for 2018

How to get an Investment Visa in Thailand

Thailand as a retirement destination

How to get a Retirement Visa in Thailand

My personal experience purchasing a property in Bangkok

Things to take note when investing in an overseas property

Factors that determine the property price in Bangkok

Looking to buy a Bangkok condo? Things to take note of.

Thailand property inheritance laws: taxes, succession and wills

How to get an Investment Visa in Thailand

The post My review of Origin Residences Sukhumvit by Origin Property appeared first on Daryl Lum's Blog.

Details about the development

Reference Ekkamai is a freehold condominium by SC Asset Company Limited. If you are not already familiar with SC Asset, it is listed on the Stock Exchange of Thailand. Its largest shareholder is Paetongtarn Shinawatra, the current prime minister of Thailand. As of the time of writing, I am not familiar with whether she has relinquished her shares. I believe she would have to take the position of prime minister of Thailand.

Reference Ekkamai sits on a plot of land with an area of approximately 2 rais (1 rai is equivalent to 1600 square meters). The building is a 44-storey high-rise building with a basement. There are 396 units in total with 207 parking lots (this is a very impressive parking lot-to-unit ratio in central Bangkok).

The unit type mix is as such:

1 bedroom: 34.55 to 37.16 square meters
1 bedroom plus: 47.01 square meters
2 bedrooms: 65.78 to 68.26 square meters
Penthouse 157.97 square meters

The residential units are located on the 5th to 44th levels of the building.

Where is the development located?

Location Map of Reference Ekkamai

The development is located along the main Ekkamai Road. In some maps, it is listed as Sukhumvit Soi 63. This street is not your typical narrow small street. Instead, it is wide. The sidewalks are well-built and maintained.

Landmarks around Reference Ekkamai

There is a huge Health Land opposite Reference Ekkamai. This spot is very popular with tourists. Tourists also frequent Here Hai, a popular Michelin Bib Gourmand restaurant, which is just down the road as well. It should be around 200 meters away and hence may be closer to Reference Ekkamai than Donki Mall.

Walk from Reference Ekkamai to Ekkamai BTS

As stated earlier, Reference Ekkamai is not close to Ekkamai BTS Station. In fact, it is 1 kilometre from Ekkamai BTS Station. It will take 14 minutes to complete the journey. The walk is relatively unsheltered. The good thing is that the sidewalks are well-paved and the walk is rather pleasant.

Ekkamai BTS Station is 3 stations away from Asoke BTS Station, 6 stations from Chidlom BTS Station and 7 from Siam BTS Station. Hence, it is still relatively close to your typical tourist haunts. However, residents do not need to venture too far away from Ekkamai to get everything that they need. There are already high-end shopping malls at Phrom Phong which is 2 BTS stations away and there is a Big C diagonally across Reference Ekkamai. I see little to no incentive to make the trip to the Siam area if you are living in Ekkamai.

My thoughts about the development (selling points and investment potential)

It is not common for a new development to come up in the Ekkamai area. Many of the developments in the area are catered to the high-end luxury market with per-square-meter prices much higher than what you would expect to pay for a typical condominium in central Bangkok. Some people, critics of the market mainly, will point to the fact that there is a lot of land in Bangkok and hence land prices are supposed to be low. This is true for areas outside of popular areas in Central Bangkok. I agree that Thailand has a lot of land. However, in very well-developed areas, land is scarce. It is all about buying into a good, central location with a decent catchment. It is well known that in areas like Ekkamai, for developers to develop, they will need to purchase existing land from private owners. In most, if not all cases, there is already a building sitting on that plot of land. Therefore, the developer will need to demolish the existing structure to redevelop. Ekkamai is one such area.

Prices in this area start slightly above THB200,000 per square meter. This works out to just above 7 million THB for a 1-bedroom unit. The units are not your typical 20-odd square meter units. Instead, this pricing is for a 34.55 square meter unit. The rental demand in this unit is relatively high. However, the most important thing to note, in my personal opinion at least, is the type of tenants that will rent a condominium unit in Bangkok. These tenants are usually higher paid expatriates with families. Typically Japanese tenants will favour areas like Ekkamai and Thonglor. Hence your tenant profile is highly favourable.

Reference Ekkamai

Pricing 4.5/5

Prices start just above THB 200,000 per square meter. This pricing is generally in trend with the properties in this area. If you venture one BTS station up to Thong Lor, you will be hard pressed to find anything that this pricing. The 1 bedroom units start just above THB 7 million, the 1 bedroom plus is above THB 9 million and the 2 bedrooms are above THB 14 million. The unit sizes are larger than the typical Bangkok condominium. Rent wise, yield should be about 4% per annum thereabouts.

Location 4/5

The strange thing about Ekkamai is that the properties that are the closest to the BTS station are not always the most desirable. Instead, the properties around the Donki Mall area are the ones with stronger demand from both tenants and buyers. However, I still think that being closer to the BTS station should be a priority in terms of accessibility and in how I score the property in terms of location. Reference Ekkamai is a 1 kilometre walk to Ekkamai BTS station and that is not something that everyone is willing to do on a regular basis. On the bright side, the odd number sois are the better side of the train line to be located on. This is because going further up north via Petchaburi Road will get you to locations like Siam Paragon or the Rama 9 area. It also puts you on the better side of the train line to get to both airports.

Quality 4/5

I think a consideration should be the breadth of facility options. I will make this part of my consideration when it comes to quality since I seem to always be reviewing only listed developers. Reference Ekkamai is a mid-sized development. Therefore, the breadth of facilities is not as comprehensive as compared to a project like Park Origin Thonglor. The larger the development, the more extensive the number of facilities.

There is a rooftop garden (rather common among all condominiums in Bangkok), lounges, an infinity pool, onsen, a co-kitchen and lounges, a yoga studio and a number of terraces. In a myriad of condominiums trying to differentiate your development has become increasingly difficult. I have even seen virtual golf driving ranges in condominiums. Reference Ekkamai’s facilities are around what a typical condominium should offer.

p.s.I own and run a real estate company that specialises in dealing with Bangkok properties. SC Asset Corporation is a developer whose developments are being marketed by my real estate company. I also maintain a web portal InvestBangkokProperty.com where we list the various new project launches in Bangkok. The purpose of this review is to provide my thoughts and insights for buyers looking to invest in these developments.

Other useful articles:

The good locations for property investment in Bangkok (2023 update)

How has COVID-19 affected the Bangkok property market

Thailand’s new Land and Building Tax Act. Details and potential impact on the market.

An overview of the long stay visas for foreigners in Thailand

My views on the Singapore and Bangkok property markets

My 2018 Bangkok Property Market Review

Thailand Property Market Outlook for 2019

Where are the up and coming property investment locations in Bangkok?

The good locations for property investment in Bangkok

A compelling case to invest in Bangkok

Guide to buying a property in Thailand

Thailand Property: Legal and Tax Issues

Recognising the different property title deeds in Thailand

Can a foreigner take a property loan in Thailand?

Buying property in Bangkok: Payment procedures

A guide to the top property developers in Thailand

Thailand Property Market Outlook for 2018

How to get an Investment Visa in Thailand

Thailand as a retirement destination

How to get a Retirement Visa in Thailand

My personal experience purchasing a property in Bangkok

Things to take note when investing in an overseas property

Factors that determine the property price in Bangkok

Looking to buy a Bangkok condo? Things to take note of.

Thailand property inheritance laws: taxes, succession and wills

How to get an Investment Visa in Thailand

The post My review of Reference Ekkamai by SC Asset appeared first on Daryl Lum's Blog.

Details about the development

Nue Epic Asok-Rama 9 is a freehold condominium by Noble Development Public Company Limited (Noble Development). The development consists of 4 towers. Towers A and B are 47 storeys, Tower C is 34 storeys and Tower D is 32 storeys. The development sits on a land of approximately 15 Rais of 24,000 square meters.

The development mix is as such:

1 Bedroom (M)：26.00 – 26.50 Sq.m.

1 Bedroom (L)：30.00 – 30.50 Sq.m.

1 Bedroom Plus：35.50 – 40.00 Sq.m.

2 Bedroom：45.50 – 53.90 Sq.m.

2 Bedroom Plus：76.00 Sq.m.

3 Bedroom 2 Bathroom：70.20 Sq.m.

3 Bedroom：83.00 – 100.80 Sq.m.

Where is the development located?

Location Map of Nue Epic Asok-Rama 9

The development is located on the side of Fortune Town. It lies along the main Rama 9 road. Do not be focused on the name Asok in the development’s name. If you are thinking that this development is close to Asoke BTS, it is not. You need to take 2 MRT stops south on the MRT line to get to Sukhumvit MRT station. This will allow you to connect to Asoke BTS and popular Terminal 21 mall.

The walk from Phra Ram 9 MRT Station to Nue Epic Asok-Rama 9

Nue Epic Asok-Rama 9 is located approximately 500 meters from Phra Ram 9 MRT Station. The walk to the MRT station is relatively unsheltered.

The journey from Nue Epic Asok-Rama 9 to Victory Monument

If you were to travel west bound on Rama 9 Road, you will be able to reach Victory Monument BTS Station which is one stop away from Phaya Thai BTS, two from Ratchathewi BTS and three from Siam BTS.

My thoughts about the development (selling points and investment potential)

Post pandemic, I have been stressing about how we need to only consider large, local Thai developers. Typically one that is listed on the Stock Exchange of Thailand. This is because the global economy is undergoing a slowdown. China included and especially. There are many Chinese developers in Thailand. These developers came into the market when the market was accelerating. They also came in because the mainland Chinese viewed property as a stable investment. However, a few years later, Mainland China and Hong Kong property prices have receded. This is especially true for Mainland China. Many Chinese have changed their perception for property investment back home.

Nue Epic Asok-Rama 9

Pricing 5/5

The prices start at THB 125,000 per square meter. This price was unheard of before the pandemic when prices were in excess of THB 200,000 per square meter. Prices start from about THB 4 million. One of the main reasons why the pricing is attractive is because it is located on the side of Fortune Centre rather than the side where Grand Central Rama 9 is located. If you purchase a THB 4.5 million unit and rent it out for THB 25,000, this will give a gross yield of about 6.7 per cent.

Nue Noble Rama 9, which is now sold out, is located on the Grand Central Rama 9. This is the reason for the 20 to 30 per cent higher per square meter pricing.

Here is a video of a walkabout around the Rama 9 area on the side of Grand Central Rama 9.

Location 4/5

I would very much prefer the development to be located on the side of Grand Central Rama 9. Major offices are on that side of the road. However, if this development were on that side of the road, I believe that Noble Development could sell units at a higher per square meter.

One thing to take note of is the horrible traffic in the Rama 9 area. The roads in this area are commonly congested. However, the fact that this area is congested supports the notion that this area is very centrally located. It is also well connected to the various key locations like the Asoke Area, Phayathai, Ratchathewi and if you take the MRT, reaching the Sathorn Financial District is rather swift.

I believe that if you are looking for a property in Bangkok for investment purposes, i.e., you are looking to rent out the property or sell the property after holding for a few years, then this is it. Retirement wise, I do not think many retirees will consider this area for the simple fact that this area is littered with large offices. The train lines are often congested.

Quality 4/5

I had previously mentioned that if you are purchasing from one of the large Thai developers, this should not be an issue. We have worked with Noble Development on countless occasions. Their defect liability period is typically 2 years and defects are usually resolved very swiftly.

p.s.I own and run a real estate company that specialises in dealing with Bangkok properties. Noble Development is a developer whose developments are being marketed by my real estate company. I also maintain a web portal InvestBangkokProperty.com where we list the various new project launches in Bangkok. The purpose of this review is to provide my thoughts and insights for buyers looking to invest in these developments.

Here is a video review of Nue Epic Asok-Rama 9.

Other useful articles:

The good locations for property investment in Bangkok (2023 update)

How has COVID-19 affected the Bangkok property market

Thailand’s new Land and Building Tax Act. Details and potential impact on the market.

An overview of the long stay visas for foreigners in Thailand

My views on the Singapore and Bangkok property markets

My 2018 Bangkok Property Market Review

Thailand Property Market Outlook for 2019

Where are the up and coming property investment locations in Bangkok?

The good locations for property investment in Bangkok

A compelling case to invest in Bangkok

Guide to buying a property in Thailand

Thailand Property: Legal and Tax Issues

Recognising the different property title deeds in Thailand

Can a foreigner take a property loan in Thailand?

Buying property in Bangkok: Payment procedures

A guide to the top property developers in Thailand

Thailand Property Market Outlook for 2018

How to get an Investment Visa in Thailand

Thailand as a retirement destination

How to get a Retirement Visa in Thailand

My personal experience purchasing a property in Bangkok

Things to take note when investing in an overseas property

Factors that determine the property price in Bangkok

Looking to buy a Bangkok condo? Things to take note of.

Thailand property inheritance laws: taxes, succession and wills

How to get an Investment Visa in Thailand

The post My review of Nue Epic Asok-Rama 9 appeared first on Daryl Lum's Blog.

Let us consider this example: A Malaysian would like to purchase a THB 7 million condominium in Bangkok

There is a 30% downpayment for the condominium.

The Malaysian would need to pay THB 2.1 million for the condominium to Bangkok. However, he cannot make this payment in baht but rather, he has to make this payment in a foreign currency. His obvious currency of choice would be the Malaysian ringgit.

So he goes on to a currency conversion site like XE currency and checks the exchange rate and this is what he sees.

As of 9th July 2024, the exchange rate is 1 Malaysian ringgit to 7.73 Thai baht. If he wants to transfer THB 2.1 million exactly, he would need to transfer 271,513.45 ringgit to the developer’s Thai bank account.

However, this is the rate that XE Currency is offering. When the ringgit reaches the developer’s Thai bank, it will be converted based on the rate at the Thai bank. This rate can be higher or lower than XE currency. Moreover, the money will only reach the developer’s Thai bank in perhaps a day or two. The rate would be different. There is also the issue of bank charges for the telegraphic transfer. In short, it is close to impossible for him to make a transfer that will equate to the developer receiving exactly THB2,100,000. Since the developer requires exactly THB 2,100,000 and no less, the only option would be to transfer a bit more. The issue is how much more?

The Malaysian would know the bank charges on his end, i.e. his Malaysian bank. However, he may not know the bank charges over at the developer’s end. Yes, the bank charges can be found on the bank’s website but different types of accounts may have different charges for telegraphic transfers. Therefore, the prudent thing to do in my opinion would be to buffer for 5% more. In this case, I would advise the Malaysian purchaser to transfer at least 105% x 271,513.45 = 285,089.12 ringgit. In fact, I would round it up to the nearest thousand and advise that he transfer 286,000 ringgit.

The question that results from this would be, “How then are excess monies paid accounted for”?

The answer to that would be that excess monies can be rolled over to the next time the purchaser needs to make another payment. In this case, when the condominium is completed, the developer will require the purchaser to make the final 70% payment of the THB 7 million. The purchaser can offset the previous excess payments in this payment. However, I would still recommend that the purchaser makes the transfer without considering the previous excess payment. The excess payments can be consolidated and then returned to the purchaser when he or she collects the keys to the property. This is in the form of a cheque which can then be banked into a Thai bank account.

At every stage of the transfer, the developer will provide an update in table form as to how much money has been paid. Therefore, there will be a record as to the excess monies that were transferred.

This is an example using a property I purchased. It was some time ago and hence the payment schedule for this development consisted of quite several transfers. I thought that this would be a good illustration of how organised the schedule provided by a developer is. Do note that the payment schedule these days is a lot less complex. It is usually two transfers of 15% with one final transfer of 70%.

The table above was sent to me via email every time I made a transfer. From there I could tally the excess payments I made and eventually, the developer returned the excess amount to me in the form of a cheque. I banked it into a Bangkok Bank account. I opened that bank account using the sales and purchase agreement of the condominium. This is what happens when foreigners purchase a condominium from Thailand.

I cannot say that this is the norm for all property developers. However, I have dealt with just about all major property developers in Bangkok and this is how they deal with all foreign purchasers and money transfers. This is the reason why I have always reiterated that foreign buyers should be making Thai property purchasers from established developers. The process is well settled and communication is extremely organised and easy to understand.

Yours sincerely,

Daryl

The post How will I know how much foreign currency to pay for my Thai property? appeared first on Daryl Lum's Blog.

The best visa for most would be the Long Term Resident Visa

This requires a proper understanding of the tax code in Thailand to know why I made that statement. When you are in your retirement years, one of the considerations has to be capital preservation. There were changes in the interpretation of the Thai tax code recently. The major change would be that a Thai tax resident’s income derived from employment or business from abroad or from assets located abroad is subject to tax when this income is brought back into Thailand. An individual is a Thai tax resident if he or she is physically located in Thailand for more than 180 days. So long as that individual is in Thailand at any point of the day, that will be considered as one day that he or she is physically located in Thailand. For example, if an individual leaves Thailand at 1201 am, then that person will be deemed to be in Thailand for that day even though he or she is in Thailand for a minute. This is the same if that individual lands in Thailand at 1159 pm. Even though that individual is in Thailand for one minute of that day, that will be considered as one day that he or she is physically in Thailand. This is why we never advise clients to leave it to the very last day to leave Thailand to not reach the 180-day limit.

An example of this affecting a foreigner who is a Thai resident would be a Singaporean who realised capital gains on investment and would like to bring those monies into Thailand. In Singapore, capital gains are not taxed. However, the Thai tax code will tax capital gains and starting from 1st January 2024, capital gains from abroad that are brought into Thailand by a tax resident will be taxed. The Singaporean who is residing in Thailand because he is a retiree and has moved to Thailand to retire would be affected by this. If he had remained in Singapore, he would not have to pay capital gains tax on his Singapore investment gain. However, now he would have to pay capital gains tax in Thailand on his Singapore investment gain. It would not be ideal for him to leave the money outside of Thailand because he is living in Thailand. He needs to use this money for his retirement.

There is, however, a visa that provides for an income tax exemption for income derived from employment or business from abroad or from assets located abroad when this income is brought back into Thailand. This is the Long Term Resident Visa and the three categories under this visa which qualify for this exemption are Wealthy Global Individual, Wealthy Pensioner and Work from Thailand Professional.

Retirees or wealthy individuals will likely bring their money from their home country into Thailand. Also, it is difficult for a retiree to bring all their money into Thailand before becoming a tax resident (and hence subjecting themselves to the Thai tax code). This is because there might be retirees who may want to try retiring in Thailand for a year or so before committing to the country long-term. Hence retirees usually have investments outside of Thailand. By the time they choose to liquidate their investments and move their monies into Thailand, they would have already become Thai tax residents and would be subject to the Thai tax code. Therefore, with the advent of the Long Term Resident Visa, a foreigner who can qualify for it should apply under this scheme rather than the usual retirement visa. This also puts paid to the Thai Elite Visa, although I do suspect that amendments will be made to that visa to put it in line with what the Long Term Resident Visa offers.

The best medical facilities are in Bangkok

While Thailand offers many retirement cities, the best medical facilities are still in Bangkok. In fact, in a recent Newsweek ranking of the best hospitals in Thailand, the top 17 hospitals are all located in Bangkok. While it is still possible to live outside of Bangkok and travel to Bangkok as and when medical treatment is required, most retirees will choose to live in Bangkok for ease of access to these medical facilities.

This is an important consideration when investing in Thai property as medical tourism is huge for the country. Be it for rent or sale, properties in Bangkok will always avail themselves to a class of individuals who want to use these properties as a place to live while they seek medical treatment within the kingdom. Bumrungrad International Hospital is listed within the world’s best hospital list by Newsweek. This hospital is located in the Nana and Asoke area and is one of the reasons why properties in that area have a steady demand from tenants. If you have never been to a top-class medical facility, I implore you to do a full body medical checkup at Bumrungrad International Hospital to understand the standard of medical care in Bangkok. It is a very cost-effective way to get a full body check-up at a world-class medical facility. When you are there, you can observe the number of foreigners who are patronising the hospital for medical services.

Immovable property in Thailand has to be dealt with with a Thai will

The concept of lex situs applies to immovable property. The law of the land will deal with the immovable property that sits on that land. If you are looking to acquire property in Thailand, do note that you will need to do up a will in Thailand to deal with the distribution of that property upon your demise. For example, a Japanese cannot will his Thai property in his Japanese will. He will need to do a separate will in Thailand to deal with his Thai property. If there is no Thai will done, the property will be distributed in accordance with Thai intestate succession laws. Retirees who purchase Thai properties need to make a Thai will. On top of that, if retirees decide to spend their final days in Thailand, upon their demise, they will need assistance with executing their will as such matters will need to be dealt in Thailand.

This is where they should have points of contact in Thailand who are familiar with not only dealing with Thai wills but who are also familiar with dealing with Thai properties. In most cases, the property management company should be able to deal with these matters for their clients. A property management company is usually engaged when the owner of the Thai property is not residing in Thailand and would need someone in Thailand to manage and deal with property related matters. The property management company should be notified as to the existence of the will and its contents. A good property management company would assist the deceased’s beneficiaries with the transfer of the property to his or her name. Therefore, it is important that the Thai property owner not only does a will, he or she informs the property management of the existence of the will and its contents.

It becomes a bit more tricky when the property owner is residing in the property that he or she purchases. This is the case with most retirees. Therefore, there is little to no communication with a property agent if the property owner is residing in his or her own property. This is different when a property is being rented out and there are renewals and rental payments. There is often constant communication between the property owner and the property management company. Retirees who live in their properties do not have this communication. The best thing they can do is to inform someone that they can trust to handle their matters when they pass on.

Tax matters

In just about every visa application, the applicant needs to produce a police certificate to state that the individual has not been convicted of an offence in Thailand. Tax offences are still offences. Therefore, one of the ways in which a foreigner can be convicted of an offence is to breach the Thai tax code.

There are broadly two categories of taxes. Personal income taxes and corporate taxes. If the Thai tax resident owns a property, then he or she will need to pay property taxes. Do note that if an individual is collecting rental income from his property, that is classified as personal income if the property is under his or her personal name. If the property is held by a Thai company, then that Thai company will need to include that rental income as corporate income taxes. Property taxes are taxes that are paid because an individual is holding a property. This tax needs to be paid irregardless of whether the property is rented out or not. It is paid because the property is being held by an individual or a company.

It is important to have a proper tax advisor or at least a property management company that can help you with such tax filing related matters.

Reporting

Despite obtaining the relevant visa that allows an individual to reside in Thailand, he or she needs to adhere to the reporting requirements. These are the requirements for an individual to report to the relevant immigration offices. The visa holder needs to do this reporting to maintain the relevant visa. There are immigration specialist companies that will aid the visa holder to do the reporting on his or her behalf. All they need to obtain is a power of attorney to do the reporting on their behalf.

This reporting requirement can be quite strict. If it is not adhered to, there may be fines which the visa holder has to pay. In the worst of cases, the visa may not be renewed.

If you are looking to retire in Bangkok, it would serve you well to know these few pointers. It is important that as a foreigner we do not fall foul of any Thai laws. Negligence is still an offence and is not a valid excuse to constitute as an exemption.

Yours sincerely,

Daryl

The post I would like to retire in Bangkok, what do I need to take note of? appeared first on Daryl Lum's Blog.

SHORT TERM VISAS (Less than 1 year)

Tourist visa

The most common type of visa is the tourist visa. This visa is for tourists who want to visit Thailand for leisure. For some foreigners holding certain passports, they have the luxury of visa-free travel. In reality, it is not visa-free because a visa will still be issued on the spot at the Thai immigration counter by an immigration officer. The term visa-free travel means the foreigner does not have to apply for a visa before arriving in Thailand. For example, nationals from Malaysia, Singapore and China do not have to apply for a visa ahead of their arrival in Thailand. They will be issued a visa on arrival in Thailand. The issued visa is up to 30 days. For some nationalities, this limit is shorter. For example, nationals from Burma will be issued a 14-day visa on arrival. Moreover, this visa-on-arrival is only if they arrive by air travel.

90-day visa

This is not a tourist visa. This is usually a visa that you need as a prelude to applying for a longer 1-year visa. The 90-day visa only allows you to enter Thailand once. The application for the 90-day visa is done in your home country. For example, if you are from Malaysia, then you will need to be in Malaysia when making the application.

You will apply for this 90-day visa as a precursor to applying for the following visas:

1. Non-immigrant B visa or Thailand Business Visa
   This visa is applicable if you want to work or conduct business in Thailand
2. Non-immigrant O visa (retirement) or Retirement Visa
   This visa is applicable if you are above 50 years old and want to retire in Thailand
3. Non-immigrant O visa (Thai spouse) or Marriage Visa
   This visa is applicable if you are married to a Thai national. This allows you to live in Thailand.

The steps to applying for the 90-day visa are as such:

1. Prepare all the required documentation for the application.
2. Submit the documents to the Thai Embassy or consulate in your home country and pay the application fee.
3. Collect your visa when it is approved (typically about 10 working days). You can enter Thailand after collecting the visa.

The documents and eligibility criteria are:

1. A valid passport with at least 6 months of validity
2. Your travel itinerary
3. Proof of finances (bank statement or latest pay slip from your employer)
4. (If you are applying for a non-immigration B visa) A valid work permit
5. (If you are applying for a non-immigration O visa (retirement) or retirement visa) Be at least 50 years old and produce a bank statement showing at least 800,000 THB (or equivalent)
6. (If you are applying for a non-immigrant O visa (thai spouse) or marriage visa) A valid marriage certificate

LONG TERM VISAS (1 year or more)

Retirement Visa

The retirement visa has the following benefits and features:

1. 1 year uninterrupted stay in Thailand
2. The retirement visa is renewable annually
3. The ability to exit and re-enter Thailand
4. The ability to renew the retirement visa without having to leave Thailand

The documents and eligibility criteria are:

1. Must be 50 years old or older
2. Have a valid foreign passport
3. Proof of residence in Thailand (6-month rental contract or ownership of Thai property)
4. Meet one of the following financial requirements:
   a) Place THB 800,000 as a security deposit (This must be done at least 2 months before the application)
   b) Have a monthly income of THB 65,000
   c) Have a combination of both a) and b)
5. Have proof of 4.
   a) Proof of the security deposit (A copy of the bank book with a local bank showing the deposit)
   b) A letter from the Thai embassy verifying the income of THB 65,000
   c) A combination of both a) and b)
6. A Police Clearance Certificate (to show that you do not have any criminal record in Thailand)
7. Medical Certificate.
8. A copy of your health insurance in Thailand with a minimum coverage of USD$100,000
9. Any other documents

(Items 6, 7 and 8 are not required if the application is done in Thailand)

If the application is done from outside of Thailand:

Step 1: Apply for a 90-day non-immigrant O visa (retirement) with the nearest Thai embassy in your country of residence
Step 2: Travel to Thailand and remain in Thailand for at least 60 days
Step 3: You can apply for the Retirement Visa in the final 30 days of your 90-day non-immigrant O visa (retirement)

If the application is done from within Thailand:

Step 1: Have a valid tourist visa or visa exemption while in Thailand
Step 2: Have a Thai bank account
Step 3: Apply for the non-immigrant O visa (retirement) with the Thai Immigration Office
Step 4: Apply for the Thai Retirement Visa

Dependent Retirement Visa (spouse)

This visa is applicable for spouses of individuals who are holding retirement visas. This allows the spouse to also retire in Thailand even though he or she has not reached the age of 50. If he or she is above the age of 50, he or she can apply for a retirement visa.

The Dependent Retirement Visa has the following benefits and features:

1. It is renewable on an annual basis
2. It is valid so long as the marriage is valid and will be cancelled if the marriage has ended
3. Both parties will require a passport with at least 6 months of validity

The documents and eligibility criteria are:

1. Must be legally married and remain legally married to maintain the Dependent Retirement Visa
2. Marriage certificate
3. The retirement visa holder will need to produce documentary proof that he or she can support his or her spouse

To maintain your Retirement Visa and Dependent Retirement Visa

1. Report to the Thai Immigration Office every 90 days. If you leave the country, the 90-day count will start from zero. The reporting can be done in person or you can appoint a professional to do the reporting on your behalf. You will need to provide them with a power of attorney to do so. The reporting can be in person at the Thai Immigration Office or via mail or online
2. If you choose to leave Thailand, you will need to obtain a re-entry permit. You can do so at any immigration office or just before you leave Thailand
3. You need to renew your Retirement Visa every year. You will need to have the appropriate funds in your bank account (the criteria when you applied initially) at least 3 months before proceeding with the renewal
4. You are not allowed to work in Thailand

5-year Retirement Visa

If you are very sure about Thailand being your retirement destination, you can acquire the 5-year Retirement Visa.

The 5-year Retirement Visa’s main difference when compared to the usual Retirement Visa is that it allows the individual to reside in Thailand for up to 10 years instead of just 1 year. It can only be renewed once for a total of 10 years.

The documents and eligibility criteria are:

1. Must be 50 years old or older
2. Must be a national of one of these countries: Japan, Australia, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Sweden, Switzerland, the UK, Canada, the USA
3. Have a valid foreign passport
4. Meet one of the following financial requirements:
   a) Have a deposit of at least THB 3 million or equivalent in your bank account
   b) Have a deposit of at least THB 1.8 million or equivalent in your bank account and an annual income of at least THB 1.2 million or equivalent.
5. A Police Clearance Certificate (to show that you do not have any criminal record in Thailand)
6. Medical Certificate to show proof that you are not suffering from any of the following: any drug addiction, elephantiasis, leprosy, tuberculosis or syphilis.
7. A copy of your health insurance in Thailand with a minimum coverage of THB 400,000 for inpatient care and THB 40,000 for outpatient care.
8. Any other documents

To maintain your 5-year Retirement Visa

1. Report to the Thai Immigration Office every 90 days. If you leave the country, the 90-day count will start from zero. The reporting can be done in person or you can appoint a professional to do the reporting on your behalf. You will need to provide them with a power of attorney to do so. The reporting can be in person at the Thai Immigration Office or via mail or online
2. Maintenance requirement for the first year: Maintain at least THB 3 million in the individual’s bank account or at least THB 1.8 million and an annual income of THB 1.2 million.
3. Maintenance requirement for the second year onwards: Maintain at least THB 1.5 million in the individual’s bank account.
4. Report to Thai immigration annually to provide an update on the individual’s qualifications.
5. The individual is not allowed to work in Thailand.

Marriage Visa

This visa is for individuals who are legally married to a Thai national. This visa allows the individual to live in Thailand and is a route towards permanent residency in Thailand.

The Marriage Visa has the following benefits and features:

1. It is a 1-year extended stay visa
2. It is renewable on an annual basis
3. There is no need to obtain a re-entry permit when flying in and out of Thailand during the visa period
4. The Marriage Visa holder can apply for a Thai work permit and work in the country for a Thai company (This makes job hunting easier as the employer will only need to deal with your work permit application without the need to deal with your visa)

The documents and eligibility criteria are:

1. Must be legally married and remain legally married to a Thai national
2. Marriage documents (the relevant marriage certificate)
3. Proof of residency in Thailand (can be the individual’s address or his or her spouse’s address)
4. Proof of a deposit of at least THB 400,000 in a Thai bank account. This needs to be there for at least 2 months before the application
5. Proof of a monthly income THB 40,000 in the form of a letter from the foreign embassy from the individual’s nationality
6. Any other required documents

The application process:

Step 1: Acquire a 90-day visa.
Step 2: Apply for the 90-day visa to be converted into a 1-year Marriage Visa. This application can only be done in the final 30 days of the 90-day visa.

Thailand Elite Visa

The Thailand Elite Visa is a long-term tourist visa. The visa is managed by the Thailand Privilege Card Company Limited. The Thailand Elite Visa allows certain affluent and high-earning foreigners to obtain a long-term multiple-entry visa to live in Thailand for up to 20 years.

The documents and eligibility criteria are:

1. Must not be a national from the following countries: North Korea, Afghanistan, Nepal, Pakistan, Sri Lanka, Central Africa, Cameroon, Democratic Republic of Congo, Republic of the Congo, Equatorial Guinea, Guinea, Ghana, Liberia, Nigeria, Sao Tome and Principe, Sierra Leone, Somalia, Sudan, Algeria, Iraq, Egypt, Iran, Lebanon, Libya, Palestine, Syria, and Yemen.
2. Must be a holder of a valid foreign passport
3. There is no age limit for this visa
4. Must have not been sentenced to imprisonment for any offence in any country (an exception if the offence committed is due to negligence)
5. Not a bankrupt
6. Must not be of unsound mind

To maintain The Thailand Elite Visa

1. Report to the Thai Immigration Office every 90 days. If you leave the country, the 90-day count will start from zero. The reporting can be done in person or you can appoint a Thai Elite staff to conduct this reporting on the individual’s behalf.

The types of memberships:

Gold (5-year) THB 900,000
– Valid for 5 years

Platinum (10-year) THB 1.5 million
– Valid for 10 years
– 5-year multiple entry tourist visa, renewable for another 5 years
– THB 1 million for additional family members

Diamond (15-year) THB 2.5 million
– Valid for 15 years
– 5-year multiple entry tourist visa, twice renewable for another 5 years
– THB 1.5 million for additional family members

Reserve (20-year) THB 5 million
– Valid for 20 years
– 5-year multiple entry tourist visa, thrice renewable for another 5 years
– By invitation only

Thailand Business Visa

This visa is for individuals who want to launch a business or start-up in Thailand. This is also for those who want to look for employment within Thailand.

The documents and eligibility criteria are:

1. Hold a valid passport with at least 6 months of validity
2. Complete the Non-immigration B Visa application form
3. Submit a recent (no longer than 6 months) passport-sized photograph
4. Submit proof of finances (THB 20,000 income for sole applicant and THB 40,000 income if applying with family)
5. A copy of the travel itinerary

Long-Term Resident Visa

The Long Term Resident Visa is a 10-year visa aimed at attracting talented foreigners to relocate to Thailand on a long term basis. This visa allows such foreigners to live and work in Thailand. It comes with many incentives and benefits.

There are 4 categories

1. Wealthy Global Individuals
2. Wealthy Pensioners
3. Work from Thailand Professionals
4. Highly-skilled Professionals

How to qualify as a Wealthy Global Individual

• Have assets of at least USD 1 million
• Have an annual income of at least USD 80,000 for the past 2 years
• Make an investment of at least USD 500,000 in Thai government bonds or Thai property or a combination of both

How to qualify as a Wealthy Pensioner

• Be at least 50 years old
• Have a passive income of at least USD 80,000 per annum at the time of application
• Applicants with a passive income below USD 80,000 but above USD 40,000 may be eligible if they make an investment of at least USD 250,000 in Thai government bonds or Thai property or a combination of both
• Employment income will not be considered

How to qualify as a Work from Thailand Professional

• Have an annual income of at least USD 80,000 for the past 2 years
• Applicants with an annual income below USD 80,000 but above USD 40,000 may be eligible if they have a Master’s degree or above, own any intellectual property or have a company that received Series A funding
• The employer of the applicant must be a publicly listed company on a stock exchange
• If the employer is a privately held company, the company must be operational for at least 3 years with a combined revenue of at least USD 150 million in the past 3 years.
• The applicant must have at least 5 years of experience in his or her relevant field over his or her past 10 years of employment.

Key benefit of Wealthy Global Individual, Wealthy Pensioner and Work from Thailand Professional with the Long Term Resident Visa:

These individuals are entitled to income tax exemption for income derived from employment or business from abroad or from assets located abroad when this income is brought back into Thailand.

How to qualify as a Highly Skilled Professional

• Have an annual income of at least USD 80,000 for the past 2 years
• Applicants with an annual income below USD 80,000 but above USD 40,000 may be eligible if they have a Master’s degree or above in science and technology or special expertise relevant to employment in Thailand
• The minimum income requirement is waived if the individual is applying to work in government-run institutes of higher learning, research centres, specialised training centres or government agencies
• The skill of the professional must correspond to one of the targeted industries of the Thai government
• The applicant must have at least 5 years of experience in his or her relevant field or have a PhD in the relevant field or work for a Thai government agency

Key benefit of Highly Skilled Professionals with the Long Term Resident Visa:

These individuals are entitled to a discounted personal income tax rate of 17%. In comparison, Thailand’s regular personal income tax rates range from 5% to 35%.

SMART Visa

This visa program was launched on the 1st of February 2018. This provides individuals with a proper road map to secure a visa through either employment, investment or starting a business in certain targeted industries in Thailand.

The targeted industries are:

1. Automotive
2. Electronic
3. Affluent Tourism
4. Agriculture, food and biotechnology
5. Automation and robotics
6. Transportation and logistics
7. Petrochemical and chemical
8. Digital technologies
9. Medical
10. National Defense
11. Direct and significant supporting industries for the circular economy
12. Aviation, aerospace and space
13. Human resource development in science and technology
14. Environment management and renewable energy
15. Management of Technological Innovation and Startup Ecosystem
16. Targeted technological development
17. International Business Center (IBC)
18. Alternative dispute resolution

The SMART Visa has the following benefits and features:

1. The individual can reside in Thailand for up to 4 years
2. Yearly reporting to the Thai immigration office instead of the usual 90-day reporting as with other visas
3. The ability to bring family members into Thailand on a non-immigration visa
4. The ability to work in any of the targeted industries without a work permit
5. The SMART Visa is a multi-entry visa. There is no need to apply for a re-entry permit to go out and re-enter Thailand.

As the requirements of the SMART visa are complex, I would advise potential applicants to refer to the Board of Investment, Thailand’s website on the SMART visa. This is the website: https://smart-visa.boi.go.th/smart/.

The main benefit, among others, in my opinion, is the yearly reporting instead of the usual 90-day reporting as with other visas. This particular visa is not as popular as it was expected to be.

Destination Thailand Visa

This visa will be implemented in June 2024. However, as of the time of writing, this visa has yet to be implemented. I will update this article when the Thai government is issuing this visa.

Many articles call the Destination Thailand Visa the Digital Nomad Visa. However, the actual name of the visa is Destination Thailand Visa. The reason this visa is called the Digital Nomad Visa is because the visa allows its holder to legally work remotely for international companies and clients while in Thailand.

How to qualify for the Destination Thailand Visa

• Be at least 20 years old
• Provide documentary proof that the individual has at least THB 500,000 in his or her bank account
• Provide documentary proof that he or she is employed (alternatively, the individual may apply for the Destination Thailand Visa to do one of the approved activities)

Approved activities:

• Muay Thai lessons
• Thai cuisine lessons
• Educational purposes
• Attend seminars
• Sports
• Medical treatment
• Foreign talent
• Art and music-related events

The Destination Thailand Visa has the following benefits and features:

1. The visa can be extended once for up to 180 days. The visa application fee is THB 10,000
2. The visa allows its holder to legally work remotely while in Thailand for international companies and clients
3. The visa holder can bring along his or her spouse and any children below the age of 20
4. The visa is available to 93 foreign nationalities

Please note that if the visa holder wishes to change to another visa, his or her Destination Thailand Visa will be cancelled. Moreover, while the visa holder can legally work remotely while in Thailand, he or she cannot work for a Thai company requiring a Thai work permit.

Conclusion

The more popular visas are the retirement visa, the Thailand Elite Visa and the Long Term Resident Visa. I believe that the Destination Thailand Visa will be very popular due to it allowing the visa holder to legally work in Thailand.

If you are looking for advice on how to relocate to Thailand, please consult an experienced immigration company that deals with Thai visa applications.

Yours sincerely,

Daryl

p.s. At the time of writing, I own and manage a real estate company in Thailand that specialises in dealing with Bangkok properties. My Thai company also deals with visa applications for individuals who are looking to relocate to Thailand. I also maintain a web portal InvestBangkokProperty.com where we list the various new project launches in Bangkok. The purpose of this blog article is to try to provide a comprehensive overview of the various visa options available to foreigners.

The post An overview of the various Thailand visas available to foreigners (June 2024 update) appeared first on Daryl Lum's Blog.

The FET would bear the following information:

1. The amount of foreign currency that the Thai bank received
2. The amount of baht that the foreign currency is converted into
3. The name of the sender of that foreign currency
4. The name of the recipient of that foreign currency
5. The purpose of the money transfer

The FET is a way to prove that foreign currency was brought into Thailand. Foreign purchasers of Thai properties require this FET to register their properties with the land department. If a foreign buyer of a Thai property does not have an FET, he or she cannot transfer the title of the Thai property to his or her name. An FET can only be issued if the monies are transferred from a foreign bank to a Thai bank. If a foreigner uses remittance services and the monies are not transferred through the international money system, then no FET can be issued. Therefore, it is imperative that the transfer of money has to be done through a foreign bank.

While many sources are stating that the sole reason for such an implementation is that Thailand wants to prevent money laundering, I find it difficult to accept this. To force the money to remain within the international money system, i.e. within banks, means that the money is traceable. However, when the money is received in Thailand, the Thai bank does not question the source of funds. So while the money received still has a trace, it does not make sense that a Malaysian cannot transfer Thai baht into Thailand and must instead transfer any currency other than Thai baht. I believe an additional, but less talked about reason for this rule, is that the Thai government wants to see foreign currency flowing into Thailand.

It is a little-known fact but Thailand has the second highest foreign exchange reserve in South East Asia. Singapore has the highest.

It has more foreign exchange reserves than countries like the UK, UAE, Indonesia, the Philippines, Malaysia, Vietnam, Qatar and Australia. A high foreign exchange reserve helps a country withstand external shocks to its financial system during financial crises.

This data should also be a good conclusive reason for investors of Thai property or Thai assets. It means that the Thai government has a strong arsenal to come to the Thai baht’s aid if there were a major financial crisis. It can use the foreign exchange reserve that it is sitting on to support the value of the Thai baht.

For foreign purchasers of Thai property, it is essential that they are aware of what information should be provided when making international money transfers towards the purchase of their Thai property. The purpose of the money transfer has to be clearly stated. The purpose should state the development that is being purchased as well as the unit number. For example, if a foreign purchaser from Malaysia were to purchase a unit at Shush Ratchathewi, the purchaser would state “For the purchase of Shush Ratchathewi, unit number 0801”. Of course, it would be essential to follow the description that is provided by the developer if the purchaser is purchasing from a developer. This is the reason why I usually encourage first-time purchasers of Thai properties to purchase from a reputable Thai developer with a good track record of selling to international clients. The information provided would be in English and a few other languages that the usual foreign purchasers would understand. The transfer would be made to the developer’s Thai bank account.

Some purchasers may have an existing Thai bank account. They may have previously purchased a Thai property or worked and resided in Thailand and thus they were allowed to open a Thai bank account. They may choose to transfer foreign currency into their own Thai bank account ahead of the developer calling for the funds. This is probably to take advantage of times when the Thai bath is low to lock in a favourable exchange rate. Such purchasers must speak directly to their Thai bank to ensure that they will be issued with the FET. Also, they need to ensure that the purpose of the money transfer is clearly stated. Therefore they will need to speak with the developer who they are purchasing from. The developer will usually be the one who is in charge of registering the purchaser’s name with the land department. For the record, I do not recommend that purchasers do this.

In conclusion, the FET is something that all foreign purchasers of Thai property will require. Therefore, it is important when foreigners purchase Thai properties, they engage professionals who can advise them appropriately. There is no requirement to hire a Thai lawyer to transfer the title of the property. The developer or your property agent can do the transfer for you. A Thai lawyer may still be engaged to do due diligence on the property. In my personal opinion, this is more applicable when purchasing from a small, lesser-known developer or when purchasing resale properties from individual owners.

Yours sincerely,

Daryl

The post What is the Foreign Exchange Transaction Form (FET)? appeared first on Daryl Lum's Blog.