Buying forest/land in Thailand

[Guest]

Elef: The permanent residency program you described is no longer in effect. I think the internet source you report is dated.

There is a BOI program, which is essentially similar to the program you described, but different in two respects: (1) the term of investment is longer (5 vs 3 years) and (2) the amount is lower (8million vs 10 million.) And if you want to establish permanent residency you will need an immigration lawyer to walk you through the process. But keep in mind that permanent residency does NOT allow you to buy property.

I thought the article in the Nation was clear for general information, but I guess it depends upon the reader. Obviously an article in the Nation is no substitute for seeking professional advice, and that is what anyone thinking about setting up a company, establishing residency, taking an interest in property needs.

Accounting firms are great source of information on tax and accounting information, but I would not rely on them for legal advice. I learned that the hard way. I used a big accounting firm to set up my first business here because they offered cheaper services than law firms. They got it about 85% right. I had to pay several million baht to fix the 15% they did not get right. Still, they are better than the “consultants” that advertise in Nana and Patpong bathrooms.

Part of the problem is that everyone is looking for the easy way to own land, run a business here, etc. Everyone is looking for that magic silver bullet or cheap fix or some clever “Thai way” (involving a powerful local patron) to do it easily and cheap. There is plenty of bar stool wisdom, and all of it is virtually worthless. For some, the only way to learn is the hard way.

In fact, you should double check I everything I say with a qualified professional.

[ June 30, 2001: Message edited by: RogerRabbit ]

[elef]

H. Residence Permits

In general, ordinary residence permits are granted to no more than 100 foreign nationals each year; however, until June 2000 (an extension of this deadline is in process at presstime), a greater number of residence permits may be granted to foreigners who bring foreign currency into Thailand if the foreign currency is the equivalent of at least Baht 10 million and if it is used for one of the following purposes:

* To invest in a private or public company;

* To purchase a condominium or govermnent or state-enterprise bonds;

* To deposit in a fixed-deposit account with a local bank; or

* To invest in other instruments approved by the immigration authorities.

Residence permits also may be granted to experts in certain fields through the Board of Investment.

An application for a residence permit must be submitted by the applicant to the Immigration Bureau, or until June 2000 (an extension is in process) to a Board of Investment office, together with the following documents:

* Passport or equivalent document and three photos of the applicant;

* Proof of financial means;

* Recent health certificate obtained in Thailand; and

* Statement certifying the applicant has no criminal record.

Last Updated October 2000

http://www.ey.com/global/gcr.nsf/EYPassport/Thailand-EYPassport#3