For someone who has lived in Thailand for quite some time, becoming a Thai resident would be an ideal option. This is in view of the advantages which are associated with having the permit. Foreigners who are holders of Thai resident permit are allowed to live in Thailand without a need for any visa. They also have the ability to seek out local financing through banks or financial institutions in case they decide to purchase condominiums.
To those who are wanting to become a Thai citizen, obtaining a permit is an objective that they must set their sights on. A foreigner can only become eligible for Thai citizenship after being a permanent resident for five consecutive years. In addition, the child of the holder of permanent residence permit automatically obtains Thai nationality at the time of birth when the child is born in Thailand.
The Thai immigration has a quota for all immigrants applying for Thai residence permit. Subject to the provisions of Section 42, 43 and 51 of Thailand Immigration Act, only up to 100 persons per year from each country and not exceeding 50 persons who have no nationality are allowed to apply.
In order to qualify, the foreigner must be a passport holder of his current nationality who has been issued with a non-immigrant visa on the basis of one year visa extension for the total of at least three consecutive years by the time the application is submitted. Furthermore, the applicant must personally quality under one of the following categories if he wishes to enter and take residence in the Kingdom. Other circumstances which are outside any of the categories below may still be considered on a case-to-case basis.
At least 10 million baht must be invested in a limited or public company, stock market, etc.
Must be an executive and a signatory, for at least one year, of registered business with a capital of no less than 10 million baht.
Must be earning at least either 80,000 baht per month for two years or 50,000 per month for two consecutive years of which job is in an area of interest to the economy of Thailand.
Must have held a work permit for at least three consecutive years and is working in the current company for at least one year.
Must be supporting (or being supported by) Thai citizen such as husband and wife, parents or children who is single and is below 20 years of age; or
Must be supporting (or being supported by) foreigner who already had residence permit
Must be holding a Bachelor or a higher degree and is required to work for at least three consecutive years in Thailand with the current position.
Before the Thai immigration starts accepting Permanent Resident applications, the Ministry of Interior first makes a public notification about its annual quota for issuing permits in the Government Gazette each year. Once the announcement is published, applicants may then choose their application category and submit all the required documents.
Note that each category, as listed above, has different requirements as far as the required documentation and applicable fees are concerned. The consideration period after an application is received by the immigration normally takes about six months to one year. Foreigners who have submitted their applications will also be interviewed by an immigration officer to assess their Thai proficiency. Once the result of the application is available, they are then communicated to the foreigner at the end of such period.
To many foreigners, acquiring a Thai Residence Permit is like a confusing, bureaucratic roller-coaster ride due to the complexity of the process. Therefore, it is recommended to consider getting help from a lawyer who has vast knowledge on this matter. A legal assistance from a lawyer is not something that is required. However, a lawyer could ease worries and hassle by saving some running around during the application process. They can ensure that all documents are correct and translations are properly handled.
Some opinions expressed in this article may be those of a guest author and not necessarily Thai Visa News.
Eric is an article contributor and a frequent writer of Thai Visa News and Siam Legal US Visa Blog. He talks about immigration services and other immigration-related matters. And other times Eric writes blogs for subject of sudden interest as a way to perk up his knowledge, seeing that this calls for doing researches and reading.
Feb 10, 2015 Comments Off on Buying a Condo: Requirements for Investment Visa