House in a company name & retirement visa

General Udon Thani topics only!
Post Reply
User avatar
grievous
udonmap.com
Posts: 635
Joined: November 28, 2010, 4:21 pm
Location: Udonthani

House in a company name & retirement visa

Post by grievous » February 6, 2024, 3:08 pm

I’ve heard that if you own a property through a company in Thailand it can affect being able to have a retirement Visa granted.
I know it wasn’t the case in the past but does anyone know if things have changed or has anyone else had trouble?

Cheers



User avatar
tamada
udonmap.com
Posts: 17032
Joined: February 21, 2007, 4:03 am
Location: Down two...then left

Re: House in a company name & retirement visa

Post by tamada » February 6, 2024, 6:21 pm

grievous wrote:
February 6, 2024, 3:08 pm
I’ve heard that if you own a property through a company in Thailand it can affect being able to have a retirement Visa granted.
I know it wasn’t the case in the past but does anyone know if things have changed or has anyone else had trouble?

Cheers
Nope, although one's knowledge of such things can never be empirical, I have never heard of that wrinkle in the long-stay blanket.

It does sound more like a mis-heard or mis-spoke bit of barstool tittle-tattle. There's a chance that a boorish and pedantic IO pencil neck bailed up a farang if his property taxes were current (because he can) and that provoked a deer-in-the-headlights, W T F moment from the property-owning farangster (because 'tax' is a trigger word these days)?
'Don't waste your words on people who deserve your silence'
~Reinhold Messner~

'You don't have to be afraid of everything you don't understand'
~Louise Perica~

User avatar
jackspratt
udonmap.com
Posts: 15977
Joined: July 2, 2006, 5:29 pm

Re: House in a company name & retirement visa

Post by jackspratt » February 6, 2024, 8:07 pm

How would an Embassy issuing a visa even know someone had a company, or property?

User avatar
tamada
udonmap.com
Posts: 17032
Joined: February 21, 2007, 4:03 am
Location: Down two...then left

Re: House in a company name & retirement visa

Post by tamada » February 7, 2024, 1:53 am

jackspratt wrote:
February 6, 2024, 8:07 pm
How would an Embassy issuing a visa even know someone had a company, or property?
For the purist 'visa' argument, you are entirely correct. However, I was embracing the frequent and annoying propensity for members to incorrectly call the one-year extension issued by their local, friendly Immigration Officer, a visa.
'Don't waste your words on people who deserve your silence'
~Reinhold Messner~

'You don't have to be afraid of everything you don't understand'
~Louise Perica~

User avatar
grievous
udonmap.com
Posts: 635
Joined: November 28, 2010, 4:21 pm
Location: Udonthani

Re: House in a company name & retirement visa

Post by grievous » February 7, 2024, 5:35 am

jackspratt wrote:
February 6, 2024, 8:07 pm
How would an Embassy issuing a visa even know someone had a company, or property?
I guess the house book is under his company name.
He was told that on a retirement visa you can’t earn income and not be a director of a company??
Misinformed by the Visa Agent possibly.

I’ve only ever had a spouse Visa so I’m not sure of the the process of gaining a retirement Visa

User avatar
jackspratt
udonmap.com
Posts: 15977
Joined: July 2, 2006, 5:29 pm

Re: House in a company name & retirement visa

Post by jackspratt » February 7, 2024, 8:37 am

Ah! - you are talking about extensions, not visas.

You don't need to show a house book when applying for a retirement visa at an Embassy or consulate.

I am not even sure you need to show proof of residence, eg house book, when applying for an extension based on retirement.

glalt
udonmap.com
Posts: 2953
Joined: January 14, 2007, 10:35 am
Location: Nong Hin, Loei

Re: House in a company name & retirement visa

Post by glalt » February 7, 2024, 12:34 pm

I have been using a visa based on retirement rather than one based on marriage because it is a much easier way to go. My wife had to show her house book for my address verification several times and had to be at immigration in person.

I can see where a company house could create some problems. That could make it difficult for the house owner to appear at the immigration office in person.

glalt
udonmap.com
Posts: 2953
Joined: January 14, 2007, 10:35 am
Location: Nong Hin, Loei

Re: House in a company name & retirement visa

Post by glalt » February 7, 2024, 1:25 pm

It is illegal for a farang to have a company for the purpose of owning a house.and land. BUT, since a company owner employs an accountant and a lawyer plus filing a tax return and paying taxes every year, so far the law has been ignored. That said, I wouldn't trust owning property through a company.

User avatar
noosard
udonmap.com
Posts: 3984
Joined: April 17, 2011, 4:07 am
Location: Ban Jumpa Udon
Contact:

Re: House in a company name & retirement visa

Post by noosard » February 7, 2024, 1:29 pm

Ways around the housebook rules as I know of someone whose housebook for Immigration purposes is a different address and belongs to his wife's x employer
How I dont know and nor does he but it works

User avatar
noosard
udonmap.com
Posts: 3984
Joined: April 17, 2011, 4:07 am
Location: Ban Jumpa Udon
Contact:

Re: House in a company name & retirement visa

Post by noosard » February 7, 2024, 1:31 pm

glalt wrote:
February 7, 2024, 1:25 pm
It is illegal for a farang to have a company for the purpose of owning a house.and land. BUT, since a company owner employs an accountant and a lawyer plus filing a tax return and paying taxes every year, so far the law has been ignored. That said, I wouldn't trust owning property through a company.
The company has to be at least 51% Thai owned so comes back to trust of that 51%

glalt
udonmap.com
Posts: 2953
Joined: January 14, 2007, 10:35 am
Location: Nong Hin, Loei

Re: House in a company name & retirement visa

Post by glalt » February 7, 2024, 1:51 pm

noosard wrote:
February 7, 2024, 1:31 pm
glalt wrote:
February 7, 2024, 1:25 pm
It is illegal for a farang to have a company for the purpose of owning a house.and land. BUT, since a company owner employs an accountant and a lawyer plus filing a tax return and paying taxes every year, so far the law has been ignored. That said, I wouldn't trust owning property through a company.
The company has to be at least 51% Thai owned so comes back to trust of that 51%
https://www.samuiforsale.com/knowledge/ ... cture.html

User avatar
tamada
udonmap.com
Posts: 17032
Joined: February 21, 2007, 4:03 am
Location: Down two...then left

Re: House in a company name & retirement visa

Post by tamada » February 7, 2024, 6:44 pm

I thought the retirement extension was primarily about having the bigger wedge in a Thai bank for a prescribed amount of time. The marriage extension is encumbered with all the nonsense of wives and witnesses and what have you, all for the dubious prize of the wedge being half the size.

Never heard of them having a cow about where you chose to live, who owns it, or having the owner of any place you do live get involved. Just the map, no?
'Don't waste your words on people who deserve your silence'
~Reinhold Messner~

'You don't have to be afraid of everything you don't understand'
~Louise Perica~

User avatar
sometimewoodworker
udonmap.com
Posts: 3341
Joined: October 7, 2008, 11:19 am

Re: House in a company name & retirement visa

Post by sometimewoodworker » February 7, 2024, 10:01 pm

tamada wrote:
February 7, 2024, 6:44 pm

I thought the retirement extension was primarily about having the bigger wedge in a Thai bank for a prescribed amount of time.
It is, BUT the time is 7 months at 400k and 5 at 800k
tamada wrote:
February 7, 2024, 6:44 pm
The marriage extension is encumbered with all the nonsense of wives and witnesses and what have you, all for the dubious prize of the wedge being half the size.

Being able to work and only needing 400k for 2 months !!! So wedge half the size and 1/6 the time. Dubious? If you are stinking rich sure, but for the majority :confused: :confused: :confused:

You are correct who owns the place where you live is totally irrelevant

So it is far less of a clear cut choice than befor.
Jerome and Nui's new househttp://bit.ly/NJnewHouse

User avatar
tamada
udonmap.com
Posts: 17032
Joined: February 21, 2007, 4:03 am
Location: Down two...then left

Re: House in a company name & retirement visa

Post by tamada » February 7, 2024, 11:58 pm

PRIMARILY about the cash. The seasoning is a secondary need. The bank book updates, ATM slips daated that morning and all the other nonsense they dream up is superfluous in this debate. If you don't have the PRIMARY, the secondary and beyond is irrelevant.

Not so sure about the 'majority' being in the poor house. There are those who are stinking rich and also canny with their 'investments' and/or distrustful of Thailand's banks.

So, getting back to what the OP's third party 'he' and what he's allegedly been told, I doubt we can offer any advice or opinion. Maybe the OP can tell us where the friend stays and what immigration office and/or local agent is being obtuse.
'Don't waste your words on people who deserve your silence'
~Reinhold Messner~

'You don't have to be afraid of everything you don't understand'
~Louise Perica~

User avatar
sometimewoodworker
udonmap.com
Posts: 3341
Joined: October 7, 2008, 11:19 am

Re: House in a company name & retirement visa

Post by sometimewoodworker » February 11, 2024, 9:11 am

tamada wrote:
February 7, 2024, 11:58 pm
Not so sure about the 'majority' being in the poor house. There are those who are stinking rich and also canny with their 'investments' and/or distrustful of Thailand's banks.
No intention of suggesting that the majority are in the poor house, there are certain some who have no ability to scare up even 400k, who have to pay a little over 10 times the annual extension cost.

The majority are spending all their income so having to sequester 400k + 800k is going to make a big dent in their budget. The fortunate, who have always saved, will have no difficulty, and the stinking rich just have to make a value choice but the difference of the growth of the investment has to be balanced against the ease of the investment.

Personally I have never spent all my income or borrowed against future income but I know that I’m in a minority
Jerome and Nui's new househttp://bit.ly/NJnewHouse

User avatar
tamada
udonmap.com
Posts: 17032
Joined: February 21, 2007, 4:03 am
Location: Down two...then left

Re: House in a company name & retirement visa

Post by tamada » February 11, 2024, 1:52 pm

sometimewoodworker wrote:
February 11, 2024, 9:11 am
tamada wrote:
February 7, 2024, 11:58 pm
Not so sure about the 'majority' being in the poor house. There are those who are stinking rich and also canny with their 'investments' and/or distrustful of Thailand's banks.
No intention of suggesting that the majority are in the poor house, there are certain some who have no ability to scare up even 400k, who have to pay a little over 10 times the annual extension cost.

The majority are spending all their income so having to sequester 400k + 800k is going to make a big dent in their budget. The fortunate, who have always saved, will have no difficulty, and the stinking rich just have to make a value choice but the difference of the growth of the investment has to be balanced against the ease of the investment.

Personally I have never spent all my income or borrowed against future income but I know that I’m in a minority
Yes, yes, yes. Now, what about the OP?
'Don't waste your words on people who deserve your silence'
~Reinhold Messner~

'You don't have to be afraid of everything you don't understand'
~Louise Perica~

User avatar
sometimewoodworker
udonmap.com
Posts: 3341
Joined: October 7, 2008, 11:19 am

Re: House in a company name & retirement visa

Post by sometimewoodworker » February 11, 2024, 3:52 pm

tamada wrote:
February 11, 2024, 1:52 pm
Now, what about the OP?
30 seconds on google https://www.google.com/search?q=thai+vi ... ient=safar the answer is yes if it is your property, probably/possible not through a company.
Jerome and Nui's new househttp://bit.ly/NJnewHouse

Post Reply

Return to “General Udon Thani Forum”