How Owning Property in Thailand Can Support Your Long-Term Visa Application

July 26, 2024

If you’re applying for a long-term visa in Thailand, owning property can help support such an application. Thailand residency and property ownership are closely correlated to each other, actually. It’s only common sense.

The likelier you are to buy Thai real estate, the likelier your long-term visa application will get approved, like you have one foot at the door to Thailand residency.

Thailand is considered by many as a popular tourist and retirement destination. It’s a country that they can put worthwhile investments in because of its wealth of moneymaking opportunities for investors. It’s also a place you could call home.

Its locals are friendly and non-confrontational, always seeking harmony over strife. It also has a non-insignificant expatriate population to help out with any culture shock.

Key Takeaways to Owning Property for your Thai Visa

By becoming a property buyer in Thailand, you’ll be offered many different residency options that improve your chances of support and approval of your long-term visa application to the country.

• Realty Investors Can Avail of Visas: You can avail of the Thailand Elite Visa and the Long-Term Resident Visa as a Thailand property buyer or real estate investor.

• Thai Limited Company Land Purchase: You can set up a Thai Limited Company with the majority of shareholders being Thai citizens for the sake of having that company buy land on your behalf (since you can’t buy land with your name in the title).

• The Benefits of Living in Thailand: Living in Thailand comes with various advantages like a highly advanced first-world level healthcare system, low cost of living, fair tax system, and high quality of life.

• Buying Thai Condominium Units: Other options for affordable property investment for foreigners include buying condominium units (the 49 percent reserved for foreigners in a given condominium building).

• Various Industries with Investment Opportunities: You can avail of investment opportunities in various sectors of Thailand. This includes investments in Thai agriculture, tourism, technology, and real estate.

• The Leasehold Agreement Approach to Buying Land: You can also enter a leasehold agreement for landed or non-condo properties like bungalows and villas, wherein you can lease the land they’re on for 30 years and renew that lease twice (for a maximum lease term of 90 years).

• Make Sure to Keep Yourself Informed: Before you purchase Thai property, don’t forget to learn about its buying process, the risks involved, and the residency-gaining potential it delivers.

  Regardless, the main premise of this article is to show that your long-term visa application for Thailand can be bolstered through various residency options and by owning property yourself.

Own Property to Become a Thailand Resident

Owning property can help support your long-term visa application because it also helps you in becoming a Thailand resident. Buying property in Thailand does lead to residency in the country, including better approval outcomes in visa applications.

Open doors to long-term residency by picking the right property to purchase to live in, whether it’s a condominium in Bangkok or a vacation villa in Koh Samui!

• LTR Visa: If you’re searching for a long-term solution to your intention to stay in Thailand, the Long-Term Resident (LTR) Visa is your best bet, and it will be supported by buying property beforehand.

  This visa gives property owners permission to become Thailand residents, granting them the right to stay in the country for an extended period of time.

  By having an LTR visa, you can enjoy various advantages such as residency security by owning property and being able to live in Thailand.

• Thailand Elite Visa: The Thailand Elite Visa is also available for property owners to take advantage of. This long-term visa program has similar offerings to residency packages, but with a twist—the Elite Visa doesn’t require property ownership unlike the LTR visa.

  This is perfect for investors who can’t yet figure out which property to buy and wish to visit the site itself in person before settling into property ownership in Thailand.

  This way, they can avail of a variety of membership options that grant long-term stay privileges in Thailand along with exclusive benefits and VIP services.

Both the Elite and LTR Visas provide ample opportunities for foreign investors looking to become Thailand residents. It’s just that the Thailand Elite Visa allows you to put the cart before the horse by not making it necessary to have property to avail of it.

However, in terms of property ownership actually helping your chances for long-term visa application, the LTR visa actually makes it one of the requirements.

Whether you already own property, thus you only need to avail yourself of other requirements or prefer a separate long-term visa program, your options are open for either visa type.

Residency Options for Property Buyers in Thailand

If you’re buying property in Thailand, there are several residency options you can choose that’s supported by your real estate investment.

These options cater to different preferences and investor types as well as their specific requirements and circumstances. Let’s look at some of these residency visas and how owning property in Thailand can help with their approval.

• Business and Investor Visa: Already owning property while applying for a business and investor visa shows that you’re serious in being an investor in Thailand. This visa was ostensibly made for those who wish to enter the country for the purpose of business.

  If you’re an investor seeking to expand your business in Thailand by setting up residency or property in the country as well as starting a local company or branch, the visa can provide you with the right permissions for these specific endeavors.

• Category 0 Non-Immigrant Visa: This is the specific visa you should get if you’re a 50-year-old individual or older as well as if you’re holding a reentry permit. In other words, it’s one of several visas for retirees or even senior citizens.

  This visa permits you to stay in Thailand for a longer duration, making it a longer-term type of visa. It’s also the visa of choice for those who wish to retire in the Land of Smiles or if you have underlying residency intentions in entering the country.

• Retirement Visa: Speaking of visas for retirees, the Retirement Visa is the visa of choice for individuals wishing to stay in Thailand for a year or longer aged 50 years old and above.

  It’s the visa for those who don’t have a reentry permit and wish to try out retirement in Thailand for a year or so. It allows you to enjoy a relaxed Thailand lifestyle while meeting the necessary requirements to stay there.

• Thai Elite Visas: Again, if you’re one of those seeking long-term Thailand residency, the Thai Elite Visa gives you many benefits. These visas provide residence in Thailand for 5, 10, 15, or 20 years depending on which package you choose.

  The visas come with a wide variety of services and privileges to those who avail of them, ensuring a hassle-free Thailand stay. Yes, being a Thai property owner helps in its approval too because it shows that you have a residence in mind when you get there.

• SMART Visa: This visa program is perfect for investors with their own Thailand property because it’s the visa designed to attract specific industry specialists, investors, startup founders, and highly skilled professionals.

  Thailand is looking to invest in foreign individuals who possess exceptional talents that plan to stay there in Thailand to help out in one of their key industries and contribute to their economy. This also applies to investors investing in cutting-edge industries.

In light of all these residency options, Thailand property buyers have enough flexibility to choose which visa best suits their objectives and needs.

They can be entrepreneurs, highly skilled professionals, retirees, or investors—Thailand should have the right long-term residency visa for them to assist them in achieving their dreams.

What Living and Investing in Thailand Can Bring to You

Thailand provides quite a number of investment and lifestyle benefits, making it a great location for those wishing to live abroad in paradise or invest in one of the economic tigers of Southeast Asia.

Thailand’s thriving market will provide you a change in scenery and a lower cost of living at the same time. Just invest in one of many investment opportunities available that should help support your visa application when push comes to shove.

Living in Thailand by making a real estate investment can bring you so many benefits. The country has so much to offer, which includes the following.

• Gold-Standard Quality of Life: The Southeast Asian country is a highly visited tourist center for good reason. Get your long-term visa there right now in order to enjoy Thailand’s welcoming atmosphere and gorgeous panoramas.

  The Kingdom of Thailand comes complete with happy locals, stunning beaches, vibrant metropolitan cities, and endless opportunities to enjoy and explore the beauty of the Land of Smiles when all is said and done.

• Get More Value for Your Money with the Cost of Living: The cost of living in Thailand is low compared to many Western nations. What that means is that if you have, say, dollar savings, they can buy you more things in Thailand by their currency exchange compared to the more expensive goods you have locally in places like the U.S.

  Everything’s cheaper there, from inexpensive dining and transportation to affordable housing (as a property buyer).

  Your dollar, euro, pound, peso, or whatnot savings can stretch for much longer in Thailand compared to staying in the U.S., E.U. the Americas, Europe, and so forth. Your hard-earned money can now afford you a comfortable lifestyle fit for richer people but within Thailand paradise.

• The Tax System is Also Attractive: Thailand’s attractive tax system is in place specifically to entice investors, expatriates, retirees with their own life savings, and highly skilled workers to invest and even live in Thailand.

  There’s a tax exemption for foreign-sourced income for investors and expatriates as long as it’s not remitted to Thailand within the same calendar year they’re there. This favorable taxation system provides huge economic advantages that encourage people to invest and stay in Thailand.

• Diverse Investment Opportunities: It’s possible to diversify your portfolio by merely investing in Thailand alone because the country offers a wide range of investment opportunities in various sectors and industries, including real estate!

  Aside from property, you can also invest in agriculture, tourism, and technology. Every sector comes complete with tax breaks, even.

Whether you’re looking to invest in emerging industries, start a company, or purchase Thai property, Thailand offers a welcoming investment climate that’s rife with attractive potential returns.

Thailand has proven itself a top investment country with its diverse investment opportunities, high-grade quality of life, attractive tax system, and affordable cost of living. What more can you ask for?

Buying Property in Thailand as a Foreigner

If you’re a foreigner who wishes to purchase Thailand property, you have to face certain restrictions in doing so. You also have to play by the rules set by the country. For example, in Thailand, foreigners aren’t allowed to buy and own land.

This is also true of buying and owning condominium units to a degree. Every condominium building, according to Thai rules, has about 49 percent of all its units reserved for rental or ownership by foreigners.

This is true of every single condo building. The rest of the 51 percent is forbidden by foreigners to get and are instead reserved for citizens.

Direct foreign ownership of land is also banned in Thailand. This doesn’t mean you can’t buy land as a foreigner per se.

Instead, you have to buy and own land in Thailand by indirect means or through “alternative ownership structures”. In this case, this means leasing the land for about 30 years through a leasehold agreement or setting up a Thai Limited Company to buy the land by proxy.

• Leasehold Agreement: The leasehold agreement for landed properties involves you leasing out the land for up to 30 years, which you can renew twice (for a maximum leasehold of 90 years or more than a lifetime).

  A foreigner can get a long-term lease on the land and directly own any of the structures built upon that land for 30 years or more. This arrangement allows you control and security over the property for decades despite not owning the land.

• Setting Up a Thai Limited Company: You can also set up a Thai Limited Company with majority of ownership by Thai citizens. This setup involves having the Thai Company you own buy the land you’re eyeing on your behalf.

  You’ll hold shares in the company to get a hold of what’s now company property. Don’t forget to work with qualified Thai legal representation to work this deal out and navigate through all the legal requirements and regulations with perfect compliance.

You should understand what’s restricted for you to own or buy as a foreigner and why these rules have been set up (mostly for the Thai government to protect the interests of its citizens and curbing overdevelopment or a local land buyout).

Consult with a professional real estate firm and/or law firm that’s knowledgeable about local laws and even zoning regulations to navigate through the real estate purchasing process in Thailand.

Renting vs. Buying Property in Thailand

Should you rent or buy property in Thailand? The choice is yours. Either choice has their own respective pros and cons. Weigh on them carefully to see which one fits best with your own personal objectives when it comes to Thai property ownership!

• Renting in Thailand: Renting property in Thailand is quite flexible. Even if you’re unsure of how long you’ll stay in Thailand or you want to pencil in the date of your eventual move, you can always rent out a condo first before going all-in.

  You’re also less responsible for repair and maintenance costs when renting a property compared to outright ownership. Just watch out for issues like how rental properties can cost you more in the long run or during extended stays.

  Thailand rental yields range from 1.5 percent to 5 percent, meaning your ROI may be lower when compared to buying a property outright.

• Buying Property in Thailand: Buying property in Thailand is a huge but worthwhile investment. It enables you to build equity and increase your wealth over time through rental income or through the land accruing value over the years as it gets further developed.

  While rental works best during temporary or flexible stays, purchasing your own bungalow or villa is cheaper in the long haul.

  Furthermore, property ownership gives you freedom to tailor-fit your living space in accordance with your personal preferences. You can even use it as a way to fast-track your long-term visa application!

  Watch out for the upfront costs of buying Thai property (such as taxes, fees, and legal expenses). Not to mention the costs of repairs, maintenance, and renovation.

The Choice is Ultimately Yours

Whether you decide to rent out or buy property in beautiful Thailand ultimately depends on your financial goals and individual situation as well as your personal preferences in light of the choices available to you.

If you’re not quite ready to go all-in on a long-term investment because it can be quite a huge gamble, you can choose the flexibility of rental, which can lead to a more permanent and stable financial solution in the future.

Then again, if you’re searching to develop equity and gain the freedom to tailor-fit your living space to your preferences, buying property is the best solution to your situation.

If you’re planning to buy a premium real estate property in Thailand and possibly getting a visa for long-term stay in Thailand, start looking through the amazing listings on the Conrad Properties website today.