Answered3 years ago
Do I need a retirement visa to buy a condo and open a bank account in Thailand?
Hi,
I’ve been told today that I can’t buy a condo unless I have a retirement visa because I can’t open a bank account without a retirement visa. Is this correct? Thanks in advance.
Tamar
I’ve been told today that I can’t buy a condo unless I have a retirement visa because I can’t open a bank account without a retirement visa. Is this correct? Thanks in advance.
Tamar
Answer summary
The claim that a retirement visa is necessary to purchase a condo in Thailand and to open a bank account is incorrect. Numerous expatriates have shared experiences where they managed to buy condos or open bank accounts under various visa circumstances, including tourist visas. While having a retirement visa may make some processes easier, it is not a mandatory requirement. Discussion reflects diverse experiences with banking policies, particularly recent changes affecting applicants with short-term visas. Most importantly, foreigners can buy property within the quota limitations without needing a Thai spouse or specific visa types.
109 repliesnewest first
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Jacobus ********************
Take,s me 3 day's to open a account. You have too have a proof residence in Thailand. Have a paper from the family, and the you go to immigration to get the real proof of residence. Take,s me 3 day's
Jacobus ********************
You cannot buy a condo if you don,t have a thai spouse, and the place will not be on you're name, varang cannot buy property in Thailand
Graham *******
@Jacobus *******************
Total BS! A Farang can buy a condo in his/her own name if it is in foreign quota.
Bob **********
@Jacobus *******************
you are so wrong you can purchase a condo as part of the 49% of the farang quotaJacobus ********************
@Bob *********
oke, now i know. Thanks
John-Paul ******
Rubbish! Not true.
Rick ********
NO
J *************************
I've sent you a PM.
Brad **********
🤔 Just open a bank Acc!
Tamar ***********
OP@Brad *********
- what visa do you have and where did you open it?Robert ***********
@Brad *********
Not that easy if you don't have a long stay visa
Alain ***********
I also tried opening a bank account with a tourist visa a few months ago. I tried several banks including Bangkok Bank at two or three different locations. I thought showing a hundred thousand bath in cash would help but it didn't. No Lt visa no bank account. It was getting ridiculous
Sharron *******
I knoiw they just changed the banking rules.
Tamar ***********
OP@Alain **********
- seems like a Catch 22 situation!
Jacob ********
@Tamar **********
It is it took me a few tries but was able to open an account about six years ago with a tourist visa. Having said that I have a bad feeling by New Years some major changes coming with all visas.Sharron *******
and I was told you can't get a retirement visa without a bank account??
Robert ***********
@Sharron ******
You can get a retirement visa before you leave home with different requirements.Graham *******
@Sharron ******
keep trying at other banks, if still fails use an agent, be aware Thailand is enforcing its laws but not consistently.
Bill *******
Not correct i dont have a retirement visa but i have a very healthy bank account in thatiland
Ken ******
there are different opinion on real estate as investment in thailand (many youtubers on this subject), also thailand going to introduce new worldwide tax next year. Not sure if impact on people interest to retire here and the housing damand or price.
Ken ******
avoid living in high risk big flood area and lower floor or near highway to avoid noise
Neil ***************
@Ken *****
and avoid the top floor your gf will probably push you over the balcony…5555Ken ******
@Neil **************
55 no problem in very high risk flood area like back in 2011, anyway thai girls are known to be cute and wild (which i love) but not that daring
Charles **********
I bought my condo in 2018 and only opened my bank account earlier this year
Steve **********
Nope...not true !
Tamar ***********
OPThanks everyone for your input. It seems that there’s quite a variety of opinions. I’ll just have to give it a go and see how it goes! Will let you know 😃
Lauren ******************
No it's not correct!
Iain *********
Don't you need to deposit money into a Thai bank account as a requirement for a Retirement Visa?
Charles **********
@Iain ********
no, I just showed it has the equivalent of THB 800k in my UAE bank account and then I got my O-A visaTamar ***********
OP@Charles *********
- what’s an O-A visa?
Suzanne ******
@Tamar **********
retirement visa with insurance requirements, better to get a NoN O visaTamar ***********
OP@Iain ********
-exactly! It’s a catch 22 situation
William ****************
No.no.no
Michel *************
I opened my bank account after buying a condo (down payment)
Sei *****
I have spend 6 months to open an account. really hard.
Trigger *********
Go to Bangkok bank
You should be able to open ok
If not you might need a few docs
But should be no problems
You should be able to open ok
If not you might need a few docs
But should be no problems
Robert ***********
@Trigger ********
Not anymore on a tourist visa.
Steve *******
Totally Incorrect. You can open a bank account on any visa, in fact you can even open one without a visa.
Robert ***********
@Steve ******
No longer true. Banking rules in country changed in March. They will not give accounts to tourist visa holders or VOA.Iain *********
@Steve ******
at which bank(s)? I've tried many in Chiang Mai and Koh Samui with my METV visa and all tell me I need at least a Non-O Visa.
Kuan ******
They need a residential address .. for money laundering rules mandated by bank of Thailand .. quite difficult to go around .. maybe there are local agents who can do it ..or u can rent a place first
Dylan *********
********************************************************************************
Tamar ***********
OP@Dylan ********
- thank you
Amel *********
@Dylan ********
did I read wrong - under Opening a Bank Account in Bangkok - it says: (Service not available at this time)...Tamar ***********
OP@Amel ********
- that’s just for Bangkok though. It looks like it’s still available in Chiang MaiDylan *********
That's a bummer
Mark ***************
I did exactly what you want to do. This year.
Entered via a tourist visa
Rented a condo in HuaHin with full rental agreement
Rental agreement is confirmed by the immigration in HuaHin
Got a bank account at Bangkok Bank
Deposited 800kThb and I will apply for NonO visa which is the precursor to a retirement visa
Entered via a tourist visa
Rented a condo in HuaHin with full rental agreement
Rental agreement is confirmed by the immigration in HuaHin
Got a bank account at Bangkok Bank
Deposited 800kThb and I will apply for NonO visa which is the precursor to a retirement visa
Robert ***********
@Mark **************
I bet you did this before April 1st.Suzanne ******
Mark ***************
@Suzanne *****
the bank wanted formal proof of residence from immigration
Joshua **********
Not true. I didn’t have a visa or bank account when I got my first condo here.
Robert ***********
Good luck if you don't have a long term visa.
I hit 11 bank branches in Phuket over the past 12 days. Bangkok Bank, SCB and Kasikorn. All said no when I showed them my passport and METV.
At one Bangkok branch in Kathu I was shown a memo that said due to changes in regulations the bank will no longer open accounts for holders of Tourist visas. The paper was dated April of this year.
Good luck.
I hit 11 bank branches in Phuket over the past 12 days. Bangkok Bank, SCB and Kasikorn. All said no when I showed them my passport and METV.
At one Bangkok branch in Kathu I was shown a memo that said due to changes in regulations the bank will no longer open accounts for holders of Tourist visas. The paper was dated April of this year.
Good luck.
Mark ***********
@Robert **********
very very smart policy, considering the fact that they're looking for affluent investors and wealthy expats. What can one say? They continue to astound with their lack do vision and smarts.Robert ***********
@Mark **********
That makes zero sense especially because I can get a bank account with a 90 day ED visa. Nothing "affluent" with that.Tamar ***********
OP@Robert **********
- thanks. That sounds up to date
Stephen ********
I bought a condo nearly 5 years ago on without a retirement visa. I’m from the U.K.. I transferred my funds to my lawyer who held it in an escrow account. Very easy process. Lawyer then distributes the funds. I also didn’t have a bank account but opened one straight away as soon as I was the owner. Good luck
Martin *********
No
Kathalyn *******
No
J ******************
Certainly easier if you have a Thai speaker with you
Tamar ***********
OP@J *****************
- good thought 👍Tamar ***********
OP@J *****************
- yep!Bob **********
Just pay an agent to open one for you and don’t consider it an investment
Tamar ***********
OP@Bob *********
- what sort of agent? Can you recommend anyone?Bob **********
@Tamar **********
any visa agent can get you an account
Bart ***********
@Tamar **********
Siam Legal in Bangkok (I paid 5000 Bath) only a tourist visa or visa exempt
Brandon ************
@Bart **********
Siam Legal no longer offers bank account services unless you also use them for a visa or extension
Wayne **********
Not true, I bought mine before having a bank account. Just depends on how you want to pay the seller, in country, overseas etc
Graham *******
@Wayne *********
Remember, if you want to sell again and take the money out, if you buy overseas then u can only sell overseas! You can only take out what u brought in.
David *******
No it’s not true.
Tamar ***********
OP@David ******
- do you mean that I don’t need a retirement visa?David *******
@Tamar **********
No you don’t. It might take patience, buying unnecessary insurance or paying an agent but there’s no problem with you getting a bank account.You also don’t necessarily need a bank account to buy a condo. There are ways around it.
Graham *******
I am uncertain how u would pay for your condo. When I bought mine I had to provide a bankers draft. Some how, I am told, people are opening bank accounts without visa.
Tamar ***********
OP@Graham ******
- I don’t think transferring money is a problem but I need an account to transfer it toGraham *******
@Tamar **********
No, you need a bank account to draw the bankers draft against. Also be aware that if u want to sell and repatriate your money you will have to prove where the money came from.Graham *******
@John ********
Yes, the devil is in the detail!
John *********
@Graham ******
not sure about that yet. Need to see the details first.Graham *******
@John ********
Congrats, down side is as of 1st jan 2024 we are all paying income tax in Thailand. Gonna be a game changer.John *********
@Graham ******
I recently bought a condo. Paid to the developer by bank transfer in stages from my bank to theirs. In the middle of the process I got a Thai mobile phone and opened a bank account with the developer stating to the bank that I was buying. Have just been approved by ID for a 10 year retiree visa (LTR).Wayne *********
I bought my condos on visa exempt. Didn't need bank account to do it either
Wayne *********
I work mining and work 2 weeks in Australia every month and live Bangkok 2 weeks every month
John ********
@Wayne ********
You paid with cash?Wayne *********
@John *******
yesJohn ********
@Wayne ********
Must either be an inexpensive Condo or you make many trips back & forth from your home.Tamar ***********
OP@Wayne ********
- two more questions if I may- when did you buy your condos? And where? I’m asking because the rules seem to change and I’m looking at buying in Chiang Mai.Wayne *********
@Tamar **********
1st one 11years ago, 2nd one 7 years ago and 3rd one 5 years ago. All in BangkokWayne *********
@Tamar **********
could just be the people your dealing with as well.Tamar ***********
OP@Wayne ********
-aaah - could be different now and here in CMTamar ***********
OP@Wayne ********
- thanks for your reply. What do you mean by “visa exempt “?Wayne *********
@Tamar **********
visa exempt means no visa. Australian come to Thailand on a no visa required system. We get a 30 day stamp in our passport.
Tony *********
@Tamar **********
I am in the middle of buying on a payment scheme. Grand Solaire.Tamar ***********
OP@Wayne ********
- thanks so much for your input 😃👍Tamar ***********
OP@Wayne ********
- that makes total sense.Wayne *********
@Tamar **********
yes, I gave them the copy of my offer to purchase and they arranged everythingTamar ***********
OP@Wayne ********
- interesting! Is that a similar service to wise?Wayne *********
@Tamar **********
transferred the amount straight to the sellers account via torfxTamar ***********
OP@Wayne ********
- how did you buy your condos without a bank account?Tamar ***********
OP@Wayne ********
- indeed we do!( I’m an Aussie)Brandon ************
You can open a bank account on any type of visa, but some are more difficult than others.
Tamar ***********
OP@Brandon ***********
-what do you mean by that?Brandon ************
That's between you and the bank. You have to go to banks and ask what their requirements are. Sometimes it can take 20-30 bank branches before you find one that will do it. Otherwise you'll need to find an agent to open one for you.
Tamar ***********
OP@Jack ***************
- thanks
Jack ****************
@Tamar **********
just know when they say you need to buy insurance they are lying to get you to spend money and earn a commission. Just go somewhere else until you find one that doesn't have shit instead of ethics.Tamar ***********
OP@Malcolm ******
- thanks but I’m in Chiang Mai
Brandon ************
@Tamar **********
sorry I'm not familiar with agentsTamar ***********
OP@Brandon ***********
- can you recommend an agent?Brandon ************
@Tamar **********
Exactly what it sounds like. It's easier to open a bank account on a retirement visa than it is on a tourist visa.
John **********
@Tamar **********
every branch of every bank is different. You might just need to trek round until you find one that will open an account for youTamar ***********
OP@Brandon ***********
- what bank would open a bank account without a retirement visa?Activity
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