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Do I need a retirement visa to buy a condo and open a bank account in Thailand?
Thailand Visa RulesCondo PurchaseBank Account RequirementsRetirement VisaNon-O VisaExpat LivingReal Estate Investment in Thailand
Oct 31, 2023
3 years ago
Tamar ***********
ORIGINAL POSTERHi,
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
TLDR : 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.
NON-O RETIREMENT VISA RESOURCES / SERVICES
- Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
- For immediate assistance, contact Thai Visa Centre directly via LINE at @ThaiVisaCentre or Email them.
- Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
- Join the Thai Visa Advice Facebook Group to ask your questions, and get advice from others.
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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. ThanksReply to
Jacobus ********************
Reply
John-Paul ******
Rubbish! Not true.
Rick ********
NO
J *************************
I've sent you a PM.
Brad **********
🤔 Just open a bank Acc!
Tamar ***********
ORIGINAL POSTER@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 visaReply to
Robert ***********
Reply
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 ***********
ORIGINAL POSTER@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.Reply to
Jacob ********
Reply
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.Reply to
Graham *******
Reply
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 daringReply to
Ken ******
Reply
Charles **********
I bought my condo in 2018 and only opened my bank account earlier this year
Steve **********
Nope...not true !
Tamar ***********
ORIGINAL POSTERThanks 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 ***********
ORIGINAL POSTER@Charles *********
- what’s an O-A visa?Suzanne ******
@Tamar **********
retirement visa with insurance requirements, better to get a NoN O visaReply to
Suzanne ******
Reply
Tamar ***********
ORIGINAL POSTER@Iain ********
-exactly! It’s a catch 22 situationReply to
Tamar ***********
Reply
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.Reply to
Robert ***********
Reply
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.Reply to
Iain *********
Reply
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 ***********
ORIGINAL POSTER@Dylan ********
- thank youAmel *********
@Dylan ********
did I read wrong - under Opening a Bank Account in Bangkok - it says: (Service not available at this time)...Tamar ***********
ORIGINAL POSTER@Amel ********
- that’s just for Bangkok though. It looks like it’s still available in Chiang MaiDylan *********
That's a bummer
Reply to
Dylan *********
Reply
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 immigrationReply to
Mark ***************
Reply
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.Reply to
Robert ***********
Reply
Tamar ***********
ORIGINAL POSTER@Robert **********
- thanks. That sounds up to dateReply to
Tamar ***********
Reply
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 ***********
ORIGINAL POSTER@J *****************
- good thought 👍Tamar ***********
ORIGINAL POSTER@J *****************
- yep!Reply to
Tamar ***********
Reply
Bob **********
Just pay an agent to open one for you and don’t consider it an investment
Tamar ***********
ORIGINAL POSTER@Bob *********
- what sort of agent? Can you recommend anyone?Bob **********
@Tamar **********
any visa agent can get you an accountBart ***********
@Tamar **********
Siam Legal in Bangkok (I paid 5000 Bath) only a tourist visa or visa exemptBrandon ************
@Bart **********
Siam Legal no longer offers bank account services unless you also use them for a visa or extensionReply to
Brandon ************
Reply
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.Reply to
Graham *******
Reply
David *******
No it’s not true.
Tamar ***********
ORIGINAL POSTER@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.
Reply to
David *******
Reply
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 ***********
ORIGINAL POSTER@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.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).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 ******
not sure about that yet. Need to see the details first.Graham *******
@John ********
Yes, the devil is in the detail!Reply to
Graham *******
Reply
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.Reply to
John ********
Reply
Tamar ***********
ORIGINAL POSTER@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 BangkokTamar ***********
ORIGINAL POSTER@Wayne ********
-aaah - could be different now and here in CMWayne *********
@Tamar **********
could just be the people your dealing with as well.Reply to
Wayne *********
Reply
Tamar ***********
ORIGINAL POSTER@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.Wayne *********
@Tamar **********
transferred the amount straight to the sellers account via torfxTamar ***********
ORIGINAL POSTER@Wayne ********
- that makes total sense.Tamar ***********
ORIGINAL POSTER@Wayne ********
- interesting! Is that a similar service to wise?Wayne *********
@Tamar **********
yes, I gave them the copy of my offer to purchase and they arranged everythingTamar ***********
ORIGINAL POSTER@Wayne ********
- thanks so much for your input 😃👍Tony *********
@Tamar **********
I am in the middle of buying on a payment scheme. Grand Solaire.Tamar ***********
ORIGINAL POSTER@Wayne ********
- how did you buy your condos without a bank account?Tamar ***********
ORIGINAL POSTER@Wayne ********
- indeed we do!( I’m an Aussie)Reply to
Tamar ***********
Reply
Brandon ************
You can open a bank account on any type of visa, but some are more difficult than others.
Tamar ***********
ORIGINAL POSTER@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 ***********
ORIGINAL POSTER@Brandon ***********
- can you recommend an agent?Tamar ***********
ORIGINAL POSTER@Malcolm ******
- thanks but I’m in Chiang MaiJack ****************
@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 ***********
ORIGINAL POSTER@Jack ***************
- thanksBrandon ************
@Tamar **********
sorry I'm not familiar with agentsReply to
Brandon ************
Reply
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.Tamar ***********
ORIGINAL POSTER@Brandon ***********
- what bank would open a bank account without a retirement 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 youReply to
John **********
Reply
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