Weekly Column

Sunbelt Asia Weekly Column 19 January 2018

Sunbelt Asia Weekly Column

19 January 2018

Changing to a non-O retirement visa extension

Question 2:

I am a US citizen 57 years of age currently working for an NGO on an F-visa with a work permit. I will be retiring at the end of October this year but wish to stay on in Thailand as a retiree. So I guess I would want to switch to a Non-immigrant O-A visa from F, correct? How hard is that?

I have been away from the US 27 years now with little ties back home and would prefer to conduct the whole process staying on in Thailand without returning to the US. Would that be possible?

Sunbelt Asia Legal Advisors responds

You will need to get a letter from the NGO confirming your resignation and retirement. You will also need to produce the NGO affidavit as well as the signed copy of the passport or ID of the NGO director in order to quit your visa and work permit.
You can then apply on the same day that you cancel your F visa for the non-O visa and then a visa extension with the following requirements:

  • Applicant must be 50 years or older
  • Security deposit of THB 800,000 in a Thai Bank Account for 3 months before visa application.
  • Monthly income or pension of at least THB 65,000. An affidavit from the foreign embassy or consulate has to be obtained as proof of the income.
  • Combination of the Thai bank account and yearly income with the total of 800,000 THB.

You will need to provide an updated bank book and a letter from the bank manager stating that the money came from abroad no later than 3 months before the visa application. Sunbelt Asia Legal Advisors can assist you with the paperwork and navigating the Immigration requirements please get in touch for a free initial consultation.

The Thai government has implemented a new Smart Visa that is valid for four years for foreign executives, specialists, and investors involved in ten targeted industries. The government will take applications for this visa beginning February 1, 2018.

The SMART Visa is a new visa category issued to foreigners working or investing in technology-based production activities and services as well as in the 10 targeted (S Curve) industries: next generation automotive; smart electronics; affluent medical and wellness tourism; agricultural and biotechnology; food for the future; automation and robotics; aerospace; biofuels and biochemical; digital economy, and medical hub.

The Smart Visa targets four categories; specialists, investors, executives, and entrepreneurs in the targeted industries. Applicants must meet certain criteria and hold certain qualifications; they will also need to be certified by relevant Thai government agencies before obtaining the four year visa. The entrepreneur visa will be valid for one year and then for a further two if requirements are met.

Smart T – Specialists in scientific fields in which Thailand lacks. The foreigner must have a salary of at least 200,000 baht a month and an employment contract for a minimum of one year.

Smart I – Investors in S-Curve industries of no less than 20 million baht and invest throughout the four year visa period in technology -based companies in one of the targeted industries.

Smart E – Executives in S-Curve industries with at least a Bachelor’s degree, a minimum salary of 200,000 baht a month, and an employment contract of at least one year.

Smart S- Startup- Entrepreneurs with a fixed deposit account of at least 600,000 baht for not less than one year and health insurance. The applicant must participate in an endorsed incubation, accelerator program or similar program, or obtain joint venture status, or be endorsed by a relevant government agency. The applicant must set up a company in Thailand in one of the targeted industries within one year with at least 25 % ownership or be a board member of a company in one of the targeted industries. The applicant is given a one year visa which is then renewable for a further 2 year period if requirements are met.

The benefits of holding a Smart Visa include a visa valid for up to four years, no requirement for a work permit, an annual report to Immigration instead of the current requirement to report every 90 days, no re-entry permit required, and the applicant’s spouse and children are eligible for similar benefits, the spouse also does not need a work permit. Contact info@sunlegal.co.th for more information.

Special offer on serviced officesWe are offering two types of serviced offices available at a special promotional deal
Office with space for two staff at 9,500 baht a month

Office with space for three staff at 11,000 baht a month

Happy anniversary from all of us at Sunbelt Asia!!
A “Thank you” gift for our clients new and old!
Sunbelt Asia has been offering our excellent service to our clients for 15 years! As our 15th anniversary gift we would like to offer our professional services on retirement and marriage visa extensions at the very special reduced rate of 7,500 baht as a thank you to our clients new and old for their support over the years.

Sunbelt Asia Legal Advisors can handle all your legal and business needs; from visas to work permits, prenuptial agreements to divorces, condo purchases and wills.

Be sure and contact our English speaking
legal advisors
for all your legal needs

We at Sunbelt Asia see many of our clients regularly ask us legal questions regarding living and running a business in Thailand. To help out we have set up a FREE Expert Answers for Your Questions in Thailand Facebook page;
Sunbelt Asia Facebook Expert Advice Page

Please feel free to contact us if you are in Thailand on (+66) 02-662-7004 to discuss any of these listings.

Silom area hostel and cafe

Located in the popular Bangrak neighbourhood, this hostel has 90 beds in 20 rooms with an in house café. Potential for this business is quite high but the owner is not able to manage on site, an active manager on site could easily grow this business as this is a popular tourist area and the hostel concept remains popular with travellers.

Payroll is currently 100,000 baht a month and rent on the location is 151,750 baht a month with a 9 year lease. All assets are included in the sale including furniture, CCTT, website and online booking system.

ASKING PRICE: 11 million baht

Large well-reviewed Italian restaurant in top Sukhmvit location

This charming home-style Italian restaurant is located in newly constructed building in a busy area of Sukhumvit road in an area surrounded by 5 star hotels and high end condominiums and is well-reviewed on Trip Advisor.

The 300 sqm restaurant has 7 years left on the lease and covers 2 floors with an balcony. The owner invested 20 million in the business for kitchen equipment, decor, software and security systems with a CCTV camera as well. Rent on this space is 372,500 baht a month and the building has parking for 6 cars onsite and 10 spaces in a nearby building with valet parking. Rent for the 10 spaces off site is 25,000 baht per month. There are 20 full-time staff with a total monthly payroll of 350,000 baht. A Thai company with 6 million baht in registered capital allowing for 3 work permits is included in the sale as is the registered trademark. Sales have averaged 1.4 – 1.5 million baht a month.

The new owner can change the focus of the restaurant if they desire as the location is prime.
The owner is selling as he has another restaurant that takes up all his time and has no time to manage this one.

ASKING PRICE: 19 million baht

Restaurant on ground floor of Asoke area hotel

Just off Asoke Montri Road and near Terminal 21, Health Land and many office buildings and hotels this restaurant is on the ground floor of a hotel and has a booming lunch trade and is very popular with the locals in the area as well as tourists.

The restaurant can seat 85 people comfortably and a classically decorated private ventilated cigar room or VIP room. There are 7 full time staff with excellent team work, and food and beverage contracts with the hotel in the same building or provide breakfast service and room service offering a guaranteed income every month.

There is a cool room which stores wine and beer kegs, new kitchen equipment including charcoal grill, wok stove, oven, deep fryers, cooker, refrigerators and freezers included in the sale price. Rent on the 280 sqm space runs 155,000 a month with no key money. The lease runs until 2022 with a fixed rate. All construction maintenance is supplied and paid for by the hotel above.The website, email, Instagram, Facebook page (15k followers) are all included in the sale.

Total income is around 400,000 – 500,000 baht a month but can go higher with an owner with more time to spare for the business. The owner doesn’t have time to manage the business and so is looking to sell the business.

ASKING PRICE: 3,600,000 million baht

Leading licensed English school in greater metro Bangkok

A leading English school is available in Samut Sakhon, in the greater metropolitan Bangkok provinces. With a top curriculum, fully equipped school and a high enrollment of students on an annual fee basis, the school is quite successful and a leader in the area with a waiting list for students wishing to enroll. The school has an active presence on social media that has helped to promote its brand, communicate with prospective clients and public relations.

Located in a 160sqm building, there is a reception area, two large classrooms, an office, a library, a back kitchen, an outside kitchen and yard as well a bathroom on each floor. The building has ample parking in front as well as a car park on the side. Rent on the premises is 15,500 baht a month.

The school has experienced consistent growth year to year with a profit of 1,065,801 baht in its first year. Sales last year reached 2,660,766 baht with a profit 2,160,964 baht. There is one full time and one part time employee with total wages at 12.620 baht a month.

The owner is moving overseas and so is selling the business. There is a detailed outline available for potential buyers once a standard confidentiality agreement has been completed.

ASKING PRICE: 6.5 million baht

Charming old town Chiang Mai guesthouse

This charming guesthouse restaurant/bar is located in the heart of the old city in Chiang Mai, walking distance from all major old city attractions including the Sunday Walking Street Market and the many beautiful temples found in the old city. Chiang Mai continues to see tourism grow and this guesthouse has taken advantage of that growth. The guesthouse has contracts with all the major booking agencies and has earned five star reviews on Trip Advisor and Airbnb for its friendly staff, comfortable rooms, charming décor and central location.

The business was established in 2011 and has 560 sqm over four floors. Land with a chanote title is included in the sale, a rarity in this location. Each room is a large suite type room with minibar, en-suite, air conditioning and free WiFi throughout.

The business has six full time staff with a total monthly payroll of 60,000 baht. The guesthouse and restaurant saw total sales reach 4 million baht in 2016 with a net profit of 2.7 million baht.

The owners are relocating and so are selling the business, the building and the land.

ASKING PRICE: 18 million baht

Fine furniture factory in Pattaya with interior design service

Located in Pattaya, this high end furniture factory offers not just top quality fine furniture but also full service interior design for residential and commercial projects. The company has earned a reputation for attention to detail, unique and interesting design solutions and high quality products. Offering a wide variety furniture, including stand alone and built-ins, the company has a full – service interior design solution for its customers.

The business has a 600 sqm showroom in a busy Pattaya area and a 2500 sqm factory on the outskirts. The company owns the land and showroom in town. There are 45 employees and the monthly payroll of 1 million baht includes the owner’s salary. The business is open 6 days a week.

Sales last year reached 50.8 million baht and net profit over 2.6 million baht. The owners have spent a great deal reinvesting in the business including property to continue its growth.

The sale price includes the company with showroom, factory and land

ASKING PRICE: 60 million baht

Hotel near Walking Street in Pattaya with high occupancy rate

This modern hotel is very close to Walking Street in Pattaya and has a high occupancy rate and good reviews from guests. The hotel is almost always full and has attracted a strong Middle Eastern clientele.

There is a total of 18 rooms in the hotel, and there are a variety of rooms, all well equipped and roomy. The hotel also has a coffee shop for guests and outside customers.

The hotel has a good income each month, taking in 300,000 baht every month regularly. There are 4 staff with a total monthly payroll of 50,000 baht.

The owner is offering two options; lease the operation with key money of 3.5 million for 3+3 years and rent 100,000 baht per month or purchase the property for 25 million baht.

ASKING PRICE: 25 million baht or
100,000 baht a month plus 3.5 million key money

Exclusive luxury Samui beach resort

Have you always wanted to live the life in paradise? Now is your chance! This exclusive luxury resort has direct access to the beach on the peaceful and idyllic west coast of Koh Samui. Samui has developed a reputation for top luxury resorts that attract people from around the world.

Established in 2008, the resort has two villas and four apartments, a pool and a large private home, guest villa and gym. The total land area is 3200 sqm fronting the beach with a full chanote title for the new owner.

The villas are large, at 118 sqm each, while the four apartments are 32 sqm each. The private mansion is an enormous 760 sqm while the guest villa is 75 sqm. There is a fully fitted 75 sqm gym as well.

Sales last year reached 3.8 million baht and there are four full time employees. The valuation of this project has been set at 195 million baht but the owners are keen to move off island for their children’s education so are selling it at a must buy price of 150 million baht.

ASKING PRICE: 150 million baht

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