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LEGAL SERVICE

All purchases, rentals, or any other business carried out by Hua Hin Thai Property complies with the Thai law. The following articles below are relevant to property in Thailand, and are those which we follow:

Acquisition of Land by Alien
Department of Lands
Posted Feb. 1, 2007

According to Section 86 of the Land Code, an alien may acquire land in Thailand only by virtue of the provision of a treaty providing him with the right to own immovable property. Obtaining such acquisition is subject to the provision of the Land Code and the Ministerial Regulations issued under the Code, and the permission must be obtained from the Ministry of Interior. Before the termination of the treaty which was made on February 27th, 1970, there were 16 countries bided to the treaty; USA, England, Switzerland, Germany, Denmark, Norway, the Netherlands, France, India, Belgium, Sweden, Italy, Japan, Burma, Portuguese, and Pakistan. Since then, Thailand has no longer made any treaty with any country to allow an alien to acquire land in Thailand by virtue of a treaty.

However, the Land Code has been amended with Section 96 bis providing that since January 19th, 2002, an alien is allowed to purchase land in Thailand for residential purpose and the land to be purchased shall be not more than one rai in area, and the following rules and conditions must be met:
1. Bringing money not less than Baht forty million into the Kingdom for investment and maintaining the investment not less that five years;
2. Permission must be obtained from the Minister of Ministry of Interior;
3. Money brought into the Kingdom shall be invested in one of the following businesses or activities;
3.1 to purchase bonds of Thai Government, bonds of Thai National Bank, bonds of State Enterprise or bonds which the Ministry of Finance secures the capital or interest,
3.2 an investment in a property mutual fund, a property mutual fund or a mutual fund for resolving financial institution problems established under the law on Securities and Stock Exchange,
3.3 an investment in share capital of a juristic person who is granted permission of investment under the law on promotion of investment,
3.4 an investment in an activity as declared by the Board of Investment to be an activity eligible to be granted promotion of investment under the law on promotion of investment;
4. the land to be acquired shall be located in Bangkok Metropolis, Pattaya City, or Tessaban (Municipality), or in the area specified as residential zone according to the law on Town and Country Planning and shall not be located in a military safety zone according to the law on Military Safety Zone;
5. an alien, who is granted permission, shall utilize the land only for residence for his/herself and the family in a way that is not contrary to the local custom or good living of the local community;
6. if an alien, who is granted permission to acquire such land, does not comply with the rules and conditions specified, he/she shall disposes of such land in the portion of his/her possession within the period of time specified by the Director General of the Department of Lands which shall be not less than one hundred eighty days and not more than one year. If the time limit elapses, the Director General shall have the power to dispose of such land;
7. if an alien, who is granted permission to acquire such land, does not utilize the land for residence within two years as from the day the registration for land acquisition is made, the Director General shall have the power to dispose of such land.

Besides the aforementioned rules and conditions, an alien may acquire land by inheritance as statutory heir, in this instance, the land devolved when combined with the land already acquired shall not exceed that specified by law, for examples, land for residential purpose not exceeding 1 rai per household, land for commercial purpose not exceeding 1 rai, land for industrial purpose not exceeding 10 rais, and land for agricultural purpose not exceeding 10 rai per household.

An alien whose spouse is a Thai national either legitimate or illegitimate, that Thai national can purchase land but the alien spouse of that Thai national must give a joint written confirmation that the money which that Thai national will expend on purchasing the land is wholly the separate property or personal effects of that Thai national and not the Sin Somros or jointly acquired property.
Fees
(a) 0.01% of the valuation price, in the case of purchasing the land located in the land development project (this rate is due in December 2002)
(b) In the case other than (a) the fee is 2% of the valuation price

Taxes and duties: To be paid according to the Code of Revenue

Source : Registrar Office, Department of Lands


Application For Acquisition Of Land Or Condominium Units By Aliens And Persons Connected With Aliens
Department of Lands
Posted Feb. 1, 2007

1. Application by Aliens for Acquisition of Land
Nowadays, an alien may apply for acquisition of land in Thailand in three cases as follows:
1.1 Receiving inheritance as a statutory heir under section 93 of the Land Code, in this instance, the total area including the land which has already been acquired (or has not yet been acquired) shall not exceed that specified in section 87 of the Land Code, i.e. not more than 1 rai for a residential purpose;
1.2 Bringing the money into the Kingdom for investment to the amount as prescribed in the Ministerial Regulation, which shall be not less than Baht forty million. In this instance, the land to be acquired must be for a residential purpose and must be of not more than 1 rai in area, provided also that permission must be obtained from the Minister. Under section 96 bis of the Land Code, the application for such acquisition of land shall be in accordance with rules, procedures and conditions prescribed in the Ministerial Regulation.
1.3 Applying for acquisition of land under other laws such as the Promotion of Investment Act, B.E. 2520 (1977), the Industrial Estate Authority of Thailand Act, B.E. 2522 (1979), the Petroleum Act, B.E. 2514 (1971). Detailed Information regarding the Promotion of Investment Act and the Industrial Estate Authority of Thailand Act can be obtained from the Board of Investment (BOI) at tel. + 66-2537-8111 and from the Industrial Estate Authority of Thailand at tel. +66-2253-0561 respectively.

2. Application by Aliens for Ownership in a Condominium Unit
An alien or a juristic person deemed by law as an alien may have ownership in a condominium unit in Thailand when 2 following conditions are satisfied. In the absence of either condition, the alien is not permitted to have ownership in a condominium unit.
2.1 Being an alien or juristic person deemed by law to be an alien under section 19 of the Condominium Act in any of the following prescribed categories viz:
(1) Being an alien permitted to have a residence in the Kingdom under the law on immigration, in this instance, the evidence required to be produced shall be a passport indicating the nationality of the alien, and the certificate of residence (either TM. 11, TM. 15 or TM. 17 Form, as the case may be) issued by the Immigration Division, National Bureau of the Royal Thai Police Force. In the case of an alien who possesses an alien identification card issued by the Police Station in whose jurisdiction the alien is domiciled, such card can be used as evidence for the purpose of applying for acquisition of ownership in a condominium unit in this case without production of a passport;
(2) Being an alien granted permission to enter into the Kingdom under the law on promotion of investment, in this instance, the evidence required to be produced shall be a passport indicating the nationality of the alien, and a letter of the Office of the Board of Investment certifying that the person is an alien granted permission to stay in Thailand under the law on promotion of investment;
(3) Being a juristic person deemed by law to be an alien under section 97 and 98 of the Land Code and has been registered as a juristic person under the laws of Thailand, in this instance, the evidence required to be produced shall be the evidence indicating the registration as a juristic person under the laws of Thailand, i.e. a certificate issued by the corporate Registrar of Department of Commercial Registration, Ministry of Commerce must be produced in the case of a limited company, a public limited company, a limited partnership or a registered ordinary partnership;
(4) Being a juristic person that is an alien under the Alien Business Operation Act B.E. 2542 (1999) and that is granted a certificate of promotion of investment under the law on promotion of investment, in this instance, the evidence required to be produced shall be a letter of the Office of the Board of Investment certifying that the person is granted promotion of investment under the law on promotion of investment;
(5) Being an alien or a juristic person deemed by law to be an alien, who brings a foreign currency into the Kingdom or withdraws the money from a non-resident Baht account or from a foreign currency account, the following evidence must be produced;
2.2 The ownership in condominium units by the alien and juristic person in 2.1 shall not be in a higher proportion than forty nine percent of the total space of all units in that condominium at the time of the application for condominium registration under section 6 with the exceptions that:
a. A condominium in which the condominium units are to be owned by the alien and/or the juristic person specified in 2.1 in a higher proportion than forty nine percent must be located in the area of Bangkok Metropolis, municipality or the City of Pattaya and the land on which the condominium is situated shall not, when combined with the land provided for common use or benefit of all co-owners, be more than five rai in area. Also, the condominium units in such condominium shall not be less than forty units and the condominium shall already be registered not less than one year prior to the date of application for the alien to own the condominium units in the proportion higher than forty nine percent, and such condominium shall not be situated in the area of military safety zone under the law on military safety zone.
b. It is provided in section 9 of the Condominium Act (No. 3), B.E.2542 that at the expiration of five years as from the date of the entry into force of the Condominium Act (No. 3), B.E. 2542 (28th April 1999) the provisions as set forth in a. shall be repealed and the alien or juristic person having obtained the condominium units under a. or the alien or juristic person specified in 2.1 to whom the condominium units are transferred from the aforesaid alien or juristic person may continue to have ownership in such condominium units although in the higher proportion than forty nine percent of the total space of all units in that condominium.

3. Application for ownership in land by a Thai national who has an alien spouse or ex-spouse or by a Thai national who is a minor child of an alien
3.1 In the case where a Thai national who has an alien legitimate spouse applies for permission to purchase land or accept a transfer of land in a similar case during marriage or cohabitation as husband and wife with an alien, as the case may be, if after the inquiry the applicant and the alien spouse have given a joint written confirmation that the money which that Thai national will expend on the purchase of the land is wholly the separate property of that Thai national and not the community property or the jointly acquired property, the competent official will proceed with the registration of rights and juristic act.
In the case where a Thai national whose spouse is an alien intends to purchase land or condominium unit but fail to give a joint written confirmation to the competent official as the alien spouse is being abroad, in this instance, an alien spouse shall make the statement declaring in written at the Royal Thai Embassy, Royal Thai Consulate or Notary Public that the money which that Thai national will expend on the purchase of the land or condominium unit is wholly the separate property of that Thai national and not the community property or property which an alien spouse has co-ownership in it. The competent official shall declare that the alien is an actual spouse of the Thai national and then submit to the competent land official who will proceed with the registration of rights and juristic act.
In the case where a Thai national whose spouse is an alien, after marriage, has already purchased or possessed the land and informed or submitted a false document declaring the married status of a Thai national as single or had not been married to an alien to the official prior to the date the letter of Ministry of Interior, most urgent no. MOI 0710/wor 792 dated 23 March 1999 was issued, or has already purchased or possessed the condominium unit after marriage and informed or submitted a false document declaring the married status of a Thai national as single or had not been married to an alien prior to the date the letter of the Department of Lands no. MOI 0710/wor 34167 dated 6 October 2000 was issued, such alien spouse, whether legitimate or illegitimate, and a Thai national shall together give a joint written confirmation, which later to be filed in the case-list (or dealing package), to the competent official that the money which that Thai national will expend on the purchase of the land or the condominium unit is wholly the separate property of that Thai national and not the community property or jointly acquired property. If an alien spouse is being abroad and not be able to come to give a joint written confirmation to the competent official, in this instance, the application shall be considered in accordance with the case that a spouse of a Thai national who intends to purchase land or a condominium unit is being aboard, then an applicant shall consign the statement, after completion, to the competent land official for filing in the case-list.
3.2 In the case where a Thai national who has an alien spouse, whether legitimate or illegitimate, applies for permission to accept a gift of land during marriage or cohabitation as husband and wife. If the inquiry reveals that the acceptance of the gift is made with the intention that the land will become the separate property or personal property of the donee without resulting in the alien having co-ownership in the land, the competent official will proceed with the registration of rights and juristic act.
3.3 In the case where a Thai national with an alien ex-spouse who is divorced or has ceased to cohabit or a Thai national who is a minor child of an alien applies for entering into a juristic act for the purpose of acquiring land, if an inquiry reveals no circumvention of law, the competent official will proceed with the registration of rights and juristic act.

4. Application for ownership in a condominium unit by a Thai national whose spouse or ex-spouse is an alien or by a Thai national who is a minor child of an alien
4.1 In the case where a Thai national who has an alien spouse, whether legitimate or illegitimate, applies for permission to purchase or accept a transfer of ownership in a condominium unit with the intention that the property will become the separate property or personal property of the former, (for this purpose, it is deemed that a condominium unit is owned by a Thai national) or in the case where a Thai national with an alien ex-spouse who is divorced or has ceased to cohabit or where a Thai national who is a minor child of an alien applies for the acquisition of ownership in a condominium unit, the application shall be considered in accordance with 3.1 to 3.3 mutatis mutandis.
4.2 In the case where a Thai national who has an alien spouse, whether legitimate or illegitimate, expends money which forms the community property or the jointly acquired property, as the case may be, for the purpose of purchasing a condominium unit, whether the purchase is made in the name of that Thai national alone or jointly in the name of the alien spouse as well, consideration shall principally be made of the alien. In this instance, the alien must be an alien within the meaning of section 19 (1), (2) or (5), as the case may be. The Thai national spouse is therefore entitled to purchase a condominium unit in accordance with the entitlement of the alien spouse and it shall be deemed that such condominium unit is wholly owned by that alien because the ownership in a condominium unit is indivisible and governed by section 19 bis.
4.3 In the case where a Thai national who has an alien spouse, whether legitimate or illegitimate, applies for permission to accept a gift of a condominium unit, such gift being made with the intention that the property will become the community property or such gift resulting in the alien having co-ownership therein, the alien spouse of that Thai national must be an alien within the meaning of section 19 (1) or (2) and it shall be deemed that the condominium unit is wholly owned by the alien and governed by section 19 bis. In contrast, a Thai national who has an alien spouse under section 19 (5) is not allowed to accept a transfer of a gift which is made with the intention that the property will become the community property because the case under section 19 (5) is one involving the application by an alien for permission to acquire ownership in a condominium unit in a manner of sale, in respect of which payment therefore must be made.

Source : Registrar Office, Department of Lands


Documents to be Submitted in Support of the Application for Visa Status Alteration (Non-B)
Immigration Bureau
Posted Feb. 1, 2007

1. Application for Visa Status Alteration. (TM.86)
2. Copy of passport entries.
3. 4 X 6 cm photograph.
4. Application fee of 2,000 baht.
5. Company letter requesting for Visa Status Alteration.
6. Employment contract. (Labor Dept.)
7. A letter of guarantee to certify commercial registration.
8. Company registration certificates.
9. VAT registration certificate and the lists of company Board of Directors.
10. The latest financial statement. (Balance sheets ; Profit & loss statement)
11. Company income tax or trading tax returns.
12. Documents providing evidence of education ; Job experience of foreign national.
13. Withholding Tax records.
14. BOI letter application for changing visa.

Remarks
1. The Applicant must sign every page of the application.
2. The Company Authority must sign to certify all documents and have them stamped with the company seal.
The visa applicant must arrange the documents in proper order and must prepare the originals as proof.

Call 032-513-574 for details.

Source : Immigration Bureau


Notification of residence of foreigners for businesses
Immigration Bureau
Posted February 1, 2007

According to section 38 of the 1979 immigration act, "House owners, heads of household, landlords or managers of hotels who accommodate foreign nationals on a temporary basis who stay in the kingdom legally, must notify the local immigration authorities within 24 hours from the time of arrival of the foreign national." If there is no immigration office in the province or locality of the respective house or hotel, the notification is made to the local police station. In Bangkok the notification is made to the Immigration Bureau. The notification of residence of foreign nationals is made by the manager of licensed hotels according to the hotel act, owners of guesthouses, mansions, apartments and rented houses using the form TM.30.

The notification of residence of foreign nationals within 24 hours can be made in a number of ways to make the notification as convenient as possible:
- In person at the respective office, or
- Through an authorized person at the respective office, or
- By registered mail, or
- Via internet.

Filling in the foreign national residence notification form (TM.30)
Please fill in all requested information according to the foreign national's passport, as often arriving passengers do not fill in the correct data on the arrival card. The form can be typed or handwritten in clear block letters. Leave a space between name, middle name, and surname.
- If the passport number is preceded or followed by a letter, fill in the letter too.
- Write the arrival card number (TM. 6) in the respective field. The arrival card is stapled into the passport. Both letters and numbers of the arrival card number must be filled in.
- Arrival date means the date of arrival in Thailand. Date of accommodation must be filled in on the front page of the notification sheet.

After the officer in charge has verified the information on the notification sheet (TM. 30), he accepts the notification and hands over the lower part of the form to the person making the notification. This part must be kept for further checking.

For details contact 0-2285-5142, 0-2287-3101-10 ext.2263

Registration by businesses via Internet.
Prepare the documents
1. Business license or signed copy of business registration confirmation
2. Letter of authorization to conduct the registration via internet
3. Copy of ID card of person giving authorization and authorized person
4. Fill in the form provided by the officer (download)
5. 1 empty compact disk (CD)

Hand over the complete documents to the officer in charge.
- The officer examines the documents.

The officer announces the result of the examination.
- If documents are incomplete, the business owner is notified.
- If documents are complete, the officer in charge accepts the registration. The registration code is sent to the business by mail or e-mail as indicated by the business owner, together with record forms.

Source : Immigration Bureau


Notification of staying in the Kingdom over 90 days
Immigration Bureau
Posted February 1, 2007

Procedure and notification
1. The foreigner makes the notification in person, or
2. The foreigner authorizes another person to make the notification, or
3. The foreigner makes the notification by registered mail.
4. The notification must be made within 7 days before or after the period of 90 days expires.
5. The first application for extension of stay by the foreigner is equivalent to the notification of staying in the Kingdom over 90 days.

Offices accepting notification:
1. Counter 3, Immigration Bureau Office, Soi Suanphlu, Bangkok
2. Visa extension units, Ratchada Centre (BOI)
3. Immigration offices throughout the country. For Hua Hin and nearby residents, contact Singkhon Immigration Office, Hua Hin Police Station call 032-513-574.

Notification by registered mail
1. Copy of all passport pages (up to the latest arrival stamp in the Kingdom or latest visa stamp)
2. Copy of arrival/departure card TM. 6 (front and back)
3. Previous notifications of staying over 90 days (if any)
4. Completely filled in and signed notification form TM. 47
5. Envelope with 5 Baht stamp affixed and return address of foreigner for the officer in charge to send back the lower part of form TM.47 after having received the notification. This part must be kept for reference and for future notifications of staying over 90 days.
6. The above mentioned documents must be sent by registered mail and the receipt of the registration kept by the foreigner. Send the mail before the renewal date 7 days to
90 DAYS REGISTRATION, ROOM 206
IMMIGRATION BUREAU,
507 SOI SUANPLU, SOUTH SATHORN RD.,
THUNGMAHAMEK SATHORN
BANGKOK. 10120

 

Note
- The notification of staying in the Kingdom over 90 days is in no way equivalent to a visa extension.
- If a foreigner staying in the kingdom over 90 days without notifying the Immigration Bureau or notifying the Immigration Bureau later than the set period, a fine of 2,000.- Baht will be collected. If a foreigner who did not make the notification of staying over 90 days is arrested, he will be fined 4,000.- Baht.
- If a foreigner leaves the country and re-enters, the day count starts at 1 in every case.

Source : Immigration Bureau


Rules and Practices on Currency Exchange (No.6)
Source: Bank of Thailand
Post Feb. 1, 2006

By virtue of the power conferred in Clause 3 of the Notification of the Ministry of Finance on Directions of the Minister to Authorized Agents dated 31 March B.E. 2547, the Competent Officer hereby issues directions as follows:

Clause 1: Authorized juristic persons shall act in compliance with the following practices with respect to foreign currency purchased or exchanged against Baht:

(1) Authorized juristic persons shall have an agreement with persons selliing or exchanging foreign currency consenting to the withholding of the 30 percent of the amount as reserve requirements except in the following cases:
(a) Foreign currency not exceeding 20,000 US Dollar or its equivalent at market prices.
(b) Foreign currency for the trading of goods, services or repatriation of investments abroad by residents. Authorized juristic persons shall request supporting documents from persons selling or exchanging foreign currency in accordance with Clause 15 of the Notice of the Competent Officer Regarding Rules and Practices on Currency Exchange dated 31 March B.E. 2547. After the authorized juristic persons have verified that the supporting documents are true and correct and the foreign currency are for the trading of goods, services or the specified investments, the authorized juristic persons can proceed to exchange the foreign currencies without being subject to the withholding of the reserve requirement.
(c) Foreign currency withheld as reserve requirement and subsequently refunded to residents.
(d) Foreign currency withheld as reserve requirement from non-residents and subsequently refunded by authorized juristic persons and sold to authorized juristic persons.
(e) Foreign currency permitted by the Competent Officer on a case by case basis.

(2) Authorized juristic persons shall provide evidence of withholding the reserve requirement under consent to to the seller or exchanger of the foreign currency and keep the consent form and copy of the evidence at the authorized juristic persons for examination by the Competent Officer upon request.

(3) Authorized juristic persons shall report on the withholding of reserve requirements in the form and practices as prescribed by the Competent Officer within the 5th of the following month.

(4) Authorized juristic persons shall buy or exchange the remaining foreign currency after withholding the reserve requirement into Baht with the consent of the seller or exchanger of foreign currency by submitting the foreign exchange transaction form. The authorized juristic persons shall follow the practices related to the documentary evidence and the reporting requirement as prescribed under Clauses 44 through 47 of the Notice of the Competent Officer Regarding Rules and Practices on Currency Exchange dated 31 March B.E. 2547, as well as affix the stamp and certify in the foreign exchange transaction forms that the required reserve requirement has been withheld.

Clause 2: Authorized juristic persons shall collect and remit the reserve to the Bank of Thailand on the 7th of the following month according to the prescribed criteria and procedures.

Clause 3: If any person shall request for the refund of the reserve requirement, the authorized juristic persons shall act according to the following practices:

(1) In the case that the reserve requirement is being requested for refund after the authorized juristic persons has exchanged the foreign currency for Baht after 1 year, the authorized juristic persons shall request supporting documents from the person demonstrating that the funds have remained in the country for a period of not less than 1 year. Once the authorized juristic persons has examined and verified that the documents are true and correct as well as ascertained that the funds have remained in the country within the specified period, the authorized juristic persons can submit the request to the Bank of Thailand for the refund in the amount withheld under the prescribed criteria and procedures.

(2) In the case that the reserve requirement has been maintained in the country for less than 1 year and is being requested for refund, the authorized juristic persons shall submit the request to the Bank of Thailand under the prescribed rules and practices to refund in the amount two thirds of the reserve withheld as consented by the person to sell or exchange the foreign currency into Baht with the authorized juristic persons in Clause 1.

The reserve requirement is non-remunerated. As such, any refund of the reserve requirement will not include any returns on reserve. If refund of the reserve requirement is not requested within 2 years after the initial sale or exchange of foreign currency for Baht, the amount is considered forfeit.

Clause 4: Authorized juristic persons shall inform the persons seeking to sell or exchange foreign currency into Baht regarding the practices on the request for refund as stated in Clause 3 prior to the transaction.

Clause 5: Authorized juristic persons shall treat the refunded foreign currency as foreign currency originating from abroad.

Clause 6: Any other practices apart from that are stated in Clause 1 through 5, authorized juristic persons shall act in accordance with stipulated rules and practices or as permitted by the Competent Officer on a case by case basis.

Clause 7: This Notice is effective from 19 December B.E.2549 onwards.

Given on 19 December B.E.2549

Nitaya Pibulratanagit
(Ms. Nitaya Pibulratanagit)
Competent Officer

Source: Bank of Thailand


Rules and Practices Regarding the Reserve Requirement
Source: Bank of Thailand
Post Feb. 1, 2007

1. Collection of Reserve Requirement on Foreign Currency Purchased or Exchanged against Baht

In undertaking a purchase or exchange of foreign currency against Baht in an amount valued at 20,000 US dollars or above or its equivalent, the authorized juristic persons shall request the seller of the foreign currency to submit documents indicating the purpose of the foreign exchange transaction. In addition, the authorized juristic persons shall seek the consent of the individual as stipulated by the Competent Officer to withhold part of the foreign currency exchanged as reserve requirement. The authorized juristic persons shall comply as follows:

1.1 With respect to foreign currency originating from trades of goods and services, or repatriation of investments abroad by resident, the authorized juristic persons shall demand supporting documents according to the notice of the Competent Officer. Once it has been verified that the foreign currency is indeed for the aforementioned purposes, the full amount of foreign currency can be exchanged against Baht.

1.2 With respect to foreign currency for purposes other than those stipulated in item 1.1, the authorized juristic persons shall withhold 30 percent of the foreign currency purchased or exchanged (hereafter known as the reserve requirement) while the remaining shall be fully exchanged into Baht.

1.3 The authorized juristic persons shall provide a copy of the signed consent agreement and proof that reserve requirement has been withheld to the seller or exchanger of foreign currency. The authorized person shall certify and endorse documents with regards to the foreign currency transaction or on the SWIFT order form as proof that funds have been withheld as reserve requirement and may be refunded subject to the practices stipulated.

1.4 In the case of transactions with non-residents, the authorized juristic persons may specify the non-remunerated reserve requirement conditions in the foreign exchange agreement instead of in the agreement form provided.

1.5 Foreign exchange transactions with trade date prior to 19 December 2006 are exempt from the reserve requirement as stated in 1.2.

1.6 Before purchasing or exchanging foreign currency for the purposes under item 1.2, the authorized juristic persons must notify the seller or exchanger of foreign currency of the following:

(1) Funds held under the reserve requirement will be non-remunerated.

(2) Funds under the reserve requirement will be refunded subject to evidence that the Baht obtained by the seller or exchanger of foreign currency has remained in Thailand for a period not less than 1 year.

(3) Should the seller of foreign currency wish to repatriate funds earlier than one year, only two-thirds of the amount held in reserve will be refunded in accordance with the signed consent agreement.

(4) Funds held in reserve that is not redeemed by the seller of foreign currency within 2 years from the date of sale or exchange of foreign currency will be considered forfeit.

(5) Practices for requesting the refund of reserves and timeframe associated with such requests are explained in item 3.

(6) Once the seller or exchanger of foreign currency has acknowledged and signed an agreement to proceed according to items (1) through (5), the authorized juristic persons may conduct the foreign exchange transactions.

1.7 The authorized juristic persons shall ensure that the customer specify the actual amount of the foreign exchange in the foreign exchange transaction form that are sold to the authorized juristic person.

1.8 Inter-bank transactions between authorized juristic persons for management of foreign exchange risk are exempt from the reserve requirement as set out in item 1.2.

2. Remittance of Funds Withheld in Accordance with the Reserve Requirement to the Bank of Thailand

2.1 The authorized juristic persons shall set up a separate account for the reserve requirement. If the setting up of a separate account is not desired, a system must be in place to keep track of and clearly identify the reserve requirement. This information must be readily available for inspection by the Competent Officer.

2.2 The authorized juristic persons must maintain detailed records of the reserve requirement according to the stipulated rules and practices to ensure accurate refund of the reserve requirement. At a minimum, the documents must include the following: transaction number, transaction date, settlement date, name, surname, currency denomination and amount exchanged, amount withheld as reserve, purpose of transaction, date of remittance of funds held under reserve to the Bank of Thailand, due date in 1 year, and the reserve redemption date.

2.3 The authorized juristic persons must remit foreign currency held under reserve each month to the Bank of Thailand. The remitting procedure shall comply with international standards in the foreign exchange market. The procedures are as follows:

(1) Notify the Bank of Thailand o f the remittance in writing as well as complete and sign the "Report on Remittance of the Reserve Remittance" and the "Foreign Exchange Transaction Report for Transactions Not Subject to the Reserve Requirement" in accordance with the procedures set out in item 5. The reports shall be sent to the Bank of Thailand by the 5th of the following month.

(2) Remit total reserves withheld during each month to the Bank of Thailand on the 7th of the following month. The Bank of Thailand will specify the account number to be used for this purpose at a later date.

(3) Maintain records and other evidence related to the reserve requirement for at least 5 years and ensure that these are available on request for inspection by the Competent Officer.

3. Requesting a Refund of the Reserve Withheld

A customer seeking refund of the reserve withheld should submit a written request to the authorized juristic persons who will then request the customer to submit supporting documents. Once the authorized juristic persons examined and certified the legitimacy of the application, the authorized juristic persons shall proceed as follows:

3.1 If the funds have remained in the country for at least 1 year, the authorized juristic persons shall refund the full amount of the reserve requirement withheld.

3.2 If the funds have remained in the country for less than 1 year, the authorized juristic persons shall refund only two-thirds of the amount in accordance with the customer's signed consent agreement.

3.3 In requesting a refund, the authorized juristic persons shall compile a list of names of customers that the authorized juristic persons deems a refund should be granted, along with the amount to be refunded and other details according to the "Report Requesting Refund of Reserve Requirement from the Bank of Thailand" indicated in item 6. This form should be endorsed and sent to the Competent Officer within 5 days of the date on which the refund was requested.

3.4 Once the application has been successfully lodged, the Competent Officer will notify the authorized juristic persons of its decision within two business days and the funds will be transferred to the authorized juristic persons within three business days of the notification date.

3.5 An authorized juristic persons receiving notification stated in item 3.4 shall, in accordance with its own rules and practices, refund reserves withheld to the customer on the same day which the refund is transferred by the Competent Officer to the authorized juristic persons.

4. Other Related Rules and Practices

The authorized juristic persons must examine and oversee Baht deposit/withdrawal activities in the Non-resident Baht Account (NRBA) to ensure compliance with the following rules for withholding the reserve requirement:

4.1 The authorized juristic persons must verify evidence regarding the purpose of all foreign currency purchased or exchanged against Baht and deposited into the NRBA. In the case that the authorized juristic persons can ascertain that the funds are for payment of goods and services, repatriation of investment by Thai residents, or repayment of loans made by Thai residents, the authorized juristic persons shall deposit Baht into the NRBA and ensure that they are used for the stated purpose within the same day.

4.2 Reserve requirement must be withheld in accordance with stated rules and conditions on foreign currency purchased or exchanged against Baht by the authorized juristic persons and deposited into the NRBA for purposes other than those stated in item 4.1. To facilitate the subsequent refund of funds held under reserve as well as ascertain the length of investment in the country, the authorized juristic persons shall advise the seller or exchanger of foreign currency against Baht to state clearly the purpose of the Baht funds before the funds are deposited into the NRBA.

4.3 Baht funds that non-residents wish to deposit into the NRBA which is not obtained by selling or exchanging foreign currency but originate from a Thai resident for payment of goods, services, or goreign investment can be deposited once the authorized juristic persons has satisfactorily examined related evidence. The authorized juristic persons must ensure that such funds are withdrawn and exchanged into foreign currency by the non-resident within the same day.

5. Reporting and Documents

5.1 The authorized juristic persons shall maintain related documents for at least 5 years and be available to provide information and evidence related to the transactions upon request by the Competent Officer.

5.2 The authorized juristic persons shall use the enclosed report format and submit the reports to the Bank of Thailand according to the methods and time frames stated below:

 

Report

Send to

Deadline

Report on Remittance of the Reserve Requirement

FOG_RR@bot.or.th

Within the 5th of every month

Foreign Exchange Transaction Report for Transactions not subject to the Reserve Requirement

FOG_RR@bot.or.th

Within the 5th of every month

Report Requesting Refund of Reserve Requirement from the Bank of Thailand

FOG_RR@bot.or.th

Within 5 days after submission of application for the refund from the customer

 

Source: Bank of Thailand


What is a visa?
Immigration Bureau
Posted February 1, 2007

A visa is a document entitling the holder to enter a country. A visa is either a stamp or a sticker in the passport and is made according to international regulations. According to international agreements, when a citizen of one country wishes to travel to another country, he or she first has to obtain a visa from the consulate or consular section of the embassy of the country is going to visit. If permission is granted, a stamp or sticker is affixed to his or her passport and he or she may travel to the country of destination. Although basically a visa has to be obtained before traveling to a foreign country, some countries have mutual agreements of visa exemption for their citizens and some countries allow citizens of some countries to enter without visa.

Thailand uses a mixed three way system, viz.
1. Persons who have to apply for a visa before traveling to Thailand
2. Persons who may obtain a visa on arrival at some immigration border checkpoints and at international airports in Thailand
3. Persons who are exempted from visa requirements to enter Thailand, which applies mostly to citizens of developed countries with adequate standard of living who enter Thailand for short-term visits as tourists for not more than 30 days.

The visas issued by the Thai government are based on the authority of the ministerial law, which the minister of the Interior, based on sections 5, 12 (1), and 34 (15) of the 1979 immigration act, issued and transferred the executive power to officials of the Ministry of Foreign Affairs and immigration officers under the control of the National Police Bureau, from the date of enforcement of the 1979 immigration act to the present. The Ministry of the Interior issued ministerial laws defining 9 types of visa, some of which are issued only to holders of diplomatic or official passports, while others are issued to persons wishing to enter and temporarily stay or enter and take up residence in the kingdom. The different visa types entitle their holders to different rights concerning the length of stay in the kingdom and visa fees that vary according to the type of visa.

Source : Immigration Bureau

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