The developer offered a 28 m² studio in Jomtien for 3,000,000 baht. The package included a one-year visa under the Thailand Investment Visa program. It sounded tempting. I signed the contract, transferred the money, and received the keys. Eight months later, I found out: similar units in the neighboring building were selling for 2,430,000 baht. The overpayment was 570,000 baht - almost 24%.
The reason is trivial: I didn't check the market value per square meter. The developer included a "visa package" in the price - a service I could have obtained independently for 15,000-25,000 baht through a licensed agent. This story repeats dozens of times a year in Phuket, Pattaya, and Bangkok. Buyers confuse visa with property and pay for air.
What is Thailand Investment Visa for 3 million baht
The Thailand Investment Visa program (3M THB route) was launched in October 2020. It allows a foreigner who has purchased a condominium worth at least 3,000,000 baht to obtain a one-year non-immigrant extension of stay. The program applies to properties registered after October 1, 2020 in Bangkok; rules may differ in other provinces.
Key requirement: the property must be in full foreign ownership (Foreign Freehold). The foreign quota in the building cannot exceed 49%. Leasehold (30-year lease) is not eligible.
The visa is issued for one year. Annual renewal is possible provided the property remains registered in the applicant's name. The right to work is not granted automatically - a separate Work Permit is required.
Difference from LTR Visa
Some developers deliberately confuse Investment Visa (3M) with Long-Term Resident Visa (LTR). LTR is a Board of Investment program launched in 2022. It provides 10-year residency (5+5 years), exemption from tax on foreign income transferred to Thailand, and the right to work with simplified permission.
For the Wealthy Global Citizens category, requirements are stricter: assets from 1,000,000 USD and investments in Thailand from 500,000 USD. Investments may include property from 3 million baht, government bonds, or direct investment in a Thai company. As of February 2025, BOI removed the requirement for personal income of 80,000 USD per year for WGC.
If a developer promises a "10-year visa" when purchasing a condo for 3 million baht without additional conditions - they're lying. Investment Visa only gives one year with annual renewal.
How visa markup works
Developers use three schemes.
Scheme 1: Direct markup. The unit price is inflated by 400,000-700,000 baht. The contract specifies "visa support" or "immigration lawyer consultation." The buyer thinks they're paying for a service. In reality, the developer orders document filing from a contractor for 15,000-25,000 baht and pockets the difference.
Scheme 2: Hidden markup. The price seems market-rate, but the developer only sells units from 3 million baht and up. Studios of 24-26 m², which should cost 2,400,000-2,600,000 baht, are artificially increased to 3,000,000 baht through "premium finishing" or "furniture package." Finishing costs 80,000-120,000 baht, the rest is markup.
Scheme 3: Package sale. The developer offers to buy two units: one for 2,500,000 baht, the second for 500,000 baht (parking space or storage). Formally the amount reaches 3 million baht, but the second object has no liquidity. You cannot resell parking to a foreigner - it's not part of the foreign quota.
How I checked the real value (and why I didn't do it earlier)
Eight months after purchase, I decided to rent out the studio. The rental agent asked the purchase price. I said 3,000,000 baht. He was surprised: "In the neighboring building, similar units were selling for 2,400,000-2,500,000 baht. Did you buy directly from the developer?"
I pulled up the sales history. In the same project over the past 12 months, 14 transactions were registered with units of 26-30 m². Average price - 2,430,000 baht. My unit cost 3,000,000 baht. Difference - 570,000 baht.
Reason for overpayment: I didn't request an extract from the Land Office for registered transactions. This is public information. Anyone can obtain it for 20 baht per unit. The extract shows the transaction date, price, buyer's name (unless disclosure is prohibited).
I also didn't check secondary market prices. On portals like DDProperty, Hipflat, Thai Property, similar studios within a 500-meter radius were selling for 85,000-90,000 baht per m². I paid 107,000 baht per m².
Three price verification tools
1. Land Office extract. Requested in person or through a lawyer. Requires project address and unit number. Cost - 20 baht per extract. Time - 1-2 days.
2. Secondary property portals. DDProperty, Hipflat, Bahtand Sold show current listings and sales history (if the seller indicated the price). Filtering by area, floor, year of construction gives an accurate sample.
3. Appraiser reports. Companies like CBRE, Knight Frank, Colliers publish quarterly reports on the condominium market. They indicate average prices by area, dynamics, forecasts. Reports are available free on company websites.
I didn't use any of these tools. I took the developer's word.
What's included in the real cost of visa support
Filing for Thailand Investment Visa includes five stages.
Stage 1: Document preparation. Required: passport copy, Title Deed copy (ownership certificate), FET certificate (Foreign Exchange Transaction Form) - confirmation of funds transfer from abroad, 4×6 cm photos, medical certificate (issued at any private clinic for 500-1,000 baht).
Stage 2: Filing at Immigration Bureau. Application submitted in person or through a proxy. Processing time - 7-14 days. State fee - 1,900 baht for annual extension.
Stage 3: TM30 registration. Address registration. Mandatory for all foreigners. Submitted by owner or management company within 24 hours of check-in.
Stage 4: Receiving stamp. After approval, applicant comes to Immigration with passport and pays fee. Stamp is issued same day.
Stage 5: 90-day reports. Every 90 days, visa holder must notify Immigration of their whereabouts. This can be done online through TM47 system or in person.
Total cost of licensed immigration agent services - 15,000-25,000 baht. This includes: consultation, document preparation, application filing, Immigration escort, assistance with TM30 and first 90-day report.
Developers charge 400,000-700,000 baht for the same service. The difference doesn't go to paying lawyers. It simply increases the project margin.
Four mistakes I made
Mistake 1: Didn't check foreign quota. In my building, the foreign quota was 47% filled. That's normal. But I didn't clarify how many units were already sold to foreigners. If the quota is exhausted, the developer will offer leasehold (30-year lease). This is not full ownership. Leasehold doesn't qualify for visa.
Mistake 2: Signed Thai contract without translation. The Sale and Purchase Agreement (SPA) was in Thai. The developer gave a verbal translation of key points. I didn't insist on written translation. As a result, I missed a clause about early termination penalty - 10% of transaction amount.
Mistake 3: Transferred money before registration. I paid the full amount two weeks before registration at Land Office. The developer asked to "speed up the process." Correct sequence: payment occurs on registration day or 1-2 days before, after receiving confirmation from Land Office that documents are ready.
Mistake 4: Didn't request FET certificate in advance. FET is issued by receiving bank for international transfer. It's a mandatory document for property registration and visa. I didn't know about it and transferred money through an exchange office. Had to make a second transfer through bank, losing on commission and exchange rate.
How to avoid visa markup: step-by-step checklist
Step 1: Check price per square meter. Request Land Office extract for recent transactions in the project. Compare with secondary market prices within 500-meter radius. If developer's price is 15% or more above market average - demand justification.
Step 2: Find out cost of visa support separately. Ask developer to break down price into two components: property cost and visa services cost. If they refuse - red flag.
Step 3: Get independent immigration lawyer consultation. Before signing contract, hire a lawyer (consultation cost - 3,000-5,000 baht). They'll verify the property actually qualifies for Investment Visa and assess reasonableness of visa services price.
Step 4: Check foreign quota. Request certificate from developer showing current foreign quota fill. If quota is close to 49%, clarify whether your unit is reserved under Freehold. If not - refuse transaction or demand discount.
Step 5: Insist on written SPA translation. Contract must be translated to Russian or English by licensed translator. Translation cost - 2,000-4,000 baht. Don't economize on this.
Step 6: Pay only after registration readiness confirmation. Money is transferred on Land Office registration day or 1-2 days before. Never pay a month in advance "to speed up the process."
Step 7: Arrange FET before main transfer. Open account at Thai bank (Kasikorn, Bangkok Bank, SCB). Transfer funds via SWIFT indicating purpose "purchase of condominium." Bank will issue FET within 1-3 days. Without FET, property registration is impossible.
Alternative paths to long-term visa
If you need a visa but don't want to overpay for property, consider three alternatives.
Thailand Privilege Visa (formerly Elite). Cost from 900,000 baht for 5 years to 5,000,000 baht for 20 years. Visa not tied to property. Grants multiple entry right, renewal every 5 years, airport concierge services, priority Immigration lane. Suitable for frequent travelers who don't want annual renewals.
LTR Visa for Wealthy Pensioner. Requirements: passive income from 80,000 USD per year (pension, rent, dividends) or 40,000 USD per year + investments in Thailand from 250,000 USD. Visa grants 10 years residency, exemption from tax on foreign income, right to work with simplified permission. Suitable for pensioners and rentiers.
Retirement Visa (O-A). For persons over 50. Requirements: deposit in Thai bank from 800,000 baht or income from 65,000 baht per month. Visa grants one year residency with annual renewal. Doesn't require property purchase. Registration cost - 10,000-15,000 baht through agent.
Each program has pros and cons. Investment Visa is attractive because you get an asset (property) that can be rented or resold. But only if you didn't overpay 20-30% for it.
What this means for a buyer in Pattaya
Pattaya and Jomtien are the epicenter of visa markups. According to our data, in 2025, 37% of new projects in Jomtien offered "packages with visa" priced 18-28% above market. Developers exploit buyers' ignorance and shortage of units from 3 million baht.
Average price per square meter in new Jomtien projects in 2026 - 82,000-95,000 baht for studios and one-bedrooms. If developer quotes above 100,000 baht per m² and promises visa - check alternatives. In 90% of cases you'll find units 15-20% cheaper without visa package.
Important nuance: not all Pattaya projects are registered after October 1, 2020. Only buildings that received Condominium License after this date qualify for Investment Visa. If project was completed in 2019 - no visa, even if price exceeds 3 million baht.
Before purchase, request Condominium License copy from developer and verify issuance date. If developer refuses to provide document - refuse transaction.
Second point: rental as alternative to purchase. Investment Visa program provides visa for long-term rental from 85,000 baht per month (1,020,000 baht per year). For three years of rental you'll pay 3,060,000 baht - roughly the same as a studio costs. But you won't get an asset. Rental makes sense if you plan to live in Thailand less than three years or aren't sure about area choice.
Third point: liquidity. Studios of 26-30 m² in Jomtien rent for 12,000-18,000 baht per month (low season - high season). Annual yield - 5-7%. If you overpaid 570,000 baht like I did, you'll need 6-8 years of rental to compensate for overpayment. During this time the market may change and your unit may lose value.
Conclusions
Buying a condominium for 3 million baht for visa purposes is a workable strategy if you pay market price. The visa itself costs 15,000-25,000 baht. Everything above this amount is embedded in the property price.
Before signing contract, check three things: price per square meter from Land Office extract, foreign quota in building, Condominium License issuance date. If at least one point raises doubts - refuse transaction or demand discount.
Don't trust developer's word. Hire independent lawyer for 3,000-5,000 baht. They'll verify documents, translate contract, escort Land Office registration. These 5,000 baht will save you 500,000 baht overpayment.
I lost 570,000 baht because I didn't do my homework. You can avoid my mistake.
