PCT Thailand’s Free Expatriates Blog

BUYING A CONDO ? Bangkok Bank Ltd. scheme woos foreigners
Expatriates can get loans from its Singapore branch

It is not uncommon for foreigners to buy a condominium in Thailand, but so far it has been quite difficult for them to seek a mortgage.

That is set to change.

Expats who want to own condominiums in Thailand can now ask for mortgages through Bangkok Bank’s Singapore branch, but the initial process can be done at branches in Thailand. Bangkok Bank (BBL) is the only bank offering such a facility to foreigners.

Under the current law, foreigners are not allowed to own land but they can own a condominium if not more than 49 per cent of the units are foreign owned. For example, if there are 100 units in a condominium project, only 49 units can be sold to foreigners.

However, the Bank of Thailand (BOT) does not allow banks in Thailand to lend directly to foreigners. Expatriates wanting to own a condominium have had to transfer their money from overseas, or save in order to buy, which may take a long time and waste money on rental costs before they can get their new homes.

BBL requires borrowers to buy homes priced at least US$300,000 (Bt9.64 million) or equivalent, while offering a credit line of around 70 per cent of the price but not lower than $200,000 or equivalent.

Loans will be given in three currencies, US dollars, Singapore dollars, and euros.

The mortgage rates depend on the currency. They are: US dollars - prime lending rate (5.0 per cent) plus 1.5 per cent per annum, or 6.5 per cent; Singapore dollars - prime lending rate (6 per cent) plus 1.5 per cent, or 7.5 per cent; and euros - prime lending rate (6.5 per cent) plus 1.5 per cent, or 8 per cent. These rates are as of last Monday.

The maximum term of a loan is 20 years but the term plus the borrower’s age shall not be over 65 years.

Because lending to foreigners involves high risk and there are few competitors, the bank cannot lend more than 70 per cent of the purchase price.

The bank also needs to quote floating interest rates, while the property asset will be pledged as loan collateral.

Borrowers also have to pay $2,000 in front-end fees, which are payable in two stages.

There is a non-refundable $200 fee when submitting a loan application, and the remaining $1,800 is to be paid when the letter of offer is accepted.

If there are any amendments after loan approval, the borrowers must pay $120. There are also prepayment fees, which are charged at 1.5 per cent of the prepaid amount and a cancellation fee, which is charged at 1.5 per cent of the loan approval amount.

Other expenses, including legal costs, valuation fees, fire insurance premiums and others must also be paid by borrowers. Documents required are a completed mortgage loan application form; copy of identification card (front and back) or the essential pages of the passport; signed copy of sales and purchase agreement or reserve agreement; a bank’s reference letter addressed to BBL to confirm the banking relationship and type of account, size of loan and deposits with the bank; the last six months’ bank statements; and a credit bureau report from the country of residence.

Individuals earning a monthly salary need an employer’s letter addressed to BBL, confirming position, period of experience, and remuneration; income tax returns from the last two years; the last six months’ computerised pay-slips; and a work permit for those working in Thailand.

Self-employed individuals need the last two years’ balance sheets as well as a profit and loss statement and the last two years’ income tax returns.

Foreigners looking for a second home and who are interested in this mortgage can ask for more information at the bank’s head office.

Everything will be done in Thailand through BBL’s cooperation with its branch in Singapore. If all required documents are submitted correctly, the approval process may take only two weeks. Customers do not need to travel to Singapore as the bank will process the application.

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SERVICES / MEDICAL CARE
SOS sees potential in Thailand

The presence in Thailand of International SOS, the world’s leading provider of medical assistance, international health-care, security services and outsourced customer care, may surprise many who are not aware that it has an office here. But what they will find more astonishing is the range of services it has to offer, which span far beyond the medical-care, evacuation and repatriation services it is best known for.

Its customers today are spoiled by choices: from sending a bouquet of roses or gifts on the Valentine’s’s Day, importing pedigreed puppies, retrieving golf bags during a trip and breaking house locks to fixing pipes.

”Given our worldwide infrastructure and far-reaching domestic network, we can provide extensive assistance to our customers from medical assistance, air ambulance, health-care management, security assistance, roadside assistance and home assistance to any special assignments,” said Pipat Kananuwat, managing director of International SOS Services (Thailand).

International SOS first opened its office in Bangkok in 1986, and was five years later upgraded into a full-scale alarm centre in response to the growing need for local and international assistance.

The expansion of its business prompted the company to move to new premises in 1999, which were purpose-built for emergency services. The facilities include sophisticated telecommunication systems, software application support, and an expanded store for specialised transport equipment.

International SOS can save a life but it can also deliver roses or pedigreed puppies.

International SOS currently serves a potential five million members locally, mainly clients of financial institutions, insurance firms, automobile companies, telecom firms, petrochemical companies, pharmaceutical firms and big corporations such as Siam Cement Group.

In particular, it is recognised as the major medical-assistance provider to the oil-and-gas industry in Thailand. The services the company provides to the sector cover first-aid training, paramedic and doctor staffing, site surveys, medical consultation and assessment, medical check-ups and testing.

To name a few, the company’s clients include Bangkok Bank, Kasikornbank, Krung Thai Card, Siam Commercial Bank, HSBC, American International Assurance (AIA), Thai Life Insurance, Bupa, Yamaha, Ford, Michelin, AIS, PTT Exploration and Production, Chevron, Roche, Starbucks and Four Seasons Hotel.

Worldwide, International SOS provides key services to 82% of the Fortune Global 100 and 64% of the Fortune Global 500 companies.

With headquarters in Singapore and London, it operates 14 regional centres, offices in 61 cities, 26 international clinics, 27 alarm centres that work around the clock, a worldwide network of providers, and 10 dedicated air ambulances.

According to Mr Pipat, to serve rising demand in Thailand, International SOS this year is looking to add a new jet dedicated specifically to Thailand’s operations.

Pipat: We can provide it all

”Due to the high standards of medical care available in Bangkok, our alarm centre is now a hub of medical excellence for Indochina, Bangladesh and Southeast China,” he said. ”We have access to charter aircraft and helicopters throughout Thailand to provide immediate response to emergency situations, domestically and internationally, including secured helicopter-landing rights at major hospitals in Bangkok.”

According to Mr Pipat, International SOS last year provided more than 400 remote intensive-care and evacuation services for the customers in neighbouring countries including Thai citizens travelling in those countries.

That partially helped boost the company’s sales by 39% in its last fiscal year, said Mr Pipat, who was upbeat that sales would remain in good shape this year.

”The growth prospect for International SOS is immense, as awareness, particularly among local corporations and insurance firms is increasing. Mobile medical assistance and evacuations are no longer just promotion, but the value-added products for the core products of those industries,” he said.

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Burning chilli sparks terror fear
A pot of burning chilli sparked fears of a biological terror attack in central London.

Firefighters wearing protective breathing apparatus were called to D’Arblay Street, Soho, after reports of noxious smoke filling the air.

Police closed off three roads and evacuated homes following the alert.

Specialist crews broke down the door to the Thai Cottage restaurant at 1900 BST on Monday where they discovered the source - a 9lb pot of chillies.

The restaurant had been preparing Nam Prik Pao, a red-hot Thai dip which uses extra-hot chillies which are deliberately burnt.

But the smell prompted several members of the public to call the emergency services.

Alpaslan Duven, a Turkish journalist based in the restaurant’s building, said: “I was sitting in the office when me and my chief start coughing and I said this was something really dodgy.

“I looked out of the window and saw people rushing and then we heard the sirens.”

Supranee Yodmuang, the restaurant supervisor, was above the restaurant when she received a phone call from her boss.

“It was about 4pm when I saw the police who were closing off the roads but I didn’t know why.

“My boss rang me and said I had to get out of the building because of a chemical attack.”

She added: “Because we’re Thai, we’re used to the smell of chillies.”

A Scotland Yard spokesman said: “The street was closed off for three hours while we were trying to discover the source of the odour.”

Source: BBC News - Wednesday, 3 October 2007

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Saudis Returning From Thailand Face Grilling
Razan Baker, Arab News

JEDDAH, 13 August 2007 — The Riyadh Chamber of Commerce and Industry (RCCI) did not inform travel agencies across the Kingdom of a ban on Saudis traveling to Thailand and so many Saudis, who visited the country at the beginning of the summer, have returned to face questioning from the Kingdom’s authorities.

Thailand has for the past 12 years been on a list of countries that Saudis are not allowed to visit. The list includes Israel, Iraq and Bosnia. However, for the past three years restrictions on Saudi visitors to Thailand have been eased with many families and youths visiting the Far-Eastern country.

Being an affordable country to visit, many Saudis still continue to apply for tourist visas to Thailand, which are easily obtainable. There are no direct flights from the Kingdom to Thailand. Connecting flights are available in Dubai and Qatar. The Thailand Tourism Commission states it received 9,000 Saudis tourists in 2006. People this summer have once again been asked not to visit Thailand unless for business reasons, a rule that many members of the public are unaware of.

People believe the ban has been reinforced because of men who visit Thailand to drink alcohol, visit prostitutes and then be robbed and at times murdered.

In an interview with Asharq Al-Awsat, Abdullah Al-Tamimi of the RCCI said that only businessmen are allowed to visit Thailand and are required to furnish relevant documents proving they are indeed businessmen.

Among travel agencies that have not been informed about the ban was Al-Tayyar Groups for Tourism whose Director Nassir Al-Tayyar said: “It would be better if they had informed the travel agencies in advance because not many Saudis know about it.”

Other travel agencies in Jeddah also told Arab News that they did not receive any sort of notification from the authorities about the ban and that they still continue to receive inquiries from people wanting to visit Thailand.

“So far around 80 percent of the packages that we have sold have been for Far-Eastern destinations. Of these, 20 percent have been for trips to Thailand,” said one travel agent.

Another travel agent said: “My friend was asking for a visa to visit Thailand this week. The Passport Department informed him that this is not allowed unless he shows relevant business documents and that he is registered with the RCCI. The administration then stressed that those who have traveled to Thailand as tourists and come back will be questioned about why they traveled there. They would also be prevented from traveling for six months to three years and fined SR5,000 for breaking the ban,” he said.

However, not all visitors to Thailand have been punished. Amaal Abdul Salam, a mother in her early 60s, said she has just returned from Thailand this week and is overwhelmed with the enriching experience she had there with her children and grandchildren. “We got our visas very easily before the summer. Thank God we didn’t face any problems not even when we came back,” she said.

Amaal added that her passport says that it is valid for use to all countries unless there is an exception. Excluded countries are not listed.

Hers was not the only family which visited Thailand this summer. Amaal said she met other Saudi families at her hotel and at shopping centers. She added that the ban was probably due to the drowning of 32-year-old Saudi in mid-July.

“It doesn’t make any sense that they ban everyone from going there. The country is beautiful, highly organized, and convenient money-wise. I don’t see why families cannot go there?” she said.

An employee at a travel agency said: “Those who have not been questioned will most likely be questioned when they renew their passports

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Thaksin completes Man City buyout

MANCHESTER: — Former Thai Prime Minister Thaksin Shinawatra seal his takeover of Manchester City, gaining control of 75% of its shares, the BBC has learnt.

Thaksin lodged an ?81.6m takeover bid for City in June through his company UK Sports Investments and has steadily built up his shareholding.

He will officially install Sven-Goran Eriksson as club manager on Friday, BBC Sport understands.

The Eastlands board has backed the bid but there have been concerns about the source of the money, with Mr Thaksin facing corruption charges in Thailand.

But the man who brokered the City deal has said “the money is clean”. Earlier on Sunday, Keith Harris, executive chairman of Seymour Pierce Investment Bank, said the money had been “legitimately and transparently transferred to the UK.”

Thaksin will have to pass the Premier League’s standard “fit and proper person” test before being able to complete the proposed takeover.

Thai prosecutors recently filed corruption charges against Mr Thaksin. They have also frozen his assets.

Leading shareholders including current board members, former chairman Francis Lee and BSkyB have all agreed to sell their shares to Thaksin.

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