Foreign ownership, taxes, resale costs and investment opportunities in 2026
Southeast Asia is one of the world’s most dynamic property markets. Economic growth, tourism, new infrastructure and competitive prices attract investors from Europe, the Americas, the Middle East and the rest of Asia.
However, buying property in this region does not mean finding the same conditions in every country. In some markets, a foreigner can own an apartment freehold. In others, the buyer receives only a time-limited right. Foreign ownership quotas, taxes, resale costs and the ability to recover the invested capital also vary significantly.
This guide compares Thailand, Vietnam, Cambodia, Indonesia, the Philippines, Malaysia, Singapore and Myanmar, focusing on:
- ownership rights and duration;
- foreign ownership limits;
- purchase costs;
- annual taxes and rental income taxation;
- resale taxes and costs;
- market maturity, liquidity and risk.
Important notice: the figures below are indicative and updated to September 2026. Taxes, exemptions and contractual responsibilities may depend on the property, the tax position of the parties and the location. Independent legal and tax advice is necessary before buying.
Comparison at a glance
| Country | Main right available to foreigners | Limit or duration | Indicative purchase tax | Main resale cost | General assessment |
|---|---|---|---|---|---|
| Thailand | Freehold condominium | 49% of total unit area | 2% transfer fee, often shared | 3.3% SBT or 0.5% stamp duty, plus withholding tax | Best overall balance |
| Vietnam | Time-limited residential ownership | 30% of units; normally 50 years | Relatively low | 2% of gross sale price for an individual | Strong growth, limited duration |
| Cambodia | Freehold of qualifying units | 70%; units above ground floor | 4% transfer tax | 20% CGT on taxable gain expected from 2027 | High potential, higher risk |
| Indonesia | Hak Pakai or leasehold | Up to 80 years in total | BPHTB up to 5%; possible VAT | 2.5% of gross sale value | Attractive but complex |
| Philippines | Freehold condominium | 40% foreign ownership limit | Approximately 2.5–3%, depending on the case | 6% CGT on the applicable gross value | English-speaking, expensive exit |
| Malaysia | Freehold or leasehold | State thresholds and consent | 8% stamp duty for many foreign buyers | 30% RPGT during first 5 years; 10% afterwards | Wider choice, high entry cost |
| Singapore | Private condominium | Restrictions on landed property | BSD plus ABSD normally 60% | Possible SSD on an early resale | Very secure, extremely expensive |
| Myanmar | Qualifying condominium | Up to 40% of units | Variable | CGT generally 10% of the gain | Very high risk |
1. Thailand: the most balanced property market
A foreign buyer can purchase a unit in a registered condominium under foreign freehold ownership. The title is registered directly in the buyer’s name and has no expiry date.
Foreigners may collectively own no more than 49% of the total area of all units in the condominium. Purchase funds must normally be transferred from overseas in foreign currency and properly documented by a Thai bank.
Costs and taxation
| Item | General treatment |
|---|---|
| Transfer fee | 2% of the Land Department’s appraised value; the parties may agree to share it |
| Specific Business Tax | 3.3% of the higher of the declared price and appraised value, when applicable |
| Stamp duty | 0.5%, normally applied instead of SBT |
| Withholding tax for an individual seller | Variable, based on appraised value, ownership period and permitted deductions |
| Withholding tax for a corporate seller | Generally 1% of the higher of the sale price and appraised value |
| Annual property tax | For many non-primary residential properties, it starts at approximately 0.02% of the appraised value |
| Rental income | Taxable; a 30% standard deduction is normally available for buildings, or documented actual expenses may be used |
| Resale agency commission | Commonly 3–5% |
SBT frequently applies when the seller is a company or when an individual sells within five years. Exceptions may apply to a registered main residence, inheritance and certain family transfers.
Main advantages
- genuine freehold condominium ownership with no expiry date;
- relatively low purchase costs compared with Malaysia and Singapore;
- mature international tourism market;
- strong rental demand in major destinations;
- international airports, hospitals and schools;
- a more developed resale market than many regional competitors;
- different investment options in Bangkok, Phuket, Pattaya and Chiang Mai.
Points to check
Foreigners generally cannot own land directly. A villa leasehold must therefore be examined carefully and must not be presented as equivalent to land freehold ownership.
Best suited to: investors seeking a balance between secure title, rental potential, personal use and future resale.
2. Vietnam: strong growth but limited ownership duration
Foreigners can purchase certain residential properties in approved projects. Ownership is normally limited to 50 years, with a possible extension subject to the law in force at that time.
Foreign ownership is generally limited to 30% of the apartments in each condominium building or block.
Costs and taxation
| Item | General treatment |
|---|---|
| VAT on new property | May be included in the developer’s price |
| Maintenance fund | New condominiums may require a contribution, often equal to 2% |
| Registration costs | Generally low |
| Rental income | May be subject to VAT and personal income tax above the applicable thresholds |
| Resale by an individual | Generally 2% of the gross transfer price, not the actual profit |
| Agency commission | Commonly 1–3% |
Main advantages
- strong economic and urban growth;
- expanding middle class and housing demand;
- relatively low entry costs;
- attractive long-term prospects in major cities.
Points to check
The limited duration makes Vietnamese ownership less attractive than Thai freehold. The project must be approved for foreign sales, and the foreign quota must still be available.
Best suited to: growth-oriented investors willing to accept time-limited ownership.
3. Cambodia: freehold and a foreign quota of up to 70%
Foreigners may buy private units in co-owned buildings within a limit of 70% of the building’s private area. Units must be above the ground floor, and direct foreign ownership does not include the land.
Costs and taxation
| Item | General treatment |
|---|---|
| Transfer tax | 4% of the taxable value recognised by the tax authority |
| Annual property tax | 0.1% of the value above the statutory allowance |
| Rental income | Taxable; withholding may apply to a non-resident |
| Resale agency commission | Commonly 3–5% |
| Property capital gain | A 20% tax on the taxable gain is expected to apply to property from 1 January 2027 |
Main advantages
- the region’s highest foreign condominium quota;
- ownership without a fixed expiry for qualifying units;
- comparatively accessible prices;
- long-term growth potential.
Points to check
Title quality and project compliance require careful due diligence. Higher potential also comes with lower liquidity and less consistent development standards.
Best suited to: long-term investors with a higher risk tolerance.
4. Indonesia: powerful tourism appeal but greater legal complexity
A foreign individual cannot own land under the full Hak Milik title. The main legal options are Hak Pakai right of use, Hak Sewa leasehold, or a suitable corporate structure.
Through the initial term, extension and renewal, Hak Pakai may reach a total duration of up to 80 years, subject to residence requirements, minimum property values and other conditions.
Costs and taxation
| Item | General treatment |
|---|---|
| BPHTB acquisition tax | Up to 5% of the taxable base after the local allowance |
| VAT on new property | May reach 12% on taxable developer sales |
| Annual PBB property tax | Depends on value and local authority |
| Rental income | A non-resident may face 20% withholding, subject to tax treaties |
| Seller’s tax | Generally 2.5% of the gross transfer value |
| Agency commission | Commonly 3–5% |
Main advantages
- Bali is a powerful international tourism brand;
- high demand in selected locations;
- opportunities for tourism-oriented villas and developments.
Points to check
Hak Pakai, leasehold and corporate ownership are not the same as land freehold. Planning permission, rental licences and authorised use must also be verified.
Best suited to: experienced investors able to manage a more complex legal and operating structure.
5. The Philippines: freehold condominiums and a 40% foreign quota
Foreigners cannot own land directly, but they may purchase condominium units as long as total foreign ownership in the building does not exceed 40%.
The widespread use of English makes the legal and professional environment relatively accessible. Manila, Cebu and tourism markets provide very different opportunities.
Costs and taxation
| Item | General treatment |
|---|---|
| Documentary Stamp Tax | 1.5% of the higher of the price and applicable value |
| Local transfer tax | Normally 0.5% in provinces and up to 0.75% in Metro Manila |
| Registration and notary | Together, they may represent approximately 1–2% |
| Annual property tax | Up to 1% of assessed value in Metro Manila and up to 2% elsewhere, plus possible local levies |
| Resale of a capital asset | 6% CGT on the higher of gross price and tax value |
| Agency commission | Commonly 3–5% |
If the property is an ordinary asset or the seller is a company, VAT, withholding and income-tax rules may apply instead.
Main advantages
- freehold condominium ownership;
- 40% foreign quota;
- English-speaking business environment;
- large urban markets and a young population.
Points to check
The 6% resale tax is calculated on gross value rather than the actual profit, making the exit cost relatively high.
Best suited to: investors seeking an English-speaking market and planning to hold the property for a reasonable period.
6. Malaysia: wider ownership options but high foreign-buyer costs
Malaysia allows foreigners to buy apartments and, under certain conditions, landed property. State approval is normally required, while minimum purchase prices vary by state, location and property category.
Costs and taxation
| Item | General treatment |
|---|---|
| Residential stamp duty | From 1 January 2026, generally 8% for foreign buyers who are not permanent residents |
| State consent | Administrative fees or levies may apply |
| Legal fees | Progressive, plus expenses and taxes |
| Annual taxes | Quit rent and assessment tax vary locally |
| Rental income | For a non-resident, generally 30% of net taxable income, subject to applicable rules and treaties |
| RPGT for foreigners | 30% of taxable gain during the first five years; 10% from the sixth year |
| Resale agency commission | Normally up to approximately 3%, plus applicable taxes |
Main advantages
- access to certain landed properties;
- English is widely used in legal and administrative work;
- diverse markets including Kuala Lumpur, Penang and Johor;
- possible connection with long-stay programmes, assessed separately.
Points to check
The 8% stamp duty and RPGT make both entry and early resale expensive. Rules also vary significantly from one state to another.
Best suited to: medium- to high-budget buyers interested in landed property or long-term residence.
7. Singapore: maximum security but exceptionally high taxation
Singapore offers political stability, legal certainty, transparency and a strong currency. Foreigners may buy many private condominiums, while landed residential property is heavily restricted.
Costs and taxation
| Item | General treatment |
|---|---|
| Buyer’s Stamp Duty | Progressive, reaching 6% on the highest residential value band |
| Additional Buyer’s Stamp Duty | Normally 60% for a foreign buyer, unless a specific remission applies |
| Annual property tax | Progressive and based on annual value |
| Rental income | Taxable according to the owner’s tax position |
| Early resale | Seller’s Stamp Duty may apply during the statutory holding period |
| Agency commission | Negotiable |
Main advantages
- one of the world’s most reliable legal and financial systems;
- transparent international property market;
- strong currency and good liquidity in the prime segment.
Points to check
For most foreigners, the 60% ABSD makes residential property difficult to justify as a conventional investment. Certain nationalities may qualify for treaty-based remission, which must be checked individually.
Best suited to: very high-net-worth investors or buyers eligible for specific tax treatment.
8. Myanmar: theoretical opportunity but very high real-world risk
The Condominium Law theoretically permits foreigners to own up to 40% of the units in a qualifying condominium. Political instability, banking restrictions, currency risk and international sanctions make investment extremely difficult in practice.
Costs and taxation
| Item | General treatment |
|---|---|
| Purchase and registration | Variable; practical implementation must be checked |
| Rental income | Taxable according to the owner and current rules |
| Capital gain | Generally 10% of the gain above the applicable thresholds |
| Liquidity and currency | Very high risk |
Main advantages
- long-term development potential;
- theoretical 40% foreign condominium quota.
Points to check
A legal possibility does not guarantee an accessible, financeable or liquid market. Transferring funds, verifying title and repatriating capital may be difficult.
Best suited to: highly specialised investors only. It is not suitable for the average private property investor.
Which country offers the best investment?
If only one feature is considered, every market can appear to be the winner:
- Cambodia offers the highest foreign quota;
- Vietnam provides strong economic growth;
- Indonesia benefits from Bali’s tourism reputation;
- the Philippines offers freehold condominiums and an English-speaking environment;
- Malaysia permits some forms of landed ownership;
- Singapore offers maximum stability;
- Myanmar retains purely theoretical long-term potential.
A sound investment, however, depends on the combined effect of ownership, duration, taxation, rental demand, infrastructure and resale liquidity.
Why Thailand stands out
Thailand does not offer the highest foreign quota and generally does not allow foreigners to own land directly. It nevertheless provides the best overall balance.
| Criterion | Thailand’s advantage |
|---|---|
| Ownership | Genuine freehold condominium title registered to the foreign buyer |
| Entry cost | Much lower than Malaysia and Singapore |
| Duration | No 50- or 80-year limit as in Vietnam and Indonesia |
| Market maturity | More established and liquid than Cambodia and Myanmar |
| Tourism | Strong and diversified international demand |
| Infrastructure | International airports, hospitals, schools and professional services |
| Market choice | Bangkok, Phuket, Pattaya, Chiang Mai and other distinct locations |
| Resale | A more developed secondary market than many regional competitors |
| Taxation | Manageable costs when the transaction is structured and documented correctly |
Vietnam offers time-limited ownership. Cambodia combines potential with lower liquidity. Indonesia requires a more complex legal structure. The Philippines can have high exit costs. Malaysia has become expensive for foreign buyers. Singapore is fiscally prohibitive for many investors, while Myanmar carries excessive political and financial risk.
Thailand instead combines freehold ownership, global tourism, strong infrastructure, relatively reasonable costs and an established property market.
Conclusion
Every purchase must be assessed individually, and no property investment is risk-free. Nevertheless, when the eight main Southeast Asian markets are compared, Thailand currently appears to be the most complete choice for most foreign investors.
Cambodia may offer greater growth potential, Singapore stronger legal security and Malaysia more options for certain landed properties. None of them, however, combines all the key factors with the same balance.
For buyers who want to own, use and rent a property while retaining a realistic opportunity to resell it, investing in Thailand—especially in a carefully selected foreign-freehold condominium—remains one of the most convincing options in Southeast Asia.
Before signing a contract or paying a deposit, investors should verify the title, foreign quota, developer’s reputation, real local demand, condominium fees and all taxes due on purchase and future resale.
Would you like to compare an investment in Thailand with another Asian destination? Contact us for an assessment based on your budget, investment period and objectives.