Countries with No Annual Property Tax | Real Estate Thailand

Countries with No Annual Property Tax

As more and more investors look for the best tax strategy, sometimes crossing borders is one of the best ways to find it. Investing outside of your home country can many times offer something better.

For those of us who own property in the Western world, not only have we taken a long position in the government's declining currency, but we also pay more property taxes than we would like to. 

So what countries are welcoming investors who want to internationalize? Basically, it's the ones we have heard about before along the countries that are currently engaged in expanding their economy to gain more attention on the international stage. They realize that in order to grow, they need to create an environment that attracts investors.

There are just a few countries left in the world where you pay no annual property tax. Many of the countries without annual property taxes are located in Asia. Here is the complete list:

Monaco Real Estate

Monaco is a sovereign city-state on the French Riviera in Western Europe. It is bordered by France and the Mediterranean Sea. Monaco has no annual property taxes. However, be ready to pay. Monaco is home to many of today's super-rich and high-achieving entrepreneurs. 

If you wish to rent your Monaco property, there is a 1% tax, although it is usually payable by the tenant. Overall, Monaco maintains its importance among the list of countries with zero property taxes making it a continued favorite playground for the wealthy.

Malta Real Estate

Malta is located off the coast of Italy in the Mediterranean between Sicily and the North African coast. This is a very popular relocation place for ex-pats around the world. It is an EU member state and offers the benefits of a European lifestyle attractive to many.

Malta has no annual property taxes. 

Georgia Real Estate

Georgia is a country at the intersection of Europe and Asia and a former Soviet republic that's home to Caucasus Mountains villages and the Black Sea beaches. Georgia is one of the most business-friendly countries in the world.

However, there is a caveat to no annual property taxes in Georgia. You cannot make more than $15K per year through Georgian-sourced income. 

United Arab Emirates Real Estate

Next on the list is the United Arab Emirates in the Middle East also known as the UAE. This is one of the best tax havens in the World. Not just for real estate buyers but with regards to practically everything else too. 

If you can live with the heat in the summer months the tax structure is fantastic. The United Arab Emirates was made famous as one of the few nations on the planet without any personal income tax. Of course, the 0% rate extends to all rental income as well. Real estate in Thailand has no annual property tax and seldom gets above 35 degrees.

Cayman Islands Real Estate

The Cayman Islands, a British overseas territory, encompasses 3 islands in the western Caribbean Sea. Grand Cayman, the largest island, is known for its beach resorts and scuba diving. Cayman Brac is popular for deep-sea fishing excursions. Little Cayman, the smallest island, is home to diverse wildlife, from endangered iguanas to seabirds such as red-footed boobies.

The Cayman Islands is long-standing in the offshore world with no annual property taxes.

Property prices are rising and the cost of living is high but the island is well developed.

Sri Lanka Real Estate

Sri Lanka is an island in South Asia located in the Indian Ocean southwest of the Bay of Bengal and southeast of the Arabian Sea off the coast of India.

Sri Lanka has no annual property taxes. Sri Lanka was overlooked for years but is now becoming a popular destination with nice beaches and warm weather.

Real Estate Thailand

Thailand is a Southeast Asian country known for tropical beaches, great affordable food, and year-round perfect weather. It's bordered by Malaysia to the south and Cambodia to the east.

Real estate in Thailand has no annual property tax at the time of writing.

Properties in Phuket continue to change hands regularly as International investors increasingly want a piece of paradise. The island is popular with those looking to spend the winter in a warmer climate and return home with a tan. And because Phuket is centrally located within Asia, it’s very accessible being just a few hour's flight from most Asian countries.

Phuket Thailand has weathered the storms of the Asian financial crisis, SARS, and a devastating Tsunami and has emerged stronger, safer, and more stylish than ever before, making it one of Southeast Asia's most popular destinations for travel. Many of these travelers have looked into Phuket for real estate in Thailand and now own a holiday home.

The amount of tourists visiting the island continues to grow and with many new property developments being built in Phuket, the number of investors and investment opportunities has increased.

Cambodia Real Estate

Cambodia is a Southeast Asian nation whose landscape spans low-lying plains, the Mekong Delta, mountains, and the Gulf of Thailand coastline. Phnom Penh, its capital, is home to the art deco Central Market, glittering Royal Palace, and the National Museum's historical and archaeological exhibits. In the country's northwest are the ruins of Angkor Wat, a massive stone temple complex built during the Khmer Empire.

Cambodia technically does have annual property tax, however, it’s a minuscule 0.01% of the total appraised value. For example, the owner of a house in Cambodia worth US$100,000 owes just US$100 per year worth of real estate tax.

But things aren’t always as they appear and the government hardly ever bothers collecting this tax in practice. Perhaps because it’s such an insignificant amount. You might get a call from somebody if you own an expensive apartment in Phnom Penh or some prime land. However, a clear majority of Cambodian property owners don’t pay any tax.

Malaysia Real Estate

Malaysia is a Southeast Asian country occupying parts of the Malay Peninsula and the island of Borneo. It's known for its beaches, rainforests, and mix of Malay, Chinese, and Indian cultural influences. The capital, Kuala Lumpur, is home to colonial buildings, busy shopping districts such as Bukit Bintang, and skyscrapers such as the iconic, 451m-tall Petronas Twin Towers.

Malaysia is an example of a place that boasts incredibly low rates. Low enough to where they may as well not collect taxes at all. While you must pay two different annual fees (property assessment and quit rent tax), the rates of both are minuscule.

The exact amount you’ll pay in Malaysia depends on location, type, and size. But even large homes aren’t usually subject to more than a few hundred dollars annually.

To learn more about real estate for sale in Thailand and opportunities in Thailand, a country with no annual property tax call us at +66 93 606 0906 today.