Thailand 泰国
双引擎现金流市场 — 制造物流 × 旅游长住，按摩擦折价买入
增长只有 2.4%，人口在收缩——泰国不是增长故事，是现金流故事：EEC 厂房仓库入住率 85–90%、工业 REIT 分派约 6%。外国人不能拥有土地、公寓是唯一可全名持有的实物产权；投资不买永居，LTR 是长住签证不是 PR。本页的条目全部按「摩擦折价后的净现金」定价。
Four grades
Identity & tax (in one line)
Identity and tax: investment buys no PR and no citizenship; the LTR is a 10-year long-stay visa (four categories, thresholds revised Feb 2025), not PR. Corporate income tax 20%, dividend withholding 10%, VAT 7% (extended to Sep 2027); personal income tax tops out at 35%. Foreigners cannot own land (Land Code s.86). A DTA with Singapore is in force (signed 2015, effective 2017).
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Key metrics
Why this country
Thailand is a dual-engine cash-flow market: a manufacturing/logistics engine (record BOI applications, EEC factories at about 90% occupancy) bolted to a tourism-and-long-stay engine (33 million visitors a year, downtown serviced-apartment occupancy around 85%). The growth engine is absent: GDP is 2.4% and the registered population is shrinking, with births below deaths for a fourth straight year. So Thailand is priced on cash flow only — industrial REITs distributing about 6%, condo long-let gross yields around 5.9% (net about 4%) — bought through listed vehicles and condo freehold, around the land prohibition. Thailand sells net cash after a friction discount, not growth and not status.
Entry routes
The listed route is cleanest: SET-listed REIT units are open to foreigners with no quota and no land issue — industrial via FTREIT/WHAIR, retail via CPNREIT (split the distribution composition first).
Direct property has exactly one front door: condominium freehold (building foreign quota at most 49% of sellable area, funds remitted from abroad in foreign currency with FET documentation), registerable in the foreigner's own name. Everything else is a 30-year registered lease, a Thai-majority company, or BOI/IEAT land permission — nominee arrangements are illegal and under active enforcement.
Operating assets go through BOI: promoted companies can receive land-ownership permission and tax holidays (see this site's Thailand BOI landing page); the permission is tied to the activity and dies with the business.
Risks
- Demography and growth are headwinds, not tailwinds: 2.4% GDP and a shrinking population mean Thai assets have no capital-growth engine; return must come from distributions and rent themselves.
- The remittance tax rules changed in 2024: foreign income earned from 2024 and remitted by a resident is taxed in the year of remittance; the 2025 relaxation draft is not law, and any planning built on it is built on sand (the LTR Royal-Decree exemption for the first three categories is the exception, not the rule).
- Leasehold REIT distributions include return of capital: split income versus capital before comparing them with freehold-weighted industrial REITs.
- No entries were added beyond FTREIT/WHAIR/CPNREIT: hotel and office leasehold REITs generally carry capital-reduction components (about 22% of one B-WORK quarter's cash was a capital reduction, per its SET filing) with inadequate liquidity; until LHHOTEL's per-period split is obtained, this site does not print its secondary-source yields (verified status, Nov 2026).
Ranked opportunities in this country
| Overall rank | Opportunity | Net return (primary metric) | Our take |
|---|---|---|---|
| 31 | Thai industrial REITs (FTREIT / WHAIR): about 6% distributions, 90%+ occupancy, one-click foreign entry | 5.9–6% | Do |
| 32 | Thai retail REIT (CPNREIT): of the 9.6% headline, only 7.3% is income | 9.6% | Do, with conditions |
| 34 | Bangkok condo buy-to-let, taken apart: 5.93% gross, about 4% net — and the serviced-apartment money is not yours | 5.93% | |
| 37 | Thai laundromats (Otteri and peers), taken apart: vendor models only — plus a foreign-ownership wall | 2–4 years |