Asia Property Buyer’s Guide

2022 Edition
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Introduction

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Disclaimer

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Glossary

a. General

Off-Plan Property
Pre-construction property, that is yet to be built. A buyer can pay a deposit 18 to 24
months before the property is completed. Early investors get a lower price than those
that buy later.

Established Property
Existing property

b. Financial

Gross Yield
Annual rent/property price

Net Yield
Annual rent - all running costs/property price

ROI (Return on Investment)

Yearly return on the invested capital (not including mortgage)

Loan Guarantee
A document stating that a bank promises to lend a certain amount to a property
investor. The loan guarantee should be obtained before you make an offer (assuming
you intend to finance the property partly through a mortgage).

Mortgage
A legal agreement used by banks lending money to property buyers´.

Deposit
The initial amount paid to secure a mortgage or an initial off-plan property installment.

Interest Rate
An annual percentage paid to the lender.
b. Taxes

Stamp Duty
A tax paid when buying a new property. The stamp duty tends to be higher, as a
percentage, when buying luxury property. It’s one of the oldest taxes in the world and
paid for the transfer of ownership documents.

Capital Gains Tax

The amount of tax paid on the property yield (selling price - purchase price).

Property Tax
Tax levied on the property value or the appraised annual rental income.

c. Parties

Solicitor
A legal practitioner that may, among other things, manage the legal process when
buying and selling property.

Conveyancer
A legal practitioner that is specialized in managing the legal process when buying and
selling property.

Developer
The Developer acts as the project manager, as they secure financing (from banks and
property investors) and manage the construction (often through subcontractors).

Real Estate Agency

A company helping you to find and visit suitable units. May or may not be qualified to
manage the legal process.

Mortgage Broker
A professional helping prospective buyers secure the most suitable financing for
property investors.

Letting Agent
An agency that helps property owners find and screen tenants, manage rent payment,
tax payments and more.
Part 1: Finding the Right Property Investment

1.0 Introduction
Welcome to Part 1 of the Buyer’s Guide for the Asia Pacific region. In this module, you
will learn what every successful property investor must know about the following:

1.1 Property Types

Should you buy an established property or bet on an off-plan condo, that is yet to be
built?

1.2 Country Guides

Australia or Cambodia? The Asia Pacific region is very diverse and offers something for
all kinds of property buyers - regardless of risk appetite.

In the Country Guide, you will learn the essentials of property ownership rules for
foreign buyers, taxes, visa options and property listing websites.

1.3 Property Sourcing

Work with a real estate agent or do it yourself by sourcing property online.

1.4 Property Inspections

What do you need to look for when visiting overseas property, and how can you
manage inspections remotely? These, and many other questions, are answered in this
tutorial.

1.5 Solicitors
A solicitor helps you manage the legalities of buying property. Their role is crucial when
buying property overseas, to ensure that you become the legal owner of your unit.

1.6 Task List

A step-by-step plan.
1.1 Property Types

a. Off-Plan Property (Learn More)

The simple definition of off-plan or pre-construction property is – “a property or piece of
land without any construction or structure on it”.

The off-plan property mostly makes sense for early adopters, and real estate investors
who seek cheaper property, that they believe can increase in value in the coming years.

It is also a good investment for you if you want to pay a low initial deposit. In most
cases, the off-plan upfront price is only 10% to 40% of the total cost.

With a higher upfront deposit, you can always negotiate discounts on the final price as
developers seek fast early cash.

In some countries, the upfront deposit is even less than 10%. This allows you to secure
better terms on finances borrowed from lenders.

It also allows you to save a lot of money if compared to buying an already constructed
property. For example, you can easily find a low-cost pre-construction property in areas
that are not populated or not yet connected to the city.

But if there is an ongoing or future road project that connects that part to the city, with
other under-construction projects, the place can become a good option for you or other
people to live.

Even though buying a property without actually seeing it first is not for everyone, it is a
rising trend all over the world.

b. Established Property
Established Property is, unlike Off-Plan, available for immediate inspection and what
you see is what you get.

Hence, inspections and property evaluations are easier to handle - in addition to the
fact that you don’t have to wait for your unit to be built before you can move in or rent it
out.

That said, the maintenance needs for older properties may be higher (but not
necessarily) compared to newly built off-plan units. Managing maintenance and related
payments from overseas can be daunting.

c. Budget Range
It can be tempting to buy property in the high-end segment. However, keep in mind that
the majority of the market is in the low to medium price range. Selling a large unit can
be much harder, as compared to small to medium-sized units - with higher demand
from both local and foreign buyers.

1.2 Country Guide

a. Thailand (Learn More)

Property Ownership Rules for Foreign Buyers

Foreigners are allowed to own condominiums, but not own land. In apartment
buildings, foreigners are allowed to own up to 49% of all units, while Thai nationals must
own the remaining 51%.

Taxes & Fees

a. Transfer fee, 2% of the property value – generally paid by the buyer but can be
negotiated. Sometimes split between the seller and buyer.

b. Stamp duty, 0.5% of the property value – paid by the seller. A stamp duty is a tax
placed on legal documents in the transfer of the ownership of the property.

c. Individuals pay a withholding tax which increases progressively from 5% to 37% and
multiplied by the assessed value. Companies are only subject to a withholding tax of 1%
of the registered sales value or the assessed value, whichever is higher.

d. Business tax, 3.3% of the property value or the appraised value (the highest value
used).

Visas
Thailand offers a range of visa classes, including the following:

a. Investors visa: Offered to anyone bringing in THB 10,000,000 or more, and investing it
into property or even placing it in a Thai bank account.

b. Elite visa: You can buy a 5 or 20 year visa, with 1 year stay per entry, starting from
around US$12,000. This option is suitable for investors who want the option to stay long
term in the country, but don’t qualify for the Investors visa.

c. Visa-free exemption: Most nationalities qualify for visa-free entry for 14 to 30 days. As
such, occasional visitors need not obtain a visa.

Property Listing Websites

● FazWaz.com
● DDproperty.com
● Thailand-Property.com
b. Malaysia (Learn More)

Property Ownership Rules for Foreign Buyers

In comparison with other Southeast Asian countries such as Thailand, Malaysia is less
regulated and it’s generally easier for foreigners to purchase a property.

Foreign investors mainly need to deal with the minimum requirement on property
prices that can be seen as an obstacle.

The minimum investment requirement differs between states and cities in the country.

Taxes & Fees

Foreigners must pay a stamp duty ranging between 1% to 3%. In addition, a capital
gains tax also apply:

● Unit sold within 5 years: 30%

● Property sold after 5th year: 5%

Visas
Malaysia offers visa-free access for many foreign visitors and the MM2H program for
foreigners looking to stay long term. MM2H is an abbreviation of Malaysia My Second
Home and allows foreigners to get a 10-year VISA.

Property Listing Websites

● iProperty.com.my
● Propertyguru.com.my

c. Vietnam (Learn More)

Property Ownership Rules for Foreign Buyers

Few foreigners have invested in Vietnam properties in the past, mainly due to
unfavorable and strict regulations to foreign ownership.

However, in July 2015, the Vietnamese Government introduced the Vietnamese Law on
Residential Housing (LRH), which made it remarkably easier for foreigners to buy
properties in Vietnam.

Pay attention to the word properties in plural, as foreigners currently don’t have any
restrictions on the amount of properties they can buy in Vietnam.

Previously, the cap was set to a maximum of one unit in a condominium. There’s been a
drastic change in the regulations of foreign ownership:

● Foreigners can buy properties if they are allowed to enter Vietnam

 ● There’s no cap to the amount of properties that foreigners can buy. However,
foreigners cannot own land.

● Foreigners are restricted to buying a maximum of 30% of the units in

condominiums and cannot own more than 10% of the properties in a landed
project

A landed property can be terrace houses, detached houses, semi-detached houses or

strata-landed houses, for those who are not familiar with this term.

Taxes & Fees

You’ll need to pay the following taxes when buying condominiums:

a. VAT: The VAT is 10% when buying condominiums on the primary market.

b. Maintenance Fee/Sinking Fund: A maintenance fee of 2% will also be paid by the

buyer.

c. Registration Fee: The registration fee is 0.5% and is paid by the buyer.

d. Rental Income Tax: If you buy-to-let, you need to pay a VAT of 5% and a personal
income tax of 5%. Thus, a total rate of 10% applies to your rental income.

e. Capital Gains Tax: Even if capital gains tax doesn’t exist in theory, you need to pay a
personal income tax of 2% when selling property.

Visas
Vietnam offers visa waivers or visas on arrival for most foreign nationals. You can also
obtain a tourist visa, or a business visa valid for 1 - 3 months. Notice that Vietnam's visa
regulations are subject to frequent change.

Property Listing Websites

● batdongsan.com.vn/english
● dotproperty.com.vn
d. Cambodia (Learn More)

Property Ownership Rules for Foreign Buyers

Foreigners can own units on the 1st floor or higher, but not on the ground floor. Up to
70% of the units can be owned by foreigners. However, foreigners cannot own land in
Cambodia.

Taxes & Fees

a. VAT: If you buy condos directly from a developer, a VAT of 10% applies. Sometimes,
developers include the VAT in the final sales price.

b. Transfer tax: The transfer tax is 4% and paid when you buy the property.

c. Property Tax: The Property tax is 0.1% and paid annually.

Amounts up to USD 25,000 are exempt from the tax, thus you can deduct this amount
first. Also, the government multiplies the taxable amount by 80%, which lowers the tax
burden.

d. Rental income tax: The rental income tax is 10% and paid annually.

e. Capital Gains Tax: A capital gains tax of 20% is paid by corporations and paid when
selling property. Individuals don’t need to pay any capital gains tax.

Visas
Cambodia offers visas on arrival for many nationalities. In addition, they also offer
business visas (or, ordinary visas) for durations between 3 to 12 months.

Property Listing Websites

● Realestate.com.kh
● Dotproperty-kh.com/en

e. Australia (Learn More)

Property Ownership Rules for Foreign Buyers

Foreigners are allowed to buy and own property in Australia. However, non-resident
foreigners must obtain approval from Foreign Investment Review Board (FIRB), before
buying property in Australia. However, the application can be done online.

Taxes & Fees (Read More)

a. Capital gains taxes are paid according to the standard income tax rate, which also
apply to non-residents, for their Australian sourced income (which includes both capital
gains and rental income).
b. A yearly land tax is levied on the property value. Notice that the rate is different in
each state.

Visas
Property investments don’t offer a path to residency in Australia. However, it can
positively influence your success in obtaining an investor’s visa, if the property
investment is a complement to a more entrepreneurial business venture.

Property Listing Websites

● Realestate.com.au
● Australianpropertymarket.com.au
● Domain.com.au
● Homesales.com.au
● iProperty.com.au

1.3 Property Sourcing

a. Real Estate Agents

You can approach an overseas real estate agent either in your home country, or directly
in your target market. These days, it’s relatively easy to find real estate agencies with
both English, Mandarin, and Cantonese speaking agents.

The role of a real estate agent is to help you find a property and manage the inspection
and purchasing process - either in house or via external partners (i.e., a law firm).

For their services, real estate agents may charge a commission based on the property
value, fixed fees or both.

Many developers award exclusivity to certain agents.

b. Property Listing Websites

Another option is to source property directly, using property listing websites (see
Country Guide for more information).

1.4 Property Inspections

a. Remote property inspections

As an overseas investor, you are by definition looking for property away from home. As
such, it can be a challenge to conduct property inspection in person.

For busy professionals, it’s often wiser to use a property inspection service, utilizing
professionals already based in your target country.

They can, for example, help you with the following:

a. Physical inspections
b. Verify building permits
c. Perform background checks on the developer

b. Property Inspection Checklist

a. Insulation
b. Leaks, water stains, damp areas
c. Cracks, holes
d. Noise control
e. Taps, showers, water pressure
f. Air conditioners, water heaters, other appliances
g. Windows, door frames
h. Doors, locks
i. Floor, roof (gaps, dampness)

c. Real Estate Agent / Developer Q&A

a. Are foreigners allowed to buy in the area?

b. How many units (in the building) are currently owned by foreigners?

c. Are there any recent property inspection reports available?

d. Are there plumbing reports?

e. What is the estimated rental return for similar units in the same area?

f. What are the monthly or yearly maintenance fees?

g. Is access to the gym and pool included?

h. Are you allowed to rent out your unit to local and/or foreign tenants?

i. Do they have a standard sales contract?

j. Do you have to pay them for drafting the sales contract?

k. Will they help you with the legal buying process? (Do they manage this in house or
work with an external legal partner?)

l. Can they help you with renting out the property? (Including finding and screening
tenants, local tax payments, collecting tax receipts, open a local bank account)

m. Can they help you with selling your property? (including capital gains tax payments,
collecting tax receipts and repatriating the capital back to your country)
d. Off-Plan Checklist
a. What is the current rent of similar units in the same area? (preferably built by the
same developer)

b. What do other investors say about the developer on the internet?

c. What is the initial deposit?

d. Do you pay upfront or in installments?

e. Will they refund your deposit if they fail to complete the project before a certain
deadline?

f. What happens if (for any reason) the developer fails to raise enough funds to
complete construction?

g. Are you allowed to sell before the unit is completed?

h. Are you allowed to select electrical/other appliances?

i. Are you allowed to make any requests concerning the interior? (walls, floor etc)

j. What kind of security do they offer?

k. What is the additional cost for parking space?

l. Ask to see a plan of the common areas, including gym and pool (if any)

e. Important notice
None of these lists are exhaustive, and we strongly advise you to work with
professionals through each part of the process. Local expertise is crucial when buying
property overseas.

Do not attempt to manage the inspection and purchasing process on your own.

Instead, you should always have an independent (not affiliated with the real estate
agent or developer) professional to assist you with inspections, review the sales contract
and more.

1.5 Solicitors
A Solicitor (or conveyancer, if only specialized in property) will help you take care of the
legal process and all related paperwork. Their job starts only once you have agreed to
an offer.
At this stage, that might be some time away.

However, we advise you to find a Solicitor, in the target country, before you start
sourcing property.

The Solicitor should be able to present the following:

a. Explain in detail how the process work (for foreign investors, and not only local
buyers)

b. What documents they need from you (as a foreign investor) and/or the developer

c. Quote all fees (and not hide any costs)

d. Contact details and the response time (if you have any questions)

We strongly advise you to only work with Solicitors that have extensive (and verifiable)
experience working with foreign investors. Always ask for references.

Further, you have to pay the Solicitor out of your own pocket. Budget at least US$1500
for the Solicitor.

Note: Many Solicitors are affiliated with certain banks, developers or other non-bank
lenders. As such, non-cash buyers are often restricted to working with pre-approved
Solicitors.

1.6 Task list

Task 1: Narrow down your search

a. Select your property type; Off-Plan or Established Property (1.1)
b. Select target country (1.2)
c. Select your budget range (1.1)

Task 2: Property Sourcing (1.3)

a. Review listing websites
b. Contact real estate agents or developers (use Q&A)
c. Create property shortlist

Task 3: Property Inspection (1.4)

a. Visit your shortlist properties or order a remote inspection

Notice: We advise you to find a Solicitor at this stage. However, you may be required to
work with a Solicitor that's approved by the bank and/or developer.
Part 2: Mortgages & Financing

2.0 Introduction
You now understand the basics of overseas property investment and are now ready to
learn more about the financing options, projecting the yield and more.

2.1 Financing Options

Are you paying cash or looking to take out a mortgage? The process differs significantly,
depending on how you finance your property investment.

2.2 Financial Plan

Learn how to calculate the gross yield, net yield and ROI (Return on Investment) on your
property investment.

2.3 Mortgage Brokers

A Mortgage Broker can help you secure the most suitable mortgage products. While a
visit to the local HSBC office might do the trick at home - it’s often much harder to find a
suitable lender for overseas property.

2.4 Task List

A step-by-step plan.

2.1 Financing Options

a. Cash buyers
Many foreign buyers prefer to buy property all in cash. While can certainly make the
process faster, as you don’t have to rely on a lender and provide the required
documentation, the potential ROI significantly lower when buying in cash only - as
compared to financing the purchase mainly through taking out a mortgage.

b. Banks (Local)
Some local banks, or local branches of overseas banks, can in some cases offer lending
for overseas property investments.

However, banks have become increasingly restrictive in recent years - making it harder
for investors to secure loans for overseas real estate purchases.

c. Banks (Overseas)
You can also approach a bank, in the destination country, to secure a loan. This is,
however, often even harder than securing a loan with a local bank.
Some banks do offer property loans to foreign buyers. But, those that do, tend to
require extensive proof of income.

If you are employed, you should expect to provide the following documents:

● Personal tax returns / tax receipts

● Personal bank statements
● Pay slips
● Employment letter
● Bank letter of recommendation
● Personal address proof

Business owners should expect to provide the following documents:

● Personal tax returns / tax receipts

● Company tax returns / tax receipts
● Personal bank statements
● Company bank statements
● Accountant income letter
● Bank letter of recommendation
● Personal address proof

d. Developers
Some Property Developers may be willing to provide financing options to foreign
buyers. Especially when it comes to Off-Plan Property.

Developers may require less paperwork, compared to banks, and lower interest rates.

In return, they are likely to require that you commit to an off-plan property financing
process, with regular payments as the development nears completion.

2.2 Financial Plan

Before you accept an offer, you must estimate the following:

● Property price
● Annual rent
● All running costs (i.e., maintenance, letting agency fees)
● How much of your own money you will put in (i.e., your deposit, interest rates,
mortgage fees, travel expenses, agency fees, and solicitor fees)

Based on these numbers, we can calculate the Gross Yield, Net Yield and ROI (Return on
Investment):

a. Gross Yield
Annual rent/property price
b. Net Yield
Annual rent - all running costs/property price

c. ROI
Annual rent- running cost/money you put in

d. Case Study
Buying all in cash is not necessarily the best way to invest in property. The more money
you put in, the lower your ROI, as a percentage of invested capital.

Two examples follow below:

Cash Buyer Non-Cash Buyer

Annual Rent 3 x 12 3 x 12

Annual Running Cost 2 2

Deposit 200 (100%) 80 (40%)

Loan 0 120 (60%)

ROI 13.6% 26.5%

Notice that the annual profit is higher for cash buyers. However, non-cash buyers can
use their cash to pay for additional deposits, to purchase additional units.

2.3 Mortgage Brokers

Obtaining a loan directly from a bank, when investing in overseas property, can be very
time consuming and complicated, for the following reasons:

a. Most overseas banks are not willing to lend to foreign buyers, as it can be hard to
verify their income and credit rating.

b. Local banks are often unfamiliar with the procedures in other countries, and may not
be able to use the overseas property as a collateral.

c. In many countries, the payment and legal process is complicated for foreign buyers

A Mortgage Broker, with experience and expertise in buying overseas property, may be
exactly what you need to improve the ROI of your investments.

2.4 Task list

Task 1: Financial Options (2.1)
Select how to finance your property purchase:

a. Cash
b. Local bank
c. Overseas bank
d. Developer

Note: You should contact a Mortgage Broker (2.3) if you select option b or c.

Task 2: Financial Plan (2.2)

a. Review local property listing websites to estimate the annual rent
b. Confirm the estimated yearly running cost
c. Calculate the Gross Yield, Net Yield and ROI for all your shortlisted properties
d. Select your property
Part 3: Buying & Management

3.0 Introduction
In the last part of this course, you will learn more about property insurance,
maintenance, renting and selling your property. And, of course, how the purchasing
process works.

3.1 Property Insurance

Why you must buy a property insurance policy.

3.2 Repairs & Maintenance

How to manage repairs and maintenance from afar.

3.3 Renting Out Your Property

How to collect rent, pay taxes, open local bank accounts and AirBNB restrictions when
renting out your property,

3.4 Selling Your Property

Capital gains taxes and international money transfers when selling your overseas
property.

3.5 Task List

A step-by-step plan.

3.1 Property Insurance

You must buy a property insurance policy before a bank will approve a loan. However,
even for cash buyers, property insurance is often required by the developer or by the
law.

You can either obtain property insurance through your bank or an international
insurance company, such as AXA.

3.2 Repairs & Maintenance

Managing repairs and maintenance can be relatively complicated from overseas. Some
developers may offer inspections and regular maintenance.

If not, you should find a local partner that can carry out routine inspections, repairs and
maintenance as needed.

Such companies exist in all major cities, and must not necessarily be focused on foreign
investors.
3.3 Renting Out Your Property

a. Taxes
Renting out your overseas can be fairly complicated. These are some tax principles you
must be aware of:

a. You are likely to be liable for taxation (i.e., a withholding tax) in the overseas
jurisdiction where your property is located. Hence, you may need to declare the
collected rent to the tax authorities in that country.

b. You are likely to be liable for taxation in your country of residence.

Many countries have dual taxation agreements. This means that you are not required to
pay the same amount of taxes twice. Instead, you can deduct the amount paid
overseas, from the amount you pay in your country of residence.

Example

Total tax = Local tax + Overseas tax

Local tax = Local tax rate - Paid overseas tax

Notice that you must obtain tax receipts or other proof of paid taxes from the overseas
tax authorities, in case the local authorities in your country of residence would require
such documentation.

b. Bank Accounts
You may need to open a bank account to collect rent. However, It’s increasingly difficult
for foreigners to open bank accounts. At a minimum, you will need to provide the
following documents:

● Personal tax returns / tax receipts

● Personal bank statements
● Letter from your Real estate agent
● Letter from your Solicitor
● Bank letter of recommendation
● Personal address proof

Notice that additional documents may be required.

c. Letting Agencies
To manage rent collection, reminders, tax declaration, collection of tax receipts and
other related procedures, you should consider working with a Letting Agency.
Notice that you should only work with Letting Agencies that have experience working
with non-resident foreign property owners.

d. AirBNB
Many foreign owners intend to rent out their property through holiday rental websites,
such as AirBNB.com. Notice that many countries and cities around the world are
regulating AirBNB rentals.

For example, you may need to rent out the property for a minimum duration (i.e., 30 to
90 days) - which effectively prohibits most holiday letting.

In addition, many developers and real estate companies prohibit holiday lettings
entirely.

Keep in mind that this is a fast-moving area, and countries and cities that are currently
not hostile to AirBNB rentals, may become so in the future.

Hence, we advise you to not base your overseas property investment entirely on the
prospect of AirBNB or other holiday lettings.

3.4 Selling Your Property

Foreigners owners are free to sell property in most countries. There are, however, a few
issues to be aware of:

a. You may need to pay a capital gains tax in the country of the property

b. You may also be liable for capital gains taxes in your country of residence

c. You may need to repatriate the funds back to your country

3.5 Task list

The buying process is largely managed by the solicitor, and there are major differences
between countries in how the step by step procedure works. For more details, please
read our Country Guides on AsiaPropertyHQ.com.
 We connect you with real estate agencies in Asia.
For free.
All we need to know is the following:

✔ Country and city

✔ Property type
✔ Budget
✔ Your name

Our partner agencies normally respond to inquiries within

48 hours.

Click here to request free information

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