Asia Property B
​ uyer’s Guide 
 
2019 E
​ dition   

 
 
 
 

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Introduction 

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Disclaimer 
 
This guide is for informational purposes and is provided solely to supplement, not 
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services of exclusively informative nature (not legal advice) including but not limited to 
information related to buying overseas property, taxes and financing options. Taxes, 
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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. 

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 legal 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 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, but 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 a 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 the tax 
placed on legal documents in the transfer of the ownership of the property. 
 
c. Withholding tax, 1% of the property value or the appraised value (the highest value 
used). 
 
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 place 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 

● Baanguru.com 
● DDproperty.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 maximum one unit in a condominium. There’s been a 
drastic change in the regulations of foreign ownership: 
 
a. Foreigners can buy properties by only possessing a tourist visa 
 

 
b. There’s no cap to the amount of properties that foreigners can buy. However, 
foreigners cannot own land. 
 
c. 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: 
 
a. Stamp duty: 0.5% 
 
b. Capital gains tax: 2% 
 
c. Rental income tax: 5-35% 
 
d. Transfer tax (VAT): 10% 

Visas 
Vietnam offers visa on arrivals for many foreign nationals. You can also obtain a tourist 
visa, or a business visa valid for 6 to 12 months. Notice that Vietnam's visa regulations 
are subject to frequent change. 

Property Listing Websites 

● batdongsan.com.vn/english 
● dotproperty.com.vn 
● izproperty.com 

   

 
 
d. Cambodia (​Learn More​) 

Property Ownership Rules for Foreign Buyers 

Foreigners can own units on the 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. Property tax: 0.1% (payment once a year) 
 
b. Transfer tax: 4% 
 
c. Rental income tax: 14% (payment once a year) 

Visas 
Cambodia offers visa 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 
● Cambodiaproperty.info/en 
● Dotproperty-kh.com/en 
● Century21.com.kh 

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 a
​ pplication 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 of obtaining an investors 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 are 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 a
​ ttempt 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: M​ any 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 is 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 differ 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 s​ hould 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 on 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 buyer 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 work. 

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 work. For more details, please 
read our C
​ ountry Guides​ on AsiaPropertyHQ.com.   

 
 
 
 

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