GB · For the British investor
0 to 2% net after Section 24, additional-dwelling SDLT, non-resident SDLT surcharge, and CGT. UK distribution leaves you with a yield ceiling that has gotten worse every Budget since 2015. The asset class your IFA cannot put in your SIPP.
Bangkok prime · 5 to 6% net, 30% standard expense deduction (no Section 24), no foreign-buyer SDLT-equivalent, GBP/THB diversification, double-tax treaty in force since 1981. This page is the side-by-side. Honest both sides.
Your UK alternatives, after-tax
Buy-to-Let (post-Section 24)
0 to 2% net for many holders
Section 24 strips full mortgage-interest deduction since 2020 · SDLT 3% additional-dwelling surcharge + 2% non-resident surcharge stack · CGT 18 to 28% on disposal · IHT 40% above £325K nil-rate band
ISAs (Stocks & Shares)
Variable on equity exposure
£20K annual contribution cap · UK domicile concentration · withdrawal flexible but reduces tax wrapper allowance · no direct RE access
SIPPs (commercial RE only)
4 to 6% on commercial RE held inside
Residential RE prohibited · commercial-only constraint · annual contribution cap · UK-domiciled commercial concentration · drawdown rules constrain liquidity
UK-listed REITs
3 to 4% gross
Listed equity volatility · concentrated in UK retail/industrial/office · narrow sector selection · sensitive to UK rate cycle
UK direct residential (owner-occ second)
Negative when held as second home
Highest SDLT bracket · annual SDLT-equivalent council-tax stack · reduced primary-residence relief · capital tied up in static UK exposure
The tax wedge · what falls out of the equation
Section 24 (mortgage-interest deduction strip)
Impact in the UK
Higher-rate UK landlords now receive only 20% credit on mortgage interest (basic-rate restriction) · drives many BTL after-tax returns to 0 to 2%
Thai treatment
Thailand applies a flat 30% standard expense deduction on rental income for individuals, no equivalent of Section 24. If you finance through Bangkok Bank Singapore or UOB Thai (5 to 7% rate, 30 to 50% down), the THB-denominated debt is fully expensed against THB rental income. The structure that S24 broke in the UK is intact in Thailand.
SDLT (3% additional + 2% non-resident)
Impact in the UK
5% effective surcharge on UK additional-dwelling purchases for non-residents
Thai treatment
Thailand has no equivalent foreign-buyer surcharge for foreign-quota condominium. The Specific Business Tax (3.3% on disposal within 5y, drops past 5y) and transfer fee (~2% split, negotiated) are the entry/exit costs · materially below the UK total stack.
IHT (40% above nil-rate band)
Impact in the UK
40% on UK estate above £325K (or £500K with main-residence-nil-rate-band) · UK-situs assets in scope regardless of domicile
Thai treatment
Thailand has no inheritance tax below 100M THB (~£2.3M) to direct descendants. Thai-situs property is generally Thai-law for succession; UK domicile/IHT exposure depends on your domicile status. Coordinate with a UK STEP-qualified solicitor on global-asset planning.
CGT on disposal (18 to 28%)
Impact in the UK
18 or 28% on UK property gains depending on income bracket · 60-day reporting deadline · annual exempt amount £3K (2024-25)
Thai treatment
Thailand applies a withholding tax based on appraised value and holding period for individuals selling property. Rates favorable past 5 years. The Thai-UK double-tax treaty (1981, in force) gives credit for Thai tax paid against UK CGT exposure on the same gain.
UK-Thailand Double Taxation Convention 1981 (in force). Eliminates double imposition. UK credit available for Thai tax paid on Thai-source income. Coordinate with your UK accountant or STEP-qualified solicitor on the income-and-domicile classification.
Visa · the right match for British buyers
DTV (Destination Thailand Visa)
For whom
British remote workers, contractors, freelancers earning from UK clients
Why
5-year multi-entry, 180-day stays, 500K THB threshold (about £11K). Pairs with an 8 to 14M THB 1-bed in Asok, Phrom Phong, or Phayathai · half-year base, half-year UK.
LTR Wealthy Global Citizen
For whom
British HNW with 1M USD+ assets and 80K USD+ income · ex-City senior, post-exit founders, family-office principals
Why
10y residency + 17% income-tax cap on Thai-source income + foreign-source remittance exemption. Combined with non-UK-domicile status (where applicable), structurally the cleanest UK-tax-residency unwind.
LTR Wealthy Pensioner
For whom
British retirees with 80K USD+ pension income (DB pensions, drawdown, state combined)
Why
10y residency + 17% tax cap. Pairs with a 10 to 20M THB 2-bed in Sathorn, Phrom Phong, or Riverside as the retirement base.
Thailand Privilege
For whom
British HNW who don't qualify for LTR · 900K to 5M THB membership-based visa
Why
Includes bank-account introduction service, removing the most common foreigner banking friction. Useful for buyers under 50 who don't fit DTV criteria.
Four British profiles we work with
The post-Section 24 BTL portfolio holder
Built a 4-8 unit BTL portfolio in Manchester, Birmingham, or London commuter belt over the past 15 years. Section 24 has crushed the after-tax. Looking to rotate one or two of the UK units into a single Bangkok prime asset for genuinely uncorrelated, S24-immune yield. Typical purchase: 12 to 25M THB 1 to 2-bed Phrom Phong or Sathorn.
The London partner / director relocator
City partner, accountancy or law firm director, ex-banker. £2 to 5M net worth. Considering Bangkok as the LTR Wealthy Global Citizen + tax-residency optionality play. Typical purchase: 18 to 35M THB 2 to 3-bed in Sathorn, Riverside, or branded residence.
The retired Home Counties professional
Retired GP, headteacher, or senior civil servant. £1.5 to 3M net worth. £40 to 80K combined pension income. Considering Bangkok as winter-base + yield diversification (LTR Wealthy Pensioner pathway). Typical purchase: 10 to 18M THB 2-bed Phrom Phong or Sathorn.
The post-exit founder
Just sold a UK SaaS or services business. £1 to 4M post-tax liquidity. Wants pre-deployment diversification before the cash hits a UK SIPP/ISA/index allocation. Typical purchase: 15 to 30M THB 2-bed Phrom Phong, Thonglor, or branded residence.
GBP / THB · the currency context
THB has appreciated against GBP over the past decade. The Brexit-era GBP underperformance has not been retraced. Bank of Thailand FX management is among the most respected in EM · no repeat of 1997 dynamics in current fundamentals (FX reserves at 220B+ USD, public debt under 60% of GDP, current-account surplus).
Buying Bangkok mechanically diversifies your GBP-and-UK-asset concentration. It also captures a currency whose structural trajectory is positive against GBP on the Asian fundamentals (ASEAN positioning, tourism flows, post-China supply-chain repositioning).
BoT FX reserves
~220B USD · over 8 months of imports
Public debt
~58% of GDP · below the legal 70% ceiling
Sovereign rating
BBB+ S&P · BBB+ Fitch · Baa1 Moody's · investment grade
Inflation 2024
~1 to 1.5% · anchored to BoT target for 2 years
Sourced from
All citations published in-line · methodology at /how-we-score
Why investors trust Khorna
Projects underwritten
50+
Across 11 prime Bangkok corridors
Data refreshed
Weekly
Live market data · weekly refresh
Net yield audited
5 to 7%
Per project, not portfolio average
Buyer-side alignment
100%
We earn from developer side, not from you
Founder credential
Built by ex-Société Générale Hong Kong investment banker, top-ranked at foreign portals Thailand.
Alexandre Beaumont leads Khorna's underwriting and developer-relationship work. Twelve years of cross-border investment-banking discipline applied to Bangkok property. Etienne Alcouffe builds the data + product layer · live FX, live market data, proprietary scoring.
About the team →Methodology
Every data table on this site cites its source. Bangkok prime pricing refreshed weekly from public listings + verified against CBRE Thailand + JLL quarterly reports. FX from Frankfurter API. Sovereign and macro from S&P / Fitch / Moody's published ratings. School and hospital data from registries (JCI, AEFE, Auslandsschulwesen, British Schools Overseas, Ookla Speedtest).
Khorna Score is published openly · 6-component breakdown on every project page. Khorna Verdict reasoning is published openly. We disclose where the convergence-thesis math has uncertainty.
See the methodology →Investor guide · PDF
6-page tailored PDF · home-market alternatives with after-tax numbers, the tax wedge analysis, visa pathways, our area + unit recommendations for your profile. Sourced data, published methodology.
No spam · just the PDF by return, and one follow-up if relevant.
Talk to us
Tell us your portfolio, your post-Section 24 yield reality, and your timeline. We model your existing UK exposure against a Bangkok-prime allocation · honest both sides.
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