DE · Für den deutschen Anleger
Munich direct property at 2 to 3% net. Open-ended Immobilienfonds liquidity-gated since the 2013 reform. Spekulationssteuer trap on holdings under 10 years. Erbschaftsteuer up to 50%. The German distribution layer leaves you with a yield ceiling and complete EU concentration.
Bangkok prime · 5 to 6% net, no equivalent of Erbschaftsteuer below 100M THB to direct descendants, EUR/THB diversification, investment-grade sovereign. This page is the side-by-side. Honest, both sides.
What German distribution offers you
Direkt-Immobilien (Munich, Hamburg, Berlin)
2 to 3% net
Grunderwerbsteuer 3.5 to 6.5% on entry · Spekulationssteuer (full income tax on gains under 10y) · Erbschaftsteuer up to 50% · concentration in EUR-denominated EU asset class
Offene Immobilienfonds
2 to 3% net
Liquidity gates (12-24mo notice for redemption since 2013 reform) · concentrated in EU office/retail · KAP-tax 25%+Soli on distributions
Geschlossene Immobilienfonds
3 to 5% projected · often disappointing realised
Long lock-up (10-20y) · high entry fees (5-12%) · single-asset concentration risk · historical record uneven post-2008
German REITs (G-REITs)
3 to 4% gross
Listed equity volatility · concentrated in EU residential and commercial · low yields · narrow sector selection
Bausparen / Eigenheim financing wrapper
Effectively negative real after fees
Subsidy-driven product · returns engineered around tax credits and Wohnungsbauprämie · not an investment vehicle in the conventional sense
The tax wedge · what falls out of the equation
Spekulationssteuer (private disposal tax)
Impact in Germany
Full personal income tax rate on gains from property sold within 10 years of acquisition
Thai treatment
Foreign-located property in your name benefits from the same 10y exemption rule under German law. Thailand's own withholding tax on disposal applies under the Thai-Germany double-tax treaty (1968), with credit available against German tax. The combined burden is materially below all-German equivalent on shorter holds.
Erbschaftsteuer (inheritance tax)
Impact in Germany
Up to 50% on transfers · 100K to 500K EUR allowance per child depending on Steuerklasse
Thai treatment
Thailand has no inheritance tax below 100M THB (~€2.6M) to direct descendants. The Thai-Germany treaty does not extend to inheritance, so Thai-located property is generally subject to German Erbschaftsteuer based on global-asset principles. Estate-planning structuring with a German Steuerberater is essential to optimise.
Grunderwerbsteuer (property transfer tax)
Impact in Germany
3.5 to 6.5% on entry depending on Bundesland
Thai treatment
Thailand applies a Specific Business Tax (3.3% on disposal within 5y) and transfer fee (~2% split between buyer/seller, typically negotiated). The total Thai entry-and-exit tax burden is generally lower than a single German Bundesland's entry Grunderwerbsteuer.
Mietpreisbremse (rent control intensification)
Impact in Germany
Caps rental upside in major German cities · Berlin, Munich, Hamburg most constrained
Thai treatment
Thailand has no equivalent rent-control regime for foreign-quota condos. Pricing is market-determined. Maison Siam ops set rents based on demand and pull yield up to 5 to 6% net rather than capped at indexed levels.
Doppelbesteuerungsabkommen Deutschland-Thailand (1968, in force). Eliminates double taxation. German credit available for Thai tax paid on Thai-source income. Coordinate with your German Steuerberater on the income-classification side.
Visa · the right match for the German profile
DTV (Destination Thailand Visa)
For whom
German tech consultants, freelancers, Berlin-style remote workers
Why
5-year multi-entry, 180-day stays, 500K THB threshold. Pairs with a 1-bed in Asok, Phrom Phong, or Phayathai (8 to 14M THB).
LTR Wealthy Global Citizen
For whom
German HNW with 1M USD+ assets and 80K USD+ income · München / Frankfurt finance, ex-Bayer / Siemens executives, family-office principals
Why
10 years renewable + 17% income-tax cap on Thai-source income + foreign-source remittance exemption. The cleanest pathway for German tax-residency optionality.
LTR Wealthy Pensioner
For whom
German retirees with 80K USD+ pension income (DRV + Riester + private)
Why
10y residency with 17% tax cap. Pairs with 10 to 20M THB 2-bed in Sathorn or Phrom Phong as the Altersruhesitz.
Thailand Privilege
For whom
German HNW who don't qualify for LTR · 900K to 5M THB membership-based visa
Why
Includes bank-account introduction service · removes the most common foreigner friction at entry.
Four German profiles we work with
Der Münchner Bankvorstand
Senior at Allianz, Munich Re, or Pictet München. €3 to 6M net worth. Erbschaftsteuer exposure substantial. Looking at Bangkok as yield + diversification away from Munich-saturated concentration. Typical purchase: 18 to 35M THB 2-bed in Sathorn or Riverside branded.
Der Frankfurter Investmentbanker
Director at DB, Goldman Frankfurt, or BlackRock. €2 to 5M net worth. Considering LTR Wealthy Global Citizen as a German-tax-residency optionality. Typical purchase: 15 to 30M THB 2-bed Phrom Phong or Riverside.
Der Berliner Tech-Gründer
Just exited (or about to) a Berlin scale-up. €1 to 3M liquidity event. Wants pre-cession diversification. DTV holder profile. Typical purchase: 10 to 20M THB 1-2 bed Phrom Phong, Thonglor, or Asok.
Der süddeutsche Mittelstand-Eigentümer
Family-business owner-operator from Stuttgart, Munich, or surrounding region. €4 to 10M net worth. Generational handover horizon 5-15 years. Looking at Bangkok as estate-diversification and second-residence base. Typical purchase: 25 to 50M THB 3-bed branded residence in Phrom Phong, Sathorn, or Riverside.
EUR / THB · the currency context
THB has appreciated against EUR over the past decade. Bank of Thailand FX management is among the most respected in EM · no repeat of the 1997 dynamics in current fundamentals (FX reserves at 220B+ USD, public debt under 60% of GDP, current-account surplus).
Buying Bangkok mechanically diversifies your EUR exposure. It also captures a currency whose structural trajectory is positive against EUR on the underlying Asian fundamentals (ASEAN positioning, tourism flows, soft power, 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 wealth, income, current allocation, and horizon. We model your existing yield and tax stack against a Bangkok-prime allocation · honest both sides, your Steuerberater can verify our assumptions.
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