JP · 日本人投資家のために
JPY structural weakness, BoJ rate-normalisation risk, Japanese IHT 30-55%, Tokyo residential yield compression. The Japanese distribution stack offers J-REITs at 3-4% gross with listed-equity volatility, or domestic property at 2-3% net. None of it gives you the JPY-hedge + cross-Asian growth + healthcare-retirement triad.
Bangkok prime · 5 to 6% net, structural JPY hedge (THB has appreciated against JPY over 5y), world-class Japanese-friendly healthcare (Bumrungrad / Samitivej), 80-90K Japanese expat community already established. Thai-Japan double-tax treaty in force. This page is the side-by-side honest comparison.
Your Japanese alternatives, after-tax
Tokyo / Osaka direct property
2 to 3% net (Tokyo central)
Acquisition tax + registration tax 4%+ on entry · Japanese inheritance tax 30 to 55% · BoJ rate normalisation risk on yields · JPY structural weakness against USD and THB
J-REITs (listed)
3 to 4% gross
Listed equity volatility · concentrated in Japan · sensitive to BoJ rate cycle · narrow sector exposure (office, residential, logistics)
Domestic property funds
2 to 4%
JPY-only · Japan concentration · long lock-up · concentrated in Tokyo / Osaka commercial · limited residential exposure
Hawaii / California (popular outbound)
3 to 5%
USD/JPY volatility · US estate-tax exposure for Japanese non-residents above $60K · landlord-tax stack · pricing already arbitraged up by Japanese flows
The tax + currency wedge
JPY structural weakness
In Japan
JPY has weakened materially against USD and THB over 2020-2025 cycle · BoJ accommodation pressuring purchasing power for Japanese-domiciled HNW
Thai treatment
THB has appreciated against JPY over the past 5 years. Holding Bangkok property is a structural JPY hedge · the rental yields convert favorably and the capital base appreciates relative to JPY-denominated assets.
Japanese inheritance tax
In Japan
30 to 55% on Japanese-resident estates · global-asset basis · among the highest IHT regimes globally
Thai treatment
Thai-located property is generally subject to Japanese IHT for Japanese tax residents (global-asset principle). However the Thai-Japan double-tax treaty includes credit mechanisms. For Japanese-resident pensioners on LTR who become Thai tax-resident, the structure can shift materially. Coordinate with Japanese 税理士.
Healthcare cost arbitrage
In Japan
Japanese national health insurance covers domestic care but international care for retirees living abroad is more complex · private healthcare in Japan is high-cost
Thai treatment
Bumrungrad and Samitivej treat Japanese patients regularly · Japanese-language services available · cost ~1/3 of equivalent Tokyo private hospital. For LTR Wealthy Pensioner cohort, this is a core attractor alongside the property investment thesis.
BoJ rate-normalisation risk
In Japan
Tokyo property yields are sensitive to BoJ tightening cycle · capital values exposed to rate-rise scenario
Thai treatment
Bangkok prime trades on Bangkok-specific demand fundamentals (DTV/LTR pull, expat residence, retiree healthcare). Decoupled from JGB rate cycle.
日本・タイ租税条約 (in force). Thai-Japan double-tax treaty eliminates double imposition. Japanese 税理士 coordination essential for IHT structuring · we introduce on request.
Visa pathways for Japanese buyers
DTV
For whom
Japanese remote workers, designers, creators · 35-50yo on 5y flex visa
Why
5y multi-entry, 180-day stays, 500K THB threshold (~¥1.7M). Pairs with 8-14M THB 1-bed in Asok, Phrom Phong, or Phayathai.
LTR Wealthy Global Citizen
For whom
Japanese HNW with $1M+ assets and $80K+ income · senior corporate, post-IPO founders
Why
10y residency + 17% Thai-source tax cap + foreign-source remittance exemption. Combined with Japanese-domestic income-source structure can reduce overall tax burden.
LTR Wealthy Pensioner
For whom
Japanese retirees with $80K+ pension equivalent · combining national pension + corporate pension + savings drawdown
Why
10y residency + 17% Thai tax cap. The healthcare arbitrage + lifestyle quality + JPY hedge make this the canonical Japanese-retiree pathway. Pairs with 12-22M THB 2-bed Phrom Phong / Sathorn.
Thailand Privilege
For whom
Japanese HNW seeking long-stay without LTR qualification · 900K to 5M THB membership
Why
Includes bank-account introduction. Bangkok Bank and Kasikorn handle Japanese clients with Japanese-language relationship managers above 30M THB AUM.
Four Japanese profiles we work with
The retiring Tokyo executive
Senior corporate retiree from Japanese MNC. ¥150M to 400M net worth. Considering Bangkok as full-residence base · healthcare quality + lifestyle + JPY hedge are the trio. LTR Wealthy Pensioner pathway. Typical purchase: 12 to 22M THB 2-bed Phrom Phong, Sathorn, or Riverside.
The post-IPO Japanese founder
Just exited a Japanese tech / SaaS / D2C company. ¥200M to 800M post-tax. Considering Bangkok as cross-Asian diversification base · DTV-to-LTR pathway. Typical purchase: 15 to 30M THB 2-bed Asok, Thonglor, or Phrom Phong.
The Japanese family-office principal
Multi-generational Japanese family wealth. ¥1B+ net worth. Building cross-Asian diversification outside Japan-domestic · IHT structuring with Thai property is a primary motivator. Typical purchase: 30 to 80M THB branded residence in Riverside, Sathorn, or Phrom Phong.
The Bangkok-Japan dual-life professional
Japanese tech / consulting professional with regional Asian remit. Splits time between Tokyo and Bangkok. Already part of the established Japanese community in Sukhumvit (Soi 33-39 Little Tokyo). DTV holder. Typical purchase: 8 to 16M THB 1-bed Phrom Phong or Sukhumvit-mid.
Why investors trust Khorna
Projects underwritten
50+
Across 11 prime Bangkok corridors
Data refreshed
Weekly
DDproperty asking-price scrape · live
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 FazWaz 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, scraped market data, proprietary scoring.
About the team →Methodology
Every data table on this site cites its source. Bangkok prime pricing scraped weekly from DDproperty + 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 Japanese tax situation, your existing allocation, and your timeline. We model your existing yield and tax stack against a Bangkok-prime allocation · Japanese-language follow-up available.
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