Investor Report · 2026
The ROI, broken down.
Model a Phuket condo buy-to-let with your own assumptions — then see how Thailand stacks up against Georgia, Spain, Italy, Cyprus and Dubai on yield, entry cost, tax and residency.
Run your scenario
Your capital, your assumptions.
100% cash-purchase model · assumes Thailand LTR visa tax exemption
Market rent ÷ price, before costs and vacancy.
Rent collected plus resale proceeds, minus everything paid in. Where the line crosses zero, you have recovered your full outlay.
Rental income alone — excluding any resale — would repay your outlay in about 23 years. The exit is what drives the return.
These calculations are illustrative only. Historical data is not a guarantee of future results. This material is not a commercial offer within the meaning of art. 66 §1 of the Polish Civil Code.
The contrast
Six markets, one honest table.
| Market | Gross yield | Net yield | Entry point | Rental tax | Exit / CGT | Residency path | Liquidity |
|---|---|---|---|---|---|---|---|
| Thailand (Phuket) Cash flow and a real residency path in one package. | 6–8% | 4–6% | from ~$78k | progressive PIT; LTR = exempt | no CGT for individuals; ~1–3% WHT + ~2% transfer | LTR (income/investment) or Privilege (fee) — not from purchase alone | moderate; thin outside prime |
| Georgia Lowest entry point — residence permit from $100k. | 7–9% | 6–7.5% | $100k → residence permit | 5% flat on rent | 0% if held > 2 years | residence permit from property ≥ $100k | good in Tbilisi, seasonal in Batumi |
| Spain Deep market, EU lifestyle — but golden visa is gone and yields are thin. | 4–6% | 3–4.5% | — | 19% on net (also non-EU since 2025) | ~19% CGT; ~10–13% purchase costs | golden visa ended Apr 2025; NLV needs passive income | good, deep market; new rent controls |
| Italy Lifestyle and EU access; bureaucracy and holding costs bite. | 5–7% (Milan 3–5%) | 3–5% | — | cedolare secca 21% or IRPEF | IMU 0.86–1.06%/yr; ~9–10% purchase costs | not from purchase; elective residence needs income | slower, bureaucratic |
| Cyprus Hard EU permanent residency from a €300k new-build. | 5–7.5% | 4–6% | €300k + VAT → PR (income €50k+) | progressive + SDC | ~10% purchase costs | PR from €300k new-build property | moderate |
| Dubai Zero tax and top liquidity — but entry starts above $0.5M. | 5–7% (JVC ~8%) | 4.5–6.5% | AED 2M (~$545k) → 10-yr golden visa | 0% on rent | 0% CGT; 4% DLD + ~2.5% ≈ 6.5–7% | golden visa from AED 2M | high, liquid market; cyclical risk |
No single market wins outright. Thailand pairs cash flow with a residency route; Georgia has the lowest bar to entry; Dubai offers zero tax and the deepest liquidity at a higher price; Cyprus buys EU permanent residency; Spain and Italy are lifestyle plays where the purchase alone no longer opens a residency door.
Typical ranges, Q3 2026. Sources: Global Property Guide, taxesforexpats, Immigrant Invest, JRE Dubai and local market data. Not investment advice.
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