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Efficient markets/jurisdictions to put 20-30m in real estate for passive income?

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OKboomer

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Nov 29, 2019
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As per the title. Are there are any countries to buy lots of apartments for rent in as a non-resident / off-shore company?

A wish-list:

1) Net yield from rental not being nothing (1-2%) after taxes of all sorts
2) No extreme pro-tenant laws where they can refuse to pay you and you cannot kick them out
3) Ownership of apartments is permitted for non-residents without onerous extra charges
4) Minimal bureaucracy (some countries with a good rental yield on paper have so many hidden small problems (e.g. manually paying multiple local charges they send on a piece of paper, mandatory government paperwork or safety inspection visits), it ends up costing you more in time wasted with paperwork and inevitable penalties than it you made less with no paperwork
5) No expropriation laws obviously. Rule of law and respect of private property / ownership.
6) USA excluded.
7) No lazy culture where your property managers consistently screw up management of your property and costing you percentage points from profit.
8) Not obsessed about AML/SoF nonsense and assuming everyone off-shore is a criminal.

I have been researching this for a long time, but nothing interesting so far. Each country I have looked at had at least 1 out of 8 problems above, usually many more.

Anyone found anything interesting?

Happy to provide my stories about research experience.

Thanks.
 
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#4
P.S: This is a memo of something similar to what you're looking for, which was recently shared by my clients.


1) Georgia (Tbilisi & Batumi)
✅ Net yields: 6-9% (short-term rentals); 4-6% (long-term)
✅ No pro-tenant laws (easy eviction)
✅ Foreigners can own freely (except agricultural land)
✅ Minimal bureaucracy, easy property purchase
✅ No capital controls, no real AML harassment
✅ Low taxes (5% rental tax if structured properly)
✅ No real risk of expropriation

Downsides:
  • Short-term rentals are competitive in Tbilisi
  • Some local property managers are unreliable
  • Economic fluctuations (but real estate demand remains strong)
  • Russia is literally next door. Good or bad depends on how you view it.

2) Montenegro (Budva, Kotor, Podgorica) ​

✅ Net yields: 5-7%
✅ Easy eviction laws
✅ No restrictions on foreign ownership
✅ Low taxes (9% corporate tax, rental tax options)
✅ Reasonable bureaucracy
✅ No crazy AML harassment

Downsides:
  • Some property managers are unreliable
  • Economy is small, so rental demand can fluctuate
  • Slightly harder to liquidate property quickly

3) Turkey (Istanbul, Izmir, Antalya) ​

✅ Net yields: 5-8% (Istanbul); 6-9% (Antalya short-term rentals)
✅ Can qualify for citizenship almost immediately after buying properties worth 250k or more.
✅ Foreigners can buy freely (except near military zones)
✅ No extreme pro-tenant laws for furnished rentals
✅ Low taxes (usually 15-20% on rental income, but structuring helps)
✅ Minimal bureaucracy (property purchase can be done in days)

Downsides:
  • Currency risk (but if you buy in USD/EUR-denominated projects, it's mitigated)
  • Property management quality varies
  • Short-term rental regulations can change

4) Cambodia (Phnom Penh, Sihanoukville) ​

✅ Net yields: 6-10%
✅ No crazy pro-tenant laws
✅ Foreigners can own apartments (via strata titles)
✅ Low taxes (rental tax ~10%)
✅ No AML nonsense (relative to the West)

Downsides:
  • Economic stability concerns
  • Infrastructure issues
  • Some areas are overbuilt

5) Serbia (Belgrade, Novi Sad) ​

✅ Net yields: 5-7%
✅ Pro-landlord legal system
✅ Foreigners can own freely (except agricultural land)
✅ Low taxes (rental tax ~15% but can be optimized)
✅ No over-regulation or excessive AML

Downsides:
  • Some property managers are inefficient
  • Real estate prices are rising quickly, reducing future yields

Countries That Almost Work But Have Issues​

❌ Portugal – Golden Visa changes, bureaucracy, low yields (2~%)
❌ Spain – Overregulation, high taxes, pro-tenant laws (you can literally get your house stolen see: (https://www.idealista.com/en/news/l...in-spain-understanding-spain-s-okupas-problem)
❌ Greece – Pro-tenant laws, unpredictable, annoying bureaucracy
❌ Thailand – Foreigners can’t own land, leasehold risks, lots of scams, see.
❌ Latvia – Poor long-term economic outlook, shrinking population, no mans land, unless you are into fintech, then it's different.

So, For a balance of high net yields, property rights, minimal bureaucracy, and non-hostile AML environments, my top recommendations are:

1️⃣ Georgia (Tbilisi, Batumi) – Best all-around choice for yield, low taxes, and ease of ownership.
2️⃣ Montenegro (Budva, Kotor) – High rental demand, solid yields, and Ok-ish legal system.
3️⃣ turkey (Istanbul, Antalya) – Good yields, reasonable taxation, and easy foreign ownership (plus citizenship).
4️⃣ Cambodia (Phnom Penh) – Strongest yields in Asia, simple tax structure, and low bureaucracy.
5️⃣ Serbia (Belgrade, Novi Sad) – Business-friendly, low taxes, and high rental demand.

To answer your question @OKboomer, If your main concern is AML nonsense and anti-offshore attitudes, Georgia and Cambodia are the best choices. If you want a balance of EU access, strong yields, and minimal headaches, Montenegro and Serbia are solid options.
 
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#5
@ActionMan very amazing list.

For citizenship in Türkiye, isn't it 400k USD minimum?
D

Post in thread 'A new name and surname with obtaining Turkish citizenship through investment'

Forester said:
Would you mind to elaborate more on this?
Click to expand...
https://www.resmigazete.gov.tr/eskiler/2023/12/20231212-31.pdf
National Gazette 32397 of 12 December 2023
- "Real estate" is now limited to "building/flat ownership", empty plots no longer qualify.

https://www.resmigazete.gov.tr/eskiler/2022/05/20220513-20.pdf
National Gazette 31834 of 13 May 2022
- Real estate must now be 400k USD instead of 250k USD.
- Capital deposit of 500k USD must now be converted into TRY.

Forester said:
True. As a funny comment, some time ago I met a (white) man who was really living in Vanuatu, he simply had...
Click to expand...
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#7
ActionMan said:
P.S: This is a memo of something similar to what you're looking for, which was recently shared by my clients.


1) Georgia (Tbilisi & Batumi)
✅ Net yields: 6-9% (short-term rentals); 4-6% (long-term)
✅ No pro-tenant laws (easy eviction)
✅ Foreigners can own freely (except agricultural land)
✅ Minimal bureaucracy, easy property purchase
✅ No capital controls, no real AML harassment
✅ Low taxes (5% rental tax if structured properly)
✅ No real risk of expropriation

Downsides:
  • Short-term rentals are competitive in Tbilisi
  • Some local property managers are unreliable
  • Economic fluctuations (but real estate demand remains strong)
  • Russia is literally next door. Good or bad depends on how you view it.

2) Montenegro (Budva, Kotor, Podgorica) ​

✅ Net yields: 5-7%
✅ Easy eviction laws
✅ No restrictions on foreign ownership
✅ Low taxes (9% corporate tax, rental tax options)
✅ Reasonable bureaucracy
✅ No crazy AML harassment

Downsides:
  • Some property managers are unreliable
  • Economy is small, so rental demand can fluctuate
  • Slightly harder to liquidate property quickly

3) Turkey (Istanbul, Izmir, Antalya) ​

✅ Net yields: 5-8% (Istanbul); 6-9% (Antalya short-term rentals)
✅ Can qualify for citizenship almost immediately after buying properties worth 250k or more.
✅ Foreigners can buy freely (except near military zones)
✅ No extreme pro-tenant laws for furnished rentals
✅ Low taxes (usually 15-20% on rental income, but structuring helps)
✅ Minimal bureaucracy (property purchase can be done in days)

Downsides:
  • Currency risk (but if you buy in USD/EUR-denominated projects, it's mitigated)
  • Property management quality varies
  • Short-term rental regulations can change

4) Cambodia (Phnom Penh, Sihanoukville) ​

✅ Net yields: 6-10%
✅ No crazy pro-tenant laws
✅ Foreigners can own apartments (via strata titles)
✅ Low taxes (rental tax ~10%)
✅ No AML nonsense (relative to the West)

Downsides:
  • Economic stability concerns
  • Infrastructure issues
  • Some areas are overbuilt

5) Serbia (Belgrade, Novi Sad) ​

✅ Net yields: 5-7%
✅ Pro-landlord legal system
✅ Foreigners can own freely (except agricultural land)
✅ Low taxes (rental tax ~15% but can be optimized)
✅ No over-regulation or excessive AML

Downsides:
  • Some property managers are inefficient
  • Real estate prices are rising quickly, reducing future yields

Countries That Almost Work But Have Issues​

❌ Portugal – Golden Visa changes, bureaucracy, low yields (2~%)
❌ Spain – Overregulation, high taxes, pro-tenant laws (you can literally get your house stolen see: (https://www.idealista.com/en/news/l...in-spain-understanding-spain-s-okupas-problem)
❌ Greece – Pro-tenant laws, unpredictable, annoying bureaucracy
❌ Thailand – Foreigners can’t own land, leasehold risks, lots of scams, see.
❌ Latvia – Poor long-term economic outlook, shrinking population, no mans land, unless you are into fintech, then it's different.

So, For a balance of high net yields, property rights, minimal bureaucracy, and non-hostile AML environments, my top recommendations are:

1️⃣ Georgia (Tbilisi, Batumi) – Best all-around choice for yield, low taxes, and ease of ownership.
2️⃣ Montenegro (Budva, Kotor) – High rental demand, solid yields, and Ok-ish legal system.
3️⃣ turkey (Istanbul, Antalya) – Good yields, reasonable taxation, and easy foreign ownership (plus citizenship).
4️⃣ Cambodia (Phnom Penh) – Strongest yields in Asia, simple tax structure, and low bureaucracy.
5️⃣ Serbia (Belgrade, Novi Sad) – Business-friendly, low taxes, and high rental demand.

To answer your question @OKboomer, If your main concern is AML nonsense and anti-offshore attitudes, Georgia and Cambodia are the best choices. If you want a balance of EU access, strong yields, and minimal headaches, Montenegro and Serbia are solid options.
Click to expand...
Interesting, thank you for the detailed list.

I have had experience with 4 out of 5 shortlisted countries from your list (no Cambodia), and they all had issues with unreliable (or even thieving) local managers, lots of little bills to pay manually, which somehow always goes wrong (i.e. water bill is credited somehow to the wrong apartment and you need to send someone to talk to bottomfeeder bureucrats to dispute your 10-20$ loss per bill, or just ignore it; same with some other contributions or even taxes, in many cases requiring filling up some idiotic paperwork that literally kills your brain-cells. In some cases locals don't get any crap, but you do as a foreigner because of corruption (e.g. the balkans), so in the end after paying your people and charges, long-term rentals give you net 2-3%.... and then you just wonder whether it is worth the hassle.
 
#9
OKboomer said:
So all real estate is a scam, and i shouldn't bother?
Click to expand...
It’s not, if you have realistic expectations or you are a developer.
OKboomer said:
want to get an allocation into something generating passive income
Click to expand...
“Passive income” doesn’t exist, and real estate doesn’t come any close to this definition.
OKboomer said:
and giving me a sense of stability.
Click to expand...
No investment should give you a sense of stability. When it happens, it’s a red flag.
Investing is risky by definition.
 
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#11
ActionMan said:
So, For a balance of high net yields, property rights, minimal bureaucracy, and non-hostile AML environments, my top recommendations are:

1️⃣ Georgia (Tbilisi, Batumi) – Best all-around choice for yield, low taxes, and ease of ownership.
2️⃣ Montenegro (Budva, Kotor) – High rental demand, solid yields, and Ok-ish legal system.
3️⃣ turkey (Istanbul, Antalya) – Good yields, reasonable taxation, and easy foreign ownership (plus citizenship).
4️⃣ Cambodia (Phnom Penh) – Strongest yields in Asia, simple tax structure, and low bureaucracy.
5️⃣ Serbia (Belgrade, Novi Sad) – Business-friendly, low taxes, and high rental demand.

To answer your question @OKboomer, If your main concern is AML nonsense and anti-offshore attitudes, Georgia and Cambodia are the best choices. If you want a balance of EU access, strong yields, and minimal headaches, Montenegro and Serbia are solid options.
Click to expand...

A great list! Let me add to it, that yields in Phnom Penh, Cambodia are down to 4% now, and there are still constantly lots of new apartments being built, without any buyers. I have been offered a brand new apartment (finished, no preconstruction) for $38,000 in prime location and nice view just next to the river in central Phnom Penh, but it's a typical Chinese built construction where you gonna live in a tiny chicken-coop, and every evening one gets 'free entertainment' from the party boats with their blaring music.

1737788268016.webp


The Japanese developers in Phnom Penh are even worse, they expect people accepting the same shitty living space as in Tokyo. Who wants to live in something like that? Land isn't as expensive as in Ginza in Cambodia.

1737788517409.webp


Pro tip: There is a quite new legal way that has been introduced by the Cambodian government to enable foreigners to buy and own land and houses (not just condos and apartments!) in Cambodia. Not the typical buy in locals name/lease/open holding company/buy with law firm, etc., but real ownership without any risk of future legal issues. And that's where the actual deals are, houses and land (that's appreciating in value), not apartments and condos that are losing value with time (just look at the condo market in Bangkok).

Pro tip 2: On farm land, there are no building permission requirements. Nor has one to pay annual tax. I am still saving money for my starscraper, I bought the land on the cheap already ;)

BTW: Did anyone look at Bosnia and Albania?
 
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#15
cryptofriendly said:
If you look through the prakas of the last 10 years (official proclamations by government), you'll find it.
I don't want to publish the details on a public forum, some AI bot would pick it up, and it would price the locals out of the market.
Click to expand...
thats gonna happen regardless. As will the eventual "expropriations" (in whatever form it will be, most likely high tax) of foreigners later down the road.
 
#16
cryptofriendly said:
If you look through the prakas of the last 10 years (official proclamations by government), you'll find it.
I don't want to publish the details on a public forum, some AI bot would pick it up, and it would price the locals out of the market.
Click to expand...
I can only find stuff in Khmer. I somewhat understand your compassion but locals are already priced out by hundreds of Chinese/Russian launderers.
 
#18
I would add Budapest (Hungary) for that, even if the price increased already quite a lot the last decade but :

- Beautiful capitale and architecture
- Money doesnt' pass throught notary, no AML/ SOF checked..
- No property tax, building condominium fee quite low
- Flat tax for rental income as individual (13.5% or you can deduce your real expenses too. Base 15% tax - expenses deduction) or CIT 9% via a company. 15% on capital gain, but tax free after 5 years holding
- Not a big protection for tenants (in comparaison of most of the western countries).
- Actually signing/buying can be remotely via video recorded with lawyers.
- All bills can be paid online anyway.

For this kind of budget, maybe finding some full floors or small building to make the management easier.

Then, like ALL countries, the biggest challenge is to find a reliable and long term trust with a local agent for the management. If Budapest, maybe I can help.
 
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#20
OKboomer said:
I am expecting the Great Taking scenario and therefore only looking for outright ownership
Click to expand...
real estate is the easiest thing to take. Especially if its being held by rich fat foreigners while the locals have none of it.
This doesnt mean outright expropriation but hidden forms of it by e.g. mandating a minimum selling price way above market (and pay tax fees on this), some form of taxes, other forms like max rent etc.

Personally, I stay way clear of this asset class unless I live in it or its so cheap to make not even a rounding error in my portfolio.
 
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