Tax · 2026-05-01 · 7 min read
Bangkok property for French investors · the practical guide
PFU vs revenu fonciers, the France-Thailand DTA, ISF / IFI exposure on Thai property, and why Paris-based investors are increasingly allocating to central Bangkok.
What changes for a French investor
France has a Double Taxation Agreement with Thailand signed in 1974 (still in force). Rental income from Thai property is taxed in Thailand first, with a French tax credit equal to the Thai tax actually paid. In practice the effective rate stays close to the Thai withholding · 1 to 5% depending on structure.
ISF / IFI (Impôt sur la Fortune Immobilière) applies to French tax residents on worldwide real estate above €1.3M net. Thai condos count toward the IFI base. For non-French-resident French nationals, IFI applies only to French real estate · Thai property is outside the base. Many Khorna French clients use Thai property as part of a relocation strategy that takes them out of French tax residency.
Capital gains on resale
Thai resale capital gains are taxed in Thailand via withholding (1% of appraised value) regardless of actual gain. France treats this as French-source capital gain for residents, with a credit for Thai tax paid. Holding 5+ years activates Thai SBT exemption (3.3%), which materially improves net exit. Hold periods of 5 to 10 years are standard.
FET and currency
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Bring funds in via FET (mandatory above $50k/transaction). The bank issues a certificate naming the buyer in EUR or USD equivalent. On exit, repatriation is unrestricted in EUR / USD / any major currency. THB has been more stable than EUR over the last decade · check the chart, not the press.
Where French clients buy
- · Sathorn / Silom · adjacent to French embassy + Lycée Français, family-friendly, premium tenants.
- · Phrom Phong · DTV/LTR pool, walking distance to Emporium / Emsphere, full-service amenity standard.
- · Riverside (Mandarin Oriental, Banyan Tree, Magnolias) · trophy assets, slower fill, premium clientele.
Common French-investor mistakes
- · Treating it as a French real estate transaction · Thai SPV / lawyer / FET workflow is different.
- · Ignoring the IFI residency split · this is the planning lever.
- · Buying without FET documentation · disastrous on exit.
Talk to us with your French / Thai tax-residency status and we'll structure correctly. Alexandre handles the Thai side; we have French-language tax advisor partners for the home-side question.