Shows the income tax on rent (effective rate, %), the capital gains tax (10 year holding) (%), the roundtrip transaction cost (%), and the gross rental yield (%) of an apartment. For assumptions see below.

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Country/City Income Tax on Rent (Effective Rate) Capital Gains Tax (10 Yr Holding) Roundtrip Transaction Cost Gross Rental Yield
Andorra 7.50% 6.00% 14.82% 3.41%
Anguilla 10.00% 0.00% 23.01% 0.00%
Antigua 15.00% 0.00% 22.50% 0.00%
Argentina, Buenos Aires 21.00% 0.00% 10.79% 7.30%
Armenia 0.00% 0.00% 0.00% 0.00%
Aruba, Bakval and Malmok et al 3.11% 0.00% 9.00% 7.32%
Australia, Sydney 11.63% 45.00% 12.46% 4.39%
Austria, Vienna 24.92% 30.00% 11.20% 2.18%
Bahamas 0.00% 0.00% 21.26% 8.16%
Bahrain, Almanamah 0.00% 0.00% 5.00% 0.00%
Barbados, St James 7.50% 0.00% 12.91% 0.00%
Belgium, Brussels 9.22% 0.00% 22.15% 4.87%
Belize, Ambergris Caye 3.00% 0.00% 18.50% 0.00%
Bermuda 1.20% 0.00% 32.15% 4.76%
Botswana, Gaboron 4.20% 25.00% 7.24% 0.00%
Brazil, Sao Paolo 15.00% 15.00% 11.50% 5.12%
BVI, Tortola 7.00% 0.00% 16.50% 2.85%
Bulgaria, Sophia 10.00% 10.00% 7.95% 5.87%
Cambodia, Phnom Phen 10.00% 20.00% 7.70% 5.33%
Canada, Toronto 25.00% 25.00% 13.55% 4.43%
Cape Verde, Praia 20.00% 20.00% 13.50% 0.00%
Cayman Is., Grand Cayman 0.00% 0.00% 17.00% 7.25%
Chile, Santiago 35.00% 0.00% 14.85% 4.26%
China, Shanghai 5.00% 20.00% 7.10% 0.00%
Colombia, Bogota 15.47% 10.00% 5.86% 6.51%
Cook Islands 0.00% 30.00% 0.00% 0.00%
Costa Rica, San Jose 4.89% 0.00% 11.35% 6.79%
Croatia, Zagreb 8.40% 0.00% 22.53% 6.07%
Cyprus, Limassol 0.00% 20.00% 15.73% 4.23%
Czech Republic, Prague 5.57% 15.00% 8.77% 4.18%
Denmark, Copenhagen 1.76% 24.00% 2.23% 4.84%
Dominica, Roseau 0.00% 0.00% 28.45% 0.00%
Dom. Rep., Puerto Plata 18.90% 27.00% 12.43% 0.00%
Ecuador, Quito 22.00% 0.00% 8.31% 8.04%
Egypt, Cairo 4.04% 0.00% 11.17% 9.40%
El Salvador, San Salvador 23.48% 10.00% 9.21% 8.49%
Estonia, Tallinn 20.00% 20.00% 4.08% 4.28%
Fiji 14.00% 10.00% 3.00% 0.00%
Finland, Helsinki 22.50% 33.00% 9.01% 4.11%
France, Paris 10.00% 33.30% 18.45% 3.89%
Fr. Polynesia, Tahiti 0.00% 0.00% 21.28% 0.00%
Georgia 15.00% 0.00% 0.00% 0.00%
Germany, Berlin 15.82% 0.00% 12.68% 3.34%
Ghana, Accra 15.00% 15.00% 12.13% 0.00%
Greece, Athens 5.00% 20.00% 8.96% 4.17%
Grenada, St. George 15.00% 0.00% 37.50% 0.00%
Guadeloupe, Grande-Terre 0.00% 33.30% 16.30% 4.94%
Guam, Hagatna 4.87% 15.00% 9.60% 0.00%
Guatemala, Guatemala City 18.75% 10.00% 8.65% 0.00%
Honduras, Tegucigalpa 11.11% 25.00% 10.65% 0.00%
Hong Kong, Hong Kong Island 11.40% 0.00% 34.11% 2.75%
Hungary, Budapest 12.00% 16.00% 10.65% 6.42%
India, Mumbai 8.28% 30.00% 11.88% 2.39%
Indonesia, Jakarta 30.00% 5.00% 14.70% 8.61%
Iran, Tehrah 19.02% 0.00% 5.10% 0.00%
Ireland, Dublin 10.05% 33.00% 9.07% 0.00%
Israel, Tel Aviv 7.75% 48.00% 6.74% 2.57%
Italy, Rome 17.25% 0.00% 16.13% 3.36%
Jamaica, Kingston 18.75% 0.00% 19.41% 9.75%
Japan, Tokyo 3.40% 15.00% 13.36% 3.43%
Jordan, Amman 15.00% 0.00% 10.94% 7.85%
Kenya, Nairobi 22.50% 0.00% 5.13% 6.90%
Latvia, Riga 17.25% 15.00% 6.11% 4.92%
Lebanon, Beirut 3.03% 0.00% 5.90% 4.51%
Liechtenstein, Vaduz 0.00% 17.01% 3.90% 0.00%
Lithuania, Vilnius 1.96% 15.00% 3.34% 5.98%
Luxembourg 7.02% 19.48% 14.31% 3.85%
Macau 8.76% 12.00% 27.60% 0.00%
Macedonia. Skopje 4.72% 7.00% 5.95% 4.98%
Malaysia, Kuala Lumpur 20.00% 5.00% 5.18% 4.57%
Malta, Valleta 15.00% 12.00% 18.56% 4.35%
Martinique, Fort-de-France 0.00% 6.45% 16.30% 5.12%
Mauritius, Port Lewis 11.25% 0.00% 16.24% 0.00%
Mexico, Mexico City 25.00% 25.00% 7.89% 5.44%
Moldova, Chisinau 10.00% 10.00% 21.48% 10.00%
Monaco 0.00% 0.00% 17.57% 0.00%
Mongolia 20.00% 2.00% 6.05% 0.00%
Montenegro, Coastal Areas 5.40% 9.00% 7.02% 7.53%
Montserrat 10.00% 0.00% 10.10% 0.00%
Morocco, Marrakesh 10.70% 20.00% 14.75% 6.04%
Myanmar 9.09% 10.00% 5.00% 0.00%
Namibia, Windhoek 0.00% 0.00% 14.65% 0.00%
Nepal 25.00% 25.00% 2.78% 0.00%
Netherlands, Amsterdam 15.00% 1.20% 10.24% 4.51%
Neth. Antilles, Bonaire 0.00% 0.00% 12.16% 0.00%
New Zealand, Auckland 0.94% 0.00% 4.52% 0.00%
Nicaragua, Managua 10.50% 10.00% 12.75% 7.13%
Nigeria, Lagos 10.00% 10.00% 29.44% 0.00%
Norway, Oslo 27.67% 25.00% 4.72% 0.00%
Oman, Muskat 2.25% 15.00% 3.00% 0.00%
Pakistan 11.93% 0.00% 8.00% 0.00%
Panama, Panama City 15.00% 10.00% 8.30% 7.66%
Paraguay, Asuncion 15.00% 15.00% 7.51% 0.00%
Peru, Lima 30.00% 30.00% 7.99% 6.15%
Philippines, Metro Manila 24.09% 32.00% 11.88% 7.51%
Poland, Warsaw 13.50% 0.00% 18.23% 5.46%
Portugal, Lisbon 26.44% 28.00% 12.92% 6.16%
Puerto Rico, San Juan 3.15% 29.00% 8.82% 7.12%
Qatar, Doha 7.50% 10.00% 0.25% 0.00%
Reunion Is., St. Denis 0.00% 33.30% 24.05% 0.00%
Romania, Bucharest 12.00% 0.00% 12.32% 7.76%
Russia, Moscow 20.00% 20.00% 23.11% 3.22%
Saudi Arabia, Riyadh 0.00% 0.00% 0.00% 0.00%
Senegal, Dakar 15.00% 30.00% 25.13% 0.00%
Serbia 15.00% 20.00% 6.06% 4.44%
Seychelles, Victoria 0.00% 0.00% 12.00% 0.00%
Singapore 15.13% 0.00% 23.95% 2.54%
Slovakia, Bratislava 9.28% 25.00% 4.81% 4.98%
Slovenia, Ljubljana 15.00% 10.00% 14.91% 4.41%
South Africa, Cape Town 12.80% 13.65% 14.65% 3.88%
South Korean, Seoul 2.48% 38.00% 23.98% 0.00%
Spain, Madrid 19.00% 19.00% 11.09% 4.21%
Sri lanka, Colombo 11.11% 0.00% 107.60% 0.00%
St. Kitts 0.00% 0.00% 29.70% 4.90%
St Lucia 10.84% 0.00% 23.25% 3.57%
St. Vincent 30.58% 0.00% 20.50% 0.00%
Sweden, Stockholm 0.00% 30.00% 8.25% 0.00%
Switzerland, Geneva 48.56% 0.00% 6.21% 3.33%
Taiwan, Taipei 25.00% 20.00% 9.93% 1.57%
Tanzania, Dar es Salaam 15.00% 20.00% 11.80% 8.57%
Thailand, Bangkok 2.73% 35.00% 10.90% 5.13%
Trinidad 18.75% 0.00% 13.66% 6.88%
Tunisia, Tunis 11.58% 5.00% 9.10% 0.00%
Turkey, Istanbul 22.48% 0.00% 9.50% 3.79%
Turks and Caicos Is., Providenciales 0.00% 0.00% 16.10% 0.00%
Uganda, Kampala 15.00% 40.00% 10.05% 0.00%
Ukraine, Kiev 15.00% 15.00% 6.00% 9.09%
UAE, Dubai 5.00% 0.00% 6.01% 5.82%
UK, London 0.00% 28.00% 8.03% 3.21%
US, New York 30.00% 5.00% 10.00% 3.91%
Uruguay, Montevideo 10.50% 12.00% 14.00% 7.18%
US VI, St. Croix 0.00% 20.00% 12.36% 0.00%
Vanuatu, Port-Vila 8.17% 0.00% 13.00% 0.00%
Venezuela, Caracas 22.16% 34.00% 14.89% 0.00%
Vietnam/HCMC 20.00% 25.00% 5.57% 0.00%

Assumptions:

  • Income Tax on Rent (Effective Rate). We assume the property is directly owned jointly by husband and wife, both non-resident foreigners with no other local income, and they earn gross rental income by letting: €/US$1,500/month. There is no mortgage. Depreciation and capital allowances are taken, if available.
  • Capital Gains Tax (Effective Rate). We assume the non-resident couple have owned the dwelling for 10 years at the time of sale; it is their only source of capital gains in the country (but not their sole or principal residence). Worth US$250,000 or €250,000 at purchase, the properly has appreciated in value by 100%.
  • Round-Trip Transaction Costs. Includes all costs of a non-resident foreigner buying and then re-selling a residential property worth US$250,000 or €250,000 • registration costs; • real estate agents' fees; • legal fees; • and sales and transfer taxes.