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:
Georgia (Tbilisi, Batumi) – Best all-around choice for yield, low taxes, and ease of ownership.
Montenegro (Budva, Kotor) – High rental demand, solid yields, and Ok-ish legal system.
turkey (Istanbul, Antalya) – Good yields, reasonable taxation, and easy foreign ownership (plus citizenship).
Cambodia (Phnom Penh) – Strongest yields in Asia, simple tax structure, and low bureaucracy.
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.
Looking for VASP License in Seychelles
