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Real Estate Investment Trusts in Thailand Structure, Set-up Conditions, and Income Taxation

This newsletter is the fifth one in a series of newsletters written jointly by lawyers in SCL Nishimura (Bangkok) and Nishimura & Asahi (Tokyo) that will cover various topics in finance related matters in Thailand.
This newsletter explains the key aspects of Thai-REITs including (i) the structure, (ii) the conditions of the key components of Thai-REITs, and (iii) the income taxation regarding Thai-REITs.

*This article is also available in Japanese.

It is also available in PDF.
Finance Law Newsletter / Asia Newsletter (July 31, 2020) (1.09 MB / 12 pages) Download PDF [1.09 MB]


前田 憲生

Norio Maeda is a partner with expertise in transactions involving the acquisition and development of, the financing of, and investment in, Japanese renewable energy projects. He has represented domestic and foreign investors, developers, and lenders, including infrastructure funds, energy companies, and financial institutions from the U.S., Europe, and Asia in numerous green-field and brown-field projects. Norio’s practice also covers transactions involving acquisition and development, investment, and financing with respect to Japanese real estate assets. He is highly skilled at developing innovative investment and financing structures. He has represented domestic and foreign investors, including investment funds, financial institutions, investment managers, and developers from the U.S., Europe, and Asia, in numerous investment and development projects involving sophisticated structures. He also has represented lenders in numerous structured finance transactions involving real estate assets. Norio’s transactional experience includes establishment of Japanese investment platforms into Japanese real estate assets using the TMK and GK-TK schemes, as well as the restructuring of Japanese real estate asset investments. In addition, Norio has extensive experience in inbound cross-border financing transactions for the operation of multi-national corporations in Japan. He has worked on inbound financing transactions under global debt facilities for multi-national corporations headquartered in Asia and other parts of the world. These transactions have involved collateral consisting of various types of assets and have employed a wide variety of credit support structures.


Nuttaros Tangprasitti specialises in corporate and commercial law. She regularly assists both international and domestic corporate clients (limited liability companies and partnerships, stock corporation in several industries) on the relevant laws of Thailand, which includes foreign direct investment, legal due diligence, M&A and cross-border M&A, joint venture, compliance, banking and finance. In addition to supporting clients on the above and a multitude of different legal formalities, she also has expertise in advising on various investment promotion policies of the Board of Investment (BOI), as well as compliance with foreign business, other laws on salient points for shareholders and joint venture agreements, which includes laws on immigration and foreign work under Thai law. Nuttaros speaks at many seminars and takes an active role in educating the clients on issues relevant to their businesses and her practice areas. She also writes various articles and newsletters on cutting-edge topics in several legal areas, which are widely distributed to existing and potential clients. Nuttaros aims to ensure the lawyers on her team are constantly developing and upgrading their skills, to ensure they meet or exceed the high professional standards of Nishimura & Asahi. She is committed to ensuring that both she and our firm deliver top-quality services to our clients and strong internal support for our colleagues. She recently began drafting a manual on several aspects of Thai law, as part of an “Investment promotion scheme,” and also wrote several newsletters on corporate law, and banking and finance laws. She also recently authored an article on the impact of Tax Reduction for Land and Buildings, which received excellent feedback from our clients, particularly those who are land and building owners. Nuttaros is committed to building a strong and progressive corporate and commercial practice, which also incorporates tax law, by adapting to new ideas in the legal industry.


Thiti has an extensive record representing clients in various type of real estate development project, i.e. residential, commercial, and manufacturing aspect. His works include, among others, establishment of housing project, condominium, hotel, commercial, factory, industrial estate and REIT. His works also expand to the field of compliance aspect relating to real estate development such as property tax, factory licenses, environmental compliance for real estate development project for residential, commercial and manufacturing site. He has been representing two of the largest retail & wholesale operators in Thailand for its aggressive expansion across country. Moreover, his expertise also includes new business of data center development, energy plant, commercial ports and land acquisition as well.