Financial Planning in Myanmar: A Guide for Expats and International Investors

Myanmar (formally the Republic of the Union of Myanmar, previously Burma) is a frontier market at an inflection point. The military coup of February 2021 reversed a decade of political and economic reform and reintroduced significant governance, sanctions, and security risks. This guide is written with full acknowledgement of the current environment: Myanmar is not currently recommended as a primary residency destination for HNW individuals, and any existing Myanmar investments require careful risk assessment. The guide is included for those with existing Myanmar business interests, long-standing property holdings, or who are monitoring the market for future developments.

Investments in Myanmar carry substantial political, legal, currency, and physical safety risks as of mid-2026. Nothing in this guide should be read as an endorsement of Myanmar as an investment or residency destination in the current environment. Always seek specialist legal and security advice before entering or making decisions regarding Myanmar.

Tax Framework

Myanmar operates a territorial tax system in principle — residents are taxed on Myanmar-source income, and foreign-source income remitted to Myanmar may also attract tax. The Internal Revenue Department (IRD) administers taxation.

Personal income tax in Myanmar is progressive, with rates from 0% to 25% on employment income. Expatriate employees of foreign companies in Myanmar are typically taxed on Myanmar-source income; the treatment of foreign-source income depends on remittance to Myanmar.

Corporate income tax is 22% for companies, with lower rates for some sectors and special economic zone (SEZ) companies.

Capital gains tax applies at 10% for residents on gains from securities and real property (excluding the mining sector, which has sector-specific rates). There is no general wealth tax.

Residency and Visa Framework

Myanmar's Multiple Journey Visa and business visa categories provided the normal pathway for expatriate professionals before 2021. Since the military takeover, the visa regime and entry requirements have been subject to significant disruption. Many Western countries — including the UK — have issued formal travel advisories recommending against all but essential travel to Myanmar.

There is no investor golden visa or HNW residency programme. For those with legitimate existing business reasons to maintain Myanmar presence, specialist security and legal advice from advisers with current Myanmar experience is essential.

Banking Access

Myanmar's banking sector was severely disrupted by the 2021 coup. International banks — including Australia's ANZ and Japan's Bank of Tokyo-Mitsubishi UFJ — suspended or wound down Myanmar operations. The residual sector is dominated by domestic state-controlled banks (Myanmar Economic Bank, Myanmar Investment and Commercial Bank) and a reduced number of domestic private banks.

US dollar cash circulation has been severely restricted. International wire transfers have been substantially disrupted. Foreign nationals with Myanmar bank accounts should not rely on being able to move funds freely; capital flight risk is material. Correspondent banking relationships with international banks have been severely reduced.

Any new banking engagement in Myanmar requires careful sanction screening. The UK, US, EU, and other jurisdictions have imposed sanctions on military-linked entities, businesses, and individuals; inadvertent sanction violations through banking relationships with designated entities is a genuine compliance risk.

Property Ownership Restrictions for Foreigners

Foreign nationals cannot own freehold land in Myanmar. Foreigners may acquire long-term leasehold rights (up to 50 years, renewable) for commercial purposes under the Myanmar Investment Law, and may own residential units in qualifying condominium buildings under the Condominium Law — though the practical implementation of this law has been limited.

In practice, foreign property interests in Myanmar have frequently been held through nominee arrangements with Myanmar citizens, which carry significant legal and counterparty risk. The post-2021 environment has made enforcement of property rights through the court system less predictable.

Investment Structures

Prior to 2021, foreign investment in Myanmar was routed through the Myanmar Investment Commission (MIC) and the Directorate of Investment and Company Administration (DICA), with special incentives available in SEZs (Thilawa, Dawei, Kyaukphyu). The Myanmar Companies Law 2017 allowed up to 35% foreign ownership of domestic companies.

Post-2021, investment structures involving Myanmar companies require review against current sanction designations, beneficial ownership requirements, and the practicalities of enforcing rights in Myanmar's changed legal environment. Any Myanmar investment structure should be reviewed by counsel with current Myanmar expertise.

UK-Myanmar Double Tax Treaty

The UK and Myanmar do not have a comprehensive double taxation convention. UK-source income received by Myanmar-resident individuals is taxed under UK domestic rules; Myanmar-source income for UK residents is taxed in Myanmar with no treaty credit mechanism.

UK Sanctions Considerations

The UK has imposed targeted sanctions on Myanmar military-linked entities and individuals under the Myanmar (Sanctions) Regulations 2020 (as amended). UK persons — including UK nationals resident elsewhere — must comply with UK sanctions. Any business dealings with designated entities or sectors (jade and rubies, teak, certain military-linked conglomerates) risks criminal sanction. UK companies and UK-resident individuals with Myanmar interests should conduct regular sanction screening of counterparties.

Pensions and Retirement Planning

Myanmar has no mandatory pension system of relevance to foreign nationals. There is no bilateral social security agreement with the UK. UK private pension holders are unaffected in terms of accumulation, but the absence of a DTA means UK pension distributions received while Myanmar-resident are taxed under both Myanmar domestic rules and UK domestic rules, with no formal double-taxation relief mechanism.

Expat Community and Practical Observations

Yangon hosted a meaningful international business community before 2021, centred on Bahan and Kamayut townships in the diplomatic and commercial quarters. Since the coup, the majority of Western expatriates have departed, and the international business community has contracted substantially.

Neighbouring countries — Thailand, Singapore, and Malaysia — have become the operational bases for regional business operations that previously ran from Yangon. Those with longer-term interests in Myanmar's eventual reopening typically monitor from these regional hubs rather than maintaining in-country presence.

The Myanmar section of this guide is provided for informational purposes regarding a challenging and rapidly changing environment. It does not constitute an endorsement of Myanmar investment or residency. Always seek current specialist advice on security, legal, and compliance matters before any Myanmar engagement.

Exit strategies and structuring for existing holders

For those with existing Myanmar business interests or assets, the current environment raises specific practical questions that require careful professional navigation:

Winding down Myanmar entities: Liquidating a Myanmar company requires formal dissolution through DICA under the Myanmar Companies Law. In practice, since 2021, many foreign-owned entities have been effectively dormant rather than formally dissolved, because the dissolution process involves engagement with Myanmar government departments that may require interactions with sanctioned entities or officials. Legal advice from counsel with current Myanmar experience is essential before initiating formal dissolution.

Minority shareholdings in Myanmar businesses: Foreign shareholders in Myanmar joint ventures may find their shares effectively illiquid, dividends unpayable (due to banking restrictions), and the value of their interest difficult to realise. The options — selling to the Myanmar joint venture partner, seeking a third-country buyer, or simply holding and waiting — each carry different risk and tax profiles.

Real property: Foreign nationals with existing property interests in Myanmar face the challenges described above — title enforcement, repatriation of any sale proceeds, and the practical management of the property during the political impasse. Long-term leasehold interests in particular need assessment of counterparty risk — is the Myanmar landowner in a position to honour lease terms and eventually return leasehold value?

Tax obligations: UK nationals with Myanmar-source income — even if practically inaccessible — may still have reporting obligations under UK self-assessment. The "arising basis" of taxation means UK tax residents are taxed on income as it arises, not just when remitted. Foreign tax credit claims require evidence of Myanmar tax paid, which may be difficult to obtain given current conditions.

The regional hub approach

For businesses with legacy Myanmar operations or strategic Myanmar interests who are managing the current situation from a distance, the practical model has been to establish or maintain regional operations from Singapore, Bangkok, or Kuala Lumpur. These cities offer:

Singapore: Sophisticated legal and financial services sector, strong rule of law, and the largest concentration of Southeast Asia-focused investment expertise. Singapore is the preferred hub for Myanmar-connected holding companies and for legal and restructuring advice relating to Myanmar assets.

Bangkok: Lower operating costs than Singapore, strong trade links with Myanmar, and a large community of Myanmar diaspora business professionals. Thailand-Myanmar border trade continues and Bangkok serves as a practical staging post for those with border-area business interests.

Kuala Lumpur: Lower cost than Singapore, neutral diplomatic posture, and good connectivity to Yangon via direct flights (when operational) or via Bangkok. Some Myanmar-connected businesses have used KL as an operations centre.

Monitoring for reopening

Despite the current environment, Myanmar retains strategic importance as an investment destination over a longer horizon — a large, relatively young population, natural resources (oil and gas, gems, agricultural land), a strategic location between India and China, and pre-2021 evidence of rapid economic development. Several regional and global businesses are monitoring the situation from a distance with a view to re-engagement if political conditions change.

Key indicators to watch:

• Dialogue processes between the military government, ethnic armed organisations, and pro-democracy forces
• Sanctions posture changes by the UK, US, EU, and Australia
• Restoration of international banking correspondent relationships
• ASEAN engagement with Myanmar and the status of the Five-Point Consensus

This monitoring is speculative and long-term. Any future re-engagement must be approached with full compliance assessment at the time — the sanctions landscape and legal environment may change materially between now and any future opening.

Frequently asked questions

Are there any circumstances in which new Myanmar investment is appropriate? In the current environment (as of mid-2026), Global Investments does not advise new Myanmar investment. For businesses with existing operations requiring minimal ongoing management — rather than new capital deployment — the situation is different; maintaining a minimal footprint to preserve an existing interest may be appropriate in specific circumstances with specialist legal advice.

I have Myanmar bank accounts I cannot access. What should I do? Maintain records of the accounts, the amounts held, and any communications with the bank. Consult a sanctions lawyer to ensure accessing or moving the funds would not constitute a sanctioned transaction. If the funds involve any entities that may have become sanctioned since 2021, take specific legal advice before any engagement with Myanmar financial institutions.

How do I value Myanmar assets for UK estate planning purposes? Myanmar assets with genuinely uncertain realisable value can be a challenge for UK probate and IHT purposes. A professionally determined "open market value" that takes account of the current political restrictions and practical illiquidity is required. This may result in a value of zero or near-zero for some assets — which, while uncomfortable, may be the honest assessment given current conditions.

How Global Investments can help

Global Investments assists clients with existing Myanmar investment portfolios or business interests who need to review their structures in the context of current sanctions, banking disruption, and legal risks. We can advise on exit strategies, restructuring, and the UK tax and legal implications of winding down or maintaining Myanmar holdings. We do not promote new investment in Myanmar in the current environment.

Contact us to arrange an initial consultation.