The Thais proudly state that they have the most beautiful transwomen in the world, and have frequent pageants in the 'Land of Smiles' to prove it. But the Brazilians would vehemently argue that point.
Here are some photos from the 2008 Miss Brazil Transsex Pageant held a few months ago. The winner, Fernanda Lima was supposed to go on to compete as Brazil's representative in the Miss International Queen Pageant held in Pattaya at Tiffany's Cabaret, but that pageant eventually got postponed due to the political crisis that was raging in Thailand at the time.
So we'll have to wait a few months to see the 2009 version of the Miss International Queen Pageant to get the resolution to the question of who has the world's most beautiful transwomen.