Many of you know that as a foreigner, you have the right to own a property in Cambodia. We also know that Phnom Penh is the most popular and the most desirable area to invest in. But, before you purchase a real estate, you need to know a few things about the rules and regulations needed. Below, we will cover all the essentials you need to know as a buyer.
The first thing to know is that yes, as a foreigner, you can own a property or in this case scenario, Phnom Penh real estate. The first requirement you will need to memorize is that as a foreigner, you can purchase only the first floor and higher when it comes to buildings. You can own up to 70% of any building, such as strata title constructions. Strata title means that the owner of the building can divide it and sell it to different people. It is a more sophisticated and bigger type of building. Those buildings are processed under condominium law, and it is precise, as we have explained. In this example, you can own several floors of the building, but without exceeding 70% of the total building size.
If you plan to purchase a property with or without buildings and facilities on it, you can own it partially. The maximum amount is 49%, and a resident of Cambodia must own the second part or 51%. There are no reasons to add that this refers to the entire country, and the same rules and regulations are mandatory despite the fact where you are at that very moment.
What do you need to purchase a real estate?
While the requirements mentioned above may sound too complicated for some of you, the next section of this article won’t. Here we will discuss what you need to buy a property. The first thing you need is money, of course. You can pay in different currencies, and there are no major differences or special things to know in this case scenario.
To purchase a property, you will also need a valid passport and a visa. Almost all passports are allowed, and once again, we can see that there are no significant differences or anything similar. A visa is something you will get with the help of the embassy, and it is relatively easy to acquire one. Last but not least important is the fact you will need a real estate agent. This depends on your individual preference, and we won’t explain the details further.
The final word
Generally speaking, it is straightforward and easy to buy a property in Cambodia. All you need is a passport and a visa. Yes, there are some limitations, but they are minor compared to other countries in the area. You have to remember that as a foreigner, you can own up to 70% of a building or up to 49% of private property while a resident of Cambodia owns the rest.