The Associated Press
PHNOM PENH, Cambodia
Foreigners will be able to buy real estate in Cambodia -- as long as it's above the ground floor -- under a proposed law that cleared the lower house of parliament Monday.
Cambodia's National Assembly approved the long-awaited Foreign Ownership Property Law after a three-day debate by a vote of 85 to 11. It needs to pass the Senate and King Norodom Sihanouk before becoming law, both of which are considered technicalities.
Until now, foreigners could not own land or property in the impoverished Southeast Asian country, though many skirted the law by teaming up with Cambodian buyers.
The proposed law gives foreigners the right to buy real estate at least one floor above the land, in keeping with the ban on foreign land ownership.
The law also states that foreigners would not be able to buy property within 20 miles (30 kilometers) of Cambodian borders, a constraint intended to protect national sovereignty.
Im Chhun Lim, Minister of Land Management, told lawmakers that the adoption of the law would help attract foreign buyers and strengthen Cambodia's economy.
"This law will promote the investment sector by encouraging the construction of luxury, high-rises," he said.
Cambodia's economy relies mainly on the agriculture and tourism sectors, but foreign investors have helped the economy's rapid growth.
China is a leading foreign investor in Cambodia, with some 349 Chinese companies invested in Cambodia mainly in agriculture projects, construction and dams, according to the Chinese Embassy.
Cambodia's National Assembly approved the long-awaited Foreign Ownership Property Law after a three-day debate by a vote of 85 to 11. It needs to pass the Senate and King Norodom Sihanouk before becoming law, both of which are considered technicalities.
Until now, foreigners could not own land or property in the impoverished Southeast Asian country, though many skirted the law by teaming up with Cambodian buyers.
The proposed law gives foreigners the right to buy real estate at least one floor above the land, in keeping with the ban on foreign land ownership.
The law also states that foreigners would not be able to buy property within 20 miles (30 kilometers) of Cambodian borders, a constraint intended to protect national sovereignty.
Im Chhun Lim, Minister of Land Management, told lawmakers that the adoption of the law would help attract foreign buyers and strengthen Cambodia's economy.
"This law will promote the investment sector by encouraging the construction of luxury, high-rises," he said.
Cambodia's economy relies mainly on the agriculture and tourism sectors, but foreign investors have helped the economy's rapid growth.
China is a leading foreign investor in Cambodia, with some 349 Chinese companies invested in Cambodia mainly in agriculture projects, construction and dams, according to the Chinese Embassy.
7 comments:
I won't buy a property in Cambodia if I'm not allowed to own the 100% of the legal ownership. I want to clarify this new law. Is a foreigner allowed to own 100% of the legal ownership for a property above the ground floor?
Are you cambodian, you don't have to worry, Only foreigner has to fulfill some criteria.
In some case the foreigners, who want to live in Cambodia, they better support the Cambodian community, social & cultural activities.
Cambodia is not a place for foreigner, who want to escape the cold during winter time. For some foreigners, who just want to have property in our country for their personal interest, you should go to Pattaya or look for a place in Florida.
hey, don't expect cambodia to be different than neighboring countries when it comes to ownership of real estate by foreingers in my country, ok! if thailand, vietnam, indonesia, the philipines, etc. won't allow it, why should cambodia? don't be so naive, ok! make sure you know the new khmer law, ok!
1:58 PM
Yes indeed I know the new KHMER LAW which creates to cheat, robb from genuine investors and especially designes to help the CPP clan and their thugs to get their new get rich scam.
Only idiots like you who trust the law and are proud of it.
Nevermind now but sooner or later your family or friend will be crying for help when their properties will be confiscated by the law. Then we'll see who is naive.
Any foreigner, Yuon companies included, will have right to own properties, lands included, in Cambodia.
Good luck Khmers,
Yuons will open schools for Yuons in Cambodia and
some Singapuors will be born in Cambodia..
OK! at lease Cambodian will get jobS!!!!!!! Frovessional Servants!!!
Do mai may motherfucker ah CPP Hun Xen Choymaray< May lightning strike the motherfuckers soon!!!!
don't be a joker, khmer land law is not a joke, ok! get with the program, stop mixing politics with real estate. of course cambodia did careful study from other countries in order to pass real estate law in cambodia, ok!
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