Rasmei Kampuchea newspaper
Translated from Khmer by Socheata
According to a government official, the government is mulling about the modification of the law to allow foreigners to own real estate properties (immoveable properties) in order to attract more foreign investors.
Chea Sotheara, the secretary of state of the Ministry of Land Management, Urban Planning, and Construction, told the audience during a meeting between the tax and control legislation working group and the private sector which was recently held at the Ministry of Economy and Finance that the registration of real estate ownership for foreigners is a usual request made by the private sector, and the Ministry of Land Management, Urban Planning, and Construction is looking into this issue because it is a very important factor for attracting foreign investors into Cambodia.
Following the meeting, the working group issued a declaration stating that in order to push for a fast and smooth outcome of this issue, the meeting agreed to request the Ministry of Land Management, Urban Planning, and Construction to set up a special working group to perform a study to provide an opinion and to find a resolution to this issue, with the participation of the private sector.
Nevertheless, the plan to allow ownership of real estate properties by foreigners is an idea advanced by the government only.
A government official from the development council of Cambodia said on Friday 25 May that the idea of granting real estate ownership rights to foreigners is an old request made by foreign investors. However, the constitution of the Kingdom of Cambodia, and the land law already state that only a physical person with a Cambodian citizenship have the right to own real estate properties.
Chea Sotheara, the secretary of state of the Ministry of Land Management, Urban Planning, and Construction, told the audience during a meeting between the tax and control legislation working group and the private sector which was recently held at the Ministry of Economy and Finance that the registration of real estate ownership for foreigners is a usual request made by the private sector, and the Ministry of Land Management, Urban Planning, and Construction is looking into this issue because it is a very important factor for attracting foreign investors into Cambodia.
Following the meeting, the working group issued a declaration stating that in order to push for a fast and smooth outcome of this issue, the meeting agreed to request the Ministry of Land Management, Urban Planning, and Construction to set up a special working group to perform a study to provide an opinion and to find a resolution to this issue, with the participation of the private sector.
Nevertheless, the plan to allow ownership of real estate properties by foreigners is an idea advanced by the government only.
A government official from the development council of Cambodia said on Friday 25 May that the idea of granting real estate ownership rights to foreigners is an old request made by foreign investors. However, the constitution of the Kingdom of Cambodia, and the land law already state that only a physical person with a Cambodian citizenship have the right to own real estate properties.
