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Answers questions
Aleksandr Puzanov
Is it allowed for foreign citizens who do not have a residence permit / work visa in Cambodia to own real estate with the ability to dispose of this property (give, sell, rent)? If so, is a document issued to a foreign citizen
Foreign citizens of friendly countries with Cambodia have the right to purchase real estate in Cambodia without having any visas (many of my clients purchase remotely, even without coming here) on equal terms with local citizens in condominium projects from the 1st floor and above, receiving an official certificate of ownership of the apartment "Strata tittle" - issued an official state body. The reason why from the ground floor and above is because foreigners cannot own land in Cambodia.
      Do I need to have a local bank account to buy a property?
      You do not need a bank account to purchase real estate, since you pay directly to the developer to the account specified in the contract of sale, purchasing real estate at the construction stage. In the case of secondary housing, a bank account is needed, as this will make the process easier for you.
      Is it possible for foreign citizens to purchase secondary real estate with the acquisition of rights to it?
      There are no obstacles in this, yes, it is also possible with the renewal of the certificate of ownership.
      There is a real estate object purchased at the construction stage- is there an opportunity to return the funds spent in case of freezing /suspension / cancellation of construction for reasons beyond the control of the acquirer?
      In Cambodia, there is a law that protects the rights of the buyer and obliges the developer of the project to put 30% of the total cost of the project in the bank as a guarantor In case the project freezes or the law obliges the developer to return the money from these funds.
      How are taxes paid on real estate if it belongs to a foreign citizen who is not a tax resident of Cambodia?
      The property ownership tax in Cambodia is 0.1%. You are billed by the management company in your project, the tax service refers to them. To date, Cambodia is a developing country and no one monitors it very strictly, many have not paid this tax for years - the system is not automated here as in developed countries.
      Is the legal support of a real estate purchase/sale transaction carried out by a real estate agency or do I need to involve a third-party lawyer?
      Transaction support is provided by me in conjunction with an independent licensed lawyer in Cambodia for legal support, whose services you pay him directly. On average, it is 500-600 $