Why Would a 10-Year Golden Visa for Investors Not Popular?

• 12 May 2023
• Property Focus
• 2147 Views

Since its launch last year, Cambodia’s 10-year golden visa, designed to entice foreign investors, has struggled to gain traction. Industry experts attribute this lukewarm response to the existence of easier and more cost-effective visa alternatives available to investors.

Introduced on July 22, 2022, the long-term visa program is was created with the aim of attracting executives, professionals, entrepreneurs, the wealthy and even retirees to invest a lot of cash in the ongoing process. The process is overseen by the recently established Khmer Home Charity Association. However, its presence in the market has remained relatively quiet.

Mr. Keo Song, a prominent Phnom Penh travel agent and visa specialist with close ties to Cambodian immigration, noted the lack of enthusiasm surrounding the golden visa. He highlighted that foreigners can readily obtain various annual visas and extensions for purposes such as retirement, work, study, and family at an approximate cost of just US$300. Consequently, the demand for the 10-year visa option has been subdued.

To obtain the golden visa and eventually apply for Cambodian citizenship, applicants are required to invest around US$300,000, with the entire process taking approximately three months. (Read more)

This specialized visa was initially introduced to attract foreign investors, who play a crucial role in driving the economy, particularly in the thriving Cambodian real estate sector. However, the current low interest begs the question: What steps will the government and private sector undertake to stimulate greater participation in the golden visa program?

• Economy and Finance
• Policy and Strategy
• Tourism and Travelling