My Second Home Impel Cambodia to compete with Thailand

• Sommana Yan
• 14 July 2022
• Local News
• 3029 Views

Cambodia My Second Home has impelled Cambodia to become a competitor to Thailand to attract foreign investors through real estate developments. This is according to pattayamail published on July 12, 2022.

Cambodia My Second Home is not the same as the 10-year visa application for the new Thai Immigration Initiative, as it does not provide bureaucratic details.

For Cambodia My Second Home, there are benefits related to the combination of state medical insurance, membership for spouses, relatives, and the opportunity to apply for a passport in Cambodia after 5 years and be eligible for ASEAN.

The entry qualification is an investment of at least US $ 100,000 and ownership of a real estate “project” which means some real estate agreement.

A spokesman for the Ministry of Interior confirmed that the program was for foreigners working for Cambodian or foreign companies, but for wealthy retirees, as long as they invest the minimum amount.

Cambodia is now considered a regional economic tiger with an average annual growth rate of 7% over the last two decades. Chinese investment has already turned Phnom Penh into a major infrastructure program and ring road.

On the other hand, both governments (Cambodia-China) are studying and considering providing funds to build a subway and flyover in Phnom Penh to reduce traffic congestion and accidents. Lack of public transportation is currently is a major problem in Cambodia. (Read more)

 

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