Officials have announced that they will be introducing a new category of visa for foreign retirees in Cambodia which will be called “Category ER Visa”. According to the director of the General Department of Immigration, Major General Veasna, this ER Visa entails a minor change in requirements where foreign retirees will have to present documentation from their home country that will prove their financial stability and capacity to live overseas during the duration of their stay. It’s important to note that expatriate retirees already on the “Class E” or business visa will not be required to change their visa type or apply for a new one, but they will be given an option to. Retirees currently residing in Cambodia appear to have no objections to it as well. One retiree, 49 year old Bruce from Queensland, Australia, currently residing near Wat Phnom, says that this ER Visa is a welcome change, however “most expats staying here will not switch to a retiree Visa unless they have no choice but to do so.” This is probably because business visas have been beneficial because of the lack of enforcement. Many retirees on a business visa have been able to stay for longer periods through a visa renewal every year without actually being employed or owning any business entity in Cambodia. A Khmer440 user mentioned, “This is an important development.

Buyers of residential and commercial properties will be spoilt for choice when CAMBODIA PROPERTY AND INVESTMENT SHOW 2016 rolls into town at the Diamond Island Exhibition Centre (Koh Pich) from 8-10 September 2016. And Realestate.com.kh is proud to be the Official Property Portal Sponsor of this year's Cambodia Property and Investment Show! Visitors at the show can see all the projects in one location. Furthermore, buyers can enjoy many special offers available at only at the show. Billed as the largest property expo in Cambodia, the event will showcase some of the biggest property developments in the country. Supported by the Cambodian Valuers and Estate Agents Association, the Show will focus on quality projects that will also attract foreign buyers. Among the development on show are: The Cambodia Property and Investment Show looks set to be the biggest yet as more major developers signed up to display their projects. Many of them will be participating for the first time at the show. This reflect the continued strong growth and demand for quality projects. The property prices are still affordable as compared to countries around the region. As the country continues to attract investments in the manufacturing and tourism sectors, the rental market is expected to remain strong. The Expo is the ideal marketing platform to reach out to both local and overseas buyers as it is expected to attract over 10,000 serious buyers.To Book Your Booth please send your details to the organizer: CLICK HERE TO CONTACTAdmission to the Cambodia Property & Investment Show 2016 is free of charge. Invitation tickets are available: WANT TICKETS?  FIND OUT MORE

Cambodian laws towards land titles for foreign ownership have been largely untested amidst the current construction boom.After months of collaboration with the lawyers of Sok Siphana & Associates and National 6A Investment, the Ministry of Land Management, Urban Planning and Construction (MLMUPC) has now started to transfer strata titles to purchasers of residential units - creating legally binding ownership.Realestate.com.kh spoke with Antoine Petit, executive director for National 6A Investment - the development company and property manager for the Galaxy Residence on Chroy Changvar - about the various pitfalls that all investors should be aware of when acquiring strata titles.Realestate.com.kh: What are the steps to creating a Strata title?Petit: At the very first stage, the developer acquires the land that the development will be on with a hard title in the name of the development company. This happened around four years ago for National 6A Investment. However, from this original master title you cannot directly transfer private unit ownerships to individual buyers. Before this, you must first transfer the total collection of split titles into the developer’s name and ownership. In our case, these were 51 separate titles for 51 units, made from the original, single hard title. The land department of the ministry will also screen your common area regulations and practices at this stage. If the land department is satisfied that the co-owned areas will be correctly managed and insured, then the strata titles will be issued. Once these 51 titles have been created and transferred into the company’s ownership, we can proceed to transferring these individual titles to the individual buyers.Realestate.com.kh: What is involved in the transfer of the strata title from the development company to the end buyer and owner?Petit: The MLMUPC requires fully certified documentation of the identity and marital status of the end buyer and these documents must also be supplied and translated into Khmer. Importantly, the strata title is solely in Khmer, thus no English names are permitted on the strata title and all buyers need their name to be translated. Khmer buyers, foreign buyers and the development company all must satisfy slightly different process and documentation demands. During this stage, we chose to engage the services of Sok Siphana & Associates to review the certified documents and their translation, to liaise with the authority at the land department and to provide legal assistance to buyers along the process until the transfer tax payment.Realestate.com.kh: Does the buyer have to be in Cambodia to transfer the new strata title into their possession?Petit: Yes. The buyers must physically be present to affix their thumbprint on their certified documentation, but most importantly on Vente Definitive and on Application for Ownership Transfer, both of which are standard templates to be provided by the land department. This means international investors must come back to Cambodia to get the title transferred.Realestate.com.kh: What costs are accrued during the transfer process?Petit: There is a public service fee per strata title for the conversion of the master title. There is also a public service fee for each individual strata title to be issued in the buyer’s name. Concerning the transfer tax, once the set of certified documentation is reviewed and accepted by the land department, the exact same documentation with other forms will be submitted to the General Department of Taxation. The tax officials will then issue an invoice with the amount of transfer tax to be paid after assessment of the property value based on their determined ranges and calculation method. After issuance of the evidence from the General Department of Taxation  that the tax has been paid by the buyer, the land department will complete the title transfer.Realestate.com.kh: What if the buyer refuses the strata title transfer?Petit: In theory, this will bring problems when it comes to resale because the second buyer will have difficulties to do a thorough examination or to have certitude that there are no disputes, mortgages, judgments or unpaid taxes associated with the property sold. Pure investors are usually resistant to fulfill the physical paperwork and monetary demands to transfer the ownership in their name. Some developers in this case may accept to hold the title for them - but this can cause complications for buyers later. It is not really advised. On the other hand, such an arrangement also creates landlord liabilities for the developer holding the strata title. An effective way to mitigate this for the reassurance of the buyer is to enlist quality legal support, to ensure constant communication with the developer and to get education surrounding the process. Hiring a professional legal firm with experience in this has been crucial - because they can make this transfer process as smooth and predictable as possible.Learn more about Cambodian land titles, strata title transfers on Realestate.com.kh today!  Click here for current land for sale in Cambodia and current land for rent in Cambodia

Nobody likes to think about money! But, in order to save for your new home, you will need to budget. And this budget only gets harder as your family grows.Wondering where to start? Realestate.com.kh has created the following guide to creating and sticking with a monthly budget and we have even created an online Budget Planner to help you! We believe every Cambodian should be able to afford a home and this is our way of helping you to keep more money in your pocket and getting a handle on your finances so that you can make your new home a reality.How to Budget for a HomeThe following are a few basic budget tips to help keep more money in your pocket and get a handle on your household finances.First of all, list your monthly income — including everything that earns you money. List all of the costs you have to pay each month — Including rent, power, gas, car repayments, school uniforms, food etc. In short, anything that is a necessity in your and your family’s life.List all of the costs you can avoid from the previous list — this includes all things that are not necessary in your life, including entertainment, take away food, fancy new clothes, travel etc. This represents your “expendable income”: money that doesn’t always need to be spent! It is very important that you and your family are honest about what you don’t really need, if you are serious about saving.Now that you have defined what you HAVE TO PAY and what YOU LIKE TO PAY each month, you can control your budget for the next month by reducing your expendable income spending.Subtract your necessary costs from your total income to see what remains for the next month’s budget. This figure is the amount of money you can potentially save each month if you control your spending habits. Completing this exercise should help you review your spending patterns and make better financial decisions. The better your budget, the more control you can have over your monthly savings.    Looking for property in Cambodia? Let us help!

Here are some clarifications of the most common misconceptions surrounding foreign property ownership in Cambodia for non-Cambodians.Foreign nationals are unable to buy land freehold within Cambodia as according the the Land Law 2001 and the Cambodian Constitution unless a landholding company is set up with the majority of shares being held by a Cambodian citizen or citizens.Alternatively, foreign nationals are able to acquire land on long-term leases as an alternative to foreign property ownership in Cambodia. These long-term leases for a foreign owner have a maximum lease term of 50 years as determined by the civil code established in December 2011. These leases can be registered at a national level with the Ministry of Land Management Urban Planning and Construction. Long-term leases are a compromise chosen by many international investors due to the difficulties of foreign property ownership in Cambodia. Learn more about long term lease law.It is extremely important to remember that it is illegal for foreign nationals to own a property under soft title.However, due to a common misinterpretation of the Law on Foreign Ownership by local authorities across Cambodia, some sangkats (local councils) are currently allowing foreigners to purchase property under soft titles in their own names.In addition, this misconception is supported by some agents and brokers who mis-advise their foreign clients as to the true nature of their soft title, claiming that it in fact represents full ownership. However, not all sangkats allow this. Boeung Keng Kang Sangkat, for example, will not allow a foreigner to be represented on a soft title whatsoever.Furthermore, a sangkat officer can interpret a soft title as they wish.  As David Murphy, Director of IPS Cambodia, explains, ”Sangkat Officers are publicly elected officials who stand for election every five years. This means that when a foreigner owns property under a soft title in their own name, there is a significant risk that any change in the elected officials of the relevant sangkat may result in the correct interpretation of the law, jeopardizing or voiding that foreigner’s effective ownership.”To protect from this misunderstanding, ensure that you always conduct a title search with the relevant Ministry of Land Office or Commune Office before purchasing property. Such a search should confirm who holds the title to the property and reveal any registered mortgages or other encumbrances on the title.Keep in mind, as the land buyer; you may not be given the actual title to conduct the search, because this is the seller’s only evidence of ownership. The buyer will instead get given a copy of the title, so it is important that you confirm that it is the most recent copy.Foreign Property Ownership in Cambodia may not be simple, but it is increasingly possible. Always do your due diligence and take your time, and soon you will achieve foreign property ownership in Cambodia, and gain a valuable property asset.Learn More: “Cambodian Land Title Classifications Explained, Once and For All!" & "Can Foreigners Own Land in Cambodia?"