Cambodia release MY SECOND HOME CM2H (CAMBODIA) Program 10 years visa!

[smartchoice]

Interesting?

Any thoughts about this?

"Those who apply through the "Cambodia My 2nd Home" programme will enjoy a series of measures to facilitate living and business, including a 10-year unlimited entry and exit visa...
... Moreover, after five years, they will be eligible to apply for a Cambodian passport and enjoy all the advantages of ASEAN."

Requirements:
1 – The applicant must be a citizen of a country or region recognized by the Cambodian government, regardless of race, religion, or gender,
2 – The applicant must obtain approval from the Ministry of Interior,
3 – The applicant must be 18 years old and above,
4 – The applicant must have an investment capital not less than USD 100,000 in Cambodia,
5 – The applicant must own a real estate project approved by the government in Cambodia,
6 – The applicant is eligible to apply for a personal bank account and a trust account,
7 – The applicant does not require to submit proof of language competency test or academic qualifications.

CM2H | Cambodia My 2nd Home

 

[troubled soul]

What about tax???

 

[disconnected]

Could be an interesting way of obtaining residency in SE Asia, unfortunately Cambodia doesn't have a territorial tax system like Thailand, Malaysia and the Philippines. If you get taxed on worldwide income setting up residency there doesn't make any sense.

 

[RealDude]

enjoy all the advantages of ASEAN

Like a war with China?

 

[backpacker]

What about tax???

@disconnected already mentioned it.
Let me add that tax rates are not exactly low for such an underdeveloped and highly corrupt country. Calculate 20%.
Moreover, the recently introduced a capital gains tax will cost dearly.

Aside from taxes, this program is only suitable for the most naive person because:

The applicant must own a real estate project approved by the government in Cambodia,

Anybody who has ever been to Cambodia knows what that means: Horrible quality, totally overpriced. Moreover, the investor will get permantely ripped off by massively inflated mandatory maintence costs.

 

[JackAlabama]

@disconnected already mentioned it.
Let me add that tax rates are not exactly low for such an underdeveloped and highly corrupt country. Calculate 20%.
Moreover, the recently introduced a capital gains tax will cost dearly.

Aside from taxes, this program is only suitable for the most naive person because:

Anybody who has ever been to Cambodia knows what that means: Horrible quality, totally overpriced. Moreover, the investor will get permantely ripped off by massively inflated mandatory maintence costs.

Very expensive program for the country and its standards.
Maybe 20k-50k would have been an acceptable deal for what it offers.

 

[smartchoice]

I agree, I think the program was designed specifically for China, we know they invest massively, and Cambodia, Vietnam, and Thailand will experience an economic boom in the next 10 years.

In my opinion, no matter how I look at the program, I cannot find anything that helps... it's too far away in comparison with the Malaysia program

 

[backpacker]

I agree, I think the program was designed specifically for China, we know they invest massively, and Cambodia, Vietnam, and Thailand will experience an economic boom in the next 10 years.

Well, when everybody thinks the same it rarely happens.
No more economic boom, jthey missed rhat. Just Doom is left with the territorial ambitions of Mr. Xi.

I agree, I think the program was designed specifically for China, we know they invest massively, and Cambodia, Vietnam, and Thailand will experience an economic boom in the next 10 years.

In my opinion, no matter how I look at the program, I cannot find anything that helps... it's too far away in comparison with the Malaysia program

Why compare Malaysia to Cambodia? That is comparing Jaguar to a Fiat Punto (even though Malaysia has no Jaguar qualities).
Btw., MM2H has become unattractive, too. The Philippine program is still o.k. from an investment point (amounts have not changed yet but very soon will increase massively). You just need to be old enough (SRRV) or willing to invest actively (SIRV).

 

[JackAlabama]

Well, when everybody thinks the same it rarely happens.
No more economic boom, jthey missed rhat. Just Doom is left with the territorial ambitions of Mr. Xi.


Why compare Malaysia to Cambodia? That is comparing Jaguar to a Fiat Punto (even though Malaysia has no Jaguar qualities).
Btw., MM2H has become unattractive, too. The Philippine program is still o.k. from an investment point (amounts have not changed yet but very soon will increase massively). You just need to be old enough (SRRV) or willing to invest actively (SIRV).

The point is they ask for too much and offering way too little in return.

I can buy 3x 20 years Thai visa and still have 10k$ left over.
Half the amount and better deal.

 

[smartchoice]

Well, when everybody thinks the same it rarely happens.
No more economic boom, jthey missed rhat. Just Doom is left with the territorial ambitions of Mr. Xi.


Why compare Malaysia to Cambodia? That is comparing Jaguar to a Fiat Punto (even though Malaysia has no Jaguar qualities).
Btw., MM2H has become unattractive, too. The Philippine program is still o.k. from an investment point (amounts have not changed yet but very soon will increase massively). You just need to be old enough (SRRV) or willing to invest actively (SIRV).

Agree, MM2H has become unattractive, Thailand has become unattractive as well, the Philippines remains the only attractive option in this part of Asia. Also, if you want a base and want to move around in this part of the world, you can choose a new Bali visa which is tax-free.

 

[JackAlabama]

Agree, MM2H has become unattractive, Thailand has become unattractive as well, the Philippines remains the only attractive option in this part of Asia. Also, if you want a base and want to move around in this part of the world, you can choose a new Bali visa which is tax-free.

Comparing Philippines to Thailand is again comparing a bycicle to a Ferrari.
Thailand has by far the best infrastructure besides Malaysia and SG (obviously) in Southeast asia.

 

[smartchoice]

Comparing Philippines to Thailand is again comparing a bycicle to a Ferrari.
Thailand has by far the best infrastructure besides Malaysia and SG (obviously) in Southeast asia.

Does it depend on what you're comparing? Every country has its advantages and disadvantages. It is possible for something that is very bad for you to be very good for someone else. The needs of everyone are different.. comparing a bicycle with a Ferrari makes no sense. The perfect country for everyone doesn't exist and never will.

 

[JackAlabama]

Does it depend on what you're comparing? Every country has its advantages and disadvantages. It is possible for something that is very bad for you to be very good for someone else. The needs of everyone are different.. comparing a bicycle with a Ferrari makes no sense. The perfect country for everyone doesn't exist and never will.

Of course that depends, since you can go country shopping all over the world with a constantly changing landscape.
My point has been made above. It is just too expensive for what the place offers. Thats all.

 

[GeneralGogol]

they will be eligible to apply for a Cambodian passport

"Eligible to apply" is very different from "entitled to" a passport

Technically you can apply for a Paraguay or Panama passport after you lived there a few years. Practically you will probably never get it.

 

[Golden Fleece]

Technically you can apply for a Paraguay or Panama passport after you lived there a few years. Practically you will probably never get it.

You can get citizenship in both countries -- if you live there full-time as a local and speak fluent Spanish. Everyone wants some scam-like workaround, as if the locals are stupid. Countries do what is in their best interest, which means granting citizenship only to serious people who wish to become part of the community.

5 – The applicant must own a real estate project approved by the government in Cambodia,

As someone already stated, that is what kills the program: government approved projects.

Cambodia actually has great real estate investment opportunities, especially if you buy shophouse apartment buildings in the capital that are in the path of development for modern high rise buildings.

There is also a high demand for expat housing for professionals working for large foreign corporations. So, you rehab the shophouses to cater to expat housing for professionals, at much higher rentals than the locals would pay, and then eventually sell to a developer that wishes to build a high rise.

 

[KalasZX]

This looks like it is designed to extract money from suckers. Cambodia already sells citizenship, it's just not as famous for it as places in the Caribbean. "Donate" 1M KHR (~250K USD) to the government or "invest" 1.25M in one of their scam real estate projects like those mentioned above for citizenship in 3-4 months. Expect another 90-100K USD in other fees depending on who your lawyer is to make sure you actually get your citizenship. It makes absolutely no sense to buy one of their approved real estate projects for a visa when the same "investment" gets you instant citizenship with different paperwork. Not sure how long you have to own it to keep your citizenship. My reading led me to believe they were worse than real estate investment options in Grenada and plan to go the donation route if I pull the trigger on it.

 

[TheCryptoAnt]

idk man ive been to Cambodia a few times and the place kinda sucks.

Dusty, in constant development, services turbo suck, woman are meh... you name it.
Thailand next door is light years ahead in virtually everything.

Good thing about Cambodia is that corruption is easy to access for everybody who has money.

Unless they gave me tax-exempt status I wouldnt consider it.

 

[daxbr]

I trust this deal does not nullify 1 year renewable business visa.

 

[Konstanz]

who would like to live and pay tax in such shithole as Combodia

 

[KalasZX]

There is one reason to consider this visa that hasn't been mentioned - Cambodia is a non-CRS country. For all its shortcomings, this setup gives you a non-CRS bank account. Unlike the US and that one shitty African country, you don't owe taxes just by virtue of having a residence visa. You have to be in Cambodia or have Cambodia be your primary residence at least 183 days out of the year. That is never going to happen on accident in a place so close to Thailand. It's called my SECOND home so they can't come back and say this is automatically your primary residence. Unlike the Dubai setup from Fred, you don't have to go to Cambodia every 6 months to keep your visa and non-CRS status. $1000 per year for tax-free non-CRS earnings (plus the fixed cost of the real estate) sounds reasonable to me.

After doing some digging it looks like this was introduced to compensate for the citizenship by investment program I mentioned being dropped quietly at the end of last year. There is a new program offering citizenship for buying US$340,000 in real estate, but like the old program it sounds like playing with fire if you don't have a great lawyer or connection to the royal family.