Phnom Penh (FN), Nov. 13 – Cambodian Prime Minister Hun Manet announced the special mechanism for foreigners to have the right to lease real estate for 15 to 50 years and to resume the leasing contract for an additional 50 years.

The premier also announced a favorable mechanism for foreign investors to hold long-term visas, speaking at the 19th Government-Private Sector Forum (G-PSF), held on Monday (Nov. 13) at the Peace Palace.

"The Constitution of the Kingdom of Cambodia and relevant legal norms do not allow foreigners to own property. Only the Khmer citizens have the right to own the property," the premier underscored.

However, Samdech Thipadei stated that after reviewing the existing legal norms, Cambodia decided to revise mechanisms to allow foreigners to have the right to buy and own real estate in accordance with the kingdom’s law and regulations.
=FRESH NEWS