Yes, foreigners can own apartments in BKK1, Phnom Penh, under specific conditions set by Cambodian law. Here are the key points regarding foreign ownership of property in this area:
Foreign Ownership Regulations
1. Condominium Ownership: Foreigners can own apartments units in buildings that are registered and licensed under the Cambodian Strata Title system. According to the law, foreigners can own up to 70% of the total units in a condominium project, provided that the remaining 30% is owned by Cambodian nationals or entities.
2. Ownership Process: To qualify for ownership, foreigners must provide proof of remittance of the full purchase price in foreign currency into Cambodia. This is typically done through a local bank, which will issue documentation confirming the transaction. This proof is necessary for registering ownership with the local land office.
3. Leasehold Options: If foreign ownership quotas are met, or if a foreigner wishes to invest in property not covered by the condominium law, leasehold agreements can be an alternative. Foreigners can lease land or property for up to 50 years, with options for renewal.
4. Legal Assistance: It is advisable for foreigners to engage legal professionals familiar with Cambodian property laws to navigate the complexities of ownership and ensure compliance with all regulations.
Summary
In summary, foreigners can own apartments in BKK1 under the conditions set forth by Cambodian law, primarily through condominium ownership with specific foreign ownership limits. Engaging local legal expertise can facilitate a smooth transaction process and help ensure compliance with all necessary regulations.
