Cambodia goes head-on with Thailand in implementing 10 year golden visa
Cambodia has launched a “My 2nd Home” programme to encourage foreign investment in the country. The programme features a 10 year long “Golden Visa” with unlimited entry and exit and other benefits. But how does it compare with Thailand’s 10 year Long Term Resident visa?
Applicants for the “My 2nd Home” Golden Visa must be a foreign investor with an investment capital of no less than $100,000 in Cambodia, own a “real estate project” in Cambodia and be a citizen of a country recognised by the Cambodian government. No academic qualifications or language proficiency are required. There is no application fee.
Benefits of Cambodia’s programme, approved by the Ministry of Interior, include a 10 year visa with unlimited exit and entry to Cambodia and an option to apply for Cambodian citizenship after 5 years. The programme is the only way for a foreigner to apply for a Cambodian passport.
Foreign investors will benefit from Khmer Home Charity Association membership which will give them access to insurance coverage and VIP medical treatment.
Details on how to apply for the Golden Visa are outlined on Cambodia’s official “My 2nd Home” website. Applicants will receive their CM2H membership number in 7 days and the visa will be processed within 14 days.
A Cambodian spokesperson said the Golden Visa is aimed at foreign professionals, but wealthy retirees would also be considered as long as they meet the minimum investments…
“We will judge every application on its merits rather than issuing lengthy checklists.”
The My 2nd Home website outlines a total of 7 requirements to apply for the 10 year Golden Visa…
Golden Visa 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.”
Thailand LTR Visa
Thailand offers a 10 year “Long Term Resident” visa which also aims to attract foreign investment. In May, the application fee was halved from 100,000 baht to 50,000 baht.
The eligibility criteria for Thailand’s LTR visa is slightly more complicated, but not necessarily more demanding than Cambodia’s Golden Visa.
Thailand’s 10 year visa is aimed at foreigners who fall under 4 categories: 1) wealthy foreigners 2) retirees 3) working foreigners and 4) specialists. All groups are welcome to bring their spouse and up to 4 children, as long as the children are under the age of 20.
The groups have different requirements to get the visa…
Groups 1 & 2: Wealthy Foreigners and Retirees
Must purchase a health insurance policy which covers medical expenses of no less than US$50,000 for at least 10 months starting from the date of the application OR provide a social security certificate covering medical expenses in Thailand OR provide proof of at least US$100,000 held in a Thai or foreign bank account for at least 12 months before the application date.
Must have evidence of an average income of at least $80,000 for at least 12 months before the application date.
Groups 3 & 4: Working Foreigners and Specialists
Must show an employment contract or service contract with a domestic OR a foreign business.
Must provide proof of 5 years of work experience in the relevant industry conducted within 10 years of the application date.
EXCEPTIONS: those who work in the following are NOT required to provide evidence of work experience: government research institutions, higher education institutions, specialised training centres, government agencies and PhD graduates. Laotion Times