For some Cambodia is a reminder of South East Asia in the 1970’s – Raw and Edgy. The country combines cultured urban centres with breathtaking temples and archaeological remains. For retirees the recent announcement of a new 3 year Multiple Entry Visa (to be launched on September 1st, 2016) provides an opportunity to truly immerse yourself into one of the region’s most captivating countries. Let’s discover Cambodia.
Introduction
Cambodia is home to over 15 million people, of which approximately 2.1 million live in the capital, Phnom Penh. 95% of Cambodians are Theravada Buddhists. The official language is Khmer, although English can be found in the main expat areas. The currency is called the Riel, although in most major urban centres, the US dollar is widely used. There are around 4,000 Riel to the US dollar. The cost of living varies around the country, but generally Phnom Penh is between 50% and 60% cheaper than living in major Australian cities.
Travel
Whilst there are currently no direct flights between Cambodia and Australia, there are regular and easy connections through Singapore and Bangkok to both Phnom Penh and Siem Reap. Both cities offer excellent air links around the region, and capacity is growing rapidly following the recent expansion of Phnom Penh International Airport.
Property
Foreigners can own property, but there are restrictions. Foreigners can only purchase apartments on the first floor (or higher) in a building, and that building most not exceed 70% foreign ownership. Other forms of property can be bought in partnership with a ‘Cambodian legal entity’ as long as foreign ownership does not exceed 49%.
Healthcare
Healthcare has improved significantly over recent years, but is still inconsistent and well below what is available in other countries around the region. It is highly recommended that retirees have suitable health cover in place (including Medical Evacuation Insurance) to ensure they can be transferred to Hospitals in either Singapore, Thailand or Malaysia. For more information on this very important topic, please refer to the Healthcare and Insurance sections of our website.
Financials
For Australian retirees the same rules apply for Cambodia, as they do with any overseas destination, with one key difference. If you reside for more than 182 days in Cambodia, you will be taxed on all your worldwide income, which includes your Australian retirement income. Taxes are on a sliding scale and can be up to 20%. For more information, please refer to the Financials section of our website.
Favourite locations
Phnom Penh offers a laid back city lifestyle, where tree lined boulevards sit beside French Colonial structures and Khmer temples. There’s plenty of shopping, accommodation and entertainment options, which make the capital an ideal base from which to explore this fascinating country.
Sihanoukville is Cambodia’s most popular seaside resort. It has a host of gorgeous beaches, a lively town centre and provides a gateway to a number of stunning nearby islands
Siem Reap is a wonderful town, from which you can explore the world renowned Angkor Wat Temples. It has an attractive and quickly developing arts and craft scene, plus a diverse range of accommodation and entertainment alternatives.
