Cambodia recently launched the My 2nd Home program to stimulate foreign investments in the country. The program provides a 10-year ‘golden visa’ with unlimited entry and exit as well as other additional benefits. To what extent is it comparable to the Thai Long-Term Resident visa of 10 years?
Advantages of the My 2nd Home visa
To qualify for the My 2nd Home visa, a foreign investor needs to have an investment capital of at least 100,000 USD in Cambodia. Additionally, the applicant needs to be the owner of a real estate project in Cambodia, and be a citizen of a Cambodian government recognized country. It does not require a diploma or language skill, and there is no registration fee.
The Cambodian visa programme, approved by the Cambodian Ministry of Interior, has some additional advantages. For example, the applicant can obtain a 10-year visa with unlimited entry and exit in Cambodia and the possibility to apply for Cambodian citizenship after 5 years. This programme is the only way for foreign investors to obtain a Cambodian passport.
Requirements of the Cambodian My 2nd Home visa
The official Cambodian My 2nd Home website mentions a total of seven requirements that need to be met to apply for the 10-year golden visa. The applicant:
- must be a citizen of a country or region recognized by the Government of Cambodia, regardless of religion, race or sex
- must receive approval from the Cambodian Ministry of Interior
- must be 18 years of age or older
- must have an investment capital of at least $100,000 in Cambodia
- must be part of a real estate project approved by the Cambodian government
- is eligible to apply for a personal bank account and an account for third-party funds
- does not need to provide proof of a language proficiency test or diploma
Difference with the Thai Long-Term Resident visa
To attract foreign investments, Thailand offers a 10-year Long Term Resdient visa. In May 2022, the application costs were cut in half from 100,000 baht (around £ 2750) to 50.000 baht (approximately £1350).
The requirements of the Thai LTR-visa are slightly more complicated, but not necessarily more demanding than the Cambodian golden visa. The Thai investor visa is meant for foreigners that fall in the following categories.
- Wealthy foreigners
- Retired persons
- Working foreigners
All applicants from the aforementioned categories are allowed to bring along their spouse, and up to four children as long as the children are younger than 20 years. Also, applicants from the third and fourth categories must take into account that they have to provide proof of income. An exception is made for workers in the following sectors: government research institutions, higher education institutions, specialized training centres, government agencies and doctoral candidates.
Not planning to invest? Apply for the Cambodia visa
Those who are not planning on making investments in Cambodia, and only intend to visit the country for a short period of time, will have to apply for a Cambodia visa. Once approved, the Cambodia visa is valid for 90 days and the visa allows you to stay in Cambodia for up to 30 consecutive days. This means that you have to exit the country after 30 days within the 90 days validity period. When applying for this visa, you do need to fill in an expected date of arrival, but this may deviate from the actual date of arrival. This is the case because the validity period of the visa exceeds the maximum duration of stay.