Regulation of leases in cambodia
Currently the best option for foreigners to buy Cambodia property is to do so on a 99 year leasehold tenure, which some experts say is effectually ownership of the property anyway, but currently the system is based largely on trust with the only contract being between the owner and the leaser. Most people would like to see government guarantees on the 99 year leasehold, and while a decree has been passed that would allow this it has been slow taking effect.
Matthew Rendall, a partner at the law firm Sciaroni & Associates said:
"People want an instrument issued by the government. Even though the sub decree has been passed, the implementation is lagging. In order to attract foreign ownership, you need a strong system and a reliable guarantee mechanism for the regulation of leases." Rendall also said that all over the world, if you have more than a 40 year lease, you are considered to, in effect, own the property.
Matthew Rendall, a partner at the law firm Sciaroni & Associates said:
"People want an instrument issued by the government. Even though the sub decree has been passed, the implementation is lagging. In order to attract foreign ownership, you need a strong system and a reliable guarantee mechanism for the regulation of leases." Rendall also said that all over the world, if you have more than a 40 year lease, you are considered to, in effect, own the property.
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