Settling in Cambodia for retirees has become one of Southeast Asia's top ten country rates. Cambodia’s economy currently adheres to an open market system and has seen developing economic growth rapidly over the past decades. With the ease of obtaining a retirement visa, access to healthcare, a variety of living environments, a unique culture and low cost of living, not to mention the remote islands and pristine beaches, important overland and river trade routes of this beautiful kingdom of wonder, it's no wonder that Cambodia is becoming a popular top choice. why real estate in Cambodia attracting retirees?
Inexpensive Cost of living
The key advantage of living in Cambodia is the low cost of living. Housing rentals in Cambodia are extremely affordable, attracting retirees and investors each year. Although the number of foreign retirees in Cambodia hasn’t reached the levels seen in neighboring countries yet because we’re still in development, an estimated 100,000 to 150,000 retirees foreigners have decided to settle in the country as long-term retirement destinations due to the low cost of living, good health and friendly culture of Cambodia , the number of foreign residents is growing rapidly every year. Phnom Penh, Sihanoukville, and Siem Reap are the topmost chosen destinations to settle in. Utilities, transportation, food, and entertainment are generally much cheaper than in many Western countries. Those budgeting over $800 per month can afford a condo rental in Siem Reap City, with options such as Sky Park Condo and Residence. The average cost for street food expenses around $150 per month for retirees who choose a basic lifestyle, However, for those who prefer western cuisine the cost can rise to over $300 per month. restaurants serving these dishes tend to be pricier, so dining out frequently can quickly add up. Transportation costs depend on the frequency of the location and travel. Fortunately, Cambodia’s transportation has embraced app-based options with services like PassApp and Grab making daily life easier and more convenient to get around. The monthly cost for a single person varies based on location.
In Siem Reap, roughly $10 per day (about $310 per month) is enough for basic living costs, not including personal utilities like mobile service or small emergencies. On average, the cost of living in Cambodia is 47.6% lower than in the United States, and rent is, on average, 77.1% lower than in the United States.
HealthCare in Cambodia
Health care in Cambodia has risen along with its growing economy over the past decades, one key factor for many retirees is the cost, availability and quality of healthcare. The government made travel insurance mandatory for all visitors, now the entry requirements are more relaxed, and visitors no longer need to purchase travel insurance The Cambodian Healthcare market is comprised of a wide variety of providers, including public health facilities, In Siem Reap, the healthcare landscape is diverse, with options ranging from public health facilities and private clinics to international hospitals, professional healthcare services, and a wide network of pharmacies. The city’s premier healthcare provider, Royal Angkor International Hospital, offers high-quality services, albeit at a premium price. For those seeking more affordable options, Angkor Japan Friendship International Hospital provides medical care and contributes to local healthcare training. For pharmacy needs, U-Care Pharmacy is a popular choice, known for its reliable service and quality products, making it a trusted source for medication in the city area.
Cambodia Retirement Visa for Foreigners
Cambodia Visa is still the easiest in the region. To retire in Cambodia, you must apply for a Cambodia Retirement ER Visa. This type of visa comes under the ER class sub-type visa and is issued to retired foreigners who want to move to Cambodia. It grants the holder residency for one year (12 months). To obtain a Cambodian Retirement Visa, you must be 55 or older. However, there may be cases where candidates younger than 55 can be accepted. You must prove that you are retired in your home country. Retirement can be proven by providing a pension or social security documentation.
Mild Climate for Comfortable Living & Friendly culture
The country is characterized by a tropical savanna climate and monsoons: The southwest monsoon brings the rainy season from mid-May to mid-September or early October, while the northeast monsoon flows with drier and cooler air from early November to March. Siem Reap is particularly suited for retirees seeking a friendly cultural environment for a more comfortable and relaxed lifestyle. Classified as having a tropical wet and dry climate, it is a favored destination due to its proximity to the world-renowned Angkor Wat Temple complex, its vibrant entertainment, and its well-established expat community.
Real Estate in Cambodia Is Developing
Real estate in Cambodia is relatively mature and is projected to experience growth, reaching a projected value of $601.50 billion (about $1,900 per person in the US) by 2024. Owning or renting property in Cambodia is accessible to retirees, who are allowed to own property as foreigners, though ownership is mainly limited to condominiums. Foreigners can legally own 100% of the property with low taxes but must adhere to legal restrictions. They can also collaborate with real estate agents in nearby locations for assistance.
In conclusion, Cambodia stands out as an excellent retirement destination for foreigners looking for enjoyable place to settle down due to its low cost of living and affordable housing options. Retirees can easily manage their expenses and maintain a comfortable lifestyle on a modest budget while enjoying a safe, quality life with accessible healthcare services system is improving. The Retirement Visa is straightforward, making it easy for individuals over 55 to settle down to live in the country long term without hassle. The growing real estate market allows for property ownership, Foreigners can buy properties in most areas, including condo, villas and land also provide potential for investment, enhancing the vibrant living experience. With its mild climate featuring warm temperature, rich cultural experience, Cambodia provides fulfilling and enjoyable lifestyle for retirees to embracing new life chapter.