With the announcement of the “Special Investment Promotion Program in Sihanoukville in 2024”, the government will provide 3-year visas to all Sihnoukville’s property investors. The announcement for this special program is by Hun Manet, the Prime Minister of Cambodia. The program aims to turn Sihanoukville into a multi-purpose Special Economic Zone. The program includes:
- Completion of unfinished buildings
- Boost expansions in existing structures
- Enhance business activities
- Invite new investments
The Prime Minister announced,
“For all long-term purchases or rental properties costing above $100,000, we will provide a special 3-year visa. A separate sub-decree will determine this visa.
The government will also speed up customs inspection measures and processes. This approach makes it easier for foreigners to move to Sihanoukville. They will provide goods and services to investors and tourists during their stay, arrival, and return.
Are you planning to leverage the benefits of this special investment program? If yes, The expert real estate agency in Cambodia, is at your assistance. Whether you’re looking for land or residential or commercial property, we have hundreds of property options from Sihanoukville. All you need to do is check out the detailed list of amenities and features. When done, schedule a booking with our experts for a one-on-one inspection. Connect with our expert real estate agents now before it’s too late!
To learn more about how a 3-year visa can aid the real estate downturn, details are provided below. Scroll down to explore more!
How Can a 3-Year Visa Policy Under the 2024 Program Recover Sihanoukville Real Estate?
The 3-year visa policy is to implement a series of strategic benefits and incentives. These include –
Attracting Long-Term Investment
The 3-year visa allows investors to stay for an extended period. This makes them more likely to purchase or rent properties long-term. This boosts real estate demand and stabilises the real-estate market.
Facilitating a Favourable Business Environment
Along with a 3-year visa, other measures have also been implemented. These benefits streamline permits, licenses, and other regulatory hurdles. An easier regulatory environment reduces the costs and complexities associated with real estate development.
Enhancing Infrastructure and Services
The 3-year visa policy will invite new investors to the Sihanoukville market. This investment is necessary for industrial development and tourism. By inviting new investments, the program aims to make Sihanoukville a more attractive destination for living, working, and investing.
Promoting Sustainable and Diverse Real-Estate Development
As part of the investment program, the focus is on developing industrial zones, parks, and SEZs. This ensures that a diverse and sustainable economic base supports the growth of the real estate market. This diversity can protect from fluctuations in any single industry.
Other Benefits of the Special Investment Promotion Program 2024
Boosting Investor Confidence
The program’s comprehensive approach also includes:
- Tax breaks
- Simplified bureaucratic processes
- Direct incentives for real estate development
All these signal investors about the government’s commitment to supporting real estate. It helps boost investor confidence, critical for reviving the real estate market.
Commit to the Completion of Unfinished Projects
Specific incentives are aimed at addressing the completion of unfinished buildings. The redevelopment and completion of these projects will improve Sihanoukville’s urban landscape. These will also stimulate local economies while increasing property values and business opportunities.
A list of other benefits provided for unfinished buildings also includes –
- Income Tax exemption
- Minimum tax for an additional 3 years
- Zero VAT till completion and renovation of the buildings
- Instant administrative sanctions for licenses and certificates
- 5-year withdrawal tax holiday on real-estate lease
The investment raised will also initiate the development of –
- Industrial Cluster Zones
- Special Economic Zones
- Free Trade Zones
- Great Tourism Zones
- Customs Bonded Warehouses
Safe City Campaign Under the 2024 Investment Program
The 3-year visa policy under the Special Investment Promotion Program 2024 will invite new investors and tourists in Sihanoukville. These new invites also highlight security concerns in the coastal city. Addressing these, “Safe City” campaigns, programs, and events are planned. The provincial administration will organise these.
Initiatives under the Safe City campaign will strengthen and restore Preah Sihanouk Province’s reputation on the international stage.
Final Note
Cambodia has a plan for 2024. It’s all about inviting investment in Sihanoukville by offering a special 3-year visa. Here’s the deal: if you buy or rent property there and spend over $100,000, you’re in. This initiative by the PM boosts Sihanoukville’s economy. It aims to complete the unfinished real-estate projects. The officials have yet to reveal more details regarding this policy. It will explain the eligibility, terms, and conditions of the 3-year visa policy.
If you’re planning for Sihanoukville’s investment, 2024 brings you a golden opportunity. Find the best property option in Sihanoukville, available for rent and purchase, with us. We cater to all your financial and non-financial needs with a range of services, including –
Connect with our real estate agents in Sihanoukville now and learn more!
KH