User login

Sell It or Lose It: Inheriting Land as a Foreigner

By: BNG Legal Posted: July-09-2010 in
BNG Legal

So you find out that you have a rich uncle, who has sadly passed away, and has left you a large tract of land, in Cambodia. Given the recent real estate boom in the Kingdom, this would surely be welcome news (minus the news of your uncle).

Or is it?

As you begin researching Cambodian law governing testamentary gifts (wills), succession, and land, you soon realize that, as a foreigner, you are not permitted to own land in Cambodia.

So what will happen to the land that your uncle so thoughtfully left to you? According to the newly drafted Civil Code, which is set to take effect later this year, a foreigner who has been named a successor or co-successor to an estate, either by relations or will, has three months to sell the land, with the proceeds becoming the succession property. It will be important to observe the three-month timeframe to sell the land; otherwise the land will pass to the next available heir in succession who holds Cambodian nationality.

There are, of course, ways to sell the land and still maintain some control of it, namely selling it to a corporation of which you hold 49% and a Cambodian national holding 51%. However, if you don’t want to keep the land, be sure to sell it as quickly as possible, or risk forfeiting the gift from your favorite uncle.

BNG Legal is a leading Cambodian law firm providing comprehensive legal services to foreign and local clients.
Registered with the Bar Association of the Kingdom of Cambodia, our legal professionals combine international standards with local expertise.
Conducting daily business in Cambodia, BNG Legal is up to date with the newest procedures and requirements, helping clients efficiently and successfully complete any project.

No.64, Street 111, P.O. Box No. 172, Sangkat Boeung Prolit,

Khan 7 Makara, Phnom Penh, Cambodia
Fax: (855-23) 212 840
Tel: (855-23) 217 510 / (855-23) 212 740
Email: info [at] bnglegal [dot] com


Whats on! See our help pages - add your own events

This location does not have any events. Why not add one here!