Cambodia Listed as a Top Retirement Destination
By | January 8, 2014

Cambodia has for the first time made it onto the Global Retirement Index, a yearly list of the world’s top retirement locations.

The list, compiled annually for the past 30 years by International Living Magazine, compares countries throughout the world across a range of categories including cost of living, ease and cost of purchasing real estate, entertainment and amenities, climate, health care and ease of integration.

Panama, which offers an attractive pensioner residence program and pensioner visas, topped the rankings. Cambodia, which sneaks onto the list at last place out of 24, scores variably across the categories, earning full marks and topping the rankings on cost of living, but scoring lowest by a significant margin in the health-care category.

Cambodia’s comparatively low scores in the table, including the lowest scores in both real estate and “special benefits offered to foreign retirees,” should not put off those dreaming of a better life abroad.

“Remember, we measure here only the very best havens. So the country last on our list—newcomer to the index Cambodia—is still one of the best in the world,” says the report.

David Murphy, director of Independent Property Services in Phnom Penh, said that though there is a definite market here for retirees, it is usually a specific type of retired person who chooses to come to Cambodia—younger and more transient.

“The market in Cambodia is for active retirees, those who come for a year or two and are self-funded and generally wealthy that work in development projects around the country, usually just renting properties in Phnom Penh,” he said.

A new law enacted in 2010 allows foreigners to own apartments and condominiums, but not land, a restriction that might still put off some pensioners looking for a place to settle down.

“I wouldn’t say the property law is prohibitive, but I would like to see the laws on land ownership for foreigners relaxed,” he said.

Ho Vandy, co-chair of the Government-Private Sector Working Group on Tourism, said that as yet there are no official figures on the number of foreigners who had retired to Cambodia, as it is a relatively new phenomenon.

“We are now more open to foreigners, and after the regional integration of the Asean community in 2015 there will be more development and more investment, and Cambodia will increasingly become more attractive to all kinds of tourists,” he added.

© 2014, The Cambodia Daily. All rights reserved. No part of this article may be reproduced in print, electronically, broadcast, rewritten or redistributed without written permission.

LATEST

In the first test of new, wide-reaching rules that give National Assembly President Heng Samrin the power to decide who is allowed to enter the assembly grounds, a prominent government critic was allowed to meet with the parliamentary Anti-Corruption Commission on Friday.

Three Thai nationals, including a military commander, were arrested Friday by Battambang provincial police for being in possession of more than $7 million in counterfeit U.S. dollars, police said.

Global fashion brands have waded into the fray over setting a new minimum wage for Cambodia’s 600,000 garment workers, committing for the first time to pay higher prices for stock so workers can receive “a fair living wage.”

Construction workers and police in Kandal province’s Kien Svay district on Thursday discovered on a jobsite three boxes of ammunition believed to be left over from fighting in the 1970s, police and a company representative said.

Holiday travelers will get a preview of Phnom Penh’s new Cambodia-China Friendship bridge during the final days of the Pchum Ben festival, according to City Hall.

The Cambodia Daily | All the News Without Fear or Favor | The Daily Newspaper of Record Since 1993