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

Villagers from Kompong Speu province protested for a second day in front of the Phnom Penh headquarters of ANZ Royal Bank on Wednesday, smearing the building’s exterior with red-painted handprints after the lender once again refused to help them resolve their land dispute with a sugar plantation it helped finance.

In a 2012 letter to Prime Minister Hun Sen, then-Banteay Meanchey Governor Oung Oeun wrote that a trio of provincial officials had colluded to “illegally” confiscate hundreds of thousands of dollars worth of machinery belonging to a British businessman’s company, International Green Energy.

The National Assembly unanimously passed a bill Wednesday turning the country’s National Election Committee into a constitutional body, with CPP lawmakers making good on one of the key promises the ruling party made to the opposition CNRP in a July deal that broke the country’s 10-month political stalemate.

Phnom Penh traffic police on Wednesday identified the owner of a Range Rover whose driver hit and killed an Irish national on Monivong Boulevard on Sunday as Hou Sila, deputy chief of the tourist police in Preah Vihear province.

A Chinese company will donate 100 buses to assist in the planned expansion of Phnom Penh’s public bus service from three to 10 lines next year, officials said Wednesday.

Sign up for our free, daily morning report. Click here.
The Cambodia Daily | All the News Without Fear or Favor | The Daily Newspaper of Record Since 1993