nominee structure apartment purchase

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kausmo
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nominee structure apartment purchase

Post by kausmo » Sun Aug 12, 2018 8:49 am

Anyone have any experience with this type of real estate purchase?
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kgbagent
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Re: nominee structure apartment purchase

Post by kgbagent » Sun Aug 12, 2018 5:35 pm

I heard nominee structures are techinically illegal hence more purchasers going the lease or company route

Apartments may be different - I was looking into land and building something
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PSD-Kiwi
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Re: nominee structure apartment purchase

Post by PSD-Kiwi » Sun Aug 12, 2018 6:08 pm

kgbagent wrote:
Sun Aug 12, 2018 5:35 pm
I heard nominee structures are techinically illegal
100% correct.
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that genius
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Re: nominee structure apartment purchase

Post by that genius » Sun Aug 12, 2018 7:19 pm

Is it like timeshare?
kausmo
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Re: nominee structure apartment purchase

Post by kausmo » Sun Aug 12, 2018 10:44 pm

This is for an apartment purchase. Has anyone done one or have knowledge about it?
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PSD-Kiwi
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Re: nominee structure apartment purchase

Post by PSD-Kiwi » Sun Aug 12, 2018 10:59 pm

Apartment or condo?

Terminology differs depending on where you come from...what is called a condo here and in the US for example, we just call an apartment in NZ.

If it's for an apartment, ie. in a shophouse, and you intend to purchase via the nominee structure then I suggest you seek professional advice from a property lawyer or reputable real estate company such as IPS.

As mentioned, the nominee structure method of purchasing property is technically illegal, and it is very easy to get ripped off if you don't cover your ass as best possible.

It was, and still is, a popular method of purchasing property, but it is more risky these days.
kausmo
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Re: nominee structure apartment purchase

Post by kausmo » Mon Aug 13, 2018 8:01 am

:bootyshake: A condo in usa terms is a property that is owned by multiple owners and maintained by a company that charges a monthly fee for the upkeep service. Usually it's a highrise, townhouse or a group of buildings in a gated area. Are you familiar with Canatrust?
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SouleymaneRabé
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Re: nominee structure apartment purchase

Post by SouleymaneRabé » Mon Aug 13, 2018 12:00 pm

Hi Kausmo,

I assume the apartment you want to purchase is on the ground floor of the building? Also, do you already know a Cambodian citizen that you deem trustworthy?

Regarding the nominee structure and its legality regarding Cambodian Legislation, the use of the said structure is not prohibited (except for Qualified Investment Project for which Sub-Decree 111 expressly prohibits the use of nominee structure in order to avoid prohibition or restrictions from the Decree) nor allowed. In other words, nominee structure is just a contractual arrangement, and the risks or benefits of it will depend on the quality of the contracts.
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PSD-Kiwi
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Re: nominee structure apartment purchase

Post by PSD-Kiwi » Mon Aug 13, 2018 12:25 pm

kausmo wrote:
Mon Aug 13, 2018 8:01 am
:bootyshake: A condo in usa terms is a property that is owned by multiple owners and maintained by a company that charges a monthly fee for the upkeep service. Usually it's a highrise, townhouse or a group of buildings in a gated area. Are you familiar with Canatrust?
Yea, we just call those apartments in NZ/Aus, the term condominium/condo isn't even used. USA definition same as Cambodia. Just wanted to clarify exactly what type of property you were enquiring about, see my advice in my last post.

No idea what canatrust is.
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Re: nominee structure apartment purchase

Post by offroadscholar » Mon Aug 13, 2018 12:36 pm

The new condo buildings can have Strata Titles that foreigners can have in their own name

Some info from IPS
https://ips-cambodia.com/cambodian-property-titles/

Regarding the ruling on the 30km exclusion zone within a land border, I was told by one source that this is only a proposed law, not actually in effect. Something that needs to be officially confirmed one way or the other.
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