Property purchase from overseas

troelshartmann · Post by **troelshartmann** » Sat Jun 20, 2020 6:44 pm

clutchcargo wrote: ↑Sat Jun 20, 2020 6:34 pm OP, what's your timeframe? You could hang it in hope here: post429250.html#p429250

Looks interesting, thanks.

I am looking to take advantage of attractive prices in a new build area, about 20km from PP. Prices and discounts are no doubt being driven by a downturn in demand from COVID-19.

There is a 3 bed villa that is a fraction of the price in Australia (like maybe 10% or 12% of the comparative cost here). However the particular plot I'm looking at is probably 6 months away from build. There's no real rush for me in this environment other than to lock in the price. I probably won't be able to travel there before 6 to 9 months anyway.

troelshartmann · Post by **troelshartmann** » Sat Jun 20, 2020 6:50 pm

I have a friend who has done this and is working out well for him - however, he did split from his partner who then tried all sorts to get something out of the property including trying to take out loans against it (this failed as the bank were refused access to the property). There were also a few veiled threats from her and her family, eventually, it settled down and she met someone new, will still inherit the house when he passes. I also met a Danish guy who had done it in Battambang (hadn't done the legal stuff), as soon as the house was finished he was thrown out and left fairly destitute. While Doc has taken it to the extreme it is something to consider - I wouldn't call it a negative opinion but something to think about. That said, I also know plenty of guys who have bought with their wives who have families and it has served them well especially some of the land purchases. Nothing wrong with doing it but you have to be clear why and what you expect from it e.g. and why you want to buy and build a house you will never technically personally own.

- if you have kids together land or property is a good legacy for them if you pass
- if you want to provide something for your partner after you depart this mortal coil
- if you want to provide something for their family

As mentioned you can buy a condo if you wanted which could be an investment/rental return. Or alternatively, you could just rent somewhere great and save a big portion of your retirement $$$

Thanks, this is good info. Depending on how this goes I'm considering investing in other flats/apartment across the river from the city which are currently at crazy-low prices. If the rumoured bridge ever happens these could go up quite a bit.

As for saving my retirement, this villa after discount is so comparatively cheap I could almost pay for it on my credit cards

Kammekor · Post by **Kammekor** » Sat Jun 20, 2020 7:24 pm

troelshartmann wrote: ↑Sat Jun 20, 2020 6:44 pm
clutchcargo wrote: ↑Sat Jun 20, 2020 6:34 pm OP, what's your timeframe? You could hang it in hope here: post429250.html#p429250
Looks interesting, thanks.

I am looking to take advantage of attractive prices in a new build area, about 20km from PP. Prices and discounts are no doubt being driven by a downturn in demand from COVID-19.

There is a 3 bed villa that is a fraction of the price in Australia (like maybe 10% or 12% of the comparative cost here). However the particular plot I'm looking at is probably 6 months away from build. There's no real rush for me in this environment other than to lock in the price. I probably won't be able to travel there before 6 to 9 months anyway.

If the price is lower, so is the build quality, be very careful.

atst · Post by **atst** » Sat Jun 20, 2020 8:13 pm

Who doesn't know a guy who has lost a house to a woman all over the world, but there are many more who have brought a house and it has become a home for life.
You have advise now on the ways of buying, take your time and explore where you want to live before buying
Good luck

Teddy1 · Post by **Teddy1** » Sat Jun 20, 2020 8:40 pm

Anchor Moy wrote: ↑Sat Jun 20, 2020 5:24 pm
* if you do this, your legal work can all be undone by you having a 'heart attack' due to 'falling' out of a high window. Being worth more dead than alive is a dangerous state of affairs in a country where dead can be arranged.
Some comments on Cambodia and Cambodians by forum members have become extremely negative these past days. Is it because you can't get back in ? And in that case, why do you want to come back ?
Just wondering where all this negative energy is coming from.
ie. Today's suggestions in comments that all Khmer girls are raped by the age of 12, and that foreigners who buy property in Cambodia are in danger of being killed by greedy locals. (I dispute both these ideas.)
So, is it me, or are some of you more pissed off and angry than usual ? Cambodia is not paradise by any means, but you knew that already, right ? Right ?

Eyes wide open!!!

Anchor Moy · Post by **Anchor Moy** » Sat Jun 20, 2020 10:33 pm

atst wrote: ↑Sat Jun 20, 2020 8:13 pm Who doesn't know a guy who has lost a house to a woman all over the world, but there are many more who have brought a house and it has become a home for life.
You have advise now on the ways of buying, take your time and explore where you want to live before buying
Good luck

Me. I don't personally know of anyone who was exploited and had their property stolen by a scheming woman or whoever. I've heard of such things, so of course I believe that this happens, but no one I know among my immediate friends has had this happen and it's never happened to me.
But maybe I'm talking too soon and the government will take away my property in the near future ? However, I've always planned that any investment I've made in Cambodia will stay here with my Khmer family, so I'm not that bothered. At worst, I will post my problem on facebook and ask for divine intervention. That seems to work quite well.

rubberbaron · Post by **rubberbaron** » Sun Jun 21, 2020 12:30 pm

So you are still in Australia, won't be able to come here for 6 or 9 months, but I take it you have been here before. Else how would you know the land you want to buy. And how long have you known your companion and where did you meet her, if that's not too personal a question?

troelshartmann · Post by **troelshartmann** » Sun Jun 21, 2020 1:35 pm

rubberbaron wrote: ↑Sun Jun 21, 2020 12:30 pm So you are still in Australia, won't be able to come here for 6 or 9 months, but I take it you have been here before. Else how would you know the land you want to buy. And how long have you known your companion and where did you meet her, if that's not too personal a question?

Hi. Yes, I've been there a few times. Known her a year, she is college educated, currently working in real-estate and definitely NOT a bar girl

I have been overseas on holiday with her, met her family, been to a mutual friend's engagement with her in PP. Her mother and father have their own business and farm. She has never asked me for money and actively tries to dissuade me from spending unnecessary money on expensive hotels etc. no matter how much I want to show her some nice things and places. She's happy just for me to be with her in PP.

As far as I can tell she is genuine. But I'm not naive.

phuketrichard · Post by **phuketrichard** » Sun Jun 21, 2020 2:41 pm

Maybe a bit pessimistic but..
You have known her 1 year and not yet lived with her, yet feel confident enough to buy her a house?

wow

good luck

daeum_tnaot · Post by **daeum_tnaot** » Sun Jun 21, 2020 3:31 pm

Surprised that no one has mentioned the business route. You can start a business in Cambodia, with 51% Khmer shareholders, and use the business to own the property. The shareholders are called to task only when you want to sell it. Downside is that I believe there is an annual tax on the business. And I have also heard when you want to close down your business the auditing authority will give you a hassle until you cough something up. Then there is also some kind of legal vehicle that the law firms can set up for you, I believe it is a trust owned by a reputable law firm where you have a long term lease.

I personally advise against putting it in your girlfriend's name with how much/how well you know your girlfriend. I would rather have the person's affection for me be genuine and not based on what material benefits they can get out of it.

Also agree that having someone named in a will could be dangerous- probably a small chance but one better left out of the equation.

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