What are the goals and objectives of the Law on Granting Ownership Rights to Private Parts of Co-Owned Buildings to Foreigners and What is its Scope?
The Law on Granting Ownership Rights to Private Parts of Co-Owned Buildings to Foreigners, which was approved by the National Assembly on April 5, 2010, at the 4th National Assembly Session, and which the Senate approved in full accordance with the form and spirit of the law, without any amendments, on April 27, 2010, at the 7th Senate Plenary Session, 2nd Legislature, and is as follows in full:
This law aims to grant ownership rights to private parts of co-owned buildings and the right to use and enjoy the common parts of co-owned buildings to foreigners.
This law aims to:
oDetermine the general principles, rights and obligations of foreigners who have ownership rights over private parts of co-ownership buildings and other rights related to the common parts and determine the procedures for registering such rights
oMake it easier for foreigners to invest in the Kingdom of Cambodia
oHelp facilitate the business of investors in the construction sector and respond to the growth of the real estate market in the Kingdom of Cambodia. This law applies to foreigners and Cambodian citizens who own private parts of co-ownership buildings in the Kingdom of Cambodia.
(Source: Law on Granting Rights to Private Parts of Co-Owned Buildings to Foreigners, excerpted from: Articles 1, 2 and 3)