In an exclusive interview with BPVE, Mr Yu Ka Ki, Vice Chairman of Khmer Home Charity Association (KHCA) hosted us at their Hong Kong office, with the benefits of their Cambodia My 2nd Home project being discussed, as well as their plans for its future growth.
Second home, golden visa, or fast tracked migration packages are nothing new, with almost all countries offering some kind of program. This is even true of Cambodia, whose citizenship by investment program offers one of the lowest entry points throughout the globe.
Cambodia My 2nd Home though aims to not only further lower the entry point, but also offer a number of other benefits, as well as going head to head with programs offered by regional neighbors, such as Thailand and Malaysia.
To read about citizenship by investment in Cambodia click here
What is Cambodia My Second Home?
Launched last year the Cambodia My 2nd Home (CM2H) is the only government program approved and recognized by the Ministry of Interior and General Department of Immigration within the Kingdom of Cambodia. It allows foreigners to stay in Cambodia for 10 years on a so called “Golden Visa”, but with the caveat of a number of other incentives.
Participants will also be allowed to apply for a Cambodian passport after 5 years, receive help setting up a locally registered business, the right to work, as well as one years free medical insurance among a slew of other benefits exclusive to CM2H.
And it was for these reasons that Yu felt it was one of the most competitive within the region stating “When we put the program together we obviously looked at what was in place such Malaysia and Thailand, with our aim to be more than just competitive, but a market leader. Compared to other programs the CM2H scheme not only allows participants to work and do business, but also offers a fast track to citizenship”.
Cambodia has strict laws regarding land ownership within the Kingdom, meaning only citizens can buy and sell land, again another incentive to bring people to the Kingdom on the CM2H package.
Yet while there were similarities with other schemes, Yu was also keen to point out the differences and indeed advantages “Many schemes either don’t allow participants to work, or are essentially aimed at the retiree market, ours on the other hand is aimed more at a younger demographic, particularly those involved in business. Its called Cambodia My Second Home and that is exactly what we want people to see Cambodia as, their second home and somewhere they can work, stay, have a family and do business”.
CM2H Long term goals
Initially launched last year the Cambodia My 2nd Home program is managed by the Khmer Home Charity Association (KHCA). The team includes a number of experts from both Cambodia and Hong Kong, which includes H.E Nov Sokpheap, who acts as Chairman, the aforementioned Mr. Alex Yu Ka Ki as Vice-Chairman, as well as Mr. Ricky Lai Jin Kei also as Vice-Chairman.
Between them they run KHCA as a registered charity, rather than a for-profit enterprise, meaning more room for innovation, without being beholden to shareholders.
As things stand around 200 people from throughout the world have signed up for the program, but the overall aims and ambitions for the KHCA, were much grander, with Mr. Yu adding “Our aim is to attract at least 10,000 people from throughout the world, with us receiving interest not just from people in Asia, but also western Europe and the Americas”.
A milestone that can only be helped by the current slow, but steady re-opening of mainland China and a post-pandemic spike in interest for second residencies from the country that it will likely bring.
And as for how to hit these targets? Mr. Yu was confident it could be achieved through a number of areas “From our point of view we will open a number of representative offices throughout Asia and eventually ideally the world in order to promote the program, educate people about Cambodia and get people involved. Essentially the more successful it is, the more we can put back in and promote the program”.
Ideas and influence could also be taken from other schemes from both the region and internationally, with the Vice-Chairman further adding “With other international programs, the private sector has been involved via registered agents being allowed to sell the product. This is something we are actively exploring as a way to further market Cambodia My 2nd Home”.
Yet, while many people still need educating about the reality of life within Cambodia, such as its huge economic potential, ease of business and political stability, Mr. Yu was confident people could be enticed to live in the Kingdom, finally adding “Cambodia truly is a great place to live and we want to be part of its economic success. Imagine if Phnom Penh could become an international melting pot like London, with people from all over the world and a vibrant economy? That is what we want to build”.,
And with one of the best value and interesting Golden Visa programs within the region, they truly stand a chance of it being very successful.
You can check out the Cambodia My Second Home website here.