Angkor Times Latest Questions

Vanvutha Leang
Vanvutha LeangExperienced
Asked: April 2, 2021In:

In Cambodia, what currency is used? This is a fascinating question. They use two currencies, the US Dollar and the Cambodian Riel, which are interchangeable! Does it seem to be difficult? We’re here to assist you. The Riel is the ...Read more

In Cambodia, what currency is used? This is a fascinating question. They use two currencies, the US Dollar and the Cambodian Riel, which are interchangeable! Does it seem to be difficult? We’re here to assist you.

The Riel is the Cambodian currency; it is the country’s official currency, and it is used to price goods in places like supermarkets. The Riel was first released in 1953 and was officially abolished in 1975 when the Khmer Rouge took control of the region.

Related: Related: Can foreigners work in Cambodia?

This is something that no other “socialist” nation has accomplished. During this time, money was printed, and the Khmer Rouge also printed their own notes in 1993 to be used in the large swaths of eastern Cambodia still under Pol Pot’s influence. Money was agreed to be restored as the second Riel when the Vietnamese liberated the region, and it has remained in the same format until now. The question of do they use usd in Cambodia?

This is where things get interesting; Cambodia currently has a dual currency structure; with the US dollar and the Riel both being accepted as Cambodian currencies.

Additionally, if you pay in dollars, you will almost certainly obtain some change in Cambodian currency. Consider the scenario where anything costs $1.75 and you give $5. You will get $2 in change and 5000 Riel in Cambodian currency. For example, 4000 Riel equals $1 and 1000 Riel equals 25 cents! There are 500 and even 100 Riel notes for smaller denominations.

Related: 7 Reasons to Invest in Cambodia Property

Besides all of this, tipping also the thing that tourists need to understand. Tipping is not customarily anticipated in Cambodia, but in any third-world country, tips can go a long way for those with limited resources. Tipping is not expected in some of the more upscale hotels and restaurants because a ten percent service fee is applied to the bill.

A dollar is usually considered a decent tip for cleaners, moto drivers (only on long trips or full-day rentals), and taxi drivers.

Cambodian Currency - One hundred riels and one thousand riels

Cambodian Currency – One hundred riels and one thousand riels

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Vanvutha Leang
Vanvutha LeangExperienced
Asked: April 2, 2021In:

Cambodia is home to Angkor Wat, the world’s most visited tourist attraction. There is, however, more to Cambodia than Angkor Wat; there is more to do and see. Prasat Thom, a seven-tiered pyramid structure, is located north of Siem Reap, ...Read more

Cambodia is home to Angkor Wat, the world’s most visited tourist attraction. There is, however, more to Cambodia than Angkor Wat; there is more to do and see. Prasat Thom, a seven-tiered pyramid structure, is located north of Siem Reap, deep in the forests of Koh Ker. Preah Vihear Temple, located on the cliffs on the Cambodia-Thailand border, is another outstanding Khmer masterpiece.

Aside from historical relics, the unique cityscape of Phnom Penh, incredible floating villages on Tonle Sap Lake, and stunning nature in the remote countryside are all worthwhile explorations. If you like the beach, there are several beaches and islands to choose from. You may be wondering how long you will stay in Cambodia on a tourist visa with so many beautiful scenic spots to visit.

Related: Can foreigners work in Cambodia?

On a tourist visa, how long will you stay in Cambodia? A tourist visa usually allows you to remain in Cambodia for a maximum of 30 days, with the option to extend your stay. Also, keep in mind that a tourist visa is only valid for one entry. Visitors from ASEAN countries, including Brunei, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam, do not need a visa to enter Cambodia for a stay of 14 to 30 days.

You have three options for obtaining a Cambodia visa for travel. Most travelers may get it on the spot or apply ahead of time online. Some tourists must apply for a visa in advance at their home country’s Cambodian embassy.

  • Fill out an application for a Cambodia E-Visa for Tourism: Visitors who are eligible for a Cambodia tourist visa on arrival can also apply in advance online at Evisa.Gov.kh. For tourism purposes, it provides for a single entry and a maximum stay of 30 days. In addition, an online visa application costs $36.
  • Obtain a Tourist Visa for Cambodia Upon Arrival: Visas are available at the international airports in Phnom Penh, Siem Reap, and Sihanoukville for the majority of tourists to Cambodia. Visas are available at International Checkpoint Borders for overland travel from Thailand, Vietnam, and Laos. You don’t need to do something ahead of time to apply for a tourist visa at the Cambodian airport. Fill out an immigration card on the plane. To wait for your visa application, arrive with your immigration card, a passport that is valid for at least six months, and cash in US dollars.
  • Visit the Embassy of Cambodia to obtain a tourist visa for Cambodia: Afghanistan, Algeria, Arab Saudi, Bangladesh, Iran, Iraq, Pakistan, Sri Lanka, Sudan, and Nigeria are among the nationalities that must apply for a visa in advance at the Royal Embassy of the Kingdom of Cambodia in their home country. The tourist visa costs $30 dollars and can be obtained at the nearest Cambodian embassy. It’s worth noting that Nigerian people can apply for an e-visa online with a minimum of 20 working days’ notice. It is all up to you.

It is possible to prolong your stay in Cambodia on a tourist visa. And your tourist visa can only be extended once for an additional 30 days for a fee of $30 to $50 dollars.

Related: Is Cambodia good place to live?

Cambodia evisa

Cambodia evisa

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Vanvutha Leang
Vanvutha LeangExperienced
Asked: March 31, 2021In:

Having your own piece of land in Cambodia is an appealing idea. Land in Cambodia is almost always a good investment for the future, whether it is for your own beachside paradise on Cambodia’s coastline or for commercial or residential ...Read more

Having your own piece of land in Cambodia is an appealing idea. Land in Cambodia is almost always a good investment for the future, whether it is for your own beachside paradise on Cambodia’s coastline or for commercial or residential construction interests in Phnom Penh, Siem Reap, or Sihanoukville. There is currently an abundance of land for sale in Cambodia, with “for sale” signs scattered across the countryside and visible from many of the country’s national roads. Land for sale in Phnom Penh, Siem Reap, and throughout the provinces are available. Beach land for sale in Sihanoukville and riverfront land for sale in Kampot are both attractive choices for foreign investment. Farmland for sale in Cambodia is another popular and often affordable investment choice. Unfortunately, foreigners are currently not allowed to legally own land in Cambodia as individuals. However, all is not lost because there are ways to legally acquire ownership under the existing legal system, which we will show you how to do.

Related: How to invest in land for sale and ways to maximize your profit

1. Becoming a Cambodian Citizen and Buying Land in Cambodia

Citizenship is no longer as simple as it once was; you must either pay a hefty fee or make a substantial contribution to the country’s growth. If you are in a position to consider this choice, it provides a high level of protection because once the citizenship process is completed, land can be purchased in your name.

2. Purchasing land in Cambodia through the formation of a Land Holding Company (LHC)

Due to the initial cost of setting up an LHC, this choice is better reserved for what would be considered high-value plots of land. You will also be subject to benefit taxes, and a 51 percent share of the LHC must be held in the name of a local partner, making this choice more appropriate for investors with substantial corporate backing.

Related: Can foreigners buy property in Cambodia?

3. Renting Land in Cambodia

If you want to build a residential or commercial property with a high rental return on investment, long-term renting or leasing land is a great choice. The advantage of this option is that once your project starts to produce enough revenue, it can be used as a stepping stone to establishing an LHC as described above.

How many choices are there for buying land in Cambodia?

How many choices are there for buying land in Cambodia?

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Vanvutha Leang
Vanvutha LeangExperienced
Asked: March 31, 2021In:

The Ministry of Economy and Finance (“MEF”) released Prakas 270 on Tax Audits (“Prakas 270”) on March 13, 2019, in an effort to streamline the tax audit process as part of the government’s large-scale economic reforms, increase transparency in tax ...Read more

The Ministry of Economy and Finance (“MEF”) released Prakas 270 on Tax Audits (“Prakas 270”) on March 13, 2019, in an effort to streamline the tax audit process as part of the government’s large-scale economic reforms, increase transparency in tax payments and collections, and encourage a fair and competitive market climate. The following are some specific tax audit concerns of which readers should be aware.

1. Retention of supporting documents

All registered taxpayers in Cambodia are required by law to keep supporting documentation for their accounting records and tax returns for a period of ten years. Taxpayers that are unable to find required records from previous years may be subject to additional tax penalties and reassessments that are excessive. The GDT would not recognize as legitimate reasons for this failure, such as a lack of trained staff to identify appropriate supporting documents, a lack of a proper filing system for accounting records and supporting documents, or a lack of information transfer between former and current accounting personnel.

Related: What types of tax audits might your business be subject to?

2. The following are the variations between monthly and annual tax returns

Multiple figures input in monthly tax returns with those input in annual TOI returns, such as taxable turnover (B0), wage cost (B20), and so on, are often compared by tax auditors. Taxpayers also neglect to produce or retain records of such reconciliations.

3. Permanent establishment

Most taxpayers, including multinational corporations, fail to understand the complexities of permanent establishment issues and, as a result, fail to seek the appropriate professional advice regarding their commercial arrangements. As a result, an overseas affiliate may be considered to have a business presence in Cambodia, producing Cambodian-sourced profits subject to Cambodian taxation.

Related: The Ultimate Guide to Starting a Business in Cambodia

4. Transfer pricing documentation

Some taxpayers seem to be taking a “wait-and-see” approach to the recently enacted transfer pricing regulations. Taxpayers who engaged in related party transactions but did not prepare the transfer pricing documents needed by Prakas 986 for the 2018 tax year are likely to be targeted for tax audits, as this would suggest a high risk of tax non-compliance.

What should we know about New Tax Audit in Cambodia?

What should we know about New Tax Audit in Cambodia?

Related: What attachments are required to register a property?

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Vanvutha Leang
Vanvutha LeangExperienced
Asked: March 30, 2021In:

In 2020, the number of international foreigners tourists to Cambodia has declined 80 percent 2020 while it reaches only 1.306 million, according to the report from the Ministry of Tourism of Cambodia. In 2020, China, Thailand, and Vietnam were the ...Read more

In 2020, the number of international foreigners tourists to Cambodia has declined 80 percent 2020 while it reaches only 1.306 million, according to the report from the Ministry of Tourism of Cambodia. In 2020, China, Thailand, and Vietnam were the top three sources of international visitors to Cambodia, accounting for 55 percent of total arrivals. Chinese arrivals were down 86 percent, Thai visits were down 55 percent, and Vietnamese arrivals were down 80 percent year over year, according to the ministry. Cambodian outbound travel is expected to drop to 326,199 departures in 2020, according to the report.

With 329,673 visitors, Chinese tourists topped the list of arrivals by nationality. Thailand came in second with 210,876 people, followed by Vietnam with 182,199. The United States came in second with 55,973, followed by Korea (Republic of Korea) with 55,935. With 44,784 visitors, the United Kingdom came in first, followed by France with 43,174 visitors. There were 41,257 Japanese tourists, 34,352 visitors from Laos, and 27,280 visitors from Germany.

Related: Tourism Industry in Cambodia Is Heavily Impacted By Covid19 Virus

With the diversification of new tourism products and the enhancing of the growth of well-known tourism zones, the government has released a special tourist policy aimed at reviving and promoting the inclusive development of the socio-economic situation through the tourism industry.

Special tourist groups include special package tourists, business tourists, second home-tourists, senior foreign visitors (older or retired people with money and resources), and other government-defined types of tourists.

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