Before the Israel-Iran war this is what I would have said about Thailand:
- Oversupply of real estate
- Fast-aging country
- Ever-changing tax regime
- Ever more KYC and hostility towards foreigners in banking
- Thailand as a destination had peaked
And taking into account the Israel-Iran war, the impending oil shock, reduced flights to Thailand from Europe and future increases in travel prices, we can count yet another reason to NOT invest in Thailand.
I compare Thailand vs Cambodia as investment destinations in this video.
Let’s take a look at what Cambodia has to offer
Pre-war:
- Booming demographics
- Ease of purchase without KYC
- Crypto widely accepted
- Non-CRS banking
Post-war:
- Less tourism
- The rest remains true
Overall at this stage I feel that compared to Thailand, Cambodia is a much more compelling investment destination for many people.
And the short border war that happened between the two in December? Honestly I don’t know enough to comment about it. I was in Cambodia throughout this crisis. The good news is that at least Cambodia was trying very hard to contain and stop the war, unlike other wars where both parties keep escalating.
To a World of Opportunities,
The Wandering Investor.
Services in Cambodia:
Articles on Cambodia:
- Phnom Penh Real Estate Market: 2026 Investor Guide – Boom or Bust?
- Siem Reap Real Estate Market: Investor Guide
- Phnom Penh Real Estate in Cambodia ROI Breakdown & Rental Yield Case Studies
- Opportunity after the Bust? Real estate in Sihanoukville, Cambodia
- Foreigners Can Own Land and Houses in Cambodia: How to structure your Cambodia real estate purchase
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Transcript of “Doing Business and Investing in Cambodia vs. Thailand”
LADISLAS MAURICE: Here’s why I would not invest in Thailand, and here’s why I plan on investing more in Cambodia.
Economic growth in Cambodia vs. Thailand
First of all, Thailand is peaked, it’s the past. The country is already fairly developed and it barely manages to get 2% real GDP growth per year. Cambodia coming from a lower base, sees 5 to 6% GDP growth per year. Also, Thailand is now seeing population decline as opposed to Cambodia which is growing over 1% per year population wise. Thai women on average have 1.2 kids. Khmer women on average have 2.4 children, twice the amount of reproduction in Cambodia. I want to invest in a country that has a population pyramid like this, not like this. This here is decline. This here is growth, and future and prosperity.
Doing business in Cambodia as a foreigner
And then more specifically as a foreign business owner, I feel a lot more welcome in Cambodia compared to Thailand, which is known for always trying to squeeze people, just give them enough so that they come, but then make sure that you squeeze them. Cambodia is not like that. First things first, anyone can just come to Cambodia and get a 1-year business visa. You show up, you hand over your passport, you pay a few hundred dollars in fees and boom, there you go. You have a 1-year business visa. It’s not like Thailand where you have all these expensive schemes and then some other ones that are easier, but they change, and they’re really strict and this and that. In Cambodia things are very straightforward. You pay and you get a 1-year business visa.
Opening a bank account in Cambodia as a foreigner
Two, banking. While Thailand was busy freezing 3 million accounts last year with a focus on non-residents, Cambodia makes banking, even as a non-resident, very easy. You come here, you open bank accounts, make sure you get that business visa and you’ll have access to amazing banking all in US dollar with good customer service and no capital controls. You can send money in and out very easily in Cambodia.
Using crypto in Cambodia
Three, while Thailand is gradually cracking down on crypto and sharing a lot of information and making it ever more complicated, Cambodia remains probably the world’s freest country with regards to crypto, with a deep liquidity pool. Though people like to say, “Oh, El Salvador is the capital of crypto from a marketing point of view”, potentially, but in terms of depth of how much you can use your crypto and what you can do with your crypto, Cambodia definitely tops that.
Do I need a local partner to open a company in Cambodia?
Number five, when you try to do business in Thailand in most cases, you end up in a situation where you need a local partner in your business. In Cambodia, I can do business here, I can own a company at 100% in most industries. I do not need a local partner that is imposed on me, that is just there as a name placeholder that can cause problems later on. I can do business here 100% as a foreigner, which gives me much more security and which really encourages me to come here and make investments. And not only that, I can then recruit anyone from anywhere in the world. So, there’s a lot of talent in Cambodia, but sometimes you need specific talent and very easy, also you get them a business visa or work permit and it’s very easy to get that for people from anywhere in the world, so you can bring in talent into the country to help grow your company and the country. And again, this is in contrast to Thailand, which is forcing people to get local business partners. In some cases, people end up using nominees, and now Thailand is cracking down on people and is doing severe audits on companies that they suspect of using nominees. So the risk of doing business in Thailand is just so much higher than what people typically think it is.
Can foreigners own land in Cambodia?
And lastly, as a foreigner, you can own land here in Cambodia using a local trust structure that itself is based on Australian law. So Thailand, nearly impossible or you need to create a company with this, with a nominee, blah, blah, blah, blah, a whole bunch of risk in Thailand, but here in Cambodia, you can do it in a risk-free way through a trust that you completely control.
So, really Cambodia wins on so many levels. Thailand may be more developed now, but the future is firmly on Cambodia’s side, and personally, I want exposure to this.
I plan on making more investments in Cambodia, so feel free to subscribe to my channel to follow my journey, and also I wrote a full report on the real estate investment market in Phnom Penh and the capital city, the neighborhoods that are interesting, what you should look out for, the places you should avoid. There’s also a link below.
Make sure to download my free ebook, 12 mistakes to avoid when investing in international real estate, which you can find on my website, link below, and feel free to follow me on Instagram at the Wandering Investor. I look forward to hearing from you.
