Cambodia was ranked among the top countries in the world to retire by an online Nasdaq article reshared from a publication by GOBankingRates.
The article published in mid-2023 was reshared by the well-known American-based financial news outlet and placed the Kingdom as 7th overall which is a boon for the country as there is increasing competition to attract retirees who generally have the ability to be self-financed and could be enticed to buy property and contribute to the region’s tourism and economy.
The article used data from the United Nations Pacific-Asia Region Group, gross domestic product (GDP) figures from World Population Review, and cost of living figures from the global database Numbeo to identify the “safest countries across the globe and LivingCost.org to find the average monthly cost of living in each selected country.”
Other Asian countries to be featured on the GOBankingRates list for “modest retirement destinations” included Malaysia as the top choice, followed by Mongolia, Vietnam, Indonesia and Jordan ahead of Cambodia.
The Kingdom offers retirement visas which can cost under USD $300 per year, but these don’t allow retirees to formally work in Cambodia, but do allow retirees to open a local bank account, and they are still eligible to buy certain properties which can legally owned by non-Cambodian citizens.
Renting remains an affordable option for retirees but buying is also seen as affordable- By 2022, the average cost of a property in Phnom Penh was approximately USD $114,164.
You can find out more in this guide on retirement in Cambodia.
Cambodian Retirement Visa
For those applying for the retirement visa from overseas and aged 55+, certain documents must be provided which include evidence of funds.
The full list of requirements may include:
- Age 55 years old or above
- A passport with at least six months of validity
- Blank page in the passport
- Passport photo
- Proof of retirement or pension income
- Health certificate
- Criminal background check
Healthcare is one area that Cambodia will need to improve in to compete with other countries on the list, and Malaysia and Thailand for example have better reputations for their medical care and attract visitors for medical tourism.
- The Australia-based Institute for Economics and Peace’s annual study, measuring a nation’s state of peace across societal safety and security, the extent of ongoing domestic and international conflict, and the degree of militarisation, ranked Cambodia as 13th out of 19 countries in the Asia-Pacific region and 73 out of 163 countries in 2023.
- The 2021 edition of International Living’s Annual Global Retirement Index ranked Cambodia as one of the most affordable destinations to retire. Executive Editor Jennifer Stevens said: “While people consider a retirement overseas for lots of reasons: the adventure, the chance to explore a new place and maybe learn a new language, the travel opportunities, and so on — the idea of lowering their cost of living while improving their quality of life plays an outsized role for many.”
- The World Happiness Report 2023 ranked Cambodia 112th globally and in 2021 was ranked 114th.