Cambodia CM2H Golden Visa: What It Costs, What You Get, and the Approved-Project Filter

Cambodia's CM2H (Cambodia My Second Home) programme gives foreign investors a 10-year renewable visa. To qualify, you pay a Khmer Home Charity Association (KHCA) membership fee and buy a unit in a government-approved real-estate project. The minimum cost is usually described as around USD 100,000, but sources do not all show the fee breakdown the same way. Holders can apply for Cambodian citizenship after five years, but applying is not the same as approval.

Cambodia CM2H Application Process at a Glance

1. Submit the CM2H registration form and pay the initial KHCA membership fee
2. Pass Ministry of Interior background checks and eligibility review
3. Pay the remaining KHCA membership fee
4. Buy a unit in a government-approved CM2H project and submit the Sale and Purchase Agreement
5. Enter Cambodia on an E-visa, then receive the 10-year CM2H sticker in your passport
6. Renew at the 10-year point; apply for citizenship after 5 years if you qualify and choose to

> This guide reflects the CM2H programme as understood in May 2026. Cambodia issued Sub-Decree No. 225 in December 2025, and public sources do not yet clearly explain how it affects CM2H's five-year citizenship claim. Verify current requirements with the General Department of Immigration (GDI) or an authorised CM2H agent before paying anything.

CM2H was launched in June 2022 by the Ministry of Interior of Cambodia in partnership with the KHCA. The General Department of Immigration (GDI) issues the visa itself. Most sales pages bundle the visa, the property purchase, and the citizenship claim into one package. This guide separates them so you can judge each part on its own.

This article covers how CM2H actually works, what it really costs, and whether the citizenship route is real. It does not cover Cambodia's direct Citizenship by Investment route, which was restructured under Sub-Decree No. 225 (December 2025) at much higher thresholds. Readers comparing CM2H against Cambodia's ordinary residency system should also read our Cambodia long-stay visa options guide.

Three Decisions Behind CM2H

CM2H is sold as one decision. It is actually three.

1. The visa decision. Do you want a 10-year Cambodian visa with no minimum stay, instead of renewing an EB or ER extension every year? The visa itself may be useful if you want fewer renewals and easier re-entry.

2. The investment decision. Do you want Cambodian real estate as an asset? The CM2H property requirement is not flexible. You can only buy a unit inside the small list of government-approved projects, and those projects are concentrated in Phnom Penh. This is a different question from the visa one.

3. The citizenship decision. Do you want a Cambodian passport in five years? CM2H markets a route under the special-contributions wording in its own citizenship materials. Approval is still discretionary, and a lawyer should check the current position under the 2018 Law on Nationality and later amendments.

Sales pages collapse all three. The rest of this guide keeps them apart so you can answer each one independently.

Who CM2H Fits and Who It Doesn't

CM2H fits if:

• You want long-stay Cambodian residency without the annual EB or ER renewal cycle, and you are ready to put USD 100,000+ into this route.
• You are willing to buy a specific unit in a government-approved Phnom Penh project, on the programme's terms.
• You value a possible route to a Cambodian passport in five years, knowing it is not guaranteed.

Be cautious if:

• Your main goal is rental yield. The approved-project list is narrow, all units are in Phnom Penh, and analysts have flagged condominium oversupply concerns in the city.
• You are buying mainly because you want a Cambodian passport. The five-year route is real on paper but not yet proven in practice. The first CM2H holders only reach the 5-year mark in 2027.
• You want to live in Cambodia but do not want to put USD 100,000+ into property. The ordinary EB or ER extension covered in our Cambodia long-stay visa options guide costs around USD 285–300 per year and may serve you better.

The programme is not designed for someone who wants a low-cost retirement visa with no investment component. Cambodia has no equivalent of Thailand's retirement visa or the Philippines' SRRV. The closest non-CM2H option for retirees aged 55+ is the ER extension.

Only Approved Projects Count: The Property Filter

This is the most important filter on the investment side, and most reader questions come back to it.

CM2H only qualifies you for the visa if you buy a unit in a project that holds an active partnership agreement with the KHCA. Buying any other property in Cambodia, regardless of value, does not satisfy the CM2H requirement.

As of early 2026, publicly listed approved projects include:

• La Vista One. A high-rise twin-tower waterfront development in Chroy Changvar, Phnom Penh, at the Mekong and Tonle Sap river junction. Developed by OCIC, one of Cambodia's largest developers.
• Time Square Condominium. A mixed-use development in central Phnom Penh.
• GC Orussey Market. A six-storey wholesale commercial complex in Phnom Penh built in a traditional Khmer architectural style.
• Nadi Villa. A residential community in Phnom Penh.

The approved list changes over time. Confirm the current list with KHCA or your authorised agent before committing.

What you can and can't own as a foreigner

Foreigners can legally own condominium units from the first floor up in Cambodia, with two restrictions baked into the Law on Foreign Ownership of Private Units in Co-Owned Buildings (2010):

• 70% foreign-ownership cap per building. Once a project hits 70% foreign ownership, no further foreign buyers can register a unit there.
• Above-ground-floor rule. Ground-floor units cannot be foreign-owned; they are reserved for Cambodian citizens.

A separate 2024 rule limits foreign-owned condo units within 30 kilometres of Cambodia's land borders, with limited government-approved exceptions in designated zones. None of the approved CM2H projects sit in that border zone, but confirm before assuming.

Land ownership remains reserved for Cambodian citizens. CM2H does not change this. A foreign CM2H holder owns the unit through a strata title issued by the Ministry of Land Management, Urban Planning and Construction. They do not own the land underneath.

How the Application Works

The process moves through three phases. Practitioner sources widely cite a 4–6 month total timeline from initial registration to the visa sticker, depending on how complete your documents are.

Phase 1: Verification

Submit the CM2H registration form and pay the initial KHCA membership fee. The Ministry of Interior runs eligibility checks and background screening. Practitioner sources widely report that the initial fee is refundable if you are rejected at this stage, less a small administrative deduction.

Phase 2: Application and Property Purchase

Once verification clears, you receive permission to proceed and:

• Pay the remaining KHCA membership fee
• Select a unit from the current approved-project list
• Complete the purchase and submit the Sale and Purchase Agreement (SPA) to the Ministry of Interior
• Submit the remaining application forms and pay any outstanding government and legal fees

You must prove a legitimate source of funds.

Phase 3: Visa Issuance

Enter Cambodia on the visa type instructed by KHCA or your authorised agent, usually an ordinary E-class visa rather than a tourist eVisa. After arrival, the CM2H visa is issued as a sticker in your passport within about 10 working days. You must travel to Cambodia in person for this step. There is no deadline by which you must enter Cambodia after approval. The CM2H visa replaces any existing E-class extension.

What CM2H Costs

The total minimum is widely cited at around USD 100,000. The exact breakdown is where published sources stop agreeing.

UNCTAD's investment policy monitor describes the qualification as at least USD 100,000 in investment capital plus ownership of an approved real-estate project. UNCTAD does not split this further. The official CM2H site presents USD 100,000 as the combined floor but does not publish a full public fee schedule.

Some 2026 practitioner sources cite a USD 50,000 minimum for an approved real-estate project and do not list a separate KHCA membership fee. Other practitioner materials describe a KHCA membership of around USD 50,000 paid in two stages, plus a separate USD 50,000+ property purchase.

Treat any clean "USD 50K KHCA fee plus USD 50K property" split presented to you as that agent's interpretation, not settled official fact. Community threads reviewed for this update repeatedly raise concerns about shifting fee quotes and inconsistent answers. One Facebook commenter reported being quoted extra legal or membership fees of USD 20,000–50,000 after initial discussions. Treat this as applicant-reported risk, not an official fee schedule. Request a current written breakdown from KHCA or your authorised agent before paying anything.

Other costs to budget for include legal and due-diligence fees from your immigration firm or agent, property transfer and registration fees, and ongoing property maintenance or management charges.

Spouse and family inclusion

Family inclusion terms are inconsistent across current practitioner sources, and no public KHCA fee table covers them in full.

Several practitioner sources say family members are not included in the main applicant's programme. The main applicant may be able to sponsor a spouse separately for a similar visa. Other practitioners describe a family package with per-dependent fees, with one source quoting USD 35,000 per dependent. Older authorised-agent materials gave lower figures.

The numbers are not converging. Confirm the current family arrangement and pricing in writing with KHCA or your authorised agent before relying on any specific dependent figure.

Documents You Will Need

Most preparation is coordinated by KHCA or your authorised agent.

Required: All Applicants

• Valid passport. Authorised agents widely report a 26-month minimum remaining validity, longer than the usual 6 months for ordinary visas. Confirm the current figure with your agent.
• Completed CM2H registration and application forms
• Proof of legitimate source of funds (bank statements, income documents)
• Clean criminal record certificate from your country of residence
• Medical check-up report from a hospital in your home country
• Passport-sized photographs to specification
• Sale and Purchase Agreement for the approved-project unit

Conditional or If Applicable

• Marriage certificate and birth certificates for any dependents
• Company registration documents if you intend to register a business in Cambodia as part of the route

Translation and Legalisation

Authorised agents usually require notarisation and Khmer translation for any document not already in Khmer or English. KHCA and the agent typically coordinate this. Confirm exactly what your case needs.

What CM2H Holders Actually Receive

CM2H bundles a long-stay visa with a set of KHCA services. The bundle is best read as three layers.

Immigration and legal status

A 10-year renewable visa with unrestricted multiple entry. The right to live, study, or run a business in Cambodia. The right to work in Cambodia subject to a separate work permit issued by the Ministry of Labour and Vocational Training. Eligibility to apply for citizenship after five years (see citizenship section).

Property ownership

A strata title for the purchased unit, issued by the Ministry of Land Management, Urban Planning and Construction.

KHCA assistance services (10-year membership)

The KHCA assists with the items below. Each of these still requires the relevant government authority to process and approve. KHCA's role is coordination, not issuance:

• Work permits through the Ministry of Labour and Vocational Training (MLVT). The MLVT issues work permits under its own annual rules and renewal cycle. The "10-year" wording in CM2H marketing refers to KHCA assistance, not one work permit issued for 10 years.
• Company registration
• Bank account opening (frequently with ABA Bank)
• Cambodian driver's licence conversion
• Trust account opening with a licensed trust company

If you plan to earn income, run a business, or use CM2H as a base for work in Cambodia, read the Cambodia work permit guide before assuming the visa itself gives you work rights.

Included membership perks

• First-year health insurance coverage
• Consultation on healthcare, accommodation, tax, legal, education, and translation matters
• VIP airport transfer and entry arrangements (by reservation; daily quotas apply)
• One Phnom Penh city tour

These are included in the membership at no additional cost, though some perks have quotas or advance reservation rules.

The Citizenship Route Under the Special Contributions Provision

This is the part of CM2H that gets oversold. The eligibility window after five years is real. Whether and how that translates into a Cambodian passport is not yet proven for CM2H holders specifically.

What CM2H itself says

CM2H's own materials say holders can "apply for a Cambodia passport after 5 years" and call this "the only official pathway to apply for a Cambodian passport." The programme's published citizenship page lists conditions that include:

• Some physical presence in Cambodia over the preceding five years
• A valid work permit
• Property or a company registered in Cambodia under the applicant's name
• Treatment of Cambodia as a permanent residence destination
• A clean criminal record in Cambodia
• A passport valid for at least 12 months at the time of citizenship application

What the nationality law actually requires

Cambodia's current nationality framework is based on the 2018 Law on Nationality, with later amendments and implementing rules. The standard residence requirement is seven years of continuous residence, not five. Separate routes exist for investors and for foreigners whose contributions or abilities are formally recognised by the Royal Government. CM2H presents the programme under a special-contributions route, but that should not be read as the standard investor route or as a guaranteed passport outcome.

All naturalisation applicants must show Khmer language proficiency in speaking, reading, and writing, knowledge of Cambodian history and culture, good moral conduct, and physical and mental fitness. Practitioner sources indicate Khmer proficiency may be assessed by a formal test. CM2H itself does not require any Khmer for the visa, only for the eventual citizenship step.

The Sub-Decree 225 update and remaining uncertainty

On 1 December 2025, the Royal Government issued Sub-Decree No. 225 implementing the Law on Nationality. The sub-decree set new thresholds for the direct citizenship-by-investment route: KHR 4 billion (around USD 1 million) for investment in priority sectors, and KHR 12 billion (around USD 3 million) for donation. It also formally recognised dual citizenship and introduced a 45-working-day review period and an oath before the Supreme Court.

How Sub-Decree No. 225 interacts with CM2H's five-year citizenship marketing is not yet publicly clarified in full. Practitioner analysis treats special qualities, abilities, or recognised contributions as distinct from the KHR 4 billion investment route under the sub-decree. In practice, CM2H holders may be eligible to apply after five years, but the approval path remains discretionary and subject to Ministry of Interior handling.

The citizenship decision rests with the Ministry of Interior and ultimately requires a Royal Decree from the King of Cambodia. "Eligible to apply" is not the same as a guaranteed outcome. No public data yet exists on how the citizenship process will unfold for CM2H applicants. The first cohort reaches the 5-year mark around 2027.

Cambodia recognises dual citizenship, so acquiring a Cambodian passport does not require renouncing your existing one. For most CM2H applicants, the main value of a Cambodian passport is not visa-free travel. It is the rights you get inside Cambodia, especially the right to own land directly as a citizen.

CM2H vs Indonesia Second Home: A Narrow Comparison

Many readers comparing CM2H are also looking at Indonesia's Second Home Visa as a parallel. The two are structurally different and not interchangeable.

If you want citizenship optionality and are willing to buy from Cambodia's approved-project list, CM2H is the only ASEAN second-home programme that markets a citizenship route. If you want more choice in where and how you invest, or a refundable bank deposit instead of property, Indonesia's Second Home is the more flexible setup. It offers no path to citizenship.

What to Confirm in Writing Before You Pay

Most disputes happen because something said verbally later turns out not to apply. Community threads reviewed for this update repeatedly raise concerns about shifting fee quotes and inconsistent answers. Before paying any initial fee, get every figure below in writing from KHCA or your authorised agent.

• The exact CM2H route being used: property, donation, or deposit, and whether any non-property route applies right now.
• The full membership fee structure, including how the total is split between stages and any administrative deductions on refund.
• Written confirmation that the project you intend to buy in is on the current KHCA approved list, including the building-level foreign-ownership status under the 70% cap.
• Refund terms for both phases, including what happens to the membership fee if you pass verification but later withdraw before paying the remaining stage.
• Spouse and dependent pricing, with the family-inclusion route or separate-membership route stated explicitly.
• Whether a Cambodian work permit is included in the package or is a separate annual MLVT process.
• Whether your CM2H visa survives a future resale of the qualifying property, and on what terms.
• What additional KHCA or agent fees apply at the eventual citizenship application stage, if any.

Sales pages rarely answer all of these. A written answer to each point is one of the best signs that you are dealing with a properly authorised agent.

Practical Considerations and What to Watch For

The programme is still young. CM2H launched in 2022. No public data exists on how many applicants have been approved or what the approval rate looks like. The first cohort reaches the citizenship eligibility mark around 2027. Anyone committing USD 100,000+ today is doing so without a public track record on the citizenship outcome.

Approved-project quality varies. All approved projects are in Phnom Penh as of early 2026. Some are completed; some are still under construction. Some community commenters question the quality and track record of projects on the approved list, especially where a project is newer or still under construction. Treat that as a due-diligence warning, not a blanket judgment on every approved project.

If you have not lived in Phnom Penh yet, rent first and inspect neighbourhoods in person before buying into a CM2H-approved project. The Phnom Penh apartment renting guide covers the building, lease, utility, and area checks that also matter when judging a condo purchase.

Conduct your own due diligence on the specific development, including completion history, developer corporate registration date, title status, occupancy rate, and realistic rental yield. Practitioner analysts have flagged condominium oversupply in Phnom Penh.

The KHCA structure is unusual. CM2H runs through a charity association (KHCA) in partnership with the Ministry of Interior, not directly through the GDI. KHCA collects membership fees, coordinates services, and manages the approved-project list. KHCA itself does not issue the visa, the property title, or the citizenship decision. If a dispute happens later, your contract may be with a private charity association, not the Cambodian state. Community comments raise this concern, but it is not the same as a legal finding.

Use authorised agents only. The CM2H programme attracts a range of intermediaries. The official programme runs through KHCA and My Second Home CM2H (Cambodia) Co., Ltd., with authorised agents including licensed immigration law firms. Do not engage with anyone who cannot show their official relationship with the programme in writing.

Office and Regional Variation

CM2H is administered centrally through Phnom Penh. The Ministry of Interior and GDI handle approvals from there. All approved projects today are in Phnom Penh. Applicants based elsewhere in Cambodia or overseas coordinate through authorised agents who deal with the Phnom Penh offices on their behalf.

Key Sources

• Cambodia My Second Home Official Programme, cm2h.com
• General Department of Immigration (GDI), immigration.gov.kh
• Sub-Decree No. 225 on the Implementation of the Law on Nationality (1 December 2025), Royal Government of Cambodia
• Law on Nationality of Cambodia (2018, with later amendments and implementing rules), Kingdom of Cambodia
• Law on Foreign Ownership of Private Units in Co-Owned Buildings (2010), Kingdom of Cambodia
• UNCTAD Investment Policy Monitor, "Cambodia introduces Cambodia My 2nd Home programme", investmentpolicy.unctad.org
• Harvey Law Group, Cambodia CM2H Programme Guide, harveylawcorporation.com
• Indonesia eVisa Portal, Second Home Visa, evisa.imigrasi.go.id