Residency visas: Cambodia offers limited long‐term residency options for foreigners. In practice most expats renew yearly visas (e.g. business visa “E” class) . A Permanent Resident Card has existed under the 1994 Immigration Law (valid 2 years, renewable) , and the government has urged recognition of this permit for banking, real estate and other transactions . More recently, the Cambodia My 2nd Home (CM2H) program – a government‐approved “golden visa” launched June 2022 – grants foreigners a 10‑year multiple-entry visa if they invest at least US$100,000 in approved Cambodian real estate . CM2H holders receive Ministry of Interior assistance (via the Khmer Home Charity Association) and may apply for Cambodian citizenship after 5 years of residency .
Citizenship by investment: Under the Law on Nationality (1996), Cambodia allows foreigners to acquire citizenship by major investment or donation. If a foreigner invests ≥1,250,000,000 Khmer Riels (≈US$312,000) in a government-approved project, the normal 7‑year residency requirement is waived . Similarly, a cash donation of ≥1,000,000,000 Riels (≈US$250,000) to the national budget lets one apply after satisfying basic conditions . These special paths still require “good conduct, no criminal record, Khmer language ability, etc.” . In practice, such investments or donations have been widely reported as an “economic citizenship” route for wealthy applicants.
Naturalization: A US citizen can naturalize like any foreigner. The Nationality Law stipulates 7 years of continuous lawful residence with a Cambodian residence permit, plus proof of good character, absence of criminal record, Khmer language/cultural knowledge, and a stable income . (If born in Cambodia, the requirement is only 3 years .) After 7 years one may apply at the local civil registry; final approval is by Royal Decree. The timeframe is thus typically 7+ years.
Marriage to a Cambodian: A foreign spouse of a Khmer national may apply for citizenship after 3 years of cohabitation following a registered marriage . In other words, an American married to a Cambodian and living together continuously for 3 years becomes eligible to “demand” Khmer nationality .
Citizenship Pathways Summary: In summary, Americans can obtain Cambodian citizenship via: marriage (3 yrs living together) ; ordinary naturalization (7 yrs residence) ; or by investment/donation (immediate eligibility with ≥1.25 billion Riels invest or 1 billion Riels donation) . Cambodia allows dual nationality , so Americans need not renounce U.S. citizenship. Table 1 below summarizes these paths:
| Pathway | Key Requirement | Minimum Duration | Notes/Cost | Source |
| Marriage | Married to Cambodian; live together 3 years | 3 years | Requires marriage certificate | |
| Ordinary Naturalization | 7 years continuous residence in Cambodia; good conduct, Khmer language, etc. | 7 years | Must have valid residence visa, commune approval, exam | |
| Investment (CDC‑Approved) | Invest ≥1,250,000,000 Riels (~US$312K) in approved project | (waived) | Exempts the 7‑year wait | |
| Donation | Donate ≥1,000,000,000 Riels (~US$250K) to govt. | (waived) | Exempts the 7‑year wait | |
| CM2H Golden Visa | Invest ≥US$100K in approved real estate; 10‑year visa | 5 years | Path to citizenship after 5 years’ residency |
Table 1: Cambodian citizenship pathways for foreign investors. Sources: Cambodian Nationality Law and CM2H program materials .
Foreign Business Incorporation
Under Cambodian law, foreigners may freely establish companies. The Law on Commercial Enterprise (2015) expressly permits 100% foreign ownership of most business types . Only a few sectors require Cambodian participation (notably companies holding land are capped at 51% local ownership ). In practice, an American entrepreneur can set up a private limited company (PLC) or similar entity with one or more directors (who may be foreign) . The Minimum Registered Capital is very low (the 2021 Investment Law effectively allows $1). Registration steps include: name reservation and incorporation with the Ministry of Commerce (MoC), tax registration with the General Department of Taxation, and obtaining any sectoral licenses (and Ministry of Labour registration if hiring staff) . Because foreigners cannot own land, a Cambodia-incorporated company may lease land or set up a 99-year leaseholding structure. The new 2021 Investment Law even includes “digital infrastructure” and similar sectors as incentive-eligible, which could benefit a high-tech or crypto-related venture.
Permanent Residency vs. Work Permits: While Cambodia lacks a formal permanent residency scheme like some countries, it does issue a 2-year Permanent Resident Card (by application to the Ministry of Interior). Holders can use it in place of visas for administration, banking, real estate, etc. . However, foreign employees (e.g. a US founder working) must still obtain an E-type visa and a Work Permit through the Ministry of Labour.
Cryptocurrency and Bitcoin Regulations
Cambodia’s stance on cryptocurrencies is cautious and evolving. Historically, the National Bank of Cambodia (NBC) and other authorities banned unlicensed crypto activities. In 2018 a joint statement by the NBC, Securities Regulator and police warned that any circulation, buying/selling or trading of “cryptocurrencies without obtaining [a] license” is illegal . Likewise, in 2017 the NBC forbade banks from servicing crypto investors. Consistent with this, the telecom regulator (TRC) recently blocked major crypto exchanges (Binance, Coinbase, etc.) for operating without a Securities Regulator license . Only a couple of platforms (in the SERC FinTech sandbox) are authorized, and even they cannot convert crypto to fiat .
New Regulation (2024): In December 2024 the NBC adopted Prakas B7-024-735, a landmark regulation authorizing crypto-asset services under supervision. It allows Commercial Banks and licensed Payment Institutions to provide crypto services (with NBC approval), and permits licensed “Crypto Asset Service Providers” (CASPs) to operate . Cryptoassets are defined in two groups: Group 1 (tokenized securities or asset-backed tokens, and stablecoins) and Group 2 (unbacked cryptos like Bitcoin) . Banks may hold Group 1 crypto (e.g. tokenized securities, stablecoins) up to prudential limits (5% of CET1 for security tokens, 3% for stablecoins) . Unbacked crypto (Group 2) is effectively prohibited for banks. Non-bank companies may act as crypto service providers only if licensed by the NBC – details are still being finalized.
In short, Bitcoin in Cambodia is not a recognized currency or payment instrument, and using or trading it without approval is illegal . A company solely holding Bitcoin as treasury would not itself be illegal, but it would fall into a gray regulatory zone: it might not require a CASP license if it does not provide services to others, but it would need careful compliance (especially AML/KYC rules). Any attempt to exchange Bitcoin for riels or dollars would require SERC/NBC licensing. To date, Cambodia’s authorities treat crypto with suspicion (citing scams and money laundering ), so a Bitcoin-focused company would need expert legal guidance.
Cambodia Securities Exchange (CSX) Listing
The Cambodia Securities Exchange is open to Cambodian-incorporated companies that meet its financial and governance criteria. Foreigners may invest in or list companies on the CSX just as locals; Cambodian law does not restrict foreign shareholding in non-protected sectors . The key hurdles are the listing requirements. As of 2024:
Table 2 summarizes the CSX listing criteria:
| Board | Paid-up Equity | Profit (latest year) | Profit (2-year total) | Audited Years | Other Requirements | Source |
| Main | ≥ US$7.5M | ≥ US$0.5M | ≥ US$0.75M | 2 years | ≥20% independent directors, etc. | |
| Growth | ≥ US$0.5M | Positive (any amount) | — | 1 year | Gross profit ≥10%; SME in size |
Table 2: Summary of CSX listing requirements for equity (drafted from Cambodian Securities Regulator guidelines ).
Feasibility: In practice, a Bitcoin treasury company would likely fail the profit requirements unless it generates cash flow. CSX and SECC focus on protecting investors, so a company with volatile crypto assets and no audited earnings would struggle to meet listing standards. Even if incorporated in Cambodia, it would need solid financials, a conventional business plan, and a local base of shareholders. Foreign founders could of course own 100% of the company , but to list they would still need a Cambodian-registered firm with the requisite capital and governance.
Foreign ownership: There are no special foreign ownership limits for CSX-listed companies (beyond general law). The Securities Law treats Cambodian companies equally regardless of the nationality of owners. Foreign individual investors can buy CSX shares through a local broker (subject to normal KYC). The only sectoral cap is land: a listed company holding land must comply with the 49% foreign ownership limit .
In summary, an American can legally live and do business in Cambodia via the above paths. They can form a Cambodian company (even owning it fully) and, in principle, include Bitcoin on its balance sheet, but must navigate strict crypto regulations. Listing such a company on the CSX would require meeting the standard financial criteria (high capital and profitability) and obtaining regulatory approvals.
Sources: Cambodian nationality and immigration laws ; Ministry of Economy/Finance investor guides ; Ministry of Interior / Immigrant News ; Cambodian central bank and regulator publications and analyses ; CSX/SECC listing rules and financial press .