If you are a high net-worth individual – particularly from Asia – you will be only too aware of the ASEAN Community and its potential to become one of the world’s four main economic powerhouses. You will also be aware of how hard it is for an outsider to be a part of that community, for both business and residency – until now.
What Is The ASEAN Community?
ASEAN stands for the Association of South East Asian Nations, an economic community of ten member states which are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam. Established in 1967, the countries that make up ASEAN have seen more than their fair share of turmoil in the form of violent conflict and brutal dictatorship, but now all ten nations are in good shape, and have joined forces to launch an audacious attack on the world’s established economic juggernauts; the USA, China and Europe.
At the ASEAN conference in Bali in 2003, all of its member state leaders signed the ASEAN Concord II Declaration, under which they agreed to form the ASEAN Community, with its three main segments being the ASEAN political/security community, the ASEAN economic community, and the ASEAN socio-cultural community. The ASEAN Community was set to begin in 2020, but such was the unanimous positivity about the project and the mutual desire to begin benefiting from this exciting new “syndicate” of nations, the ASEAN Community came into fruition in 2015, a good five years ahead of schedule.
The result is the ASEAN Community has a combined population of approximately 625 million people (8.8% of the world’s population) spread over a land-mass of 4.4 million square kilometers, which is 3% of the total land area of the earth. The ASEAN Community territorial waters cover an area of approximately 15 million square kilometers. Whichever way one looks at it – as a workforce, a consumer market, even as a socio-political entity, the ASEAN Community looks set to become a major player in the world and remain so for many years to come.
How Can I Become A Part Of The ASEAN Community?
If you are a business person who wants to be involved with the ASEAN Community right at the start – just like those canny investors who were first into China and Russia in the 1990s and made vast fortunes – the best way to do so is to become a resident of one of its member states. The only ASEAN country that is offering easy access to its citizenship to foreign investors is Cambodia, who have their own Citizenship by Investment (CBI) program.
Citizenship by Investment is the granting of citizenship and a passport to an individual of good character who makes a specific financial investment into that country, usually in the form of a real estate purchase. CBI has proved extremely popular both in Europe and the Caribbean. An EU passport holder can travel virtually anywhere in the world visa-free, and live and work in any European Union country indefinitely. EU countries that currently offer CBI include Austria, Belgium, Greece, Cyprus and Malta.
Caribbean citizenship is extremely beneficial for wealthy individuals looking to take full advantage of that region’s discreet banking, ingenious tax shelters and miniscule rates of taxation, as well as enjoy its beautiful locations. Caribbean countries that offer CBI programs include Antigua and Barbuda, Dominica, Grenada and St Kitts and Nevis.
Cambodia is the first South East Asian nation to offer a modern, well-structured CBI program similar to those available in Europe and the Caribbean. Cambodia’s economy has surged in recent years, a factor that has grabbed the attention of wealthy Chinese investors. The recent Cambodia-China Business Forum in early December 2016 in Phnom Penh drew representatives of more than 200 Chinese investment companies who were only too keen to stake a claim in Cambodia’s rapidly developing economy.
A way to put oneself in a prime position to capitalize both on the Cambodian economic boom and the rise of the ASEAN Community is to become a Cambodian citizen via their CBI program. Here are just some of the immediate benefits a Cambodian passport would bring:
- Cambodian citizenship allows an individual the right to live, work, purchase property and run a business in any ASEAN Community country
- As a Cambodian citizen, one is entitled to full asset protection
- Foreigners who become Cambodian citizens can take a local Khmer name for all passport and visa purposes, thus maximizing personal privacy
- As a Cambodian citizen, one would be exempt from corporate and personal income tax (for an approved period of time)
- As a Cambodian citizen, one would be exempt from import and export duty for Qualified Investment Projects (QIP)
Becoming a Cambodian citizen is relatively inexpensive and straightforward. Here are the main criteria required:
- Applicants must be able to invest a minimum of $300,000 into a Qualified Investment Project
- Applicants must be at least 18 years of age
- Applicants must hold a valid passport
- Applicants must be able to pass a medical test
- Applicants must hold a current and valid visa for entry to Cambodia
- Applicants must undergo a thorough background check
If you are a wealthy Chinese investor – or indeed a high net-worth individual from any country – and you are looking for an exciting new project that is certain to be extremely lucrative, you might consider Cambodian citizenship and how it would help with business interests in the rising ASEAN Community.
2ndPasspororts.com are one of the world’s leading online second citizenship specialists. Feel free to contact us in strictest confidence if you would like more information regarding the Cambodian CBI program, or indeed any of the second citizenship programs featured on our homepage, both in Europe and the Caribbean.
You can email or message us via WhatsApp or Telegram, or if you prefer, you can phone or Skype us and speak directly to one of our expert representatives. You will find all of 2ndPassports.com’s contact details on our homepage.
We look forward to hearing from you!
REQUEST A FREE CONSULTATION
Fill out the form below to receive a free and confidential consultation.
This is a secure online application protected by SSL encryption