Cambodia vs Spain: where does property still work without a visa?

Side by side (tap a row for the nuance)

Who should pick which

The residence shortcut is gone; the asset must stand alone

Spain ended new property-based investor visa applications with effect from 3 April 2025. The date was checked against the official BOE legislation. Existing permits and transitional cases follow their own rules, but a fresh purchase no longer creates an application under the former €500,000 route.

That does not weaken every Spanish home. It removes the immigration premium that may have supported parts of the upper market. A buyer must now assess ordinary property fundamentals: same-street comparables, building condition, IBI, community fees, legal rental use, energy performance and the future buyer pool.

A Cambodian condominium likewise produces no automatic EU residence or citizenship. The distinction is that Phnom Penh never required a high visa-floor purchase. A pure investor can focus on a lower USD ticket, while a family seeking Spanish residence must qualify through a separate route such as work, digital-nomad, non-lucrative or family provisions.

A 24% gross-income tax can erase a headline yield

A Spanish non-resident who is not resident in the EU or EEA generally faces IRNR at 24% of gross rental income, without ordinary deductions for finance, repairs, community fees or management. The rate was checked against Agencia Tributaria guidance on 3 August 2026 and must be confirmed for the owner, treaty and income period. EU/EEA residents generally use a different 19% framework with qualifying expenses.

The distinction can turn an attractive gross rent into a modest retained return. Vacancy, IBI, insurance, community charges, repairs, agency and tax all belong below the headline number. Even an unlet home can create imputed-income and filing obligations for a non-resident.

Cambodian tax depends on ownership and operating structure, but it does not mirror Spain’s broad 24%-of-gross treatment for many non-EU landlords. That can be an advantage. It does not rescue weak occupancy or management, so both markets must be compared on full-year net cash flow.

ITP, VAT and stamp duty start with asset classification

A Spanish resale normally attracts ITP set by the autonomous community, with rates and relief varying by value and buyer circumstances. Ordinary new housing is generally subject to 10% VAT plus regional AJD. These are references checked on 3 August 2026; the exact calculation depends on the community, contract and completion date.

Before signing an arras agreement, the buyer needs an all-in budget covering tax, notary, registry, lawyer, bank, valuation, renovation and furniture. Arras can expose a material deposit, so finance, due diligence and rental legality should be resolved first.

Cambodia’s transfer-tax reference is approximately 4% of the prescribed taxable base, subject to current relief and structure. The system can be more compact, but the base, payer and registration still need confirmation. Spain wins on procedural depth; Cambodia wins on the absolute amount of capital required.

A short-let licence belongs to an address

Spain does not have one national answer to Airbnb. The autonomous community, municipality, planning zone, housing type, national registration and community-of-owners rules can all change the result. Barcelona plans to let existing tourist-apartment licences expire by late 2028, while the Balearics and other markets apply their own restrictions. Dates and the exact address must be checked before purchase.

A national short-let registration number improves traceability but cannot legalise a home that lacks regional or municipal permission. The buyer needs the current licence, transferability, community consent position and filing history. The seller’s licence may not automatically follow the asset.

Phnom Penh has a shallower tourist market, and condominium rules or an operator can restrict short stays. Long-term corporate leasing is often the stronger fallback. In either country, ask what rent the unit can earn if nightly letting becomes unavailable.

Deep resale markets still punish overpaid coastal stock

Spain has a vast number of transactions, mortgage valuations and public indicators. INE reported the national House Price Index up 12.9% year on year in the first quarter of 2026, including 9.1% for new homes and 13.5% for resales. These Q1 2026 data are market references, not a valuation of an individual coastal complex. Registradores uses a different dataset and methodology.

A strong index does not make a weak resort unit liquid. Buyers examine transport, year-round services, community fees, energy performance, rental restrictions and competing supply. A home sold to an overseas buyer at a premium may need a discount to re-enter the local market.

Phnom Penh provides far less official evidence. That weakness should lead to stricter building-level comparables, not reliance on a developer price list. Real competing units, achieved rent and marketing periods should be provided on client request.

Phnom Penh simplifies dollars; Spain broadens the exit universe

Phnom Penh commonly uses USD for price, rent and payment schedules. A dollar investor can model the asset without a separate operating-currency translation and at a smaller ticket. The resale may be slow, while the owner competes with new launches, instalments and developer incentives.

Spain operates in euros but offers a broader buyer universe: domestic households, EU buyers, mortgage borrowers, lifestyle purchasers and investors. A strong address can have several exit routes. Costs are higher, and a non-resident seller is generally subject to a 3% withholding from the gross sale price as an advance against final tax; applicability must be confirmed at disposal.

The trade-off is simple currency modelling versus market depth. Cambodia is stronger on capital efficiency and potential gross yield; Spain is stronger on evidence and exit audiences. Both should be stress-tested with no appreciation and a long marketing period.

Expert view

Spain gives a buyer a broad completed market, but it is a collection of regional tax, tenancy and tourism regimes rather than one uniform investment product. Phnom Penh is easier to enter and harder to exit. I would focus on lawful use, community liabilities, net income under a long-term tenancy and recent closed sales in the exact micro-market.

Elvira Shamuratova

Founder of Elvira Cambodia · Associate Director at Pointer Property · strategic partner of NovAsia

Expert page →

Frequently asked questions

Cambodia: the shared legal checks

The country-specific rules belong in one guide, not repeated in full on every comparison.

Foreign ownership and strata title · Taxes, fees and cost of ownership

What to compare next

• Cambodia vs Albania — a nearby decision case.
• Cambodia vs Bulgaria — a nearby decision case.
• Cambodia vs Greece — a nearby decision case.
• All comparisons by region — the compact index without repeating the full guide.