Ownership of land is reserved to Cambodian citizens and legal entities in which 51% or more of the shares of the company are held by a person of Cambodian nationality. Foreign legal entities are only allowed to lease land serving the Investment Activity. The lease terms is up to 50 years, but renewable. Foreign nationals and entities (i.e. in which foreign shareholding is than 50%) can own private units in certain circumstances in accordance with the Law on Providing Foreigners with Ownership Rights in Private Units of Co-owned Buildings and its implementation Sub-Decree. Foreigners have ownership rights over the private parts of the co-owned buildings only from the first floor up - the ground floor and under-ground floor shall not be owned by the foreigners - and in the limit of 70% of the total private areas of co-owned buildings.
"Article 1:
This Law aims to establish an open, transparent, predictable and favorable legal framework to attract and promote quality, effective and efficient investments by Cambodian nationals or foreigners for socio-economic development in the Kingdom of Cambodia
[...]
Article 2:
This Law applies to all Qualified Investment Projects, Expanded Qualified Investment Projects and Guaranteed Investment Projects registered with the Council for the Development of Cambodia or Municipal-Provincial Investment Sub-Committees.
[...]
Article 3: [...]
"Cambodian Legal Entity" refers to a company that has a place of business and is registered in the Kingdom of Cambodia, whose 51 (fifty-one) percent or more of its shares are held by persons of Cambodian nationality. 
[...]
Article 15: [...]
Foreign investors shall not be subject to any discrimination on the basis of foreign nationality, except for land ownership as stipulated in the Constitution of the Kingdom of Cambodia and any other regulations in force.
[...]
Article 21: Investors' ownership of land for the purpose of implementing Investment Projects is granted only to persons of Cambodian nationality in accordance with the laws and regulations in force.
Investors have the right to use land through economic land concessions or perpetual leases or leases for a fixed duration in accordance with the laws and regulations in force.[...]" (Law on Investment (Royal Kram No. NS/RKM/1021/014), dated 15 October 2021, Articles 1, 2, 15, and 21 [unofficial translation])
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"Article 44. All persons, individually or collectively, shall have the right to ownership. Only natural person or legal entity of Khmer nationality shall have the right to land ownership.[...]" (The Constitution of the Kingdom of Cambodia of 21 September 1993, Art. 44)
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"122. (Component of a land; principle rule)
Things attached to land or comprising a part thereof, particularly buildings or structures immovably constructed on land [...] are components of the land unless they are severed from the land, and may not, except as otherwise provided by law, be the subject of rights separate from those applicable to the land.
123. (Component of a land; exceptional rule)
Where the holder of a right [to occupy or use] a land of another has constructed buildings or structures [...] the land in the course of exercising such right, those constructed or grown shall not become components of the land [...]
124. (Building built based on exercise of right [to occupy or use] land owned by another)
For the purposes of Article 123(Component of a land; exceptional rule), buildings and other structures built on land by a right-holder [...] shall be deemed components of the right [to occupy or use] the land of another. 
244. (Definition of perpetual leases)
Perpetual lease” refers to a long-term lease of immovable for a term of not less than 15 years. 
247. (Term of perpetual lease)
(1) The term of a perpetual lease may not exceed 50 years. If a perpetual lease is established with a term exceeding 50 years, it shall be shortened to 50 years.
(2) A perpetual lease may be renewed; provided that the renewed term may not exceed 50 years counting from the date of renewal." (The Civil Code of Cambodia, Royal Decree No. NS/RKM/1207/030 of 8 December 2007, Arts. 122-124, 244, 247)
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"Article 101: Nationality
A company shall be deemed to be of Khmer nationality only if: (a) The company has a place of business and a registered office located in the Kingdom of Cambodia; (b) More than 51% of the voting shares of the company are held by natural or legal persons of Khmer nationality." (Law on Commercial Enterprises, Royal Decree No. NS/RKM/0605/019 of 19 June 2005, Art. 101)
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"Article 13: Joint Ventures
A QIP may be in the form of a joint venture. A joint venture may be formed between Cambodian Entities, between Cambodian Entities and Foreign Entities and between Foreign Entities themselves and may include a joint venture with institutions of the Royal Government. There are no limitations based on nationality or the share-holding proportions of each shareholder, other than if the joint venture owns, or intends to own, land, or an interest in land in the Kingdom of Cambodia. In such case, the maximum combined share-holding of all persons who are not Cambodian Entities must not exceed 49 (forty nine) percent. 
Article 19: Ownership 
19.1 Ownership: The Land Ownership serving the Investment Activity is to be vested in a Cambodian natural person or legal entity in compliance with the Law in force [...]
19.3 Ownership Rights: Under the Constitution of the Kingdom of Cambodia, the foreign natural person or legal entity may not own land in the Kingdom of Cambodia.
Article 20: Use of Land
20.1 Cambodian Legal Entity: In addition to the Ownership Rights, the Cambodian Investor is entitled to use land in various forms, including concession, lease, transfer, and as securities; 20.2 Foreign Legal Entity: A Foreign Legal Entity may use the land in various forms, including concession, long term lease for 15 (fifteen) years or more, and renewable short term lease. Land Use rights include the rights on buildings, arrangements, or improvements made by the lessee for a duration specified in the contract, provided that the uses are exercised in compliance with the law in force; 20.3 Lease of State Land: Any natural or legal entity who leased any piece of land from the State shall act in compliance with regulations regarding the management of the State property; 20.4 Sub-Lease: Any natural or legal entity who leased any piece of land from the State may sub-lease such land to a third party only if he/she obtained express prior approval or authorization from the competent authority. " (Sub-Decree on the Implementation of the Law on Investment, No. 111/ANK/BK of 27 September 2005, Arts. 13, 19-20)
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"Art. 4:The terms use in this law shall be defined as below:
-Foreigner: refer to a natural or legal person of foreign national, and has no Khmer nationality, without any discrimination regardless of nationality, belief, religion or origin.
- Legally Qualified Foreigners: refer to foreigners, who enjoy legal capacity of Cambodian laws, and have legally entered into Cambodia.
Article 6: Foreigners have ownership rights over the private parts of the co-owned buildings only from the first floor up. The ground floor and under-ground floor shall not be owned by the foreigners. For a co-owned building, proportion and the way of measuring of the private parts that can be the ownership of a foreigner shall be defined by the Sub Decree.  This ownership offering, is only made to the private parts of the co-owned building. For the common parts of the co-owned buildings shall keep for the benefits of all co-owners in the co-owned buildings.  In whatever situation, the plot of land of a co-owned buildings located, cannot be objective of ownership of the special co-owners. Foreigners are not permitted to have ownership rights over the private parts of the co-owned buildings situated of 30 (thirty) kilometers distance from land border, and other areas defined by the royal government, except the co-owned buildings located in the Special Economic Zone, important public meeting, and other areas defined by the royal government. In the case that the co-owned buildings constructed on the rent land from the third party, the foreigner have right to permanent rent on the private parts as Cambodian citizen." (Law on Providing Foreigners with Ownership Rights Over Private Part of the Co-Owned Buildings, Royal Decree NS/RKM/0510/006 of 27 April 2010, Arts. 4 and 6)
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"Article 2: Legally qualified foreigners may have ownership right in private units of co-owned buildings not exceeding 70 (Seventy) percent of the total private areas of co-owned buildings [...]" (Sub-Decree No. 82-2010 on Determining The Proportion And Calculation Of The Private Areas Owned By Foreigners In A Co-owned Building, of 29 July 2010, Art. 2)
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"Art. 8: Only natural persons or legal entities of Khmer nationality have the right to ownership of land in the Kingdom of Cambodia.[...]" (Law on Land of 20 July 2001, Art. 8).
Law on Investment (Royal Kram No. NS/RKM/1021/014), dated 15 October 2021
The Constitution of the Kingdom of Cambodia of 21 September 1993, Art. 44.
The Civil Code of Cambodia, Royal Decree No. NS/RKM/1207/030 of 8 December 2007, Arts. 122-124, 244, 247.
Law on Commercial Enterprises, Royal Decree No. NS/RKM/0605/019 of 19 June 2005, Art. 101.
Sub-Decree on the Implementation of the Law on Investment, No. 111/ANK/BK of 27 September 2005, Arts. 13, 19-20.
Law on Providing Foreigners with Ownership Rights Over Private Part of the Co-Owned Buildings, Royal Decree NS/RKM/0510/006 of 27 April 2010, Arts. 4 and 6.
Sub-Decree No. 82-2010 on Determining The Proportion And Calculation Of The Private Areas Owned By Foreigners In A Co-owned Building, of 29 July 2010, Art. 2
Land Law, 20 July 2001.
[<a href="https://cdc.gov.kh/wp-content/uploads/2022/04/LOI_English-Updated-13Dec21.pdf">Law</a>],[<a href="http://www.wipo.int/edocs/lexdocs/laws/en/kh/kh009en.pdf">Constitution</a>],[<a href="http://www.ilo.org/dyn/natlex/docs/ELECTRONIC/93489/109310/F757909474/KHM93489%20Eng.pdf">Code</a>],[<a href="https://www.businessregistration.moc.gov.kh/wp-content/uploads/2017/08/Law-Commercial-Enterprises-En1.pdf">Law</a>],[<a href="https://perma.cc/5KMW-JMD6">Law on Investment</a>],[<a href="http://www.cambodiainvestment.gov.kh/wp-content/uploads/2011/10/Sub-Decree-111-on-Implementation-LOI_050927.pdf">Decree</a>],[<a href="https://kansophano.files.wordpress.com/2012/03/law-on-providing-foreigners-with-ownership-rights-over-private-part-of-co-owned-buildings_en.pdf">Law</a>]