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GC Trust is financial company with legally set trust according to the Trust law of Cambodia Kingdom. It was approved by the Cambodia government and Securities and Exchange Commission to run capital trust, land trust and property trust. It is a financial company with legal trust license approved by Cambodia.
Appointer is the original owner of the trust property, owning the whole right, including appoint, manage and process.
Trustee, also known as Trust manager, complies the authorization of the Appointer, manages the property trust, also ensures the benefits and aims (asset allocation, taxing and legal regulation) of the beneficiary.
Beneficiary can be the appointer himself, or a third party other than the appointer. Beneficiary has not only the right of acquiring the property trust, he also needs to exercise the duty set by the appointer and trustee in the trust relationship.
The current constitution land law of Cambodia provides that, land certificates are categorized into certificate of possession (Soft card, permanent ownership), which is approved by provincial-level government, and ownership certificate (Hard card, permanent ownership), which is approved directly by government and strata property (rental land). Non-Cambodian passport owner or Cambodian company (51% Cambodian capital ownership), are allowed to buy strata property only, are not allowed to have permanent ownership of land. It means if foreign investors want to have a permanent ownership of land or villa, they have to borrow names from local people in Cambodia in order to make the trade. Not only the process is complicated, it also invites conflicts and even violation of laws. After the introduction of trust law in Cambodia, appointing GC Trust became a safe and legal proposal for the foreign investors who want to have permanent ownership of property in Cambodia.
Trust company mainly provides services for the different situations below. As a independent third party, it guarantees the benefits and rights of two parties.
Service mainly provided for foreign investors. Besides the fact that investors can gain their profits, they can also gain protections legally.
Investors can develop with land owners through trust company. Ensure the investment capital “dedicated-fund-for-dedicated-use.”
Both local and foreign investors can appoint trust company as the investment manager after the deal, including the second trade, constant rental income and other development proposals.
As a trustee of the land transaction, it provides a safe and regulated trading platform for both land owners and investors.
Principal Mr Lau is an international investor. He is always doing property investment. He realized that the huge investment potential and the development direction of the Cambodia government. He is thinking to buy a land of 10-arche in Siem Reap, a world famous tourist hotspot, for asset growth. Mr Lau is not a Cambodia passport holder. Considering the regulation and safety problem, he appointed a trust company as his representative to own the land. In that way, he can enjoy the profit of the asset growth.
Principal Mr Chan is a investor. He is always fond of the villa projects around the world. He intends to buy the terrace villa and detached villa in Chroy Changvar for the purpose of investment and own use. But Mr Chan is not a Cambodia passport holder. According to the law, he cannot possess land legally. But he does not know any Cambodian for nominal holding. In that case, he appoints a trust company. They sign a contract to nominally hold a villa and receive rent. This way, he can legally and safely to receive constant rental income.
Principal Mr Wong is a developer. He wants to buy a 3 hectare land for his hotel development project, but he is a Chinese and not holding Cambodian passport. According to the law, he cannot possess lands legally. Mr Wong appoints trust company to trade and possess lands for him. In this way, he can legally possess Cambodian lands even his Chinese identity.
Principal Mr and Mrs Kwok are 40-year-old. They have two underaged sons. They have three villa units. One of them (A) is for own use. Other two (B,C) are for investment and generate rental income. They appoint trust company as their wealth manager, in order to make sure no matter what happens, their children can inherit their wealth. They appoint the trust company to manage the rental income from (B,C), and the utilities payment and tax service. They also stipulate that, if one of their children gets married, they can transfer the ownership of villa B to him right away. At the same time, the other child can continuously get the rental income from Villa C till he gets married.
