An increasing number of digital nomads and international entrepreneurs are looking to diversify their finances globally. Cambodia, a vibrant Southeast Asian country, is quickly becoming a popular destination—not just for its captivating culture and lifestyle, but also as an attractive location for bank accounts outside the Common Reporting Standard (CRS).
What Does Non-CRS Mean?
The Common Reporting Standard (CRS) is a global standard for the automatic exchange of financial account information between tax authorities. Countries implementing CRS automatically report financial information of account holders to their respective home countries.
Cambodia is currently not a CRS participant, meaning it does not automatically share banking information with tax authorities in other countries. This makes it particularly attractive for individuals who lead a global lifestyle and value financial privacy.
Why Open a Bank Account in Cambodia?
1. High Interest Rates on USD Accounts
Cambodia offers exceptionally attractive interest rates on USD accounts—often between 5% to 7% per year, significantly higher than in Europe or the USA.
2. Simple Account Opening Process
Opening a bank account in Cambodia is relatively straightforward. Usually, a passport and a valid visa are sufficient. Banks like ABA, ACLEDA, or Wing are popular and known for their uncomplicated account opening procedures.
3. No Automatic Tax Information Exchange
As a non-CRS country, Cambodia provides an appealing way to maintain your financial privacy.
4. Crypto-Friendly Banks
Cambodian banks are well-known for their openness to cryptocurrencies, simplifying digital financial transactions and making the country particularly attractive for crypto investors.
How Does Account Opening Work?
There are generally two ways to open a bank account in Cambodia:
Option 1: In-Person Account Opening
You can visit a bank branch directly. Typically, you’ll need:
- Passport
- Visa (usually a tourist or business visa is sufficient)
- A few days waiting period for account activation
Option 2: Remote Account Opening via Our Local Partner (Recommended)
We work with a trusted local partner who handles the entire account opening process conveniently and securely. The major advantage: You can open your account completely remotely without having to be physically present. Our partner ensures that everything is done professionally and in compliance with local regulations.
Recommended Banks
The most popular and recommended banks are:
- ABA Bank: Modern, digital, user-friendly, highly popular among expats and digital nomads.
- ACLEDA Bank: A large established bank with a solid reputation and stable infrastructure.
- Wing Bank: Known for simple mobile solutions, fast processes, and excellent customer service.
Our local partner will individually advise you on selecting the best bank based on your needs and objectives.
Important Considerations
- Tax Obligations in Your Home Country: Despite Cambodia’s non-CRS status, you may still be required to report your account in your home country. Having a Cambodian account does not automatically exempt you from legal reporting obligations.
- Future Developments: The CRS status could potentially change. Stay informed and consider this in your financial planning.
Conclusion
A bank account in Cambodia offers digital nomads and international entrepreneurs attractive interest rates, easy remote account opening through our local partner, and financial flexibility outside CRS regulations. Additionally, the crypto-friendly attitude of banks opens up further attractive opportunities for digital financial transactions.
If you’re interested or have questions about remote account opening in Cambodia, our partner is always happy to assist you.