Kyrgyzstan: Foreigners May Be Allowed to Buy Real Estate
Parliament in Kyrgyzstan this week began considering changes to the law that would allow foreign citizens to freely build and buy property.
The proposal, which was brought before parliament on September 25, is intended to promote outside investment.
This fix is intended to patch up a kink in the law that has in effect deprived non-Kyrgyz citizens the ability to acquire residential property in the country. Prior to 2013, foreign citizens and companies were able to buy or receive property on condition they received permission from a special state committee. Following a change to the rules that year, foreigners no longer required permission, but with the abolition of the committee, there was no procedure in place to regulate the transaction.
The draft bill proposes allowing foreigners to buy real estate so long as they have a permanent residence permit or an investor visa. One provision does, however, envision certain restrictions, such as sale of property to stateless persons or in near-border areas, on the basis that this could leave the country open to threat from “terrorist and extremist groups.”
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