As announced in the Budget 2016/2017, the Non-citizens (Property Restriction) Act has been amended on the 20 December 2016 to allow non-citizens, registered with the Board of Investment to acquire apartments and business spaces in buildings, subject to security clearances.
• Acquiring a property for business purposes
A non-citizen, with an authorisation from the Board of Investment, can now acquire or lease an immovable property for business purposes. The immovable property can be acquired by a company, trust or partnership or in the non-citizen’s own name.
• Work & Live
The Non-Citizens (Property Restriction) Act now allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Board of Investment. The amount payable for the acquisition of an apartment must not be less than Rs 6 million or its equivalent in any other freely convertible foreign currency.
Any non-citizen, with or without an occupation permit, residence permit, permanent residence permit, may acquire apartments.
Thus, there is no restriction for non-citizens who wish to acquire:
1. a residential unit developed under the IRS, RES and PDS
2. a residential unit developed in a smart city
3. an apartment located in a building comprising at least two floors above the ground floor.
Source: Board of Investment