Kyrgyzstan to Change Land Transfer Procedure for Foreign Real Estate Purchases
Kyrgyzstan is considering a change to the procedure for registering land plots tied to real estate purchases by foreign nationals and companies. Under the proposed bill, land beneath a purchased property will not pass into private ownership of the foreigner but will instead be transferred to the state or municipality.
Kyrgyzstan plans to establish a new procedure for registering land plots in cases involving real estate purchased by foreign nationals and companies. The initiative aims to regulate the situation in which a foreigner buys a building, apartment or non-residential premises, but the land beneath them could previously be held in private ownership.
StoriesКыргызстан меняет процедуру передачи земли при покупке недвижимости иностранцамиSlides: 8
Кыргызстан меняет процедуру передачи земли при покупке недвижимости иностранцами
Kyrgyzstan is changing land transfer rules for foreign real estate buyers. The new law aims to regulate land ownership beneath purchased properties.
Under the proposed bill, foreign buyers can still purchase buildings and apartments. However, the land beneath will not become private property.
Instead of private ownership, the land plot will transfer to the state or municipality. The buyer will receive a right of temporary use.
Key changes in land registration:: Foreign buyers retain purchase rights for buildings/apartments.; Land beneath property transfers to state/municipality.; Buyer receives a right of temporary use.
The changes require amendments to the Land, Civil and Housing Codes. The transfer of land depends on its location.
If the land is in a populated area, it transfers to municipal ownership. If outside populated areas, it goes to state ownership.
Kyrgyzstan is considering a change to the procedure for registering land plots tied to real estate purchases by foreign nationals and companies. Under the proposed bill, land beneath a purchased property will not pass into private ownership of the foreigner but will instead be transferred to the state or municipality.
How land beneath a real estate property will be registered
Under the provisions of the bill, foreign buyers will retain the ability to purchase the buildings, apartments and premises themselves. However, the land beneath these properties will not pass into the buyer's private ownership. Instead, the plot will be transferred to the state or municipality, and the buyer will be granted a right of temporary use.
Legislative changes
To implement these changes, amendments are proposed to the Land, Civil and Housing Codes, as well as to a number of laws regulating real estate registration, mortgage and state and municipal property.
When real estate is voluntarily sold to a foreign buyer, the previous owner must transfer the associated land plot to the state or municipality free of charge.
If the land is within a populated area, it will pass into municipal ownership.
If the land is located outside populated areas, it will pass into state ownership.
