YANGON, Jan. 2 (Xinhua) -- Foreigners have been allowed to buy jointly-owned condominium apartment following the new rules under the Condominium Law announced early last month, said legal expert U Naing Lin Zaw Tuesday.
In an interview with Xinhua, U Naing Lin Zaw clarified that the minimum requirements for a condominium project are to build at least six flats on an area of 20,000 square-feet and above which is registered as jointly-owned land at lease.
However, the law has yet to designate the location allowable for foreigners to purchase such condominium apartment, he said.
He added that under a single name, foreigners can only buy 25 percent or less of the floor area.
He further clarified that foreigners enjoy the rights of joint ownership permissible for re-sale, lease, custody and pawn as well as claim for inheritance out of death or deportation.
He stressed that it is necessary to monitor the income sources of the foreigners for buying condominium apartment to prevent money laundering within the country.
Meanwhile, Myanmar authorities will enforce a new Companies Law from Aug. 1 this year, aiming at attracting more foreign investment.
According to the Directorate of Investment and Company Administration (DICA), under the new law, foreign investors are allowed to take up to 35 percent in a local company.
Previously, even a company with even 1 percent of its shares owned by a foreign investor was classified as a foreign company, instead of a local company.
The new law states that foreigners can legally own unmovable properties including condominium apartments which foreigners were not allowed to buy in the past.
The law's change of designation of the foreign capital signals the pouring in of increased foreign investment and the relaxation of doing businesses by foreigners in the legal aspect also contributes to the government's obtaining of monetary and technical assistance, economic experts said.
