QATAR APPROVES DRAFT PROPERTY OWNERSHIP LAW FOR FOREIGNERS

Qatar approved a draft law on regulating non-Qatari ownership and use of real estate.

During the regular meeting of the Qatari cabinet, chaired by Prime Minister, Sheikh Abdullah bin Nasser Al Thani, the draft law stated that non-Qataris may own and use real estate, in accordance with the conditions specified by a decision from the cabinet, which will be applicable on land space, buildings and residential units, and detachment units in residential complexes, the report said.

The cabinet also discussed the Jerusalem issue and welcomed the UN General Assembly’s resolution, and hoped the global community would translate the resolution into practical steps, to achieve just and sustainable peace.

Ever since the Gulf crisis erupted and the Saudi-led blockading countries imposed an embargo on Qatar, accusing it of destabilising the region, Doha has been taking bold steps to facilitate nation-building.

Earlier, Qatar had established a legal framework, which allows foreign investors full ownership of businesses in certain sectors, and a competitive tax environment, with a flat corporate tax rate of 10 percent, on locally sourced profits, no withholding tax, no personal income tax.

Also, Doha started promoting local entrepreneurs, to improve self-sufficiency.

In Aug, Qatar announced allowing citizens of 80 countries, visa-free entry, so as to be the most open country, in the Gulf region

Source: NAM News Network