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To further open the economy, the Non-citizens (Property Restriction) Act has been amended on the 20 th of December 2016 to allow non- citizens, registered with the BOI, to acquire apartments and property for business purposes.

A non-citizen, with an authorisation from the Board of Investment, can acquire or lease an immovable property for business purposes.
The immovable property can be acquired by a company, trust or partnership or by the non-citizen’s own name.

The Non-Citizens (Property Restriction) Act has been amended on 20 December 2016 to 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. Visit the Board of Investment website for more information: news/non-citizens- (property-restriction)- act-amendment.aspx

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