New Law for Buying Property in Saudi Arabia

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New Law for Buying Property in Saudi Arabia

RIYADH: A new law for foreigners to buy property in Saudi Arabia has entered the final phase of review.

According to the details, Saudi Investment Minister Khalid Al-Falih while addressing the country’s investment forum ‘Fars’ said that a new law is being prepared for foreigners to buy property in Saudi Arabia.

He said that the review of foreigners’ property law is in its final stage, the draft of which was released on the ‘Istlaa’ portal to get suggestions from public opinion.

The key aspect of the new law, the Saudi minister said, is that foreigners, regardless of whether they live in Saudi Arabia or not, will be given the opportunity to invest in properties and own properties, as well as foreign companies.

According to the Saudi minister, this new law will be implemented after the approval of the cabinet.

Khalid al-Falih said the Saudi government is also considering an income tax on companies, and a new zakat collection system and a comprehensive investment law are being reviewed.