Acquisition of a Residential Unit
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.
Thus, there is no restriction for non-citizens who wish to acquire:
- a residential unit developed under the IRS, RES and PDS
- a residential unit developed in a smart city
- an apartment located in a building comprising at least two floors above the ground floor.