Myanmar relaxes foreign ownership laws

In a sign that Myanmar is further opening up to the world, its parliament recently passed a draft law allowing foreigners to own up to 40 percent of condominium units, reported Property Report.

In Myanmar, a condominium building must be at least six-storeys high and located on a site exceeding 20,000 sq ft.

While this is welcome news for overseas buyers looking to buy property in emerging markets, the law does not allow foreigners to “manage” condo units, which raises the question whether they can rent out the units.

Existing laws also prevent foreigners from owning land in Myanmar.

The Ministry of Construction is expected to announce further details of the Condominium Law at a later date.

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