Saudi Arabia has published the full details of its Non-Saudis Law in the official Gazette Umm al-QURA on Friday, following Cabinet approval at the beginning of this month.
The law will begin by making 180 days from publication and replacing the foreign law in foreign lands issued under the royal announcement. M / 15 in the year 2000, Saudi Gazette Reported.
The law offers the non-refused – including people, companies, and non-profit organizations – the right to obtain assets or access to other original rights over the cabin.
Non-saudis can be the owner of the goods in Saudi Arabia under a new legislation of the official Gazette
These rights include the use of (beneficial use), leaseolds, and other buildings, but will be managed in control and location-based restrictions, form of property, and use.
Identity remains allowed in certain areas and in the provinces, especially in Makkka and Maknah, except the conditions of individual Muslims.
The Act states that all rights for sale are legalized for non-saudis before the beginning of the Procedure will be kept.
Council of Mathemeni – In this proposal with ordinary Reference and the approval of the Economic Council and Development Council – it will specify the ownership of ownership.
Foreign-living foreigners in Saudi Arabia may have one dwelling property outside of the banned areas for personal purposes. This provision is not working on Makkah and Madinah.
The regulation includes the provisions of the Companies ownership. Companies not listed in shareholders, and investment fees and specialized frameworks that are special purposes, will be allowed to locate the resale nationwide, including the formation and the Dinah, as long as Dinahs support operations or housing needs.
Companies listed and investing vehicles can also obtain assets in accordance with Saudi Finance Market laws.
In politics and international organizations can be formal buildings and the residence of their representatives, according to the Service Department service and returning conditions.
Non-saudi businesses must register with skilled authority before obtaining assets. Real ownership or rights apply only after legal registration in the National Real Real Registry.
The law launches the transfer fee to a 5 percent of the property in a non-saudis transactions.
The contravention results include a fine up to SAR10 and, in cases such as fictitious information, the compulsory sale of the state prepared after reduction.
The South African Estate Governance Authority will be designed to investigate the violation and place penalties. The committee’s decisions may be referred to a case in the Management Court within 60 days.
The Act further rejects the previous law of GCC to have a local owner in Makkah and Madinah, measure the rules of all non-Saudi items under non-income.
The administrative systems, which will provide information to start the information and define local boundaries and conditions, is expected to be issued within six months.
