Qatar approves draft property ownership law for foreigners

DOHA, Dec. 28 (Xinhua) -- Qatar announced approval of a draft law on regulating non-Qatari ownership and use of real estate, Qatar News Agency reported Thursday morning.

During the regular meeting of Qatari cabinet chaired by Prime Minister Sheikh Abdullah bin Nasser Al Thani, the draft law stated that non-Qataris may own and use real estate in accordance with the conditions specified by a decision from the cabinet, which will be applicable on land space, buildings and residential units, and detachment units in residential complexes, the report said.

With the attendance of ministers and other senior officials, the cabinet then reviewed other hot issues on its meeting's agenda.

The cabinet discussed the Jerusalem issue and welcomed the UN General Assembly's resolution, and hoped the global community would translate the resolution into practical steps to achieve just and sustainable peace.

Ever since the Gulf crisis erupted and the Saudi-led blockading countries imposed an embargo on Qatar, accusing it of destabilizing the region, Doha has been taking bold steps to facilitate nation-building.

Earlier, Qatar has established a legal framework which allows foreign investors full ownership of businesses in certain sectors and a competitive tax environment, with a flat corporate tax rate of 10 percent on locally sourced profits, no withholding tax, no personal income tax.

Also, Doha started promoting local entrepreneurs to improve self-sufficiency. In August, Qatar announced allowing citizens of 80 countries visa-free entry, so as to be the most open country in the Gulf region. Enditem